IRIS Accounts Production v24.2.0.383 01009176 Board of Directors 30.4.23 29.4.24 29.4.24 The principal activity of the company in the year under review was that of metal fabrication. true false true true false false true true true true false Ordinary A 1.00000 Ordinary B 1.00000 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REGISTERED NUMBER: 01009176 (England and Wales)

































Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

29 April 2024

for

R TINDALL (FABRICATORS) LTD

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)






Contents of the Financial Statements
For The Year Ended 29 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Profit and Loss Account 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


R TINDALL (FABRICATORS) LTD

Company Information
For The Year Ended 29 April 2024







DIRECTORS: J B Yearn
A Khan



REGISTERED OFFICE: Unit 1 West Point Industrial Estate
Hargreaves Street
Oldham
Lancashire
0L9 9ND



REGISTERED NUMBER: 01009176 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven John Collings FCCA



AUDITORS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Strategic Report
For The Year Ended 29 April 2024

The directors present their strategic report for the year ended 29 April 2024.

REVIEW OF BUSINESS
The company's revenue has seen a small decrease of just under 8% to £12.8m (2023: £13.9m). Despite this fall in revenue, gross profit margins increased to 21% (2023: 19%) which the directors are pleased with. The company continues to monitor costs as closely as possible to ensure that margins are maintained in order to continue meeting day-to-day obligations.

Administrative expenses have reduced by just over 5%. This is largely due to a decrease in payroll costs and consultancy fees.

The balance sheet continues to be strong. Overall net assets increased to £1.7m (2023: £1.5m). This is largely due to an increase in stocks and trade debtors. Both of these are kept under constant review by the directors to ensure sufficient cash is realised to meet ongoing obligations.

Overall, the directors are pleased with the results for the year ended 29 April 2024.

The business has built on its reputation as one of the market leaders in the industry and will continue this strategy to ensure its customer base receives the highest level of service expected.

The business has continued to invest in plant and machinery to help improve efficiencies which includes enhancing our processes through innovation and technology. Labour capacity has increased as the director continues to drive the business forward and improve our market share.

We continue to invest in developing our people, our carbon performance and engagement with the community. Consequently, our financial, social and environmental goals for the forthcoming financial year are promising.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the business include:

- Increasing costs due to economic and political issues
- Project programme delay
- Challenges in expanding the workforce due to labour shortages

A principal risk faced by the business relates to a highly competitive tendering market, volatile inflation in the supply chain costs and changes in regulations and government planning. The director manages these risk by ensuring continued investment in the business with the use of innovation and technology in the production process which contributes to increased efficiencies.

While the industry has generally recovered from the impact of the global pandemic, the speed and unprecedented impact of the pandemic demonstrates that it is difficult to plan for all eventualities. The company can, however, reflect positively on the resilience that the company, its staff, partners and contractors demonstrated during the most severe of stress-tests and also the success of the company's underlying strategy to maintain a diverse workload and to trade within its financial and operational capabilities.


R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Strategic Report
For The Year Ended 29 April 2024

KEY PERFORMANCE INDICATORS
The directors have monitored the progress of the company with reference to certain financial key performance indicators as follows:

Revenue £13m (2023: £14m)
Gross profit £2.7m (2023: £2.6m)
Operating profit £730k (2023: £493k)
Profit before tax £701k (2023: £456k)
Net current assets £649k (2023: £679k)
Net assets £1.7m (2023: £1.5m)
Free cash flow £91k (2023: £49k)

Key performance indicators (KPIs) include revenue, gross profit and operating profit. These KPI's are selected as 'key' on the basis that the company is driven by gross margins on the contracts they undertake for customers and the director strives to keep margins as high as possible in order to preserve profitability. Operating profit is also a KPI on the grounds that it is an indicator of business performance, whereas profit before tax may include exceptional items.

Non-financial KPI
The non-financial KPI which the directors monitor is the average number of employees to ensure there is sufficient staff on hand to meet customer demands.

Average number of employees: 60 (2023: 73).

FUTURE DEVELOPMENTS
The company will continue to strive to deliver exceptional service to its customers through continuing to invest in innovative and technological advances to create efficiencies in the manufacturing process. Management are looking to further develop relations with its key customer base during 2024/25 to further strengthen business activity in the sector.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The company's principal financial assets are cash balances and trade debtors. The credit risk associated with cash and trade debtors is linked to the recoverability of trade debtors. The directors manages this credit risk through a detailed customer approval and acceptance process.

The directors constantly monitors cash flow and considers that the company is in a strong position in terms of its ability to manage cash flow and liquidity risks.

ON BEHALF OF THE BOARD:





J B Yearn - Director


23 January 2025

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Report of the Directors
For The Year Ended 29 April 2024

The directors present their report with the financial statements of the company for the year ended 29 April 2024.

DIVIDENDS
Interim dividends were paid during the year totalling £292,000. The director does not recommend the payment of a final dividend.

FUTURE DEVELOPMENTS
Future developments are addressed in the strategic report.

DIRECTORS
J B Yearn has held office during the whole of the period from 30 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

A Khan - appointed 1 March 2024

FINANCIAL INSTRUMENTS
The company uses financial instruments. These comprise trade and other debtors, cash balances, bank loans, finance leases and trade and other creditors. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below:

Liquidity risk
The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Interest rate risk
The company finances its operations primarily through retained profits, bank balances, an invoice discounting facility and finance leases. The interest rate exposure of the financial assets and financial liabilities of the company as at 29 April 2024 is shown below. The table includes trade debtors and trade creditors which do not attract interest and therefore are subject to fair value interest rate risk:

Fixed Floating Zero Total
£    £    £    £   
Financial assets
Trade debtors - - 3,074 3,074
Other debtors - - 12 12
Cash - 91 - 91

Financial liabilities
Trade creditors - - 2,949 2,949
Other creditors - - 233 233
Accruals - - 235 235
Bank loans 125 - - 125
Invoice discounting facility - 448 - 448
Finance leases 304 - - 304

Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is linked to the impact of non-recoverability of trade debtors. The directors manage this risk through a detailed customer approval and acceptance process.

STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, sch 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.


R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Report of the Directors
For The Year Ended 29 April 2024

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with Companies Act 2006, s.414C(11) to set out in the strategic report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors' report. It has done this in respect of:

(a) Future developments; and
(b) Financial instruments and risk management.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Leavitt Walmsley Associates Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J B Yearn - Director


23 January 2025

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Statement of Directors' Responsibilities
For The Year Ended 29 April 2024

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
R Tindall (Fabricators) Ltd

Opinion
We have audited the financial statements of R Tindall (Fabricators) Ltd (the 'company') for the year ended 29 April 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 29 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
R Tindall (Fabricators) Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the leal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company which were contrary to applicable laws and regulations, including fraud. We designed our audit procedures to respond to the assessed risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve more sophisticated and deliberate concealment, such as through forgery or intentional misrepresentations or via collusion. We recognised the risks arising from fraud could arise from two sources:

- manipulation of weaknesses in the system of internal control; and
- management override of the system of internal control.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including (but not limited to), the Companies Act 2006, Health and Safety and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and reviews of correspondence. We paid particular attention to legal correspondence which may indicate a breach of laws and regulations.

We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting correspondence with tax authorities.

The most significant laws and regulations are those in relation to Health and Safety. We performed audit procedures to inquire of management and those charged with governance as to whether the company is compliant with these laws and regulations and reviewing any notices published by the Health and Safety Executive. We also made inquiries with those charged with governance to identify any live and material claims or disputes with sub-contractors or clients.

The audit engagement team identified the risk of management override of controls where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included (but were not limited to) testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the ordinary course of business, assessing whether the judgements made in making accounting estimates indicate management bias.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

During the course of our audit, we did not identify any key audit matters relating to irregularities, including fraud.

As in all our audits, we also addressed the risk of management override of internal controls (as noted above), including testing journals and evaluating whether there was evidence of bias by the directors which represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
R Tindall (Fabricators) Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Steven John Collings FCCA (Senior Statutory Auditor)
for and on behalf of Leavitt Walmsley Associates Limited
Chartered Certified Accountants and
Statutory Auditors
8 Eastway
Sale
Cheshire
M33 4DX

23 January 2025

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Profit and Loss Account
For The Year Ended 29 April 2024

Period
1.5.22
Year Ended to
29.4.24 29.4.23
Notes £    £   

TURNOVER 3 12,828,999 13,897,174

Cost of sales 10,127,141 11,321,475
GROSS PROFIT 2,701,858 2,575,699

Administrative expenses 1,972,246 2,082,741
729,612 492,958

Other operating income - 1,736
OPERATING PROFIT 5 729,612 494,694


Interest payable and similar expenses 6 28,363 38,992
PROFIT BEFORE TAXATION 701,249 455,702

Tax on profit 7 196,855 151,880
PROFIT FOR THE FINANCIAL YEAR 504,394 303,822

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Other Comprehensive Income
For The Year Ended 29 April 2024

Period
1.5.22
Year Ended to
29.4.24 29.4.23
Notes £    £   

PROFIT FOR THE YEAR 504,394 303,822


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

504,394

303,822

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Balance Sheet
29 April 2024

29.4.24 29.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,595,133 1,463,730

CURRENT ASSETS
Stocks 10 1,718,560 1,090,383
Debtors 11 3,237,467 3,134,060
Cash at bank 90,789 48,639
5,046,816 4,273,082
CREDITORS
Amounts falling due within one year 12 4,398,198 3,593,993
NET CURRENT ASSETS 648,618 679,089
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,243,751

2,142,819

CREDITORS
Amounts falling due after more than one year 13 (227,816 ) (374,818 )

PROVISIONS FOR LIABILITIES 17 (275,246 ) (239,706 )
NET ASSETS 1,740,689 1,528,295

CAPITAL AND RESERVES
Called up share capital 18 126 126
Capital redemption reserve 19 875 875
Retained earnings 19 1,739,688 1,527,294
SHAREHOLDERS' FUNDS 1,740,689 1,528,295

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





J B Yearn - Director


R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Statement of Changes in Equity
For The Year Ended 29 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 126 1,426,392 875 1,427,393

Changes in equity
Dividends - (202,920 ) - (202,920 )
Total comprehensive income - 303,822 - 303,822
Balance at 29 April 2023 126 1,527,294 875 1,528,295

Changes in equity
Dividends - (292,000 ) - (292,000 )
Total comprehensive income - 504,394 - 504,394
Balance at 29 April 2024 126 1,739,688 875 1,740,689

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements
For The Year Ended 29 April 2024

1. STATUTORY INFORMATION

R Tindall (Fabricators) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors have considered the working capital requirements of the business for a period of at least 12 months from the date of approval of the financial statements and consider these to be adequate to enable the company to meet its day-to-day obligations.

After reviews of forecasts, cash resources and consideration of other support available, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

Accordingly, the directors continue to adopt the going concern basis in the preparation of these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

The financial statements of the company are consolidated in the financial statements of R Tindall (Fabricators Holdings) Ltd. These consolidated financial statements are available from Companies House.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical accounting judgements include the following:

Useful lives of tangible fixed assets
Tangible assets are recognised at cost less accumulated depreciation and impairment. Depreciation charges are based on an estimate of the useful lives of such assets until the residual value of the asset is reached.

Trade and other debtors
The director makes an estimate of the recoverable value of trade and other debtors. When assessing for impairment of trade and other debtors, the director considers factors including the ageing profile of debtors and historical experience.

Stock and work in progress
The director makes an estimate of the provision required for slow moving and obsolete stock at each balance sheet date. When assessing the required provision, management considers factors including the ageing of the stock, the number of units sold or consumed in the previous 12 months and the release of new or updated products which make existing products obsolete.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the amount of revenue can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes.

Turnover in respect of the sale of goods is recognised on dispatch of the goods, which is the point at which the company transfers the significant risks and rewards of ownership of the goods to the customer. The company retains legal title of the goods until the customer pays, but this does not constitute a retention of the significant risks and rewards of ownership.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year.

The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised.

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Work in progress is valued using the percentage of completion method at the year end.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price is the price which would be obtained by selling the product in the open market in an arm's length transaction.

Provision is made by way of write down to estimated selling price less costs to complete and sell for obsolete and slow moving items.

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply (where applicable) the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest rate, unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each balance sheet date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to a third party that is able to sell the asset in its entirety to an unrelated party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, finance leases, accruals and amounts owed to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing arrangement, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.


R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account using the effective interest method under Section 11 of FRS 102 ‘Basic Financial Instruments’. The capital element of the liability is presented in the balance sheet as a liability and split between the portion falling due within one year and the portion falling due after more than one year.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Fabrication 12,828,999 13,889,124
Other - 8,050
12,828,999 13,897,174

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

4. EMPLOYEES AND DIRECTORS
Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Wages and salaries 2,197,295 2,475,602
Social security costs 203,108 219,979
Other pension costs 61,672 64,270
2,462,075 2,759,851

The average number of employees during the year was as follows:
Period
1.5.22
Year Ended to
29.4.24 29.4.23

Management 1 2
Production 43 53
Administration 16 18
60 73

Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Directors' remuneration 113,326 97,323
Directors' pension contributions to money purchase schemes 1,170 2,154

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Hire of plant and machinery 59,525 130,644
Depreciation - owned assets 168,509 152,157
Depreciation - assets on hire purchase contracts 67,353 69,020
Loss/(profit) on disposal of fixed assets 61 (2,975 )
Auditor's remuneration 12,720 12,000

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Bank loan interest 13,005 18,854
Hire purchase 15,358 20,138
28,363 38,992

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Current tax:
UK corporation tax 161,315 -

Deferred tax 35,540 151,880
Tax on profit 196,855 151,880

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Profit before tax 701,249 455,702
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

175,312

86,583

Effects of:
Expenses not deductible for tax purposes 14,439 9,290
Income not taxable for tax purposes - (565 )
Capital allowances in excess of depreciation (12,583 ) (4,466 )
Movement on deferred tax 35,541 151,880
Transfer of trading loss (15,854 ) (90,842 )
Total tax charge 196,855 151,880

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

8. DIVIDENDS
Period
1.5.22
Year Ended to
29.4.24 29.4.23
£    £   
Ordinary A shares of £1 each
Interim 292,000 130,000
Ordinary B shares of £1 each
Interim - 72,920
292,000 202,920

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 30 April 2023 485,882 1,465,229 86,423 109,040 2,146,574
Additions 65,803 188,131 14,540 101,740 370,214
Disposals - - - (20,933 ) (20,933 )
At 29 April 2024 551,685 1,653,360 100,963 189,847 2,495,855
DEPRECIATION
At 30 April 2023 115,046 494,726 33,829 39,243 682,844
Charge for year 48,675 153,172 13,315 20,700 235,862
Eliminated on disposal - - - (17,984 ) (17,984 )
At 29 April 2024 163,721 647,898 47,144 41,959 900,722
NET BOOK VALUE
At 29 April 2024 387,964 1,005,462 53,819 147,888 1,595,133
At 29 April 2023 370,836 970,503 52,594 69,797 1,463,730

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 30 April 2023 482,621 88,107 570,728
Additions - 61,740 61,740
At 29 April 2024 482,621 149,847 632,468
DEPRECIATION
At 30 April 2023 65,255 22,035 87,290
Charge for year 48,262 19,091 67,353
At 29 April 2024 113,517 41,126 154,643
NET BOOK VALUE
At 29 April 2024 369,104 108,721 477,825
At 29 April 2023 417,366 66,072 483,438

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

10. STOCKS
29.4.24 29.4.23
£    £   
Stocks 1,116,255 344,446
Work-in-progress 602,305 745,937
1,718,560 1,090,383

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.4.24 29.4.23
£    £   
Trade debtors 3,074,326 2,989,258
Amounts owed by group undertakings - 991
Other debtors 12,000 12,000
Tax 4,256 5,678
Prepayments 146,885 126,133
3,237,467 3,134,060

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.4.24 29.4.23
£    £   
Bank loans and overdrafts (see note 14) 508,363 681,742
Hire purchase contracts (see note 15) 141,416 123,350
Trade creditors 2,949,221 2,401,840
Amounts owed to group undertakings 245 -
Tax 161,315 -
Social security and other taxes 57,490 73,976
VAT 112,093 186,363
Other creditors 233,398 77,340
Accruals and deferred income 234,657 49,382
4,398,198 3,593,993

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.4.24 29.4.23
£    £   
Bank loans (see note 14) 65,000 125,000
Hire purchase contracts (see note 15) 162,816 249,818
227,816 374,818

14. LOANS

An analysis of the maturity of loans is given below:

29.4.24 29.4.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 448,363 621,742
Bank loans 60,000 60,000
508,363 681,742

Amounts falling due between one and two years:
Bank loans - 1-2 years 60,000 60,000

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

14. LOANS - continued
29.4.24 29.4.23
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 5,000 65,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.4.24 29.4.23
£    £   
Net obligations repayable:
Within one year 141,416 123,350
Between one and five years 162,816 249,818
304,232 373,168

Non-cancellable operating leases
29.4.24 29.4.23
£    £   
Within one year 132,864 173,534
Between one and five years 281,015 413,878
413,879 587,412

16. SECURED DEBTS

The following secured debts are included within creditors:

29.4.24 29.4.23
£    £   
Bank overdrafts 448,363 621,742
Bank loans 125,000 185,000
Hire purchase contracts 304,232 373,168
877,595 1,179,910

The invoice discounting account is secured by way of a fixed and floating charge over all the property or undertakings of the company.

Assets obtained under hire purchase and finance leases are secured over the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
29.4.24 29.4.23
£    £   
Deferred tax
Tax losses carried forward - (15,854 )
Deferred tax 275,246 255,560
275,246 239,706

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 30 April 2023 239,706
Accelerated capital allowances 19,686
Utilisation of tax losses 15,854
Balance at 29 April 2024 275,246

The deferred tax provision set out above is expected to reverse within the next three to five years and relates to the excess of capital allowances over depreciation.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.4.24 29.4.23
value: £    £   
113 Ordinary A £1 113 113
13 Ordinary B £1 13 13
126 126

Each Ordinary share has a right to vote in any circumstance and carries a right to dividends.

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 30 April 2023 1,527,294 875 1,528,169
Profit for the year 504,394 504,394
Dividends (292,000 ) (292,000 )
At 29 April 2024 1,739,688 875 1,740,563

Retained earnings
Retained earnings comprise all retained profits and losses of the business since inception.

Capital redemption reserve
The capital redemption reserve represents the sum equal to the amount by which the company's share capital is diminished on cancellation of shares.

20. ULTIMATE PARENT COMPANY

R Tindall (Fabricators) Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

R Tindall (Fabricators) Holdings Ltd is the largest and smallest group in which the accounts are consolidated.

21. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 116,481 (2023 - £ 111,205 ) was paid.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R Tindall (Fabricators) Holdings Ltd due to its majority shareholding in the company.

R TINDALL (FABRICATORS) LTD (REGISTERED NUMBER: 01009176)

Notes to the Financial Statements - continued
For The Year Ended 29 April 2024

23. FINANCIAL INSTRUMENTS

29.4.24 29.4.23
£ £
Financial assets
Financial assets measured at amortised cost 3,177,115 3,050,888
Financial liabilities
Financial liabilities measured at amortised cost 4,295,115 3,708,473
Financial assets measured at amortised cost include debtors and cash.

Financial liabilities measured at amortised cost include creditors, accruals, bank loans and finance leases.