Company registration number 03159591 (England and Wales)
TAPE SPECIALITIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
TAPE SPECIALITIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 13
TAPE SPECIALITIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D Hosier
Mr J R Overy
Mr S Seagrave
Secretary
Mr S Seagrave
Company number
03159591
Registered office
3 The Forum
Icknield Way Industrial Estate
Tring
Hertfordshire
HP23 4JY
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers
HSBC
73 High Street
Watford
Hertfordshire
WD17 2DS
TAPE SPECIALITIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,906
28,728
Investments
4
30,361
30,361
48,267
59,089
Current assets
Stocks
5
578,208
529,433
Debtors
6
3,477,442
3,518,787
Cash at bank and in hand
209,163
77,919
4,264,813
4,126,139
Creditors: amounts falling due within one year
7
(644,864)
(597,022)
Net current assets
3,619,949
3,529,117
Total assets less current liabilities
3,668,216
3,588,206
Provisions for liabilities
(4,476)
(7,182)
Net assets
3,663,740
3,581,024
Capital and reserves
Called up share capital
9
67
67
Capital redemption reserve
933
933
Profit and loss reserves
3,662,740
3,580,024
Total equity
3,663,740
3,581,024
TAPE SPECIALITIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr S Seagrave
Director
Company registration number 03159591 (England and Wales)
TAPE SPECIALITIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
67
933
3,254,137
3,255,137
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
325,887
325,887
Balance at 31 December 2022
67
933
3,580,024
3,581,024
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
82,716
82,716
Balance at 31 December 2023
67
933
3,662,740
3,663,740
TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Tape Specialities Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 The Forum, Icknield Way Industrial Estate, Tring, Hertfordshire, HP23 4JY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
25% straight line
Plant and machinery etc
25% straight line
Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply 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 in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 of its liabilities.

TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at 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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken the to profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
5
TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
28,417
264,386
292,803
Additions
-
0
2,239
2,239
At 31 December 2023
28,417
266,625
295,042
Depreciation and impairment
At 1 January 2023
28,417
235,658
264,075
Depreciation charged in the year
-
0
13,061
13,061
At 31 December 2023
28,417
248,719
277,136
Carrying amount
At 31 December 2023
-
0
17,906
17,906
At 31 December 2022
-
0
28,728
28,728
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
30,361
30,361
5
Stocks
2023
2022
£
£
Stocks
578,208
529,433
TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
902,064
814,223
Corporation tax recoverable
-
0
29,100
Other debtors
2,540,503
2,604,192
3,442,567
3,447,515
Deferred tax asset
34,875
71,272
3,477,442
3,518,787

Within Trade debtors, there are amounts owed from connected companies, by virtue of common directors, totalling £589,378 (2022: £419,836).

7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
530,483
435,652
Taxation and social security
96,790
145,498
Other creditors
17,591
15,872
644,864
597,022
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
4,476
7,182
-
-
Tax losses
-
-
34,875
71,272
4,476
7,182
34,875
71,272
TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Deferred taxation
(Continued)
- 11 -
2023
Movements in the year:
£
Asset at 1 January 2023
(64,090)
Charge to profit or loss
33,691
Asset at 31 December 2023
(30,399)
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary  A shares of 1p each
6,667
6,667
67
67
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Tape Specialities Limited (the 'company') for the year ended 31 December 2023 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Audit report information
(Continued)
- 12 -

Basis for qualified opinion

The company has recognised stocks of £578,208 (2022: £529,433) on its year end balance sheet. We were not appointed as auditors of the Company until after 31 December 2023 and thus we were unable to attend a year-end stock take at the beginning and end of the year and have been unable to obtain alternative sufficient appropriate audit evidence to satisfy ourselves that these stocks at the year end are free from material misstatement.

 

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 Auditor's 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.

Senior Statutory Auditor:
Christopher Ketley FCA
Statutory Auditor:
TC Group
Date of audit report:
31 January 2025
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
194,930
151,833
12
Events after the reporting date

Subsequent to the year end, the balance owed from Smartcare Medical Limited of £2,059,348 to the Company was novated to its parent company, Smartcare Worldwide Limited. As part of a share capital re-organisation in Smartcare Worldwide Limited, the Company has received 100 £1 Ordinary C shares which is to be credited as fully paid in consideration of the balance outstanding at the year end.

TAPE SPECIALITIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
13
Related party transactions

Included within trade debtors at the year end is a balance owed from ASEP Healthcare Limited of £29,640 (2022 - £29,640).

 

S Seagrave is a director of Performance Adhesives Limited. During the year the company provided finance totalling £nil (2022 - £1,271,337) to Performance Adhesives Limited, of which £nil (2022 - £862,385) was repaid in the year. Included in trade debtors at the year end is a balance of £587,471 (2022 - £408,952). The company provided a loan in previous years and included within other debtors at the year end is a balance of £1,238,169 (2022 - £1,238,169) owed from Performance Adhesives Limited. A provision of £1,238,169 has been recognised in previous years and is included in other debtors.

 

During the year the company provided further loans totalling £30,348 (2022 - £36,000) to Smartcare Medical Limited, a company of which S Seagrave is a director. Included within other debtors at the year end is a balance of £2,059,348 (2022 - £2,029,000).

 

During the year the company provided loans totalling £13,461 (2022 - £10,501) to OverX Limited, a company of which S Seagrave is a director. OverX Limited repaid £86,000 during the year. Included within other debtors at the year end is a balance of £430,578 (2022 - £503,117).

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