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REGISTERED NUMBER: 02518471 (England and Wales)















Tyne Electro Diesel Limited

Financial Statements

for the Year Ended 31 July 2024






Tyne Electro Diesel Limited (Registered number: 02518471)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Tyne Electro Diesel Limited

Company Information
for the year ended 31 July 2024







DIRECTORS: LK Bramley
S Bramley
C Brown





SECRETARY: EL Bramley





REGISTERED OFFICE: Unit 1 Fisher Street
Walker Riverside
Newcastle Upon Tyne
NE6 4LT





REGISTERED NUMBER: 02518471 (England and Wales)





AUDITORS: McMillan & Co LLP
Chartered Accountants and
Statutory Auditor
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Tyne Electro Diesel Limited (Registered number: 02518471)

Balance Sheet
31 July 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,200,469 1,228,706

CURRENT ASSETS
Stocks 497,605 386,933
Debtors 5 468,100 511,045
Cash in hand 433 253
966,138 898,231
CREDITORS
Amounts falling due within one year 6 639,950 1,351,445
NET CURRENT ASSETS/(LIABILITIES) 326,188 (453,214 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,526,657

775,492

CREDITORS
Amounts falling due after more than one
year

7

(571,475

)

-

PROVISIONS FOR LIABILITIES 10 - (63,514 )
NET ASSETS 955,182 711,978

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Capital redemption reserve 100 100
Retained earnings 954,082 710,878
SHAREHOLDERS' FUNDS 955,182 711,978

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





LK Bramley - Director


Tyne Electro Diesel Limited (Registered number: 02518471)

Notes to the Financial Statements
for the year ended 31 July 2024

1. STATUTORY INFORMATION

Tyne Electro Diesel Limited 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 (£).


The amounts in the financial statements have been rounded to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of goods, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property- 1% on cost
Short leasehold improvements- straight line over the life of the lease
Plant and machinery- 10% on cost
Fixtures and fittings- 10% on cost
Motor vehicles- 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.


Tyne Electro Diesel Limited (Registered number: 02518471)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Short
Freehold leasehold Plant and
property improvements machinery
£ £ £
COST
At 1 August 2023 1,010,635 4,619 797,006
Additions - - 4,979
At 31 July 2024 1,010,635 4,619 801,985
DEPRECIATION
At 1 August 2023 37,902 4,619 748,657
Charge for year 10,103 - 12,835
At 31 July 2024 48,005 4,619 761,492
NET BOOK VALUE
At 31 July 2024 962,630 - 40,493
At 31 July 2023 972,733 - 48,349

Tyne Electro Diesel Limited (Registered number: 02518471)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£ £ £
COST
At 1 August 2023 317,729 21,360 2,151,349
Additions 1,417 24,799 31,195
At 31 July 2024 319,146 46,159 2,182,544
DEPRECIATION
At 1 August 2023 110,105 21,360 922,643
Charge for year 31,844 4,650 59,432
At 31 July 2024 141,949 26,010 982,075
NET BOOK VALUE
At 31 July 2024 177,197 20,149 1,200,469
At 31 July 2023 207,624 - 1,228,706

Included in the net book value of fixed assets are assets held under hire purchase agreements. The net book value of these assets at the year end was £20,149 (2023: £nil) and the depreciation charged on them was £4,650 (2023: £nil).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 356,734 479,362
Other debtors 14,633 28,222
Deferred tax asset 88,441 -
Prepayments and accrued income 8,292 3,461
468,100 511,045

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 8) 131,480 815,883
Hire purchase contracts 4,751 -
Trade creditors 114,947 178,159
Amounts owed to group undertakings 350,725 308,408
Social security and other taxes 10,206 13,634
Other creditors 4,990 4,952
Accruals and deferred income 22,851 30,409
639,950 1,351,445

Tyne Electro Diesel Limited (Registered number: 02518471)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 8) 555,635 -
Hire purchase contracts 15,840 -
571,475 -

Amounts falling due in more than five years:

Repayable by instalments
by instalments 343,968 -

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 71,480 156,534
Bank loans 60,000 659,349
131,480 815,883

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

Amounts falling due between two and five years:
Bank loans - 2-5 years 151,667 -

Amounts falling due in more than five years:

Repayable by instalments
by instalments 343,968 -

Following a technical breach of the financial covenants at the prior year end, the long term loan was reclassified as due within one year. No action was taken as a result of the technical breach, and the covenants have been met in the current year.

Tyne Electro Diesel Limited (Registered number: 02518471)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 615,635 659,349
Hire purchase contracts 20,591 -
636,226 659,349

The bank loan is secured by way of a fixed and floating charge over all the assets held by the company. Interest is payable at a variable rate of 3.27% above the Bank of England base rate

Hire purchase creditors are secured by the underlying asset.

10. PROVISIONS FOR LIABILITIES
2023
£
Deferred tax
Accelerated capital allowances 63,514

Deferred tax
£
Balance at 1 August 2023 63,514
Provided during year (151,955 )
Balance at 31 July 2024 (88,441 )

Deferred tax has been provided for using a rate of 25% following the enactment of Finance Act 2021.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
1,000 Ordinary £1 1,000 1,000

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrea Gerring FCA (Senior Statutory Auditor)
for and on behalf of McMillan & Co LLP

13. RELATED PARTY DISCLOSURES

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.

Tyne Electro Diesel Limited (Registered number: 02518471)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

14. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Merlin Diesel Holdings Limited, a company incorporated in England and Wales.

The parent company of the largest and smallest group, which includes the company, and for which group financial statements are prepared is Merlin Diesel Holdings Limited, 189/191 Bradkirk Place, Walton Summit, Preston, PR5 8AJ.

The company is ultimately controlled jointly by LK Bramley and S Bramley, by virtue of their shareholding in the parent company.