Company registration number 14654140 (England and Wales)
TLF HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
TLF HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr CM Jackson
Mr CJ Jackson
(Appointed 19 March 2024)
Mrs J Jackson
(Appointed 19 March 2024)
Mr TW Jackson
(Appointed 19 March 2024)
Company number
14654140
Registered office
Tudor Lodge Farm Long Lane
East Haddon
Northampton
Northamptonshire
NN6 8DU
Auditor
Cottons Accountants LLP
The Stables
Church Walk
Daventry
Northamptonshire
UK
NN11 4BL
TLF HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 35
TLF HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors present the strategic report for the year ended 31 May 2024.

Review of the business

The group has been buying grain from local farmers, adding value to these crops and building long-term supply relationships for nearly 40 years. We have central storage and drying facilities where we find ourselves an integrated part of many local farmer’s business plans. We pride ourselves on adding value to crops and providing farmers with markets for locally grown crops. Arable crops are our main focus, our customers make a variety of food and animal feed products. We also have an animal feed and pellet production facility to process and sell the by-products generated from food production.

 

As a family business we believe relationships with our customers and our supply chain are extremely important. We pride ourselves on our willingness to take on new challenges and go the extra mile to provide a premium service.

 

Business activity has remained good. However, turnover has reduced, due to a fall in commodity prices. Global geopolitical events continue to cause uncertainty and volatility in commodity prices.

 

We have increased our haulage fleet as having additional control over our customer deliveries has been deemed important.

 

During the year we have undergone several refurbishment projects. This has covered several key aspects of our facilities and infrastructure, ranging from office improvements through to cleaning plant upgrades.

 

We have committed to adding an extra 450kWh of solar panels and battery storage to our existing 250kWh solar installation. Along with our existing biomass boiler, this will be a big step towards reducing our carbon emissions.

Principal risks and uncertainties

Commodity prices remain volatile especially due to the war in Ukraine but the past performance of management personnel ensures the risk is minimal.

Development and performance

The group continues to grow, is developing new markets for arable crops and continues to invest in capital expenditure. Turnover has decreased this year as a result of generally lower commodity prices, trade and core activities remain strong.

Key performance indicators

The gross profit continues to be strong at 19.2%.

Promoting the success of the company

The directors have based their assessment of the group's long-term plan, which is updated and approved annually by the Board.

 

The directors undertake board meetings for any major business decisions and as a result:

•    consider any likely consequences of decisions for the long term,

•    the interests of the group's employees,

•    the need to foster the group's business relationships with suppliers, customers and others,

•    the impact of the group's operations on the community and the environment,

•    the desirability of the group maintaining a reputation for high standards of business conduct, and

•    the need to act fairly as between members of the group.

TLF HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

On behalf of the board

Mr CM Jackson
Director
10 February 2025
TLF HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the company and group continued to be that of the buying, selling and storage of arable crops.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £229,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr CM Jackson
Mr CJ Jackson
(Appointed 19 March 2024)
Mrs J Jackson
(Appointed 19 March 2024)
Mr TW Jackson
(Appointed 19 March 2024)
Energy and carbon report

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
2,500,000
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
- Fuel consumed for owned transport
743.77
743.77
Scope 2 - indirect emissions
- Electricity purchased
512.33
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
Total gross emissions
1,256.10
Intensity ratio
Tonnes CO2e per employee
26.17
Quantification and reporting methodology

We used the Government’s Greenhouse Gas Conversion Factors for Group Reporting.

TLF HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have committed to adding an extra 450kWh of solar panels and battery storage to our existing 250kWh solar installation. Along with our existing biomass boiler, this will be a big step towards reducing our carbon emissions. We are continuing to invest in a newer vehicle fleet so that we benefit from the improved energy efficiencies in this area.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr CM Jackson
Director
10 February 2025
TLF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TLF HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of TLF Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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 the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

TLF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLF HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

 

TLF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLF HOLDINGS LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006 and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

 

To address the risk of fraud through management bias and override of controls, we:

 

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions;

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors;

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TLF HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TLF HOLDINGS LIMITED
- 8 -

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 an auditor's report 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.

Richard Wilch FCCA (Senior Statutory Auditor)
For and on behalf of Cottons Accountants LLP, Statutory Auditor
Chartered Accountants
The Stables
Church Walk
Daventry
Northamptonshire
NN11 4BL
UK
10 February 2025
TLF HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
Notes
£
Turnover
3
46,423,896
Cost of sales
(37,489,999)
Gross profit
8,933,897
Administrative expenses
(6,105,213)
Other operating income
530,437
Operating profit
4
3,359,121
Interest payable and similar expenses
8
(447,339)
Profit before taxation
2,911,782
Tax on profit
9
(378,446)
Profit for the financial year
2,533,336
Profit for the financial year is all attributable to the owners of the parent company.
TLF HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
2024
£
Profit for the year
2,533,336
Other comprehensive income
-
Cash flow hedges gain arising in the year
-
0
Total comprehensive income for the year
2,533,336
Total comprehensive income for the year is all attributable to the owners of the parent company.
TLF HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 11 -
2024
Notes
£
£
Fixed assets
Tangible assets
11
9,990,385
Investments
12
50
9,990,435
Current assets
Stocks
14
3,364,955
Debtors
15
5,259,195
Cash at bank and in hand
429,409
9,053,559
Creditors: amounts falling due within one year
16
(7,513,390)
Net current assets
1,540,169
Total assets less current liabilities
11,530,604
Creditors: amounts falling due after more than one year
17
(1,988,250)
Provisions for liabilities
Deferred tax liability
20
1,139,909
(1,139,909)
Net assets
8,402,445
Capital and reserves
Called up share capital
23
1,000
Other reserves
5,833,109
Profit and loss reserves
2,568,336
Total equity
8,402,445
The financial statements were approved by the board of directors and authorised for issue on 10 February 2025 and are signed on its behalf by:
10 February 2025
Mr CM Jackson
Director
Company registration number 14654140 (England and Wales)
TLF HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 12 -
2024
Notes
£
£
Fixed assets
Tangible assets
11
572,866
Investments
12
265,050
837,916
Current assets
Debtors
15
1,052,545
Cash at bank and in hand
17,749
1,070,294
Creditors: amounts falling due within one year
16
(190,385)
Net current assets
879,909
Net assets
1,717,825
Capital and reserves
Called up share capital
23
1,000
Profit and loss reserves
1,716,825
Total equity
1,717,825

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,681,825.

The financial statements were approved by the board of directors and authorised for issue on 10 February 2025 and are signed on its behalf by:
10 February 2025
Mr CM Jackson
Director
Company registration number 14654140 (England and Wales)
TLF HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2023
-
-
-
-
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
2,533,336
2,533,336
Issue of share capital
23
265,000
-
-
265,000
Dividends
10
-
-
(229,000)
(229,000)
Reduction of shares
23
(264,000)
-
264,000
-
0
Other movements
-
5,833,109
-
5,833,109
Balance at 31 May 2024
1,000
5,833,109
2,568,336
8,402,445
TLF HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
-
-
-
Year ended 31 May 2024:
Profit and total comprehensive income
-
1,681,825
1,681,825
Issue of share capital
23
265,000
-
265,000
Dividends
10
-
(229,000)
(229,000)
Reduction of shares
23
(264,000)
264,000
-
0
Balance at 31 May 2024
1,000
1,716,825
1,717,825
TLF HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(141,889)
Interest paid
(447,339)
Income taxes refunded
761,463
Net cash inflow from operating activities
172,235
Investing activities
Purchase of tangible fixed assets
(1,727,351)
Proceeds from disposal of tangible fixed assets
17,819
Purchase of subsidiaries, net of cash acquired
(265,000)
Purchase of associates
(50)
Proceeds from disposal of associates
50
Proceeds from disposal of joint ventures
(50)
Repayment of loans
1,334,135
Net cash used in investing activities
(640,447)
Financing activities
Proceeds from issue of shares
1,000
Redemption of shares
264,000
Repayment of borrowings
(682,724)
Repayment of bank loans
1,451,005
Payment of finance leases obligations
(156,605)
Dividends paid to equity shareholders
(51,000)
Net cash generated from financing activities
825,676
Net increase in cash and cash equivalents
357,464
Cash and cash equivalents at beginning of year
-
Cash and cash equivalents at end of year
357,464
Relating to:
Cash at bank and in hand
429,409
Bank overdrafts included in creditors payable within one year
(71,945)
TLF HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(1,055,998)
Investing activities
Purchase of tangible fixed assets
(575,203)
Purchase of subsidiaries
(265,000)
Purchase of associates
(50)
Proceeds from disposal of associates
50
Proceeds from disposal of joint ventures
(50)
Dividends received
1,700,000
Net cash generated from investing activities
859,747
Financing activities
Proceeds from issue of shares
1,000
Redemption of shares
264,000
Dividends paid to equity shareholders
(51,000)
Net cash generated from financing activities
214,000
Net increase in cash and cash equivalents
17,749
Cash and cash equivalents at beginning of year
-
Cash and cash equivalents at end of year
17,749
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 17 -
1
Accounting policies
Company information

TLF Holdings Limited (the "company") is a private limited company domiciled and incorporated in England and Wales. The registered office is Tudor Lodge Farm, Long Lane, East Haddon, Northampton, NN6 8DU.

 

The group consists of TLF Holdings Ltd and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TLF Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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:

Freehold land and buildings
Over the life of the asset
Plant and equipment
Over the life of the asset
Fixtures and fittings
20% reducing balance
Computers
20% reducing balance
Motor vehicles
15% reducing balance
Tools and equipment
20% 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 recognised in the profit and loss account.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -

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.

1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end 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 group 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 another party that is able to sell the asset in its entirety to an unrelated third party.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
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 group after deducting all of its liabilities.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 22 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
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.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 23 -
1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
£
Turnover analysed by class of business
Sale of goods
43,294,091
Sale of services
3,129,805
46,423,896
2024
£
Turnover analysed by geographical market
United Kingdom
36,609,278
Europe
9,814,618
46,423,896
2024
£
Other revenue
Grants received
147,123
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
4
Operating profit
2024
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
49,193
Government grants
(147,123)
Depreciation of owned tangible fixed assets
739,388
Depreciation of tangible fixed assets held under finance leases
70,203
Loss on disposal of tangible fixed assets
19,402
Operating lease charges
114,100
5
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
7,770
Audit of the financial statements of the company's subsidiaries
10,500
18,270
For other services
All other non-audit services
15,875
6
Employees

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

Group
Company
2024
2024
Number
Number
Office
16
4
Direct
32
-
Total
48
4
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
1,809,973
-
0
Social security costs
171,090
-
Pension costs
309,565
-
0
2,290,628
-
0
7
Directors' remuneration
2024
£
Remuneration for qualifying services
157,830
Company pension contributions to defined contribution schemes
269,666
427,496

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4.

8
Interest payable and similar expenses
2024
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
126,165
Interest on invoice finance arrangements
215,281
Other interest on financial liabilities
85,241
426,687
Other finance costs:
Interest on finance leases and hire purchase contracts
20,652
Total finance costs
447,339
9
Taxation
2024
£
Deferred tax
Origination and reversal of timing differences
378,446
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Taxation
(Continued)
- 26 -

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
£
Profit before taxation
2,911,782
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
553,239
Tax effect of expenses that are not deductible in determining taxable profit
12,103
Tax effect of income not taxable in determining taxable profit
(323,000)
Tax effect of utilisation of tax losses not previously recognised
(72,527)
Unutilised tax losses carried forward
3,009
Permanent capital allowances in excess of depreciation
(81,027)
Research and development tax credit
(91,797)
Movement in deferred tax
378,446
Taxation charge
378,446
10
Dividends
2024
Recognised as distributions to equity holders:
£
Final paid
178,000
Interim paid
51,000
229,000
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Tools and equipment
Total
£
£
£
£
£
£
£
Cost
At 1 June 2023
-
0
-
0
-
0
-
0
-
0
-
0
-
0
Additions
2,766,976
12,706,285
23,587
295,813
2,007,098
208,482
18,008,241
Disposals
-
0
-
0
-
0
-
0
(57,000)
-
0
(57,000)
At 31 May 2024
2,766,976
12,706,285
23,587
295,813
1,950,098
208,482
17,951,241
Depreciation and impairment
At 1 June 2023
-
0
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the year
1,409,071
5,411,724
13,855
247,263
707,188
191,534
7,980,635
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(19,779)
-
0
(19,779)
At 31 May 2024
1,409,071
5,411,724
13,855
247,263
687,409
191,534
7,960,856
Carrying amount
At 31 May 2024
1,357,905
7,294,561
9,732
48,550
1,262,689
16,948
9,990,385
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 28 -
Company
Freehold land and buildings
£
Cost
At 1 June 2023
-
0
Additions
575,203
At 31 May 2024
575,203
Depreciation and impairment
At 1 June 2023
-
0
Depreciation charged in the year
2,337
At 31 May 2024
2,337
Carrying amount
At 31 May 2024
572,866

The carrying value of land and buildings comprises:

Group
Company
2024
2024
£
£
Freehold
785,039
-
0
12
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
13
-
0
265,000
Investments in joint ventures
50
50
50
265,050
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 June 2023
-
Additions
50
At 31 May 2024
50
Carrying amount
At 31 May 2024
50
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 June 2023
-
Additions
265,050
At 31 May 2024
265,050
Carrying amount
At 31 May 2024
265,050
13
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Charles Jackson & Co Limited
White Barn, Station Road, Long Buckby, Northants, NN6 7QA
Ordinary
100.00
Food to Feed Limited
Tudor Lodge Farm, Long Lane. East Haddon, Northants, NN6 8DU
Ordinary
100.00
14
Stocks
Group
Company
2024
2024
£
£
Finished goods and goods for resale
3,364,955
-
0
15
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
4,629,844
-
0
Other debtors
629,351
1,052,545
5,259,195
1,052,545
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
18
238,445
-
0
Bills of exchange
18
3,171,931
-
0
Obligations under finance leases
19
137,333
-
0
Trade creditors
2,924,351
3,165
Other taxation and social security
34,921
-
Government grants
21
113,143
-
0
Dividends payable
178,000
178,000
Other creditors
239,126
1,450
Accruals and deferred income
476,140
7,770
7,513,390
190,385
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
18
1,284,505
-
0
Obligations under finance leases
19
195,573
-
0
Government grants
21
508,172
-
0
1,988,250
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
618,505
-
18
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank loans
1,451,005
-
0
Bank overdrafts
71,945
-
0
Bills of exchange
3,171,931
-
0
4,694,881
-
Payable within one year
3,410,376
-
0
Payable after one year
1,284,505
-
0

The bank loan accrues interest at 2.59% per annum over Base Rate.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
18
Loans and overdrafts
(Continued)
- 31 -

The bank loan and invoice discounting liabilities are secured by a fixed and floating charge over the assets of the company.

19
Finance lease obligations
Group
Company
2024
2024
£
£
Future minimum lease payments due under finance leases:
Within one year
137,333
-
0
In two to five years
195,573
-
0
332,906
-
20
Deferred taxation

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

Liabilities
2024
Group
£
Accelerated capital allowances
1,524,284
Tax losses
(384,375)
1,139,909
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 June 2023
-
-
Charge to profit or loss
1,139,909
-
Liability at 31 May 2024
1,139,909
-
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 32 -
21
Government grants
Group
Company
2024
2024
£
£
Arising from government grants
621,315
-

Deferred income is included in the financial statements as follows:

Current liabilities
113,143
-
0
Non-current liabilities
508,172
-
0
621,315
-

Government grants income received is spread over the life of the asset it relates to. No income is expected to be repaid.

22
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
309,565

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A of £1 each
510
510
Ordinary B of £1 each
150
150
Ordinary C of £1 each
150
150
Ordinary D of £1 each
150
150
Ordinary E of £1 each
10
10
Ordinary F of £1 each
10
10
Ordinary G of £1 each
10
10
Ordinary H of £1 each
10
10
1,000
1,000
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 33 -
24
Operating lease commitments
Lessee

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

Group
Company
2024
2024
£
£
Within one year
194,504
-
Between two and five years
196,844
-
391,348
-
25
Controlling party

Mr C M Jackson is a director and majority shareholder of the company.

26
Cash absorbed by group operations
2024
£
Profit after taxation
3,699,333
Adjustments for:
Taxation charged
378,446
Finance costs
447,339
Loss on disposal of tangible fixed assets
19,402
Depreciation and impairment of tangible fixed assets
809,591
Movements in working capital:
Increase in stocks
(3,364,955)
Increase in debtors
(6,425,192)
Increase in creditors
3,672,832
Increase in deferred income
621,315
Cash absorbed by operations
(141,889)
TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 34 -
27
Cash absorbed by operations - company
2024
£
Profit after taxation
1,681,825
Adjustments for:
Investment income
(1,700,000)
Depreciation and impairment of tangible fixed assets
2,337
Movements in working capital:
Increase in debtors
(1,052,545)
Increase in creditors
12,385
Cash absorbed by operations
(1,055,998)
28
Analysis of changes in net debt - group
1 June 2023
Cash flows
New finance leases
31 May 2024
£
£
£
£
Cash at bank and in hand
-
429,409
-
429,409
Bank overdrafts
-
(71,945)
-
(71,945)
-
357,464
-
357,464
Borrowings excluding overdrafts
-
(4,622,936)
-
(4,622,936)
Obligations under finance leases
-
156,605
(489,511)
(332,906)
-
(4,108,867)
(489,511)
(4,598,378)
29
Analysis of changes in net funds - company
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
-
17,749
17,749
30
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a limitation liability agreement with the auditors and this was approved by resolution on 14th October 2024. Liability is limited to the lesser of 20 times the audit fee or £155,400. In accordance with section 537 of CA06, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

 

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the period ending 31st May 2024.

 

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.

TLF HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
30
Auditor's liability limitation agreement
(Continued)
- 35 -
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