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Registered number: 14135762
T3i Holdings Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 May 2024
SFB Group Limited
Contents
Page
Company Information 1
Strategic Report 2
Directors' Report 3
Independent Auditor's Report 4—5
Consolidated Profit and Loss Account 6
Consolidated Statement of Comprehensive Income 7
Consolidated Balance Sheet 8
Company Balance Sheet 9
Consolidated Statement of Changes in Equity 10
Company Statement of Changes in Equity 11
Consolidated Statement of Cash Flows 12
Notes to the Consolidated Statement of Cash Flows 13
Notes to the Financial Statements 14—23
Page 1
Company Information
Directors Mr R J Marshall
Mr K J Tudor
Mr S D Pratt
Secretary S S Jagdev
Company Number 14135762
Registered Office Unit 64 Station Road
Coleshill
Birmingham
B46 1HT
Accountants SFB Group Limited
ICAEW
Auditors SFB Group Limited
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU
Page 1
Page 2
Strategic Report
The directors present their strategic report for the year ended 31 May 2024.
Principal Activity
The group's principal activity continues to be that of designing and manufacturing an extensive range of products in the construction, traffic management, utility, rail and hire industries.
Review of the Business
Our first class product range and acknowledged expertise in the plastics industry has put us among the top rotational moulders in the UK. This has led to rapid growth which through continued investment has led us to establish new product designs for our key market sectors.
The group has had another profitable year, and the director is please with the results generated.
Sales growth remains important for the group and the continued investment in research and development will continue in the new financial year. The group has continued to make investments in new plant and machinery, spending £224,961 in 2024 (2023: £82.166). The director regards this as essential for continued long term business success and hope to be able to gain further new business in the years ahead by maintaining this approach.
As at 31 May 2024, the net assets of the group were £1,145,484 (2023: £946,910) which represents a 21% increase from the previous year. 
Principal Risks and Uncertainties
The board believes that the following are the principal risk factors affecting the group and the market in which it operates:
- Significant polymer price volatility;
- Significant adverse changes in environmental legislation;
- Unpredictability surrounding supply chains.
The above risks are monitored by the board and can all be mitigated by timely and prudent management.
Financial key performance indicators
The main key performance indicator has been identified as gross margin, which has increased on the prior year at 27.2% (2023: 25.7%). Other indicators considered are turnover, operating profit and cashflow. In the last year the director is satisfied with the performance in these areas, whilst recognising that further improvements are always possible.
On behalf of the board
Mr K J Tudor
Director
17/02/2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 May 2024.
Dividends
No dividends will be distributed for the year ended 31 May 2024.
Directors
The directors who held office during the year were as follows:
Mr R J Marshall
Mr K J Tudor
Mr S D Pratt
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, SFB Group Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr K J Tudor
Director
17/02/2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of T3i Holdings Ltd for the year ended 31 May 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit/(loss) 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 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.
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 entity's ability to continue as a going concern for a period of at least 12 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report 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 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:
  • 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 or 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.
Page 4
Page 5
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
- 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;
- Enquiry of management around actual and potential litigation and claims;
- Enquiry of management to identify any instances of non-compliance with laws and regulations;
- We reviewed correspondence with legal and regulatory bodies where applicable;
- We agreed the financial statements disclosures to underlying supporting documentation
- We reviewed the detail of certain nominal accounts for indications of management override;
- We gained an understanding of the design and implementation of the processes and controls in place within the group which are designed to prevent, detect or correct fraud or error within the financial statements
- We challenged the accounting treatment applied in respect of revenue recognised during the year, in particular in relation to manual adjustments made to revenue, cut off between accounting periods;
- We identified and tested journal entries which we considered to be unusual and me be indicative of bias on the part of management or those charged with governance, investigating the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
Paul Carvell BFP FCA (Senior Statutory Auditor)
for and on behalf of SFB Group Limited , Statutory Auditor
17/02/2025
SFB Group Limited
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU
Page 5
Page 6
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 13,306,922 14,385,903
Cost of sales (9,684,606 ) (10,689,563 )
GROSS PROFIT 3,622,316 3,696,340
Distribution costs - (104,984 )
Administrative expenses (2,887,419 ) (2,534,269 )
Other operating income - 281,357
OPERATING PROFIT 5 734,897 1,338,444
Profit on disposal of fixed assets 3,376 204,794
Other interest receivable and similar income 9 4,905 3,579
Interest payable and similar charges 10 (317,021 ) (294,337 )
PROFIT BEFORE TAXATION 426,157 1,252,480
Tax on Profit 11 (227,583 ) (305,660 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 198,574 946,820
The notes on pages 13 to 23 form part of these financial statements.
Page 6
Page 7
Consolidated Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 198,574 946,820
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 198,574 946,820
Page 7
Page 8
Consolidated Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 4,029,062 4,500,671
Tangible Assets 13 889,658 851,502
4,918,720 5,352,173
CURRENT ASSETS
Stocks 15 458,332 669,582
Debtors 16 3,542,042 4,629,711
Cash at bank and in hand 371,413 1,562,633
4,371,787 6,861,926
Creditors: Amounts Falling Due Within One Year 17 (5,060,188 ) (6,825,779 )
NET CURRENT ASSETS (LIABILITIES) (688,401 ) 36,147
TOTAL ASSETS LESS CURRENT LIABILITIES 4,230,319 5,388,320
Creditors: Amounts Falling Due After More Than One Year 18 (3,013,297 ) (4,372,046 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (71,538 ) (69,364 )
NET ASSETS 1,145,484 946,910
CAPITAL AND RESERVES
Called up share capital 23 90 90
Profit and Loss Account 1,145,394 946,820
SHAREHOLDERS' FUNDS 1,145,484 946,910
On behalf of the board
Mr K J Tudor
Director
17/02/2025
The notes on pages 13 to 23 form part of these financial statements.
Page 8
Page 9
Company Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 14 8,301,682 8,301,682
8,301,682 8,301,682
CURRENT ASSETS
Debtors 16 1,344,626 1,171,568
Cash at bank and in hand 150 -
1,344,776 1,171,568
Creditors: Amounts Falling Due Within One Year 17 (7,912,823 ) (6,691,050 )
NET CURRENT ASSETS (LIABILITIES) (6,568,047 ) (5,519,482 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,733,635 2,782,200
Creditors: Amounts Falling Due After More Than One Year 18 (2,000,000 ) (3,100,000 )
NET LIABILITIES (266,365 ) (317,800 )
CAPITAL AND RESERVES
Called up share capital 23 90 90
Profit and Loss Account (266,455 ) (317,890 )
SHAREHOLDERS' FUNDS (266,365) (317,800)
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit/(loss) for the year was £ 51,435 (2023: £(317,890 ) loss).
On behalf of the board
Mr Keith Tudor
Director
17/02/2025
The notes on pages 13 to 23 form part of these financial statements.
Page 9
Page 10
Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 90 - 90
Profit for the year and total comprehensive income - 946,820 946,820
As at 31 May 2023 and 1 June 2023 90 946,820 946,910
Profit for the year and total comprehensive income - 198,574 198,574
Dividends paid - - -
As at 31 May 2024 90 1,145,394 1,145,484
Page 10
Page 11
Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 90 - 90
Loss for the year and total comprehensive income - (317,890 ) (317,890)
As at 31 May 2023 and 1 June 2023 90 (317,890 ) (317,800)
Profit for the year and total comprehensive income - 51,435 51,435
As at 31 May 2024 90 (266,455 ) (266,365)
Page 11
Page 12
Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 1,024,925 4,939,441
Interest (paid)/refunded (317,021 ) 2,805,663
Tax paid (339,476 ) (106,370 )
Net cash generated from operating activities 368,428 7,638,734
Cash flows from investing activities
Purchase of tangible assets (224,961 ) (82,166 )
Proceeds from disposal of tangible assets 27,750 (240,271 )
Purchase of investment in subsidiary undertaking - (7,300,000 )
Interest received 4,905 3,579
Acquisition of subsidiaries cash - 871,903
Net cash used in investing activities (192,306 ) (6,746,955 )
Cash flows from financing activities
Proceeds from new bank borrowings - 1,550,000
Repayment of bank borrowings (300,000 ) (1,377,872 )
Repayment of finance leases (30,006 ) (90,071 )
Amount withdrawn by directors - 564,207
Share issue - 90
New hire purchase in the year 62,664 24,500
Deferred consideration on acquisition of subsidiary undertaking (1,100,000) -
Net cash (used in)/generated from financing activities (1,367,342 ) 670,854
(Decrease)/increase in cash and cash equivalents (1,191,220 ) 1,562,633
Cash and cash equivalents at beginning of year 2 1,562,633 -
Cash and cash equivalents at end of year 2 371,413 1,562,633
Page 12
Page 13
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
£ £
Profit for the financial year 198,574 946,820
Adjustments for:
Tax on profit 227,583 305,660
Interest expense 317,021 294,337
Interest income (4,905 ) (3,579 )
Amortisation of intangible assets 471,608 471,608
Depreciation of tangible assets 162,444 156,317
(Profit)/loss on disposal of tangible assets (3,376) 76,563
Movements in working capital:
Decrease/(increase) in stocks 211,250 (95,926 )
Decrease/(increase) in trade and other debtors 1,087,669 (401,760 )
(Decrease)/increase in trade and other creditors (1,642,943 ) 3,189,401
Net cash generated from operations 1,024,925 4,939,441
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 371,413 1,562,633
3. Analysis of changes in net debt
As at 1 June 2023 Cash flows As at 31 May 2024
£ £ £
Cash at bank and in hand 1,562,633 (1,191,220) 371,413
Finance leases (48,454) (32,660) (81,114)
Debts falling due within one year (300,000 ) - (300,000 )
Debts falling due after more than one year (1,250,000) 300,000 (950,000)
(35,821) (923,880) (959,701)
Page 13
Page 14
Notes to the Financial Statements
1. General Information
T3i Holdings Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14135762 . The registered office is Unit 64 Station Road, Coleshill, Birmingham, B46 1HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 May 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.
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2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 2% per annum straight line
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.7. Investments
Investments in subsidiary undertakings are recognised at cost.
2.8. Leasing and Hire Purchase Contracts
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 profit or loss over the relevant period. The capital element of the future
payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.10. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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.
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.
2.11. Pensions
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are
charged to profit or loss in the period to which they relate.
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2.12. Critical accounting judgements and key sources of estimation uncertainty
The group makes estimates and assumptions concerning the future. Management are also required to exercise judgement in
the process of applying the group accounting policies. Estimates and judgements are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year are addressed below:
Depreciation and residual values 
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful
economic lives and residual values of fixture & fittings and plant & machinery, and have concluded that asset lives and residual
values are appropriate.
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In
re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken
into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and
project disposal values.
Finished Goods 
Stock includes attributable labour and overheads and are based on management's estimate of the absorption of fixed and
variable costs in the manufacturing process excluding selling and marketing costs.
Leases 
The director determines whether leases entered into by the group either as a lessor or a lessee are operating lease or finance
leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from
the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and
accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
2.13. Stocks
Stocks are valued at the lower of cost and selling price less costs to sell, after making due allowance for obsolete and slow moving items.
Cost is determined on the first in, first-out (FIFO) method.
At each reporting date, stock is reviewed and assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment is recognised immediately in the profit and loss account.
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Moulding of plastic products 11,664,907 12,520,834
Steel 1,642,015 1,865,069
13,306,922 14,385,903
4. Other Operating Income
2024 2023
£ £
Other operating income - 281,357
- 281,357
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5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 26 1,689
Depreciation of tangible fixed assets 162,444 156,317
Amortisation of intangible fixed assets 471,608 471,608
Loss on disposal of tangible fixed assets - 104,984
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 21,600 20,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,980,568 2,655,171
Social security costs 298,141 278,273
Other pension costs 67,685 61,398
3,346,394 2,994,842
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 77 (2023: 79)
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
77 79
- -
9. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 4,905 3,579
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10. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts - 20
Factoring charges 62,615 89,832
Finance charges payable under finance leases and hire purchase contracts 3,946 7,302
Other finance charges 250,460 197,183
317,021 294,337
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 225,409 339,476
Deferred Tax
Deferred taxation 2,174 (33,816 )
Total tax charge for the period 227,583 305,660
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 426,157 1,252,480
Tax on profit at 25% (UK standard rate) 106,564 313,120
Goodwill/depreciation not allowed for tax 157,670 161,527
Expenses not deductible for tax purposes 1,200 124
Tax losses utilised - (17,977 )
Capital allowances (40,025 ) (29,858 )
Short term timing differences 2,174 (33,816 )
Difference in tax rates - (84,862 )
Indexation allowance on capital gains - (2,598 )
Total tax charge for the period 227,583 305,660
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12. Intangible Assets
Group
Goodwill
£
Cost
As at 1 June 2023 4,129,560
As at 31 May 2024 4,129,560
Amortisation
As at 1 June 2023 (371,111 )
Provided during the period 471,609
As at 31 May 2024 100,498
Net Book Value
As at 31 May 2024 4,029,062
As at 1 June 2023 4,500,671
Company
The company had no intangible fixed assets as at 31 May 2024 or 31 May 2023.
13. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 June 2023 411,316 3,103,460 123,663 64,378 3,702,817
Additions 33,525 87,908 92,664 10,864 224,961
Disposals - - (39,999 ) - (39,999 )
As at 31 May 2024 444,841 3,191,368 176,328 75,242 3,887,779
Depreciation
As at 1 June 2023 89,918 2,669,722 60,616 31,059 2,851,315
Provided during the period 8,841 119,761 23,858 9,971 162,431
Disposals - - (15,625 ) - (15,625 )
As at 31 May 2024 98,759 2,789,483 68,849 41,030 2,998,121
Net Book Value
As at 31 May 2024 346,082 401,885 107,479 34,212 889,658
As at 1 June 2023 321,398 433,738 63,047 33,319 851,502
The net book value of tangible fixed assets includes £101,308 (2023 - £55,874) in respect of assets held under hire purchase contracts.
Company
The company had no tangible fixed assets as at 31 May 2024 or 31 May 2023.
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14. Investments
Company
Subsidiaries
£
Cost
As at 1 June 2023 8,301,682
As at 31 May 2024 8,301,682
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 8,301,682
As at 1 June 2023 8,301,682
Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name
Class of shares
Holding
Oaklands Group Holdings Ltd
Ordinary
100%
Oaklands International Limited*
Ordinary
100%
Oaklands Plastics Limited*
Ordinary 
100%
Oaklands Building Supplies Limited*
Ordinary
100%
Oaklands Recycling Limited* 
Ordinary
100%
*Denotes investment held indirectly
The registered office of the above subsidiaries is the same as that of T3i Holdings Limited as shown on the company information page.
15. Stocks
2024 2023
£ £
Materials 264,935 402,105
Finished goods 193,397 267,477
458,332 669,582
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 3,231,030 4,304,425 - -
Prepayments and accrued income 278,987 214,092 - 3,898
Other debtors 32,025 111,194 90 90
VAT - - 9 16,683
Amounts owed by group undertakings - - 1,344,527 1,150,897
3,542,042 4,629,711 1,344,626 1,171,568
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17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 17,817 26,408 - -
Trade creditors 1,827,260 2,122,951 150,999 129,000
Bank loans and overdrafts 300,000 300,000 - -
Corporation tax 225,409 339,476 - -
Other taxes and social security 106,814 169,118 - -
VAT 186,546 159,920 - -
Other creditors 1,014,891 1,000,891 1,000,000 1,000,000
Factoring account 942,449 2,086,720 - -
Accruals and deferred income 439,002 620,295 - -
Amounts owed to group undertakings - - 6,761,824 5,562,050
5,060,188 6,825,779 7,912,823 6,691,050
The factoring account is secured by a fixed and floating charge over the assets of the Group. 
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 63,297 22,046 - -
Bank loans 950,000 1,250,000 - -
Other creditors more than 1 year 2,000,000 3,100,000 2,000,000 3,100,000
3,013,297 4,372,046 2,000,000 3,100,000
19. Loans
An analysis of the maturity of loans is given below:
Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 300,000 300,000
Group
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 950,000 1,250,000
The bank loans are secured by a fixed and floating charge over the assets of the Group. 
The bank loan terms of repayments are 50 months at 31st May 2024. 
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20. Obligations Under Finance Leases and Hire Purchase
Group
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,817 26,408
Later than one year and not later than five years 63,297 22,046
81,114 48,454
81,114 48,454
21. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 71,538 69,364
22. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 June 2023 69,364 69,364
Deferred taxation 2,174 2,174
Balance at 31 May 2024 71,538 71,538
23. Share Capital
2024 2023
Allotted, called up and fully paid £ £
8,999 Ordinary A shares of £ 0.01 each 90 90
24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 118,565 147,535
Later than one year and not later than five years 162,500 281,062
281,065 428,597
25. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £67,685 (2023: £61,398).
At the balance sheet date contributions of £14,890 (2023: £891) were due to the fund and are included in creditors.
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26. Reserves
Group
Retained earnings
£
Profit for the period
946,820
image
At 31 May 2023
946,820
image
Company
Retained earnings
£
Deficit for the period
(317,890)
image
At 31 May 2023
(317,890)
image
27. Related Party Disclosures
During the year the group traded with a business related by common director. The group made purchases of £357,372 (2023: £257,461). At the year end an amount of £21,977 (2023: £25,254) was payable.
During the year the group traded with a business related by common director. The group made purchases of £86,500 (2023: £129,000). At the year end an amount of £151,000 (2023: £129,000) was payable. 
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