Company registration number SC225755 (Scotland)
TIS MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
TIS MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TIS MANUFACTURING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,615,731
1,743,212
Current assets
Stocks
1,847,889
1,315,598
Debtors
4
1,399,409
3,663,869
Cash at bank and in hand
1,625,871
313,174
4,873,169
5,292,641
Creditors: amounts falling due within one year
5
(1,126,291)
(1,083,883)
Net current assets
3,746,878
4,208,758
Total assets less current liabilities
5,362,609
5,951,970
Provisions for liabilities
(22,463)
(142,531)
Net assets
5,340,146
5,809,439
Capital and reserves
Called up share capital
900
900
Capital redemption reserve
100
100
Profit and loss reserves
5,339,146
5,808,439
Total equity
5,340,146
5,809,439

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

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

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TIS MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
N R FORREST
Mr Norman R Forrest
Director
Company registration number SC225755 (Scotland)
- 2 -
TIS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
Company information

TIS Manufacturing Limited is a private company limited by shares incorporated in Scotland. The registered office is Suite A, 1 Albyn Place, Aberdeen, AB10 1BR.

1.1
Accounting convention

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

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

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

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
- 3 -

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

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

 

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 

Amounts recoverable on contracts are included in debtors and represent turnover recognised in excess of payments on account.

 

The excess of payments on account over the value of work done on individual contracts is included in creditors.

1.4
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.

TIS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)

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

Land and Buildings
40 Years
Leasehold land and buildings
5 Years
Plant and Equipment
5 Years
Computers
3-5 Years
Motor Vehicles
4 Years
Rental Equipment
5 Years

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

1.5
Stocks
- 4 -

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

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

1.6
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.

1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Taxation

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

Current tax

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

TIS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
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 when the company has 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.

1.9
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.10
Leases

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 leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
50
40
- 5 -
TIS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Rental Equipment
Total
£
£
£
£
Cost
At 1 July 2023
2,469,567
275,583
784,468
3,529,618
Additions
5,500
6,278
6,334
18,112
Disposals
-
0
-
0
(1,143)
(1,143)
At 30 June 2024
2,475,067
281,861
789,659
3,546,587
Depreciation and impairment
At 1 July 2023
950,697
204,588
631,121
1,786,406
Depreciation charged in the year
68,979
25,021
51,593
145,593
Eliminated in respect of disposals
-
0
-
0
(1,143)
(1,143)
At 30 June 2024
1,019,676
229,609
681,571
1,930,856
Carrying amount
At 30 June 2024
1,455,391
52,252
108,088
1,615,731
At 30 June 2023
1,518,870
70,995
153,347
1,743,212
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
985,953
3,439,447
Corporation tax recoverable
4,949
-
0
Other debtors
408,507
224,422
1,399,409
3,663,869
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
227,816
504,338
Corporation tax
-
0
51,263
Other taxation and social security
39,824
271,241
Other creditors
858,651
257,041
1,126,291
1,083,883
- 6 -
TIS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Operating lease commitments
Lessee

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

2024
2023
£
£
639,546
777,894
7
Related party transactions

At the year end there was a balance of £108,982 (2023 - £115,572) due from a related party. There are no repayment terms, nor is interest charged on the above loan.

- 7 -
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