Company registration number 07744968 (England and Wales)
TIGER LIFTING UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TIGER LIFTING UK LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
TIGER LIFTING UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
266,385
317,647
Current assets
Stocks
5
4,476,699
4,236,653
Debtors
6
1,667,072
1,341,552
Cash at bank and in hand
1,478,935
1,141,759
7,622,706
6,719,964
Creditors: amounts falling due within one year
7
(2,605,044)
(1,856,260)
Net current assets
5,017,662
4,863,704
Total assets less current liabilities
5,284,047
5,181,351
Creditors: amounts falling due after more than one year
8
(889,026)
(905,988)
Provisions for liabilities
(43,582)
(55,506)
Net assets
4,351,439
4,219,857
Capital and reserves
Called up share capital
117,857
142,857
Share premium account
57,143
57,143
Capital redemption reserve
25,000
-
0
Profit and loss reserves
4,151,439
4,019,857
Total equity
4,351,439
4,219,857
TIGER LIFTING UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
H. Smith
Director
Company Registration No. 07744968
TIGER LIFTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Tiger Lifting UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.

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

The financial statements have been prepared on a going concern basis. true

The company meets its day to day working capital requirements through cash generated from operations and shareholder borrowings.

The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

1.3
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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

TIGER LIFTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation 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:

Patents & licences
10% straight line
1.5
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:

Leasehold property improvements
33% straight line
Plant and machinery
25% reducing balance
Fixtures and fittings
20% reducing balance
Office equipment
33% straight line
Motor vehicles
25% reducing balance
1.6
Stocks

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

 

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.

1.7
Cash and cash equivalents

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

1.8
Financial instruments
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.

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.

TIGER LIFTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax 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 income statement, 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.

1.10
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.11
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 statement of financial position 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.

1.12
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.

TIGER LIFTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
24
26
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 September 2023 and 31 August 2024
33,458
Amortisation and impairment
At 1 September 2023 and 31 August 2024
33,458
Carrying amount
At 31 August 2024
-
0
At 31 August 2023
-
0
4
Tangible fixed assets
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
197,103
223,283
4,735
50,639
151,274
627,034
Additions
-
0
2,224
-
0
6,014
22,995
31,233
Disposals
-
0
-
0
-
0
-
0
(37,499)
(37,499)
At 31 August 2024
197,103
225,507
4,735
56,653
136,770
620,768
Depreciation and impairment
At 1 September 2023
74,019
108,507
3,323
46,898
76,640
309,387
Depreciation charged in the year
18,163
29,204
282
3,873
22,558
74,080
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(29,084)
(29,084)
At 31 August 2024
92,182
137,711
3,605
50,771
70,114
354,383
Carrying amount
At 31 August 2024
104,921
87,796
1,130
5,882
66,656
266,385
At 31 August 2023
123,084
114,776
1,412
3,741
74,634
317,647
TIGER LIFTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
5
Stocks
2024
2023
£
£
Stocks
4,476,699
4,236,653
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,651,822
1,331,197
Prepayments and accrued income
15,250
10,355
1,667,072
1,341,552
7
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
9
45,084
37,950
Trade creditors
1,392,898
947,496
Corporation tax
364,778
205,096
Other taxation and social security
70,658
61,372
Other creditors
6,045
7,397
Accruals and deferred income
725,581
596,949
2,605,044
1,856,260

Included within obligations under finance leases are amounts owed under hire purchase agreements which are secured over the assets to which they relate.

8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
9
28,649
62,166
Other creditors
860,377
843,822
889,026
905,988

Included within obligations under finance leases are amounts owed under Hire Purchase agreements which are secured over the assets to which they relate.

TIGER LIFTING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
9
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
45,084
37,950
In two to five years
28,649
62,166
73,733
100,116
10
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
£
£
931,834
1,018,834
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company is related to the Minerva Self-Invested Personal Pensions Re David and Alice Inglis by virtue of the directors D. Inglis and A. Inglis being trustees and beneficiaries of the scheme.

12
Summary of transactions with key management

The company leased premises from the Minerva Self-Invested Personal Pensions. During the year the company paid rents at a market rate of £87,000 (2023 - £87,000).

13
Other transactions with directors

During the year to 31 August 2023 directors, C.F. Tsao, C.P. Tsao and C.S. Tsao provided a personal loan to the company to fund expansion capital. The loan is repayable within 2 years and interest at 2% is payable on redemption. The balance at the end of the year was £827,790 (2023 : £827,790).

2024-08-312023-09-01falsefalsefalse14 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityA. M. InglisD. InglisChang-Ping TsaoCheony-Sun TsaoChang-Feng TsaoH. Smith077449682023-09-012024-08-31077449682024-08-31077449682023-08-3107744968core:LandBuildingscore:OwnedOrFreeholdAssets2024-08-3107744968core:PlantMachinery2024-08-3107744968core:FurnitureFittings2024-08-3107744968core:ComputerEquipment2024-08-3107744968core:MotorVehicles2024-08-3107744968core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3107744968core:PlantMachinery2023-08-3107744968core:FurnitureFittings2023-08-3107744968core:ComputerEquipment2023-08-3107744968core:MotorVehicles2023-08-3107744968core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3107744968core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3107744968core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3107744968core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3107744968core:CurrentFinancialInstruments2024-08-3107744968core:CurrentFinancialInstruments2023-08-3107744968core:Non-currentFinancialInstruments2024-08-3107744968core:Non-currentFinancialInstruments2023-08-3107744968core:ShareCapital2024-08-3107744968core:ShareCapital2023-08-3107744968core:SharePremium2024-08-3107744968core:SharePremium2023-08-3107744968core:CapitalRedemptionReserve2024-08-3107744968core:CapitalRedemptionReserve2023-08-3107744968core:RetainedEarningsAccumulatedLosses2024-08-3107744968core:RetainedEarningsAccumulatedLosses2023-08-3107744968bus:Director62023-09-012024-08-3107744968core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3107744968core:PatentsTrademarksLicencesConcessionsSimilar2023-09-012024-08-3107744968core:LandBuildingscore:OwnedOrFreeholdAssets2023-09-012024-08-3107744968core:PlantMachinery2023-09-012024-08-3107744968core:FurnitureFittings2023-09-012024-08-3107744968core:ComputerEquipment2023-09-012024-08-3107744968core:MotorVehicles2023-09-012024-08-31077449682022-09-012023-08-3107744968core:PatentsTrademarksLicencesConcessionsSimilar2023-08-3107744968core:PatentsTrademarksLicencesConcessionsSimilar2024-08-3107744968core:PatentsTrademarksLicencesConcessionsSimilar2023-08-3107744968core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-3107744968core:PlantMachinery2023-08-3107744968core:FurnitureFittings2023-08-3107744968core:ComputerEquipment2023-08-3107744968core:MotorVehicles2023-08-31077449682023-08-3107744968core:Non-currentFinancialInstruments12024-08-3107744968core:Non-currentFinancialInstruments12023-08-3107744968core:WithinOneYear2024-08-3107744968core:WithinOneYear2023-08-3107744968core:BetweenTwoFiveYears2024-08-3107744968core:BetweenTwoFiveYears2023-08-3107744968bus:PrivateLimitedCompanyLtd2023-09-012024-08-3107744968bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3107744968bus:FRS1022023-09-012024-08-3107744968bus:AuditExemptWithAccountantsReport2023-09-012024-08-3107744968bus:Director12023-09-012024-08-3107744968bus:Director22023-09-012024-08-3107744968bus:Director32023-09-012024-08-3107744968bus:Director42023-09-012024-08-3107744968bus:Director52023-09-012024-08-3107744968bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP