REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Tudor Rose International Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Tudor Rose International Ltd |
Tudor Rose International Ltd (Registered number: 06464557) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Tudor Rose International Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
Tudor Rose International Ltd (Registered number: 06464557) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Tudor Rose International Ltd (Registered number: 06464557) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Tudor Rose International Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Management have prepared detailed forecasts for a period extending beyond 12 months from the date that these financial statements are approved and they consider that the company will operate within its current facilities. |
Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects that period, or in the period of the revision and future periods if the revision affects both current and future period's. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
Trade and other receivables - The allowance for doubtful debts involves significant management |
judgement and management review individual receivables based upon individual creditworthiness, |
current economic trends and historical bad debts on a portfolio basis. |
Stock provisions - Significant estimates are involved in the determination of stock provisions. |
Management exercise significant judgement in determining whether costs of stock items can be |
recovered. A provision is made where a loss can be reliably estimated. |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced |
for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover |
includes revenue earned from the sale of goods. |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company retains neither continuing managerial involvement to the degree associated with |
ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction can be measured reliably. |
Specifically, revenue from the sale of goods is primarily recognised upon delivery of goods to |
customers. |
Goodwill |
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised. The directors conduct an annual impairment review of goodwill as the directors believe it has a useful economic life of 50 years. Annual impairment along with any difference between the recoverable amount and the carrying value is charged to the profit and loss account as an impairment charge for the year. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company uses various financial instruments including loans, cash, equity, capital and various |
items such as trade debtors and creditors that arise directly from its operations. the main purpose of |
these financial instruments is to raise finance for company operations. |
Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arise in the normal |
course of the company business. These risks are limited by the company's financial management |
policies and practices described below. |
Market risk |
Market risk encompasses three types of risk being price risk, interest rate risk and currency risk. |
Price risk |
The company operates in a competitive market. If the company does not continue to compete |
effectively by developing its product range and responding to activities in the market it could lose |
customers and its results, cash flow and financial conditions could adversely be affected. |
Interest rate risk |
The company's overdraft and cash at bank incur interest cost or income at market rates and the |
company is therefore exposed to interest rate risk. The company is also exposed to interest rate risk |
through the impact of rate changes on interest-bearing borrowings. The company's policy is to obtain |
the most favourable interest rates available for its borrowings. The company does not use any |
derivative instruments to reduce its economic exposure to changes in interest rates. |
Foreign currency risk |
The company makes purchases from suppliers from a number of suppliers whose invoices are |
denominated in currencies other than sterling. The most frequently used currencies other than sterling |
are the Euro, the Australian Dollar and the US Dollar. |
Credit risk |
The company's principal assets are cash deposits and trade debtors. The credit risk associated with |
cash deposits is limited as the accounts are held with major UK high street banks only. The principal |
credit risk arises therefore from its trade debtors and the company manages closely its exposure to |
bad debts by strong credit control, credit checks for new accounts. |
Liquidity risk |
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet |
foreseeable needs and to invest cash assets safely and profitably. The company policy throughout the |
year has been to hold cash balances in readily accessible cash deposits. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are discounted where appropriate. |
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. |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a group personal pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts and finance leases (see note 10) |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |
Hire purchase contracts and finance leases (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts | Finance leases |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
This note shows the aggregate of all the operating leases for the company. The operating leases relate to a number of different assets that are leased over varying periods. |
Tudor Rose International Ltd (Registered number: 06464557) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Bank overdrafts |
Bank loans |
Invoice discounting facility |
Hire purchase contracts and finance leases | 33,828 | 55,466 |
The bank overdraft is secured by a floating charge over the company's assets in favour of HSBC Bank PLC. |
Invoice discounting arrangements are secured upon the debts to which they relate. |
The bank loan is secured by personal guarantee by the directors C P Couzins-Short and J A Stephenson to the extent of £30,000 each. |
Hire purchase liabilities are secured upon the assets to which they relate. |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Fees of £6,000 (2023 - £6,000) were paid to J F and H A Gibson and Associates Limited of whom J Gibson is a director. Included within trade creditors is an amount of £Nil (2023 - £Nil) being fees outstanding at 30 June 2024. |