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Registered number: 08800699













          TBS Specialist Products Ltd
          Financial statements
          For the Year Ended 30 June 2024















           img1227.png

 
TBS Specialist Products Ltd
 
 
Company Information


Directors
T Robinson 
D Sims 
C Hall 
S Sirianni 




Company secretary
S Sirianni



Registered number
08800699



Registered office
Crossley Stone House
Crossley Stone

Rugeley

Staffordshire

WS15 2DQ




Independent auditor
Dains Audit Limited

2 Chamberlain Square

Paradise Circus

Birmingham

B3 3AX





 
TBS Specialist Products Ltd
 

Contents



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 13


 
TBS Specialist Products Ltd
Registered number:08800699

Balance Sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
9,385
-

Tangible assets
 5 
12,802
15,099

Current assets
  

Stocks
 6 
1,165,724
270,184

Debtors: amounts falling due within one year
 7 
385,777
270,436

Cash at bank and in hand
 8 
531,301
75,035

  
2,082,802
615,655

Creditors: amounts falling due within one year
 9 
(1,543,526)
(219,737)

Net current assets
  
 
 
539,276
 
 
395,918

Total assets less current liabilities
  
561,463
411,017

Provisions for liabilities
  

Deferred tax
 10 
(6,000)
(4,000)

Net assets
  
555,463
407,017


Capital and reserves
  

Called up share capital 
  
100
100

Share premium account
  
11,250
11,250

Profit and loss account
  
544,113
395,667

  
555,463
407,017


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.


___________________________
S Sirianni
Page 1

 
TBS Specialist Products Ltd
Registered number:08800699
    
Balance Sheet (continued)
As at 30 June 2024

Director

The notes on pages 3 to 13 form part of these financial statements.
Page 2

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

1.


General information

The company is a private company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given in the company information section. The principal activity of the company is that of the wholesale and supply of bricks, roofing tiles and solar panel units for private dwellings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in the Company's functional currency of GBP (Sterling). They are prepared to the nearest £1.

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its 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 profit or loss 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.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years

Page 4

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25% reducing balance
Computer equipment
-
33% straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
 
Page 6

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 7

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.15

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. The financial statements are presented in pounds sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 -4).

Page 8

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

4.


Intangible assets




Computer software

£



Cost


Additions
9,650



At 30 June 2024

9,650



Amortisation


Charge for the year on owned assets
265



At 30 June 2024

265



Net book value



At 30 June 2024
9,385



At 30 June 2023
-



Page 9

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

5.


Tangible fixed assets





Fixtures, fittings and equipment
Computer equipment
Total

£
£
£



Cost


At 1 July 2023
24,285
1,548
25,833


Additions
1,649
-
1,649



At 30 June 2024

25,934
1,548
27,482



Depreciation


At 1 July 2023
9,186
1,548
10,734


Charge for the year on owned assets
3,946
-
3,946



At 30 June 2024

13,132
1,548
14,680



Net book value



At 30 June 2024
12,802
-
12,802



At 30 June 2023
15,099
-
15,099


6.


Stocks

2024
2023
£
£

Finished goods for resale
1,165,724
270,184


Page 10

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

7.


Debtors

2024
2023
£
£

Trade debtors
375,475
228,852

Amounts owed by group undertakings
1,563
20,982

Other debtors
-
14,480

Called up share capital not paid
90
90

Prepayments and accrued income
8,649
6,032

385,777
270,436



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
531,301
75,035



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
86,593
135,936

Amounts owed to group undertakings
708,208
38,733

Corporation tax
79,200
31,401

Other taxation and social security
121,681
1,239

GRNI accrual
1,244
659

Accruals and deferred income
546,600
11,769

1,543,526
219,737


Page 11

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

10.


Deferred taxation




2024
2023


£

£



At beginning of year
(4,000)
(5,000)


Charged to profit or loss
(2,000)
1,000



At end of year
(6,000)
(4,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,000)
(4,000)

(6,000)
(4,000)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The Pension cost charge represents contributions payable by the Company to the fund and amounted to £2,053 (2023 - £394). Contributions totalling £1,244 (2023 - £659) were payable at the balance sheet date.


12.
Controlling Party

At 30 June 2024, the immediate and ultimate parent undertaking is TBS Group Holdings Ltd, a company incorporated in the United Kingdom and registered in England and Wales. Copies of the financial statements for TBS Group Holdings Ltd can be obtained from its registered office, Crossley Stone House, Crossley Stone, Rugeley, Staffordshire, WS15 2DQ.
The parent undertaking of the smallest and largest group to consolidate their financial statements is TBS Group Holdings Ltd.
At 30 June 2024, the Directors considered there to be no ultimate controlling party.


Page 12

 
TBS Specialist Products Ltd
 
 
Notes to the Financial Statements
For the Year Ended 30 June 2024

13.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 28 March 2025 by Julian Townsend FCA FCCA (Senior Statutory Auditor) on behalf of Dains Audit Limited.

 
Page 13