REGISTERED NUMBER: 01284227 (England and Wales)

Financial Statements for the Year Ended 30 September 2024

for

TILDENET LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Downey

B T J Downey

R J B Gage

P E James

P R Morgan

S Lancaster

SECRETARY:

P E James

REGISTERED OFFICE:

Journal House

Hartcliffe Way

Bristol

BS3 5RJ

REGISTERED NUMBER:

01284227 (England and Wales)

AUDITORS:

Richardson Swift Audit Ltd

Chartered Accountants

Statutory Auditor

11 Laura Place

Bath

BA2 4BL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

194,693

151,894

Investments

6

4

4

194,697

151,898

CURRENT ASSETS

Stocks

1,515,165

1,671,988

Debtors

7

1,930,345

1,189,944

Cash at bank and in hand

1,882,818

1,777,548

5,328,328

4,639,480

CREDITORS

Amounts falling due within one year

8

1,203,916

1,150,021

NET CURRENT ASSETS

4,124,412

3,489,459

TOTAL ASSETS LESS CURRENT LIABILITIES

4,319,109

3,641,357

PROVISIONS FOR LIABILITIES

9

44,638

32,925

NET ASSETS

4,274,471

3,608,432

CAPITAL AND RESERVES

Called up share capital

10

25,004

25,004

Retained earnings

4,249,467

3,583,428

SHAREHOLDERS' FUNDS

4,274,471

3,608,432

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:

A J Downey - Director

1.	STATUTORY INFORMATION

Tildenet Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

10 - 20% on cost

Plant and Equipment

-

20-33% Straight line

Fixtures and fittings

-

20-33% Straight line

Motor vehicles

-

25% on cost

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost 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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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 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.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a

straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a

straight line basis over the lease term, unless another systematic basis is representative of the time

pattern of the lessee's benefit from the use of the leased asset.

Pensions

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 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.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements the Directors have made judgements as to the value of stock and trade debtors in estimating stock and bad debt provisions. No other significant judgement or assumptions have had to be made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2023

and 30 September 2024

37,500

AMORTISATION

At 1 October 2023

and 30 September 2024

37,500

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

Equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2023

114,632

98,354

266,959

25,500

505,445

Additions

32,545

18,741

32,037

31,838

115,161

At 30 September 2024

147,177

117,095

298,996

57,338

620,606

DEPRECIATION

At 1 October 2023

44,255

93,985

189,811

25,500

353,551

Charge for year

17,688

4,609

43,432

6,633

72,362

At 30 September 2024

61,943

98,594

233,243

32,133

425,913

NET BOOK VALUE

At 30 September 2024

85,234

18,501

65,753

25,205

194,693

At 30 September 2023

70,377

4,369

77,148

-

151,894

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2023

and 30 September 2024

4

NET BOOK VALUE

At 30 September 2024

4

At 30 September 2023

4

Tildenet Limited own 100% of the Ordinary Share Capital of Flexibulk Limited, Kerrypak Limited and Agriframes Limited.

Tildenet Limited own 75% of the Ordinary Share Capital of Tildenet Building Materials Trading LLC.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

736,338

586,934

Amounts owed by group undertakings

972,112

450,866

Other debtors

221,895

152,144

1,930,345

1,189,944

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

722,328

578,538

Amounts owed to group undertakings

5,612

65,987

Taxation and social security

360,078

354,522

Other creditors

115,898

150,974

1,203,916

1,150,021

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

44,638

32,925

Deferred

tax

£

Balance at 1 October 2023

32,925

Accelerated capital allowances

11,713

Balance at 30 September 2024

44,638

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

25,000

Ordinary A Shares

£1

25,000

25,000

2

Ordinary B Shares

£1

2

2

2

Ordinary C Shares

£1

2

2

25,004

25,004

The A, B and C shares rank pari passu except that the holders of the B and C shares shall not be entitled to receive notice of meetings or to attend or vote at General Meetings, and the holders of the C shares are entitled only to the nominal amount in the event of a winding up.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Catherine Edwards BSc FCA (Senior Statutory Auditor)

for and on behalf of Richardson Swift Audit Ltd

12.	CONTINGENT LIABILITIES

The company is a member of the Tildenet Holdings group VAT registration and is jointly and severally liable for the group liability. The total group VAT liability as at 30 September 2024 was £328,959 (2023: £270,605).

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the Directors owed the company a total of £5,265 (2023: £3,466).

14.	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.

15.	PARENT COMPANY

The parent company is Tildenet Holdings Limited.

16.	OPERATING LEASE COMMITMENTS

At the year end, the total of future minimum lease payments under non-cancellable operating leases was £270,614 (2023: £289,491).