IRIS Accounts Production v24.3.2.46 03232897 Board of Directors 1.9.23 31.8.24 31.8.24 Medium entities operation of the Ardencote Manor Hotel and leisure complex. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032328972023-08-31032328972024-08-31032328972023-09-012024-08-31032328972022-08-31032328972022-09-012023-08-31032328972023-08-3103232897ns15:EnglandWales2023-09-012024-08-3103232897ns14:PoundSterling2023-09-012024-08-3103232897ns10:Director12023-09-012024-08-3103232897ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3103232897ns10:MediumEntities2023-09-012024-08-3103232897ns10:Audited2023-09-012024-08-3103232897ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-09-012024-08-3103232897ns10:Medium-sizedCompaniesRegimeForAccounts2023-09-012024-08-3103232897ns10:FullAccounts2023-09-012024-08-3103232897ns10:OrdinaryShareClass12023-09-012024-08-3103232897ns10:Director22023-09-012024-08-3103232897ns10:Director32023-09-012024-08-3103232897ns10:Director42023-09-012024-08-3103232897ns10:RegisteredOffice2023-09-012024-08-3103232897ns5:CurrentFinancialInstruments2024-08-3103232897ns5:CurrentFinancialInstruments2023-08-3103232897ns5:ShareCapital2024-08-3103232897ns5:ShareCapital2023-08-3103232897ns5:SharePremium2024-08-3103232897ns5:SharePremium2023-08-3103232897ns5:RetainedEarningsAccumulatedLosses2024-08-3103232897ns5:RetainedEarningsAccumulatedLosses2023-08-3103232897ns5:ShareCapital2022-08-3103232897ns5:RetainedEarningsAccumulatedLosses2022-08-3103232897ns5:SharePremium2022-08-3103232897ns5:RetainedEarningsAccumulatedLosses2022-09-012023-08-3103232897ns5:RetainedEarningsAccumulatedLosses2023-09-012024-08-3103232897ns5:ReportableOperatingSegment12023-09-012024-08-3103232897ns5:ReportableOperatingSegment12022-09-012023-08-3103232897ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3103232897ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3103232897ns15:UnitedKingdom2023-09-012024-08-3103232897ns15:UnitedKingdom2022-09-012023-08-3103232897ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-09-012024-08-3103232897ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-09-012023-08-3103232897ns10:HighestPaidDirector2023-09-012024-08-3103232897ns10:HighestPaidDirector2022-09-012023-08-3103232897ns5:OwnedAssets2023-09-012024-08-3103232897ns5:OwnedAssets2022-09-012023-08-3103232897ns10:OrdinaryShareClass12022-09-012023-08-3103232897ns5:LandBuildings2023-08-3103232897ns5:PlantMachinery2023-08-3103232897ns5:FurnitureFittings2023-08-3103232897ns5:LandBuildings2023-09-012024-08-3103232897ns5:PlantMachinery2023-09-012024-08-3103232897ns5:FurnitureFittings2023-09-012024-08-3103232897ns5:LandBuildings2024-08-3103232897ns5:PlantMachinery2024-08-3103232897ns5:FurnitureFittings2024-08-3103232897ns5:LandBuildings2023-08-3103232897ns5:PlantMachinery2023-08-3103232897ns5:FurnitureFittings2023-08-3103232897ns5:DeferredTaxation2023-08-3103232897ns5:DeferredTaxation2023-09-012024-08-3103232897ns5:DeferredTaxation2024-08-3103232897ns10:OrdinaryShareClass12024-08-3103232897ns5:RetainedEarningsAccumulatedLosses2023-08-3103232897ns5:SharePremium2023-08-31
REGISTERED NUMBER: 03232897 (England and Wales)












T.S.B. (DEVELOPMENTS) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024






T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


T.S.B. (DEVELOPMENTS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mrs Dawn Sale
Mr Nicholas James Moberley
Ms Daynor Moberley
Mr Dale Huckerby





REGISTERED OFFICE: 29 Wood Street
Stratford-Upon-Avon
Warwickshire
CV37 6JG





REGISTERED NUMBER: 03232897 (England and Wales)





AUDITORS: Fruition Advisory LLP
29 Wood Street
Stratford-upon-Avon
CV37 6JG

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their strategic report for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is operation of the Ardencote Manor Hotel and leisure complex.

REVIEW OF BUSINESS
2024 2023
Turnover 5,994,465 5,752,.98
Gross profit margin 38.7% 38.9%
Profit before tax ratio 11.5% 9.7%


The core activity of Ardencote continues to be conferencing and banqueting revenues, the recent investment in the Golf Course and Spa have broadened the hotel's ability to create further revenue streams, enabling the hotel to have a strong performance post covid.

The 5 Year Business plan has now been successfully completed, and the directors look forward to a return on this significant investment.

The directors have operational involvement in the day to day running of the business and regularly review the monthly performance using the following KPI's:

Sales growth
Occupancy
Achievable room rates
Gross profit margins
Levels of conference and wedding bookings

PRINCIPAL RISKS AND UNCERTAINTIES
The directors recognise areas of risk to the business. They believe that the principal areas of risk relate to the economic outlook within the UK with customers, suppliers and employees all impacted by inflation and high interest rates.

ON BEHALF OF THE BOARD:





Mr Dale Huckerby - Director


26 March 2025

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report with the financial statements of the company for the year ended 31 August 2024.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 0.023047 per share.

The total distribution of dividends for the year ended 31 August 2024 will be £ 100,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

Mrs Dawn Sale
Mr Nicholas James Moberley
Ms Daynor Moberley
Mr Dale Huckerby

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Fruition Advisory LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Dale Huckerby - Director


26 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
T.S.B. (DEVELOPMENTS) LIMITED

Opinion
We have audited the financial statements of T.S.B. (Developments) Limited (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
T.S.B. (DEVELOPMENTS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
T.S.B. (DEVELOPMENTS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
- results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to valuation of fixed assets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation.

Audit response to risks identified
As a result of performing the above, we identified valuation of fixed assets as a key audit matter
related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and reviewing internal reports;


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
T.S.B. (DEVELOPMENTS) LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michelle Vincent (Senior Statutory Auditor)
for and on behalf of Fruition Advisory LLP
29 Wood Street
Stratford-upon-Avon
CV37 6JG

26 March 2025

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

TURNOVER 4 5,994,465 5,752,398

Cost of sales (3,672,038 ) (3,512,402 )
GROSS PROFIT 2,322,427 2,239,996

Administrative expenses (1,665,833 ) (1,665,769 )
656,594 574,227

Other operating income - 5,800
OPERATING PROFIT 6 656,594 580,027

Interest receivable and similar income 8 32,527 21,086
689,121 601,113

Interest payable and similar expenses 9 - (38,979 )
PROFIT BEFORE TAXATION 689,121 562,134

Tax on profit 10 (201,145 ) (149,514 )
PROFIT FOR THE FINANCIAL YEAR 487,976 412,620

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 487,976 412,620


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

487,976

412,620

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 10,285,996 10,398,294

CURRENT ASSETS
Stocks 13 60,523 33,469
Debtors 14 163,943 152,641
Prepayments and accrued income 4,497 -
Cash at bank 2,285,537 1,819,314
2,514,500 2,005,424
CREDITORS
Amounts falling due within one year 15 1,592,500 1,590,431
NET CURRENT ASSETS 922,000 414,993
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,207,996

10,813,287

PROVISIONS FOR LIABILITIES 16 32,776 26,043
NET ASSETS 11,175,220 10,787,244

CAPITAL AND RESERVES
Called up share capital 17 4,339,050 4,339,050
Share premium 18 344,952 344,952
Retained earnings 18 6,491,218 6,103,242
SHAREHOLDERS' FUNDS 11,175,220 10,787,244

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





Mr Dale Huckerby - Director


T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 4,339,050 5,850,622 344,952 10,534,624

Changes in equity
Dividends - (160,000 ) - (160,000 )
Total comprehensive income - 412,620 - 412,620
Balance at 31 August 2023 4,339,050 6,103,242 344,952 10,787,244

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 487,976 - 487,976
Balance at 31 August 2024 4,339,050 6,491,218 344,952 11,175,220

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 960,333 900,016
Interest paid - (38,979 )
Tax paid (140,990 ) (250,603 )
Net cash from operating activities 819,343 610,434

Cash flows from investing activities
Purchase of tangible fixed assets (125,647 ) (114,192 )
Interest received 32,527 21,086
Dividends received (160,000 ) (140,000 )
Net cash from investing activities (253,120 ) (233,106 )

Cash flows from financing activities
Loan repayments in year - (920,176 )
Equity dividends paid (100,000 ) (160,000 )
Net cash from financing activities (100,000 ) (1,080,176 )

Increase/(decrease) in cash and cash equivalents 466,223 (702,848 )
Cash and cash equivalents at
beginning of year

2

1,819,314

2,522,162

Cash and cash equivalents at end of
year

2

2,285,537

1,819,314

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit for the financial year 487,976 412,620
Depreciation charges 237,945 230,319
Finance costs - 38,979
Finance income (32,527 ) (21,086 )
Taxation 201,145 149,514
894,539 810,346
(Increase)/decrease in stocks (27,054 ) 5,826
Increase in trade and other debtors (15,799 ) (30,027 )
Increase in trade and other creditors 108,647 113,871
Cash generated from operations 960,333 900,016

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 August 2024
31/8/24 1/9/23
£    £   
Cash and cash equivalents 2,285,537 1,819,314
Year ended 31 August 2023
31/8/23 1/9/22
£    £   
Cash and cash equivalents 1,819,314 2,522,162


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/9/23 Cash flow At 31/8/24
£    £    £   
Net cash
Cash at bank and in hand 1,819,314 466,223 2,285,537
1,819,314 466,223 2,285,537
Total 1,819,314 466,223 2,285,537

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

T.S.B. (Developments) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset ClassDepreciation method and rate

Freehold and building1.2% - 10% straight line
Plant and machinery25% straight line
Fixture, Fitting &
equipment

10% - 33% straight line

Motor vehicle25% straight line

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.


Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.


Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
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.

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

3. ACCOUNTING POLICIES - continued

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 5,994,465 5,752,398
5,994,465 5,752,398

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 5,994,465 5,752,398
5,994,465 5,752,398

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,412,959 2,232,566
Social security costs 178,198 148,758
Other pension costs 32,022 28,704
2,623,179 2,410,028

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Admin 6 6
Other departments 103 93
109 99

2024 2023
£    £   
Directors' remuneration 220,000 220,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 115,000 115,000

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 237,945 230,319

7. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

8,000

7,500
Total audit fees 8,000 7,500

Auditors' remuneration for non audit work 2,000 2,000
Total non-audit fees 2,000 2,000
Total fees payable 10,000 9,500

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 32,527 21,086

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 38,979

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 194,412 140,990

Deferred tax 6,733 8,524
Tax on profit 201,145 149,514

UK corporation tax has been charged at 25% (2023 - 21.52%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 689,121 562,134
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 21.520%)

172,280

120,971

Effects of:
Depreciation in excess of capital allowances 28,865 28,543
Total tax charge 201,145 149,514

11. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Final 100,000 -
Interim - 160,000
100,000 160,000

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 September 2023 12,669,797 114,352 1,713,854 14,498,003
Additions - - 125,647 125,647
At 31 August 2024 12,669,797 114,352 1,839,501 14,623,650
DEPRECIATION
At 1 September 2023 2,472,693 114,352 1,512,664 4,099,709
Charge for year 180,563 - 57,382 237,945
At 31 August 2024 2,653,256 114,352 1,570,046 4,337,654
NET BOOK VALUE
At 31 August 2024 10,016,541 - 269,455 10,285,996
At 31 August 2023 10,197,104 - 201,190 10,398,294

Included in cost of land and buildings is freehold land of £ 1,824,994 (2023 - £ 1,824,994 ) which is not depreciated.

13. STOCKS
2024 2023
£    £   
Finished goods 60,523 33,469

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 163,943 152,641

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 432,644 445,881
Tax 194,412 140,990
Social security and other taxes 54,110 44,121
VAT 224,627 224,737
Other creditors 391,403 352,327
Dividends payable 100,000 160,000
Accruals and deferred income 195,304 222,375
1,592,500 1,590,431

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 32,776 26,043

T.S.B. (DEVELOPMENTS) LIMITED (REGISTERED NUMBER: 03232897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 26,043
Provided during year 6,733
Balance at 31 August 2024 32,776

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,339,050 Ordinary 1 4,339,050 4,339,050

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 6,103,242 344,952 6,448,194
Profit for the year 487,976 487,976
Dividends (100,000 ) (100,000 )
At 31 August 2024 6,491,218 344,952 6,836,170

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year
represents contributions payable by the company to the scheme and amounted to £70,927 (2023 -
£68,577). Contributions totalling £4,623 (2023: £3,885) were payable to the scheme at the end of the year and are included in creditors.

20. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 4,497 -