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REGISTERED NUMBER: 02320012 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 November 2024

for

T-T PUMPS LIMITED

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Contents of the Financial Statements
for the year ended 30 November 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


T-T PUMPS LIMITED

Company Information
for the year ended 30 November 2024







Directors: R C Nash
S Thomas
B W Nash
P J Hindley





Secretary: S Thomas





Registered office: Onneley Works
Newcastle Road
Woore
Crewe
Cheshire
CW3 9RU





Registered number: 02320012 (England and Wales)





Auditors: S & W Partners Audit Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Strategic Report
for the year ended 30 November 2024


The directors present their strategic report for the year ended 30 November 2024.

Principal activity
The principal activity of the company in the year under review was that of the supply of pumps, associated control equipment and technical expertise.

Review of business
Although turnover has fallen slightly, down by 4.4% this year, the gross profit rate has improved and so overall gross profit is up. The directors are satisfied with the performance for the year. The company does not have any borrowings. Cash balances have increased by £651,309 which is in line with the profit for the year after dividends. The company continues to maintain adequate reserves.

The company's key financial and other performance indicators during the year were as follows:

Unit 2024 2023
Turnover £ 21,033,762 21,993,955
Turnover movement % (4.4 ) 12.1
Gross profit margin % 43.0 40.8
Profit before tax £ 1,816,338 1,074,190

The company continues to invest in people and so turnover and net profit are anticipated to increase in the coming year.

Principal risks and uncertainties
The company is subject to increasing competitive pressures and margins are constantly under review. We will continue to focus the business on the key areas of success.

On behalf of the board:





S Thomas - Director


22 April 2025

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Report of the Directors
for the year ended 30 November 2024


The directors present their report with the financial statements of the company for the year ended 30 November 2024.

Principal activity
The principal activity of the company in the year under review was that of the supply of pumps, associated control equipment and technical expertise.

Dividends
Dividends declared for the year were £1,000,000. The directors do not recommend the payment of a final dividend.

Research and development
The company will continue to invest in research and development in order to maintain a competitive position in the market.

Future developments
The directors consider that the company is well placed to grow in the foreseeable future. It holds important certifications for a number of its products and intends to expand its product range in the future.

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

R C Nash
S Thomas
B W Nash
P J Hindley

Other changes in directors holding office are as follows:

I E Hindley - deceased 21 December 2023

Financial instruments
Objectives and policies
The company’s activities expose it to a number of financial risks including changes in foreign currency exchange rates, credit risk, interest rate and liquidity risk.

The company's principal financial instruments comprise bank balances, bank overdrafts, trade debtors and trade creditors. The main purpose of these instruments is to finance the company's operations. Forward contracts are not taken out to manage changes in foreign currency exchange rates.

Price risk, credit risk, liquidity risk and cash flow risk
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the company's cash balances are held in such a way that achieves more certainty in respect of foreign exchange variations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful receivables.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.


T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Report of the Directors
for the year ended 30 November 2024

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, S & W Partners Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





S Thomas - Director


22 April 2025

Report of the Independent Auditors to the Members of
T-T Pumps Limited


Opinion
We have audited the financial statements of T-T Pumps Limited (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 November 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 other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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. 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 course of 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-T Pumps 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 four, 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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations;

- Assessing management estimates by evaluating the significant assumptions and the choice of data used;

- We have tested a sample of sales orders and contracts in the year, ensuring they have led to sales in the financial statements as well as increasing the risk when testing trade debtors which have been agreed to afterdate cash; and

- assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Report of the Independent Auditors to the Members of
T-T Pumps Limited


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.




Angela Chorlton FCA (Senior Statutory Auditor)
for and on behalf of S & W Partners Audit Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

25 April 2025

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Statement of Comprehensive
Income
for the year ended 30 November 2024

2024 2023
Notes £ £

Turnover 4 21,033,762 21,993,955

Cost of sales (11,991,429 ) (13,024,333 )
Gross profit 9,042,333 8,969,622

Administrative expenses (7,235,776 ) (7,896,845 )
Operating profit 6 1,806,557 1,072,777

Interest receivable and similar income 9,781 1,413
Profit before taxation 1,816,338 1,074,190

Tax on profit 7 (358,885 ) (73,107 )
Profit for the financial year 1,457,453 1,001,083

Other comprehensive income - -
Total comprehensive income for the year 1,457,453 1,001,083

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Balance Sheet
30 November 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 9 977,575 993,144

Current assets
Stocks 10 2,724,291 2,876,776
Debtors 11 3,958,864 3,874,263
Cash at bank and in hand 1,160,529 509,220
7,843,684 7,260,259
Creditors
Amounts falling due within one year 12 3,569,159 3,446,256
Net current assets 4,274,525 3,814,003
Total assets less current liabilities 5,252,100 4,807,147

Provisions for liabilities 15 175,500 188,000
Net assets 5,076,600 4,619,147

Capital and reserves
Called up share capital 16 50,000 50,000
Share premium 17 78,571 78,571
Capital redemption reserve 17 221,430 221,430
Retained earnings 17 4,726,599 4,269,146
Shareholders' funds 5,076,600 4,619,147

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





S Thomas - Director


T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Statement of Changes in Equity
for the year ended 30 November 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£ £ £ £ £
Balance at 1 December 2022 50,000 4,318,063 78,571 221,430 4,668,064

Changes in equity
Dividends - (1,050,000 ) - - (1,050,000 )
Total comprehensive income - 1,001,083 - - 1,001,083
Balance at 30 November 2023 50,000 4,269,146 78,571 221,430 4,619,147

Changes in equity
Dividends - (1,000,000 ) - - (1,000,000 )
Total comprehensive income - 1,457,453 - - 1,457,453
Balance at 30 November 2024 50,000 4,726,599 78,571 221,430 5,076,600

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Cash Flow Statement
for the year ended 30 November 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,548,235 1,540,353
Tax paid - 17,719
Net cash from operating activities 1,548,235 1,558,072

Cash flows from investing activities
Purchase of tangible fixed assets (305,990 ) (372,718 )
Sale of tangible fixed assets 49,283 30,500
Interest received 9,781 1,413
Net cash from investing activities (246,926 ) (340,805 )

Cash flows from financing activities
Amount introduced by directors 350,000 -
Amount withdrawn by directors - (225,000 )
Equity dividends paid (1,000,000 ) (1,050,000 )
Net cash from financing activities (650,000 ) (1,275,000 )

Increase/(decrease) in cash and cash equivalents 651,309 (57,733 )
Cash and cash equivalents at beginning
of year

2

509,220

566,953

Cash and cash equivalents at end of year 2 1,160,529 509,220

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Cash Flow Statement
for the year ended 30 November 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£ £
Profit before taxation 1,816,338 1,074,190
Depreciation charges 272,276 271,075
Finance income (9,781 ) (1,413 )
2,078,833 1,343,852
(Increase)/decrease in stocks (130,621 ) 486,126
(Increase)/decrease in trade and other debtors (84,601 ) 97,113
Decrease in trade and other creditors (315,376 ) (386,738 )
Cash generated from operations 1,548,235 1,540,353

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30/11/24 1/12/23
£ £
Cash and cash equivalents 1,160,529 509,220
Year ended 30 November 2023
30/11/23 1/12/22
£ £
Cash and cash equivalents 509,220 566,953


3. Analysis of changes in net funds

At 1/12/23 Cash flow At 30/11/24
£ £ £
Net cash
Cash at bank and in hand 509,220 651,309 1,160,529
509,220 651,309 1,160,529
Total 509,220 651,309 1,160,529

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements
for the year ended 30 November 2024


1. Statutory information

T-T Pumps 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.

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.

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

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Contract work valuation

The valuation of contract work involves a number of estimates including costs to complete and anticipated gross profit.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of pumping equipment and technical expertise to customers. Contract income is recognised when and to the extent that the company obtains the right to consideration in exchange for performance. Revenue is measured at the fair value of the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% straight line
Plant and machinery - 10% straight line
Fixtures and fittings - 10% straight line
Motor vehicles - 25% straight line

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements - continued
for the year ended 30 November 2024


3. Accounting policies - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

There are no assets which are initially measured at fair value.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest.

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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements - continued
for the year ended 30 November 2024


3. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Turnover

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

An analysis of turnover by geographical market for the year ended 30 November 2023 is given below:

£
United Kingdom 21,750,999
Europe 172,972
Rest of the World 69,984
21,993,955

This analysis is not considered to be applicable to the year ended 30 November 2024.

5. Employees and directors
2024 2023
£ £
Wages and salaries 5,796,178 6,186,619
Social security costs 462,345 696,028
Other pension costs 377,753 391,583
6,636,276 7,274,230

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

Administration and support 27 29
Production 109 112
Other departments 4 5
140 146

2024 2023
£ £
Directors' remuneration 623,404 992,493
Directors' pension contributions to money purchase schemes 50,494 32,487

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 236,450 365,618

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements - continued
for the year ended 30 November 2024


6. Operating profit

The operating profit is stated after charging:

2024 2023
£ £
Other operating leases 305,168 322,145
Depreciation - owned assets 272,276 271,075
Auditors' remuneration 15,000 13,649
Motor vehicle leasing - 34,931

7. 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 460,711 89,326
Over provision prior year (89,326 ) (17,719 )
Total current tax 371,385 71,607

Deferred tax (12,500 ) 1,500
Tax on profit 358,885 73,107

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

2024 2023
£ £
Profit before tax 1,816,338 1,074,190
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23%)

454,085

247,064

Effects of:
Expenses not deductible for tax purposes 1,422 10,531
Capital allowances in excess of depreciation - (4,741 )
Depreciation in excess of capital allowances 95 -
Utilisation of tax losses (7,391 ) (162,028 )
Adjustments to tax charge in respect of previous periods (89,326 ) (17,719 )



Total tax charge 358,885 73,107

The over provision re prior years relates to research and development claims.

Research and development claims are expected to be made for future years and will reduce the corporation tax payable for those years.

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements - continued
for the year ended 30 November 2024


8. Dividends
2024 2023
£ £
Ordinary shares of £1 each
Interim 1,000,000 1,050,000

9. Tangible fixed assets
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 December 2023 116,775 1,029,529 660,512 719,575 2,526,391
Additions - 51,232 50,937 203,821 305,990
Disposals - - (243 ) (88,605 ) (88,848 )
At 30 November 2024 116,775 1,080,761 711,206 834,791 2,743,533
Depreciation
At 1 December 2023 111,541 585,311 632,690 203,705 1,533,247
Charge for year 5,234 71,056 24,000 171,986 272,276
Eliminated on disposal - - (243 ) (39,322 ) (39,565 )
At 30 November 2024 116,775 656,367 656,447 336,369 1,765,958
Net book value
At 30 November 2024 - 424,394 54,759 498,422 977,575
At 30 November 2023 5,234 444,218 27,822 515,870 993,144

10. Stocks
2024 2023
£ £
Finished goods 2,724,291 2,876,776

Inventories are stated after provision for impairment of £103,150 (2023 - £73,750).

11. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 3,723,562 3,761,340
Other debtors 2,796 -
Prepayments 232,506 112,923
3,958,864 3,874,263

Trade debtors are stated net of a provision of £26,298 (2023 - £70,796).

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements - continued
for the year ended 30 November 2024


12. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,966,012 2,006,064
Corporation tax 460,711 89,326
Social security and other taxes 167,720 245,890
VAT 235,032 297,848
Other creditors - 500,000
Directors' current accounts 350,000 -
Accruals and deferred income 389,684 307,128
3,569,159 3,446,256

13. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year - 66,334

14. Secured debts

Cash at bank includes £100,000 which is the subject of a guarantee in favour of HM Revenue and Customs.

15. Provisions for liabilities
2024 2023
£ £
Deferred tax
Accelerated capital allowances 175,500 188,000

Deferred tax
£
Balance at 1 December 2023 188,000
Credit to Statement of Comprehensive Income during year (12,500 )
Balance at 30 November 2024 175,500

The net deferred tax liability expected to reverse in 2025 is £55,000. This primarily relates to the reversal of timing differences on capital allowances.

16. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
50,000 Ordinary £1 50,000 50,000

All shares have the right to vote, to receive dividends and to participate in a repayment of capital.

T-T PUMPS LIMITED (REGISTERED NUMBER: 02320012)

Notes to the Financial Statements - continued
for the year ended 30 November 2024


17. Reserves
Capital
Retained Share redemption
earnings premium reserve Totals
£ £ £ £

At 1 December 2023 4,269,146 78,571 221,430 4,569,147
Profit for the year 1,457,453 - - 1,457,453
Dividends (1,000,000 ) - - (1,000,000 )
At 30 November 2024 4,726,599 78,571 221,430 5,026,600

18. Directors' advances, credits and guarantees

At the year end the company owed £350,000 (2023 - £nil) to the Directors. During the year there were advances of £nil (2023 - £nil) and repayments of £350,000 (2023 - £nil). The loans are interest free and repayable on demand.

19. Related party disclosures

A partnership jointly owned by two directors charged T-T Pumps Limited rent of £258,000 (2023 - £258,000) for the year.

20. Ultimate controlling party

The company is controlled by the directors who own 100% of the called up share capital.

21. Pension schemes

Defined contribution pension scheme

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 £377,753 (2023 - £391,583).

Contributions totalling £nil (2023 - £nil) were payable to the scheme at the end of the year.