Company registration number 00300375 (England and Wales)
TITHEBARN LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TITHEBARN LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
TITHEBARN LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
88,448
Tangible assets
5
403,094
472,641
491,542
472,641
Current assets
Stocks
1,030,933
991,455
Debtors
7
1,057,599
1,235,913
Cash at bank and in hand
7,790,132
8,276,840
9,878,664
10,504,208
Creditors: amounts falling due within one year
8
(321,567)
(248,898)
Net current assets
9,557,097
10,255,310
Total assets less current liabilities
10,048,639
10,727,951
Provisions for liabilities
9
(644,000)
Net assets
10,048,639
10,083,951
Capital and reserves
Called up share capital
2,518
2,518
Capital redemption reserve
2,507
2,507
Profit and loss reserves
10,043,614
10,078,926
Total equity
10,048,639
10,083,951
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 May 2025 and are signed on its behalf by:
Mrs A E Biddle
Director
Company registration number 00300375 (England and Wales)
TITHEBARN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2022
2,518
2,507
9,727,184
9,732,209
Year ended 31 August 2023:
Profit
-
-
230,742
230,742
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
121,000
121,000
Total comprehensive income
-
-
351,742
351,742
Balance at 31 August 2023
2,518
2,507
10,078,926
10,083,951
Year ended 31 August 2024:
Loss
-
-
(222,422)
(222,422)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
249,480
249,480
Tax relating to other comprehensive income
-
-
(62,370)
(62,370)
Total comprehensive income
-
-
(35,312)
(35,312)
Balance at 31 August 2024
2,518
2,507
10,043,614
10,048,639
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Tithebarn Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Road 5, Winsford Industrial Estate, Winsford, Cheshire, CW7 3PG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that all subsidiaries are dormant and insignificant to the group . The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided during the period net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
straight line over 10 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold Land and buildings
Over the life of the lease
Plant and machinery
straight line over 3 to 10 years
Fixtures, fittings & equipment
straight line over 3 to 10 years
Motor vehicles
straight line over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits
Payments to defined contribution retirement schemes are charged as an expense as they fall due.
The company also operates a defined benefit scheme and recognises any net asset / liability on its balance sheet in accordance with FRS 102.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. Any difference between the charge to the profit and loss account and the contributions paid to the scheme is shown as an asset or liability in the balance sheet.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
44
44
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
144,160
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
62,370
-
The Company had no liability to corporation tax for the year ended 31 August 2024 as it recorded a taxable loss for the period.
The company has estimated tax losses in the region £3,567,145 (2023: £2,803,421) available for carry forward against future profits.
The maximum amount of deferred tax which might be recoverable from loss relief under section 393 has been estimated as £891,786 (2023: £700,855) based on the standard United Kingdom corporation tax rate of 25% introduced from 1 April 2023.
In assessing the amount of the above tax losses to be recognised as a deferred tax asset, the director has considered the amount of tax losses which are expected to be utilised in the following two financial years, notwithstanding their potential to be used indefinitely.
The total deferred tax charge for the year of £206,530 arose from the adjustments to the defined benefit pension scheme. The element relating to the actuarial gains has been recognised against those movements in other comprehensive income.
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
4
Intangible fixed assets
Other
£
Cost
At 1 September 2023
Additions
98,276
At 31 August 2024
98,276
Amortisation and impairment
At 1 September 2023
Amortisation charged for the year
9,828
At 31 August 2024
9,828
Carrying amount
At 31 August 2024
88,448
At 31 August 2023
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
1,168,329
3,051,976
4,220,305
Additions
8,415
8,415
At 31 August 2024
1,168,329
3,060,391
4,228,720
Depreciation and impairment
At 1 September 2023
863,357
2,884,307
3,747,664
Depreciation charged in the year
22,330
55,632
77,962
At 31 August 2024
885,687
2,939,939
3,825,626
Carrying amount
At 31 August 2024
282,642
120,452
403,094
At 31 August 2023
304,972
167,669
472,641
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
6
Subsidiaries
Details of the company's subsidiaries at 31 August 2024 are shown below.
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Mineral Supplements Limited
England & Wales
Dormant
Ordinary
100.00
0
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
507,596
560,197
Other debtors (note 10)
531,003
450,186
1,038,599
1,010,383
Deferred tax asset (note 8)
9,500
216,030
1,048,099
1,226,413
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 8)
9,500
9,500
Total debtors
1,057,599
1,235,913
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
226,422
13,288
Taxation and social security
(2,897)
32,759
Other creditors
98,042
202,851
321,567
248,898
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
9
Provisions for liabilities
2024
2023
£
£
Retirement benefit obligations
644,000
The company operates a defined benefit pension scheme for certain employees. At the balance sheet date, the actuarial valuation showed the scheme had net assets of £66,000 (2023: net liability of £644,000).
The movement from the 2023 liability to the current year asset has arisen following a measurement gain of £315,000, recognised in other comprehensive income and employer contributions totalling £423,000 paid into the scheme. There was also a net interest expense of £28,000 which has been recognised in the profit and loss account.
As a result of the above movements, the scheme position at the year end was a net asset of £66,000. However, in accordance with FRS102, no asset has been recognised in the financial statements due to the application of the asset ceiling. The ceiling restricts recognition of a pension surplus to the amount that is recoverable through future reduced contributions or refunds. Consequently, the net defined benefit asset of £66,000 has not been recognised in the balance sheet.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
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 loss 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.
Senior Statutory Auditor:
Richard Johnson
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
16 May 2025
11
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
856,512
874,913
TITHEBARN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Operating lease commitments
(Continued)
- 12 -
12
Related party transactions
During the financial year ended 31 August 2022, an interest-free loan of £400,000 was made to Honest George Limited. The loan was unsecured and was repayable on demand by Tithebarn Limited. Both companies were related parties by virtue of being under the common control of Belasko Jersey Limited, which is the ultimate controlling party.
No repayments of the loan had been made up to 31 August 2024. The £400,000 due to Tithebarn Limited as at that date and at 31 August 2024 has been included within the figure for other debtors in note 6 to the financial statements.
Included in cash at bank and in hand as at 31 August 2023 and 2024 were funds previously deposited in an escrow account to fully discharge the Company's obligations in respect of its defined benefit pension scheme. This will occur when Aviva UK Life has determined the final premium required for it to assume these liabilities from the Company.
13
Parent company
The company is ultimately owned and controlled through a Jersey-registered holding company (Interior Design Limited) by Belasko Jersey Limited (formerly BKS Family Trustees Limited) as a trustee of a Jersey-registered trust.
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