Company registration number 10631226 (England and Wales)
TAILFIN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
TAILFIN LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
TAILFIN LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TAILFIN LTD FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tailfin Ltd for the year ended 28 February 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Tailfin Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tailfin Ltd and state those matters that we have agreed to state to the board of directors of Tailfin Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tailfin Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Tailfin Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tailfin Ltd. You consider that Tailfin Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tailfin Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
20 May 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TAILFIN LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2025
28 February 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
159,690
64,792
Tangible assets
4
293,795
289,048
453,485
353,840
Current assets
Stocks
2,429,338
926,499
Debtors
5
134,358
103,746
Cash at bank and in hand
369,423
667,154
2,933,119
1,697,399
Creditors: amounts falling due within one year
6
(1,541,690)
(756,109)
Net current assets
1,391,429
941,290
Total assets less current liabilities
1,844,914
1,295,130
Creditors: amounts falling due after more than one year
7
(528,898)
(310,392)
Provisions for liabilities
9
(73,056)
(70,030)
Net assets
1,242,960
914,708
Capital and reserves
Called up share capital
10
15,706
15,706
Share premium account
226,369
226,369
Profit and loss reserves
1,000,885
672,633
Total equity
1,242,960
914,708
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TAILFIN LTD
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2025
28 February 2025
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 May 2025
Mr N M Broadbent
Director
Company registration number 10631226 (England and Wales)
TAILFIN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
1
Accounting policies
Company information
Tailfin Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Tailfin Ltd, 129 Cumberland Road, Bristol, Somerset, BS1 6UX.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.
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:
Computer software
10 years
Patents and licences
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.
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:
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost
TAILFIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
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.
TAILFIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 6 -
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
19
14
3
Intangible fixed assets
Computer software
Patents and licences
Total
£
£
£
Cost
At 29 February 2024
76,521
76,521
Additions
42,122
71,823
113,945
At 28 February 2025
42,122
148,344
190,466
Amortisation and impairment
At 29 February 2024
11,729
11,729
Amortisation charged for the year
4,212
14,835
19,047
At 28 February 2025
4,212
26,564
30,776
Carrying amount
At 28 February 2025
37,910
121,780
159,690
At 28 February 2024
64,792
64,792
TAILFIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 29 February 2024
288,497
71,127
150,206
509,830
Additions
44,609
11,694
22,686
78,989
At 28 February 2025
333,106
82,821
172,892
588,819
Depreciation and impairment
At 29 February 2024
89,076
14,639
117,067
220,782
Depreciation charged in the year
36,607
10,224
27,411
74,242
At 28 February 2025
125,683
24,863
144,478
295,024
Carrying amount
At 28 February 2025
207,423
57,958
28,414
293,795
At 28 February 2024
199,421
56,488
33,139
289,048
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
881
Other debtors
133,477
103,746
134,358
103,746
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
127,061
112,349
Trade creditors
987,579
396,373
Taxation and social security
44,100
95,433
Other creditors
382,950
151,954
1,541,690
756,109
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
528,898
310,392
TAILFIN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2025
2024
£
£
Bank loans
655,959
422,741
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
73,056
70,030
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
157,060
157,060
15,706
15,706
11
Ultimate controlling party
The ultimate controlling party is Mr N M Broadbent.