Registration number:
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Tafs (Salop) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Tafs (Salop) Limited
Company Information
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Director |
Mr M Batters |
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Company secretary |
Mrs K Furnival |
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Registered office |
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Accountants |
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Tafs (Salop) Limited
(Registration number: 01274014)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
102 |
98 |
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Capital redemption reserve |
102 |
102 |
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Revaluation reserve |
671,009 |
672,223 |
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Retained earnings |
52,015 |
665,796 |
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Shareholders' funds |
723,228 |
1,338,219 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Tafs (Salop) Limited
(Registration number: 01274014)
Balance Sheet as at 30 September 2024
Approved and authorised by the
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Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.
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 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:
Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Asset class |
Depreciation method and rate |
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Freehold buildings |
2% straight line basis |
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Plant and machinery |
15% reducing balance basis |
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Motor vehicles |
25% reducing balance basis |
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Office equipment |
25% reducing balance basis |
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.
Defined contribution pension obligation
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.
Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Financial instruments
Classification
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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.
Recognition and measurement
Impairment
Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Land and buildings |
Motor vehicles |
Other property, plant and equipment |
Office equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Included within the net book value of land and buildings above is £1,869,646 (2023 - £1,873,012) in respect of freehold land and buildings.
Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Stocks |
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2024 |
2023 |
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Other inventories |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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48 |
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48 |
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50 |
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50 |
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4 |
- |
- |
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During the year 48,000 £0.0001 ordinary D shares were issued.
Following this, the company bought back 4,800 ordinary D shares for £132,000 and then immediately cancelled them.
Tafs (Salop) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Related party transactions |
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Transactions with the director |
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2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
At 30 September 2024 |
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Mr M Batters |
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Opening balance |
610,322 |
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610,322 |
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Advances |
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1,965,000 |
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1,965,000 |
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Dividends declared |
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(1,960,000) |
(1,960,000) |
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Interest |
- |
13,765 |
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13,765 |
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Loan repayments |
- |
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(4,362) |
(4,362) |
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- |
- |
- |
- |
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610,322 |
1,978,765 |
(1,964,362) |
624,725 |
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2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
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Mr M Batters |
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Opening balance |
602,596 |
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602,596 |
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Advances |
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1,061,201 |
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1,061,201 |
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Dividends declared |
- |
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(1,061,201) |
(1,061,201) |
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Interest |
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12,726 |
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12,726 |
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Loan repayments |
- |
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(5,000) |
(5,000) |
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602,596 |
1,073,927 |
(1,066,201) |
610,322 |
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Mr J Prince
In 2019 Mr J Prince ( a director who resigned in the 2020 year) made a loan to the company amount to £1,500,000, which is secured on property assets of the company. The company is charged interest on this loan at a rate of equal to a market rate of interest which amounted to £117,241 (2023 - £96,671). The amount due to Mr J Prince at the balance sheet date was £1,501,181 (2023 - £1,535,600).