IRIS Accounts Production v25.1.3.33 01026256 Board of Directors Board of Directors 1.11.23 31.10.24 31.10.24 Medium entities The principal activity of the company in the year under review continued to be that of manufacture, installation and maintenance of equipment for heating, ventilating, air conditioning and energy control systems. 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 A Class Non Voting 1.00000 B Ordinary 1.00000 C Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh010262562023-10-31010262562024-10-31010262562023-11-012024-10-31010262562022-10-31010262562022-11-012023-10-31010262562023-10-3101026256ns15:EnglandWales2023-11-012024-10-3101026256ns14:PoundSterling2023-11-012024-10-3101026256ns10:Director12023-11-012024-10-3101026256ns10:Director22023-11-012024-10-3101026256ns10:PrivateLimitedCompanyLtd2023-11-012024-10-3101026256ns10:MediumEntities2023-11-012024-10-3101026256ns10:Audited2023-11-012024-10-3101026256ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-11-012024-10-3101026256ns10:Medium-sizedCompaniesRegimeForAccounts2023-11-012024-10-3101026256ns10:FullAccounts2023-11-012024-10-3101026256ns10:OrdinaryShareClass12023-11-012024-10-3101026256ns10:OrdinaryShareClass22023-11-012024-10-3101026256ns10:OrdinaryShareClass32023-11-012024-10-3101026256ns10:OrdinaryShareClass42023-11-012024-10-3101026256ns10:Director32023-11-012024-10-3101026256ns10:CompanySecretary12023-11-012024-10-3101026256ns10:RegisteredOffice2023-11-012024-10-310102625612023-11-012024-10-310102625612022-11-012023-10-3101026256ns5:CurrentFinancialInstruments2024-10-3101026256ns5:CurrentFinancialInstruments2023-10-3101026256ns5:ShareCapital2024-10-3101026256ns5:ShareCapital2023-10-3101026256ns5:CapitalRedemptionReserve2024-10-3101026256ns5:CapitalRedemptionReserve2023-10-3101026256ns5:FurtherSpecificReserve1ComponentTotalEquity2024-10-3101026256ns5:FurtherSpecificReserve1ComponentTotalEquity2023-10-3101026256ns5:FurtherSpecificReserve2ComponentTotalEquity2024-10-3101026256ns5:FurtherSpecificReserve2ComponentTotalEquity2023-10-3101026256ns5:RetainedEarningsAccumulatedLosses2024-10-3101026256ns5:RetainedEarningsAccumulatedLosses2023-10-3101026256ns5:ShareCapital2022-10-3101026256ns5:RetainedEarningsAccumulatedLosses2022-10-3101026256ns5:CapitalRedemptionReserve2022-10-3101026256ns5:ShareCapital2022-11-012023-10-3101026256ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-3101026256ns5:CapitalRedemptionReserve2022-11-012023-10-3101026256ns5:RetainedEarningsAccumulatedLosses2023-11-012024-10-3101026256ns5:CapitalRedemptionReserve2023-11-012024-10-3101026256ns5:FurtherSpecificReserve1ComponentTotalEquity2022-10-3101026256ns5:FurtherSpecificReserve2ComponentTotalEquity2022-10-3101026256ns5:FurtherSpecificReserve1ComponentTotalEquity2022-11-012023-10-3101026256ns5:FurtherSpecificReserve2ComponentTotalEquity2022-11-012023-10-3101026256ns5:FurtherSpecificReserve1ComponentTotalEquity2023-11-012024-10-3101026256ns5:FurtherSpecificReserve2ComponentTotalEquity2023-11-012024-10-3101026256ns5:OwnedAssets2023-11-012024-10-3101026256ns5:OwnedAssets2022-11-012023-10-3101026256ns10:OrdinaryShareClass32022-11-012023-10-3101026256ns10:OrdinaryShareClass42022-11-012023-10-3101026256ns5:PlantMachinery2023-10-3101026256ns5:FurnitureFittings2023-10-3101026256ns5:MotorVehicles2023-10-3101026256ns5:ComputerEquipment2023-10-3101026256ns5:PlantMachinery2023-11-012024-10-3101026256ns5:FurnitureFittings2023-11-012024-10-3101026256ns5:MotorVehicles2023-11-012024-10-3101026256ns5:ComputerEquipment2023-11-012024-10-3101026256ns5:PlantMachinery2024-10-3101026256ns5:FurnitureFittings2024-10-3101026256ns5:MotorVehicles2024-10-3101026256ns5:ComputerEquipment2024-10-3101026256ns5:PlantMachinery2023-10-3101026256ns5:FurnitureFittings2023-10-3101026256ns5:MotorVehicles2023-10-3101026256ns5:ComputerEquipment2023-10-3101026256ns5:WithinOneYearns5:CurrentFinancialInstruments2024-10-3101026256ns5:WithinOneYearns5:CurrentFinancialInstruments2023-10-3101026256ns5:WithinOneYear2024-10-3101026256ns5:WithinOneYear2023-10-3101026256ns5:BetweenOneFiveYears2024-10-3101026256ns5:BetweenOneFiveYears2023-10-3101026256ns5:MoreThanFiveYears2024-10-3101026256ns5:MoreThanFiveYears2023-10-3101026256ns5:AllPeriods2024-10-3101026256ns5:AllPeriods2023-10-3101026256ns10:OrdinaryShareClass12024-10-3101026256ns10:OrdinaryShareClass22024-10-3101026256ns10:OrdinaryShareClass32024-10-3101026256ns10:OrdinaryShareClass42024-10-31
REGISTERED NUMBER: 01026256 (England and Wales)











Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 October 2024

for

T.F. TULL LIMITED

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


T.F. TULL LIMITED

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr W Long
Mr M Sugrue
Mr I Link





SECRETARY: Mr I Link





REGISTERED OFFICE: Unit D
Caxton Court
Caxton Way
Watford
Hertfordshire
WD18 8RH





REGISTERED NUMBER: 01026256 (England and Wales)





AUDITORS: JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Strategic Report
for the Year Ended 31 October 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review continued to be design, engineering, manufacture, installation, commissioning and maintenance of building management control systems and panels.

REVIEW OF BUSINESS

The company has performed well against a backdrop of challenging business conditions and market uncertainty. The company's directors believe that, with the careful management of the company's resources, the company will continue to meet its obligations as they fall due and continue to trade profitably.


FINANCIAL REVIEW

Turnover

Turnover remains in line with last year, reflecting in the company's ability to maintain their position in the
industry.

Gross Profit Margin

Gross profit during the year as a percentage of sales was 20% (2023: 21%)

Profit after taxation
The profit for the year after taxation was £608,109 (2023: £737,210)

Dividend
Dividend paid during the year amounted to £566,466 (2023: £586,467)

Cash at bank
The balance in hand at 31 October 2024 was £764,809 (2023: £1,268,737))

Shareholders' Funds
As at 31 October 2024 these stood at £2,914,976 (2023: £2,873,333)


T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Strategic Report
for the Year Ended 31 October 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategies are subject to a number of risks. The business risks and uncertainties affecting the company are considered to relate to competition, technology and the state of the UK manufacturing base. The external commercial environment is expected to remain competitive and challenging for the foreseeable future.

The directors are confident that the company will maintain its current level of performance.

In the programming business there has been continued investment in new technology to ensure that the production process continues to be competitive.

In the distribution business there is continued investment in people and systems in order to deliver an efficient service to customers. This all serves to ensure the continued success of the company's businesses.

The Board monitors the company's performance carefully through the use of regular financial information and management reports.

Key risks and the company's response to these risks are shown below.

1- Financial Risk Management

The company's financial instruments comprise of cash at bank, loan and overdraft facility at the company's disposal. The main purpose of these financial instruments is to raise adequate finance for the company's operations, together with management of working capital.

The main risk arising from the company's financial instruments is liquidity risk. As can be seen from cash position in the annexed financial statements, the company currently does not suffer from a liquidity problem. It alleviates this risk by agreeing credit terms with its customers and suppliers.


2- Competitive pressure risk

The company operates in a highly competitive market environment and performance may suffer if there is a loss of competitiveness vis-a- vis its customers.


3- Loss of supply of critical products.

Loss of supply of critical products from key suppliers could affect the company's ability to provide the products to its customers.

Where possible, the company attempts to dual source all key products from multiple suppliers. The company also endeavours to maintain supply contracts with all key suppliers.

ON BEHALF OF THE BOARD:





Mr I Link - Director


19 June 2025

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Report of the Directors
for the Year Ended 31 October 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2024 will be £ 566,466 .

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

Mr W Long
Mr M Sugrue
Mr I Link

GOING CONCERN
The Directors believe that the Company is a going concern, as it has continued to trade profitably with adequate cashflow and working capital.

The Directors are aware that whilst operations are maintained currently, that the situation may change and that unforeseen measures could have an impact on the future. The Directors are constantly reviewing the position and have plans in place should they need to make operational changes.

The Company has a healthy balance sheet with sufficient reserves, a good cash balance and is not reliant upon debt financing for continued operations. Given the overall strength of the business the Directors are confident that should debt financing be necessary in the short term it would receive the appropriate level of support to ensure that the business remains a going concern.

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.

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Report of the Directors
for the Year Ended 31 October 2024


AUDITORS
The auditors, JLA (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr I Link - Director


19 June 2025

Report of the Independent Auditors to the Members of
T.F. Tull Limited

Opinion
We have audited the financial statements of T.F. Tull Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other 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 31 October 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.F. Tull 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.

Report of the Independent Auditors to the Members of
T.F. Tull 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining on how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud;
- And considering the measures in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions
- Assessed whether judgements and assumptions made in determining the accounting estimates that were
indicative of potential bias.
- Performed substantive testing on management expenses and transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;
- Enquiring of management as to actual and potential litigation and claims
- And reviewing available correspondence with HMRC and the company's legal advisors.

Report of the Independent Auditors to the Members of
T.F. Tull Limited


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

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.




Jeffrey Lermer FCA (Senior Statutory Auditor)
for and on behalf of JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

24 June 2025

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Income Statement
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   

TURNOVER 12,823,176 12,920,158

Cost of sales 10,239,234 10,212,411
GROSS PROFIT 2,583,942 2,707,747

Administrative expenses 1,794,402 1,765,729
789,540 942,018

Other operating income (5,228 ) 339
OPERATING PROFIT 4 784,312 942,357

Interest receivable and similar income 18,064 2,719
PROFIT BEFORE TAXATION 802,376 945,076

Tax on profit 5 194,267 207,866
PROFIT FOR THE FINANCIAL YEAR 608,109 737,210

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Other Comprehensive Income
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   

PROFIT FOR THE YEAR 608,109 737,210


OTHER COMPREHENSIVE INCOME
Share buy back - 2
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

2
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

608,109

737,212

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 70,370 52,257

CURRENT ASSETS
Stocks 8 12,500 33,142
Debtors 9 3,639,591 2,718,599
Cash at bank and in hand 764,809 1,268,737
4,416,900 4,020,478
CREDITORS
Amounts falling due within one year 10 1,572,294 1,199,402
NET CURRENT ASSETS 2,844,606 2,821,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,914,976

2,873,333

CAPITAL AND RESERVES
Called up share capital 12 33,001 33,001
Capital redemption reserve 17,002 17,002
Other reserves (517,800 ) (517,800 )
Employee Benefit Trust 517,800 517,800
Retained earnings 2,864,973 2,823,330
SHAREHOLDERS' FUNDS 15 2,914,976 2,873,333

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by:




Mr I Link - Director



Mr W Long - Director


T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Statement of Changes in Equity
for the Year Ended 31 October 2024

Called up Capital
share Retained redempti
capital earnings reserve
£    £    £   
Balance at 1 November 2022 33,003 2,672,587 17,000

Changes in equity
Issue of share capital (2 ) - -
Dividends - (586,467 ) -
Total comprehensive income - 737,210 2
Balance at 31 October 2023 33,001 2,823,330 17,002

Changes in equity
Dividends - (566,466 ) -
Total comprehensive income - 608,109 -
Balance at 31 October 2024 33,001 2,864,973 17,002
Employee
Other Benefit Total
reserves Trust equity
£    £    £   
Balance at 1 November 2022 (517,800 ) 517,800 2,722,590

Changes in equity
Issue of share capital - - (2 )
Dividends - - (586,467 )
Total comprehensive income - - 737,212
Balance at 31 October 2023 (517,800 ) 517,800 2,873,333

Changes in equity
Dividends - - (566,466 )
Total comprehensive income - - 608,109
Balance at 31 October 2024 (517,800 ) 517,800 2,914,976

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Cash Flow Statement
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 292,472 1,592,384
Tax paid (207,866 ) (237,452 )
Net cash from operating activities 84,606 1,354,932

Cash flows from investing activities
Purchase of tangible fixed assets (42,215 ) (25,923 )
Sale of tangible fixed assets 2,083 2,000
Interest received 18,064 2,719
Net cash from investing activities (22,068 ) (21,204 )

Cash flows from financing activities
Share issue - (2 )
Equity dividends paid (566,466 ) (586,467 )
Net cash from financing activities (566,466 ) (586,469 )

(Decrease)/increase in cash and cash equivalents (503,928 ) 747,259
Cash and cash equivalents at beginning
of year

2

1,268,737

521,478

Cash and cash equivalents at end of year 2 764,809 1,268,737

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Notes to the Cash Flow Statement
for the Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.10.24 31.10.23
£    £   
Profit before taxation 802,376 945,076
Depreciation charges 16,791 10,354
Loss/(profit) on disposal of fixed assets 5,228 (339 )
Finance income (18,064 ) (2,719 )
806,331 952,372
Decrease in stocks 20,642 3,682
(Increase)/decrease in trade and other debtors (920,992 ) 931,952
Increase/(decrease) in trade and other creditors 386,491 (295,622 )
Cash generated from operations 292,472 1,592,384

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 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 764,809 1,268,737
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 1,268,737 521,478


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 1,268,737 (503,928 ) 764,809
1,268,737 (503,928 ) 764,809
Total 1,268,737 (503,928 ) 764,809

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

T.F. Tull 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 (£).


Financial statements are prepared to the nearest whole pound £.

2. ACCOUNTING POLICIES

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

Turnover
Turnover, stated net of value added tax, represents amounts invoiced to third parties. The company's turnover is derived from its principal activity carried out in the UK.Turnover is recognised as the services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life. Assets held under a finance lease are written off over their estimated useful economic life or the lease term, whichever is the shorter.

Fixtures and Fittings - 25% Reducing balance
Plant and Machinery - 25% Reducing balance
Motor Vehicles - 25% Reducing balance
Computer Equipment - 25% Reducing balance

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

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.

3. EMPLOYEES AND DIRECTORS
31.10.24 31.10.23
£    £   
Wages and salaries 2,705,112 2,445,852
Social security costs 290,612 266,135
Other pension costs 179,229 170,037
3,174,953 2,882,024

The average number of employees during the year was as follows:
31.10.24 31.10.23

Administration 9 9
Selling and distribution 52 48
61 57

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

3. EMPLOYEES AND DIRECTORS - continued

31.10.24 31.10.23
£    £   
Directors' remuneration 41,053 26,520

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.24 31.10.23
£    £   
Depreciation - owned assets 16,791 10,354
Loss/(profit) on disposal of fixed assets 5,228 (339 )
Auditors' remuneration 11,750 11,750
Foreign exchange differences (14,937 ) (12,051 )

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.24 31.10.23
£    £   
Current tax:
UK corporation tax 194,267 207,866
Tax on profit 194,267 207,866

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:

31.10.24 31.10.23
£    £   
Profit before tax 802,376 945,076
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.517%)

200,594

212,803

Effects of:
Capital allowances in excess of depreciation (7,635 ) (4,861 )
Fixed asset disposal 1,308 (76 )
Total tax charge 194,267 207,866

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 October 2024.

31.10.23
Gross Tax Net
£    £    £   
Share buy back 2 - 2

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. DIVIDENDS
31.10.24 31.10.23
£    £   
B Ordinary shares of £1 each
Interim 30,000 30,000
C Ordinary shares of £1 each
Interim 30,000 30,000
I Ordinary shares of £1 each
Interim 168,822 170,489
J Ordinary shares of £1 each
Interim 168,822 165,489
K Ordinary shares of £1 each
Interim 168,822 190,489
566,466 586,467

7. TANGIBLE FIXED ASSETS
Fixtures
and Plant & Motor Computer
fittings machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 49,188 32,519 82,836 24,725 189,268
Additions 530 - - 41,685 42,215
Disposals (971 ) (5,752 ) (42,747 ) (10,590 ) (60,060 )
At 31 October 2024 48,747 26,767 40,089 55,820 171,423
DEPRECIATION
At 1 November 2023 46,397 31,953 45,110 13,551 137,011
Charge for year 804 143 9,431 6,413 16,791
Eliminated on disposal (948 ) (5,704 ) (36,567 ) (9,530 ) (52,749 )
At 31 October 2024 46,253 26,392 17,974 10,434 101,053
NET BOOK VALUE
At 31 October 2024 2,494 375 22,115 45,386 70,370
At 31 October 2023 2,791 566 37,726 11,174 52,257

8. STOCKS
31.10.24 31.10.23
£    £   
Stocks 12,500 33,142

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 1,648,040 1,123,340
Other debtors - 5,001
VAT 102,571 40,863
Prepayments 32,585 37,522
Accrued income 1,856,395 1,511,873
3,639,591 2,718,599

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 1,205,552 834,113
Tax 194,267 207,866
Social security and other taxes 98,895 86,746
Accrued expenses 73,580 70,677
1,572,294 1,199,402

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.24 31.10.23
£    £   
Within one year 129,500 129,500
Between one and five years 518,000 518,000
In more than five years 129,500 259,000
777,000 906,500

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
32,200 Ordinary £1 32,200 32,200
1 A Class Non Voting £1 1 1
250 B Ordinary £1 250 250
250 C Ordinary £1 250 250
100 I Ordinary £1 100 100
100 J Ordinary £1 100 100
100 K Ordinary £1 100 100
33,001 33,001

13. AUDITOR LIABILITY LIMITATION AGREEMENT

The directors have agreed to a limited liability arrangement with the auditors, the principle terms being that the liability is restricted to five times the annual audit fee.

T.F. TULL LIMITED (REGISTERED NUMBER: 01026256)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

14. ULTIMATE CONTROLLING PARTY



There is no ultimate controlling party as no one individual own controlling interest in the issued share capital of the company.

15. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31.10.24 31.10.23
£    £   
Profit for the financial year 608,109 737,210
Dividends (566,466 ) (586,467 )
41,643 150,743
Other comprehensive income relating to the year (net) - 2
Payments to acquire own shares - (2 )
Net addition to shareholders' funds 41,643 150,743
Opening shareholders' funds 2,873,333 2,722,590
Closing shareholders' funds 2,914,976 2,873,333