Tafs (Salop) Limited 01274014 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is to manufacture and distribute wooden fencing panels to the UK Builders Merchant and DIY Market. Digita Accounts Production Advanced 6.30.9574.0 true 01274014 2023-10-01 2024-09-30 01274014 2024-09-30 01274014 bus:OrdinaryShareClass1 2024-09-30 01274014 bus:OrdinaryShareClass2 2024-09-30 01274014 bus:OrdinaryShareClass4 2024-09-30 01274014 core:CurrentFinancialInstruments 2024-09-30 01274014 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 01274014 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 01274014 core:LandBuildings 2024-09-30 01274014 core:MotorVehicles 2024-09-30 01274014 core:OfficeEquipment 2024-09-30 01274014 core:OtherPropertyPlantEquipment 2024-09-30 01274014 bus:SmallEntities 2023-10-01 2024-09-30 01274014 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01274014 bus:FilletedAccounts 2023-10-01 2024-09-30 01274014 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01274014 bus:RegisteredOffice 2023-10-01 2024-09-30 01274014 bus:CompanySecretary1 2023-10-01 2024-09-30 01274014 bus:Director1 2023-10-01 2024-09-30 01274014 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 01274014 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 01274014 bus:OrdinaryShareClass4 2023-10-01 2024-09-30 01274014 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01274014 core:LandBuildings 2023-10-01 2024-09-30 01274014 core:MotorVehicles 2023-10-01 2024-09-30 01274014 core:OfficeEquipment 2023-10-01 2024-09-30 01274014 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 01274014 core:PlantMachinery 2023-10-01 2024-09-30 01274014 countries:EnglandWales 2023-10-01 2024-09-30 01274014 2023-09-30 01274014 core:LandBuildings 2023-09-30 01274014 core:MotorVehicles 2023-09-30 01274014 core:OfficeEquipment 2023-09-30 01274014 core:OtherPropertyPlantEquipment 2023-09-30 01274014 2022-10-01 2023-09-30 01274014 2023-09-30 01274014 bus:OrdinaryShareClass1 2023-09-30 01274014 bus:OrdinaryShareClass2 2023-09-30 01274014 bus:OrdinaryShareClass4 2023-09-30 01274014 core:CurrentFinancialInstruments 2023-09-30 01274014 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 01274014 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 01274014 core:LandBuildings 2023-09-30 01274014 core:MotorVehicles 2023-09-30 01274014 core:OfficeEquipment 2023-09-30 01274014 core:OtherPropertyPlantEquipment 2023-09-30 01274014 bus:OrdinaryShareClass4 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01274014


Tafs (Salop) Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Tafs (Salop) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tafs (Salop) Limited

Company Information

Director

Mr M Batters

Company secretary

Mrs K Furnival

Registered office

Gower Street
St. Georges
Telford
Shropshire
TF2 9BQ

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Tafs (Salop) Limited

(Registration number: 01274014)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,174,481

2,143,355

Current assets

 

Stocks

5

1,125,413

1,357,167

Debtors

6

1,839,572

1,831,024

Cash at bank and in hand

 

10,160

648,957

 

2,975,145

3,837,148

Creditors: Amounts falling due within one year

7

(2,822,324)

(2,906,107)

Net current assets

 

152,821

931,041

Total assets less current liabilities

 

2,327,302

3,074,396

Creditors: Amounts falling due after more than one year

7

(1,501,181)

(1,641,671)

Provisions for liabilities

(102,893)

(94,506)

Net assets

 

723,228

1,338,219

Capital and reserves

 

Called up share capital

8

102

98

Capital redemption reserve

102

102

Revaluation reserve

671,009

672,223

Retained earnings

52,015

665,796

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 23 June 2025
 

.........................................
Mr M Batters
Director

 

Tafs (Salop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gower Street
St. Georges
Telford
Shropshire
TF2 9BQ

2

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

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

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
Basic financial assets, including trade and other debtors, 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.
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
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 41 (2023 - 43).

 

Tafs (Salop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

1,901,694

131,003

423,275

17,563

2,473,535

Additions

-

-

95,243

976

96,219

At 30 September 2024

1,901,694

131,003

518,518

18,539

2,569,754

Depreciation

At 1 October 2023

28,682

13,646

282,662

5,192

330,182

Charge for the year

3,366

29,339

30,499

1,887

65,091

At 30 September 2024

32,048

42,985

313,161

7,079

395,273

Carrying amount

At 30 September 2024

1,869,646

88,018

205,357

11,460

2,174,481

At 30 September 2023

1,873,012

117,357

140,613

12,373

2,143,355

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

5

Stocks

2024
£

2023
£

Other inventories

1,125,413

1,357,167

6

Debtors

2024
£

2023
£

Trade debtors

996,128

995,101

Prepayments

7,874

19,617

Other debtors

835,570

816,306

1,839,572

1,831,024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

106,071

12,674

Trade creditors

 

1,689,077

1,263,093

Taxation and social security

 

432,559

579,086

Other creditors

 

594,617

1,051,254

 

2,822,324

2,906,107

Due after one year

 

Loans and borrowings

1,501,181

1,641,671

 

Tafs (Salop) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £0.10 each

480

48

480

48

Ordinary B Shares of £1 each

50

50

50

50

Ordinary D shares of £0.00 (2023 - £0) each

43,200

4

-

-

43,730

102

530

98

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

9

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr M Batters

Opening balance

610,322

-

-

610,322

Advances

-

1,965,000

-

1,965,000

Dividends declared

-

-

(1,960,000)

(1,960,000)

Interest

-

13,765

-

13,765

Loan repayments

-

-

(4,362)

(4,362)

-

-

-

-

610,322

1,978,765

(1,964,362)

624,725

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr M Batters

Opening balance

602,596

-

-

602,596

Advances

-

1,061,201

-

1,061,201

Dividends declared

-

-

(1,061,201)

(1,061,201)

Interest

-

12,726

-

12,726

Loan repayments

-

-

(5,000)

(5,000)

602,596

1,073,927

(1,066,201)

610,322

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).