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Company registration number: 06546890
Traditional English Guncases Ltd
Filleted financial statements
31 December 2024
Traditional English Guncases Ltd
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Traditional English Guncases Ltd
Directors responsibilities statement
Year ended 31 December 2024
The directors are responsible for preparing the directors report 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 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 judgments and accounting estimates that are reasonable and prudent; and
- 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.
Traditional English Guncases Ltd
Statement of financial position
31 December 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 12,816 18,062
Tangible assets 6 33,504 40,779
_______ _______
46,320 58,841
Current assets
Stocks 133,146 68,857
Debtors 7 150,598 127,893
Cash at bank and in hand 8,256 408
_______ _______
292,000 197,158
Creditors: amounts falling due
within one year 8 ( 88,068) ( 54,131)
_______ _______
Net current assets 203,932 143,027
_______ _______
Total assets less current liabilities 250,252 201,868
Creditors: amounts falling due
after more than one year 9 ( 30,000) ( 30,000)
Provisions for liabilities ( 8,376) ( 7,748)
_______ _______
Net assets 211,876 164,120
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 210,876 163,120
_______ _______
Shareholders funds 211,876 164,120
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 July 2025 , and are signed on behalf of the board by:
M K Newton
Director
Company registration number: 06546890
Traditional English Guncases Ltd
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Traditional English Guncases Limited, 13 Makenade Avenue, Faversham, Kent, ME13 8NE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill, being the amount paid in connection with the acquisitionof a business is being amortised evenly over it's estimated useful life of 20 years
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Improvements to property - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2024 and 31 December 2024 85,000 85,000
_______ _______
Amortisation
At 1 January 2024 66,938 66,938
Charge for the year 5,246 5,246
_______ _______
At 31 December 2024 72,184 72,184
_______ _______
Carrying amount
At 31 December 2024 12,816 12,816
_______ _______
At 31 December 2023 18,062 18,062
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Improvements to property Total
£ £ £ £ £
Cost
At 1 January 2024 29,179 29,344 27,000 15,994 101,517
Additions - 3,894 - - 3,894
_______ _______ _______ _______ _______
At 31 December 2024 29,179 33,238 27,000 15,994 105,411
_______ _______ _______ _______ _______
Depreciation
At 1 January 2024 25,012 23,478 6,750 5,498 60,738
Charge for the year 1,042 2,440 5,063 2,624 11,169
_______ _______ _______ _______ _______
At 31 December 2024 26,054 25,918 11,813 8,122 71,907
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2024 3,125 7,320 15,187 7,872 33,504
_______ _______ _______ _______ _______
At 31 December 2023 4,167 5,866 20,250 10,496 40,779
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 139,471 126,082
Other debtors 11,127 1,811
_______ _______
150,598 127,893
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 4,270
Trade creditors 31,445 9,336
Corporation tax 26,254 5,041
Social security and other taxes 25,127 31,350
Other creditors 5,242 4,134
_______ _______
88,068 54,131
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 30,000 30,000
_______ _______
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 16,500 16,500
Later than 1 year and not later than 5 years 26,125 42,625
_______ _______
42,625 59,125
_______ _______
11. Summary audit opinion
The auditor's report dated 24 July 2025 was unqualified.
The senior statutory auditor was Jonathan Askew for and on behalf of Hartley Fowler LLP
12. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
J Tomlin 42 42
_______ _______
Amounts owed to the director are interest free and are repayable on demand.
13. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
John Rigby & Co. (Gunmakers) Limited 221,089 212,497 92,640 41,622
Blaser UK - - - -
Blaser Group Gmbh 552 5,407 - 5,407
Blaser USA 59,899 5,350 10,005 5,350
_______ _______ _______ _______
14. Controlling party
The immediate controlling party is John Rigby & Co. (Gunmakers) Limited by virtue of its 80% shareholding.The ultimate parent and controlling party is L & O Holding GmbH & Co. KG, incorporated in Germany.The parent company of the largest and smallest group into which the company's results are consolidated is L & O Holding GmbH & Vo. KG, a company registered in Germany.