Registration number:
Tallis Amos Group Limited
for the Year Ended 31 December 2024
Tallis Amos Group Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Tallis Amos Group Limited
Company Information
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Directors |
B J Tallis C Mcintyre SCG Amos M G Blackburn M Thompson T W Shakeshaft |
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Registered office |
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Auditors |
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Tallis Amos Group Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the sale and maintenance of agricultural machinery
Fair review of the business
The company is majority owned by the Tallis and Amos families, with managing director Ben Tallis based at the Evesham head office and Simon Amos based at Leominster running the company as partners. The company currently has six sites which employ around 180 people.
The company has seen a downturn in results with a loss made in the year. This is reflective of the UK economy and financial pressures on farmers causing the agricultural machinery market to shrink. The board expects the market to improve in the next year with new government incentives and a growing economy influencing the improved results achieved in the subsequent period. The company plans to continue consolidating its market position with the current geographical locations to maintain the company objective and commit to further growth.
Principal risks and uncertainties
The key business risks and uncertainties affecting the company are considered to relate to competition from both national and independent wholesalers and retailers, employee retention and product availability.
Approved and authorised by the
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Tallis Amos Group Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company’s activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the company’s policies approved by the board of directors. The company does not use derivative financial instruments for speculative purposes.
Tallis Amos Group Limited
Directors' Report for the Year Ended 31 December 2024
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is exposed to commodity price risk. The company does not manage its exposure to commodity price risk due to cost benefit considerations.
Credit risk
The company’s principal financial assets are bank balances and cash, trade and other debtors.
The company’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies.
The company has no significant concentration of credit risk with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term debt finance.
Cash flow risk
The company’s activities expose it primarily to the financial risks of non paying customers. The company has implemented good credit control procedures and ability to offer credit for customers from credit agencies to mitigate this risk.
Going concern
The financial statements have been prepared on a going concern basis despite the loss generated in the year. The Directors have considered the going concern status and believe from results in the financial year to date that the financial position of the entity as at the audit report date has improved. Reviewing the company’s cashflow forecasts for the next 12 months along with support from the company’s bankers have assured the Directors that it remains appropriate for the financial statements to be prepared on a going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
Tallis Amos Group Limited
Directors' Report for the Year Ended 31 December 2024
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Tallis Amos Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Tallis Amos Group Limited
Independent Auditor's Report to the Members of Tallis Amos Group Limited
Opinion
We have audited the financial statements of Tallis Amos Group Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 December 2024 and of its loss 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Tallis Amos Group Limited
Independent Auditor's Report to the Members of Tallis Amos Group Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 6], 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 is 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.
Auditor 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 an auditor’s report 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:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Tallis Amos Group Limited
Independent Auditor's Report to the Members of Tallis Amos Group Limited
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company. |
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We obtained an understanding of how the company is complying with these frameworks through discussions with management. |
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We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence. |
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We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. |
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We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
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For and on behalf of
Evesham
Worcestershire
WR11 4XP
Tallis Amos Group Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
306,894 |
2,117,199 |
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Interest payable and similar expenses |
( |
( |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
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( |
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(Loss)/profit for the financial year |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Tallis Amos Group Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Tallis Amos Group Limited
(Registration number: 04697211)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible 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 |
176 |
176 |
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Share premium reserve |
2,224,088 |
2,224,088 |
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Capital redemption reserve |
16 |
16 |
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Retained earnings |
4,892,668 |
6,087,601 |
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Shareholders' funds |
7,116,948 |
8,311,881 |
Approved and authorised by the
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Tallis Amos Group Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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Loss for the year |
- |
- |
- |
( |
( |
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Dividends |
- |
- |
- |
( |
( |
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At 31 December 2024 |
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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New share capital subscribed |
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- |
- |
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At 31 December 2023 |
176 |
2,224,088 |
16 |
6,087,601 |
8,311,881 |
Tallis Amos Group Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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(Loss)/profit for the year |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Profit on disposal of tangible assets |
( |
( |
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Finance costs |
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Income tax expense |
( |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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(Decrease)/increase in provisions |
( |
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Cash generated from operations |
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( |
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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( |
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Cash flows from investing activities |
|||
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Acquisitions of tangible assets |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from issue of ordinary shares, net of issue costs |
- |
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Proceeds from bank borrowing draw downs |
- |
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Repayment of bank borrowing |
( |
( |
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Proceeds from other borrowing draw downs |
- |
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Repayment of other borrowing |
- |
( |
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Payments to finance lease creditors |
( |
( |
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Dividends paid |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 January |
( |
( |
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Cash and cash equivalents at 31 December |
(1,850,690) |
(1,408,501) |
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Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
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.
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 value added tax, refunds, rebates and discounts and after eliminating sales recharges within the company.
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 goods have been delivered or service completed.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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:
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Asset class |
Depreciation method and rate |
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Tenants improvements |
Straight line over 15 years |
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Furniture, fittings and equipment |
15% / 33% straight line |
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Motor vehicles |
25% reducing balance |
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Other property, plant and equipment |
1% straight line per month |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
20 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment is established when there is objective evidence that the Company not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
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Sale of goods |
|
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Commissions received |
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|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2024 |
2023 |
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Gain on disposal of tangible assets |
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Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
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Depreciation expense |
|
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Amortisation expense |
|
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Profit on disposal of property, plant and equipment |
( |
( |
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Interest payable and similar expenses |
|
2024 |
2023 |
|
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Interest on bank overdrafts and borrowings |
|
|
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Interest on obligations under finance leases and hire purchase contracts |
|
|
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Interest expense on other finance liabilities |
|
|
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Foreign exchange losses |
( |
( |
|
|
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
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Pension costs, defined contribution scheme |
247,357 |
|
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Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
|
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Production |
|
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Administration and support |
|
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|
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Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
|
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Remuneration |
|
|
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Contributions paid to money purchase schemes |
|
|
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697,934 |
727,442 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Benefits under long-term incentive schemes (excluding shares) |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
- |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
(184,696) |
184,696 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
|
Effect of tax losses |
|
- |
|
Deferred tax (credit)/expense from unrecognised tax loss or credit |
( |
|
|
Tax increase from other tax effects |
|
|
|
Total tax (credit)/charge |
( |
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Difference between accumulated depreciation, amortisation and capital allowances |
- |
|
|
General provisions |
- |
|
|
Tax losses available |
|
- |
|
|
|
|
2023 |
Asset |
Liability |
|
Difference between accumulated depreciation, amortisation and capital allowances |
- |
|
|
General provisions |
- |
|
|
Tax losses available |
|
- |
|
Change in tax rate |
- |
|
|
|
|
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £916,428 (2023 - £729,851) in respect of freehold land and buildings.
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
Other inventories |
|
|
|
|
|
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Other debtors |
- |
|
|
|
Prepayments |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
(1,850,690) |
(1,408,501) |
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
- |
182,968 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Provisions for liabilities |
|
Warranties |
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase (decrease) in existing provisions |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
|
|
50 |
|
50 |
|
|
|
26 |
|
26 |
|
|
|
|
|
|
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
|
|
|
Bank borrowings
|
|
|
The loan is secured by a legal charge over leasehold property known as Land at Hinton On The Green, Evesham, Worcestershire as well as a debenture over all present and future assets of the business. |
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Other borrowings
The Alexander and Duncan Limited loan note is denominated in sterling with a nominal interest rate of 5.25%, and the final instalment is due on 31 December 2025. The carrying amount at year end is £180,000 (2023 - £180,000).
The Tallis Property Investments Limited loan note is denominated in sterling with a nominal interest rate of 5.25%, and the final instalment is due on 31 March 2025. The carrying amount at year end is £200,000 (2023 - £Nil).
|
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
Tallis Amos Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
New finance leases |
At 31 December 2024 |
|
|
Cash and cash equivalents |
||||
|
Overdrafts |
(1,412,937) |
773,533 |
(1,214,365) |
(1,853,769) |
|
Borrowings |
||||
|
Long term borrowings |
(1,508,000) |
657,236 |
- |
(850,764) |
|
Short term borrowings |
(180,000) |
(200,000) |
- |
(380,000) |
|
Lease liabilities |
(4,956,180) |
2,602,807 |
(1,214,365) |
(3,567,738) |
|
(6,644,180) |
3,060,043 |
(1,214,365) |
(4,798,502) |
|
|
( |
|
( |
( |
|
|
|
||||
|
Related party transactions |
Summary of transactions with related parties
|
|
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is