ACCOUNTS - Final Accounts

Registered number: 10176945

TUSHINGHAM SALES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

TUSHINGHAM SALES LIMITED

REGISTERED NUMBER:10176945

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2024


	13 months ended 30 September 2024	2023
Note	£	£

Fixed assets
Intangible assets	6		22,458		-
Tangible assets	7		28,284		48,066
			50,742		48,066
Current assets
Stocks	8	723,847		885,665
Debtors: amounts falling due within one year	9	252,528		369,374
Cash at bank and in hand	10	8,081		16,629
		984,456		1,271,668
Creditors: amounts falling due within one year	11	(602,798)		(834,635)
Net current assets			381,658		437,033
Total assets less current liabilities			432,400		485,099

Net assets			432,400		485,099

Capital and reserves
Called up share capital	12	100	100
Profit and loss account		432,300	484,999
		432,400	485,099

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Ms H C Callow

Director

Date: 21 October 2025

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

1.	GENERAL INFORMATION

The company is limited by shares, incorporated in England within the United Kingdom. The address of the registered office is Unit B, Halwell Business Park, Totnes, Devon, TQ9 7LQ. During the year the company extended its period end from 31 August to 30 September. As such, these accounts include the 13 months to 30 September 2024.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 4).

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The directors acknowledge that the Company has generated a loss and less turnover in the period.
Results remained under pressure into the year to September 2025 as the directors chose not to cut back on investment into marketing. There have been significant changes in the wider outdoor recreation market, and also in sales channels, and internally, in the product mix. Looking forward the cost base has been reviewed to better focus on the opportunities in different products and customer type, and the directors are confident of returning to a profitable position, and being able to cover working capital without any additional funding.
When making an assessment of the Company’s ability to continue as a going concern, management considers various factors, including current trading and market conditions, funding requirements, the expectation of future trading and the ability of the group to operate within available funding facilities, and any other relevant circumstances. This assessment covers at least twelve months following the date of approval of the financial statements.
The company is reliant on support from its parent company who has confirmed its intention to provide further financial resources necessary to assist the company meeting its liabilities as and when they fall due to the extent that money is not otherwise available to meet such liabilities.
Consequently, whilst there remains a reliance on continued shareholder support to finance business operations in the short term, the Directors have concluded that the Company will be able to meet its debts as they fall due and have prepared the accounts on a going concern basis.

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.10

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over 10 years.

2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

2.11

TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	10% Straight line
Plant and machinery	-	25% Straight line
Motor vehicles	-	25% Straight line
Fixtures and fittings	-	20 - 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.

2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the period ended 30 September 13 months ended 30 September 2024 was unqualified.

The audit report was signed on 22 October 2025 by Fleur Lewis FCA (Senior statutory auditor) on behalf of Bishop Fleming Audit Limited.

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

4.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key Accounting Estimates and Assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Valuation of Stock
The carrying amounts of the Company's stock is reviewed for impairment where events or changes in circumstances indicate that the carrying amount of the stock may not be recoverable. Judgement is applied to identify any indications of impairment. If any such indication exists, the stock recoverable amount is estimated. An impairment or write-off loss is recognised in the profit and loss account. At the year-end a % of stock is provided against on this basis and this is determined by historical information avaliable.

EMPLOYEES

The average monthly number of employees, including the directors, during the period was as follows:

	13 months ended 30 September	31 August
	2024	2023
	No.	No.

Employees	4	5

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

6.	INTANGIBLE ASSETS

		Goodwill
		£
	COST
	Additions	25,000
	At 30 September 13 months ended 30 September 2024	25,000
	AMORTISATION
	Charge for the period on owned assets	2,542
	At 30 September 13 months ended 30 September 2024	2,542
	NET BOOK VALUE
	At 30 September 13 months ended 30 September 2024	22,458
	At 31 August 2023	-

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

7.	TANGIBLE FIXED ASSETS

	Short-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
COST OR VALUATION
At 1 September 2023	5,883	2,692	103,928	32,101	144,604
Additions	-	-	-	245	245
Disposals	-	-	(16,422)	-	(16,422)
At 30 September 13 months ended 30 September 2024	5,883	2,692	87,506	32,346	128,427
DEPRECIATION
At 1 September 2023	4,198	2,692	64,438	25,210	96,538
Charge for the period on owned assets	1,378	-	14,339	3,271	18,988
Disposals	-	-	(15,383)	-	(15,383)
At 30 September 13 months ended 30 September 2024	5,576	2,692	63,394	28,481	100,143
NET BOOK VALUE
At 30 September 13 months ended 30 September 2024	307	-	24,112	3,865	28,284
At 31 August 2023	1,685	-	39,490	6,891	48,066

8.	STOCKS

		2024	2023
		£	£

Finished goods and goods for resale	723,847	885,665
	723,847	885,665

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

DEBTORS


					2024	2023
					£	£


Trade debtors	107,473	285,369
Other debtors	-	55,408
Prepayments and accrued income	145,055	28,597
	252,528	369,374

10.	CASH AND CASH EQUIVALENTS

		2024	2023
		£	£

Cash at bank and in hand	8,081	16,629
	8,081	16,629

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

		2024	2023
		£	£

Trade creditors	24,275	30,818
Amounts owed to group undertakings	473,553	631,821
Corporation tax	-	2,280
Other taxation and social security	96,621	118,527
Other creditors	747	13,919
Accruals and deferred income	7,602	37,270
	602,798	834,635

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TUSHINGHAM SALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

12.	SHARE CAPITAL

		2024	2023
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

100 (2023: 100) Ordinary shares of £1.00 each	100	100

13.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,514 (2023: £5,703).

14.	RELATED PARTY TRANSACTIONS
	As a wholly owned subsidiary of Vian Marketing Limited, the company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 "Related party disclosures" in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

15.	CONTROLLING PARTY

The company is controlled by Paddle Holdings Limited, which is the only company in which the results of the company are consolidated. Consolidated financial statements are available to the public and may be obtained from the Registrar of Companies, Crown Way, Maindy, Cardiff, CF14 3UZ under Paddle Holdings Limited, company number 13764165.
The controlling party is considered to be the protector committee of the Myers Purpose Trust.

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