REGISTERED NUMBER: 02614923 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TFH (WORCESTERSHIRE) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A C B Tidmarsh

P R M Tidmarsh

E J Holmes

SECRETARY:

Mrs L J Tidmarsh

REGISTERED OFFICE:

Unit 10

Oldington Trading Estate

Stourport Road

Kidderminster

Worcestershire

DY11 7QP

REGISTERED NUMBER:

02614923 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditor

Highdown House

11 Highdown Road

Leamington Spa

Warwickshire

CV31 1XT

BANKERS:

HSBC

31 Church Street

Kidderminster

DY10 2AY

FIXED ASSETS

Intangible assets

4

5,755

11,510

Tangible assets

5

181,344

134,980

Investments

6

215,000

215,000

402,099

361,490

CURRENT ASSETS

Stocks

1,343,602

1,612,371

Debtors

2,265,853

1,672,656

Cash at bank and in hand

945,270

1,344,148

4,554,725

4,629,175

CREDITORS

Amounts falling due within one year

2,727,920

2,996,493

NET CURRENT ASSETS

1,826,805

1,632,682

TOTAL ASSETS LESS CURRENT LIABILITIES

2,228,904

1,994,172

CREDITORS

Amounts falling due after more than one year

(1,106,215

)

(860,943

)

PROVISIONS FOR LIABILITIES

(37,302

)

(32,398

)

NET ASSETS

1,085,387

1,100,831

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,084,387

1,099,831

SHAREHOLDERS' FUNDS

1,085,387

1,100,831

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

E J Holmes - Director

1.	STATUTORY INFORMATION

TFH (Worcestershire) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Preparation of consolidated financial statements

The financial statements contain information about TFH (Worcestershire) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures & fittings

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Going concern

The financial statements have been prepared on a going concern basis as there are no material uncertainties about the company's ability to continue its operations.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

and 31 December 2024

53,412

AMORTISATION

At 1 January 2024

41,902

Amortisation for year

5,755

At 31 December 2024

47,657

NET BOOK VALUE

At 31 December 2024

5,755

At 31 December 2023

11,510

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

282,640

Additions

73,576

At 31 December 2024

356,216

DEPRECIATION

At 1 January 2024

147,660

Charge for year

27,212

At 31 December 2024

174,872

NET BOOK VALUE

At 31 December 2024

181,344

At 31 December 2023

134,980

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2024

and 31 December 2024

215,000

NET BOOK VALUE

At 31 December 2024

215,000

At 31 December 2023

215,000

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

132,000

28,500

Between one and five years

528,000

-

In more than five years

616,000

-

1,276,000

28,500

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Ashfield BA FCA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

9.	PENSION COMMITMENTS

During the year under review £133,587 (2023: £125,101) was charged to the profit and loss account in respect of pension costs. The were no outstanding contributions at the year end.

10.	CONTINGENT LIABILITIES

There is an unlimited multilateral guarantee in place dated 3 October 2005 given by TFH (Worcestershire) Limited, TFH Holdings Limited and Bryn Roberts Workshops Limited, in favour of HSBC Bank plc.

As at 31 December 2024 the group had exposure on amounts owed to the bank of £1,065,012 (2023: £279,185).

11.	RELATED PARTY DISCLOSURES

TFH Holdings Limited

Parent

The company paid dividends of £103,216 (2023: £57,397) to TFH Holdings Limited during the year.

In addition, TFH (Worcestershire) Limited received cash dividends of £166,018 (2023: £118,942) from TFH USA Inc Limited and £74,362 (2023: £78,590) from TFH Special Needs Toys Canada Inc, on behalf of TFH Holdings Limited.

The company paid rent of £77,000 (2023: £Nil) to TFH Holdings Limited during the year.

The balance due to TFH Holdings Limited at the year end was £1,686,967 (2023: £1,899,012).

Bryn Roberts Workshops Limited

Subsidiary

The company made purchases totalling £1,536,751 (2023: £1,607,516) and charged a management charge of £35,000 (2023: £35,000) to Bryn Roberts Workshops Limited during the year.

The balance due from Bryn Roberts Workshops Limited at the year end was £323,205 (2023: £271,198).

TFH USA Inc Limited

Fellow subsidiary

The company made sales of £1,134,926 (2023: £1,241,675) and were paid expenses of £277,890 (2023: £327,044) by TFH USA Inc Limited during the year.

There was a balance due from TFH USA Inc Limited at the year end of £112,635 (2023: amount owed to TFH USA £103,844).

TFH Special Needs Toys Canada Inc

Fellow subsidiary

The company made sales of £794,565 (2023: £704,109) and were paid expenses of £122,920 (2023: £118,114) by TFH Special Needs Toys Canada Inc during the year.

The balance due from TFH Special Needs Toys Canada Inc at the year end was £427,636 (2023: £232,778).

TFH Europa AB

Fellow subsidiary

The company made sales of £412,948 (2023: £426,156) to TFH Europa AB during the year.

The balance due from TFH Europa AB at the year end was £855,770 (2023: £845,374).

12.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is TFH Holdings Limited.

No consolidated accounts are drawn up by TFH Holdings Limited.