Tailor Made Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01821931 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

FOR

TAILOR MADE SYSTEMS LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Shapton

Mr P S Smith

Mr P O Evans

Mr R J Gore

REGISTERED OFFICE:

6 Waterside Business Park

Wheelhouse Road

Rugeley

Staffordshire

WS15 1LJ

REGISTERED NUMBER:

01821931 (England and Wales)

ACCOUNTANTS:

R Pau & Co Limited

Chartered Certified Accountants

12-16 Station Street East

Coventry

West Midlands

CV6 5FJ

BANKERS:

Barclays Bank

Narborough Road

Leicester

Leicestershire

LE87 2BB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

104,367

112,617

Investments

6

51

51

104,418

112,668

CURRENT ASSETS

Stocks

163,084

426,961

Debtors

1,645,493

1,718,751

Cash at bank

1,011,516

454,254

2,820,093

2,599,966

CREDITORS

Amounts falling due within one year

734,846

870,694

NET CURRENT ASSETS

2,085,247

1,729,272

TOTAL ASSETS LESS CURRENT LIABILITIES

2,189,665

1,841,940

PROVISIONS FOR LIABILITIES

13,679

-

NET ASSETS

2,175,986

1,841,940

CAPITAL AND RESERVES

Called up share capital

15,008

15,008

Capital reduction reserve

189,020

189,020

Retained earnings

1,971,958

1,637,912

SHAREHOLDERS' FUNDS

2,175,986

1,841,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Financial Position for the year ended 31st March 2021 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 22nd December 2021 and were signed on its behalf by:

Mr R Shapton - Director

1.	STATUTORY INFORMATION

Tailor Made Systems 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.

TURNOVER

The company's turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year 77% of the company's turnover related to exports (2020 - 56%).

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

INTANGIBLE FIXED ASSETS

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

Patents - straight line over the period of the patent

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

STOCKS AND WORK IN PROGRESS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making the due allowance for obsolete and slow moving items.

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2020 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2020

and 31st March 2021

14,270

AMORTISATION

At 1st April 2020

and 31st March 2021

14,270

NET BOOK VALUE

At 31st March 2021

-

At 31st March 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2020

458,584

Additions

11,171

At 31st March 2021

469,755

DEPRECIATION

At 1st April 2020

345,967

Charge for year

19,421

At 31st March 2021

365,388

NET BOOK VALUE

At 31st March 2021

104,367

At 31st March 2020

112,617

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1st April 2020

and 31st March 2021

51

NET BOOK VALUE

At 31st March 2021

51

At 31st March 2020

51