The TFP Group Limited - Limited company accounts 22.3
The TFP Group Limited - Limited company accounts 22.3
| REGISTERED NUMBER: 05361853 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| THE TFP GROUP LIMITED |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 8 |
| Consolidated Other Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 18 |
| THE TFP GROUP LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Gavin Bell BA ACA |
| AUDITORS: |
| Statutory Auditors |
| Regency Court |
| 62-66 Deansgate |
| Manchester |
| M3 2EN |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| The directors present their strategic report of the company and the group for the year ended 31 March 2022. |
| REVIEW OF BUSINESS -TO BE UPDATED |
| The principal activity of the TFP Group Ltd continues to be the development and operation of care homes. The Group currently owns and operates 4 care homes providing nursing and/or residential and respite care at:- |
| Esk Hall, Sleights |
| Oak Trees, Alne |
| Bedale Grange, Bedale |
| Greenwell House, Bedale |
| The homes are registered with the Care Quality Commission for a total of 90 residents and all 4 homes continue to be assessed as being 'Good' by the CQC. |
| The year saw a welcome diminishing in the effect of the covid 19 pandemic on the business, thanks to the successful roll out of the vaccination programme through 2021 and the enhanced infection control procedures and amended working practices, policies and procedures introduced by the business to minimise risk to residents and staff. Admissions and occupancy remained strong and the business worked hard in the face of increasing costs to maintain margins. Throughout the year our staff have continued to work exceptionally hard in the most difficult of circumstances and the directors would like to place on record their gratitude to them for this. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The TFP Group identifies and monitors the risks it faces at regular meetings of its directors and senior management, relying on the collective and extensive sector knowledge and experience. The directors and senior management put in place policies addressing operations, staffing and training, and a system of audits ensures adherence to the policies. The policies are reviewed regularly to ensure their appropriateness and address the identified risk profile. |
| The principal risks faced by the Group as at 31st March 2022 include those arising from the corona virus pandemic, reputational risk, and financial risk arising from occupancy levels and rising costs. In addition, the directors remain concerned at the difficulty in attracting and retaining staff. This is a complex problem that has been exacerbated by historically low sector-wide rates of pay, as well as government policy on overseas workers and vaccination policies. These risks have been addressed by the directors and senior management, and the directors have no immediate concerns as to the day-to-day risks faced by the group. |
| EVENTS SINCE THE END OF THE YEAR |
| The impact of covid has significantly diminished since the year end and the trading position of the business is good with the group maintaining performance as forecast. This enabled a successful renewal of the groups mortgage loans over a 15 year term providing the group with financial stability to continue into the future. |
| ON BEHALF OF THE BOARD: |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 March 2022. |
| PRINCIPAL ACTIVITIES |
| The principal activities of the group in the year under review were that of the operation of care homes and the development, rental and sale of residential property. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 March 2022. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| AUDITORS |
| The auditors, Sedulo Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE TFP GROUP LIMITED |
| Qualified opinion |
| We have audited the financial statements of The TFP Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements: |
| - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2021 and of the group's loss for the period 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 qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 qualified opinion. |
| The scope of our work was limited in that we were unable to obtain sufficient audit evidence concerning the accuracy of Amounts owed by participating interests of £1,037,444 (note 25). Based on the enquiries and procedures we were able to undertake the debtor balance may be overstated by up to £502,420. Consequently, our report is qualified in respect of this matter. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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. |
| Emphasis of matter |
| We draw attention to note 2 of the financial statements which explains post year end re-financing and its impact on the group. |
| Key audit matters |
| Except for the matters described in the basis for qualified opinion section, we have determined that there are no key matters to be communicated in our report. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE TFP GROUP LIMITED |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| THE TFP GROUP LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Extent to which the audit was capable of detecting irregularities, including fraud |
| The primary responsibility for the prevention and detection of fraud rests with directors and management, and we cannot be expected to detect non-compliance with all laws and regulations. |
| We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our knowledge of the business and sector, enquiries of directors and management, and review of regulatory information and correspondence. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. |
| We discussed with directors and management the policies and procedures in place to ensure compliance with laws and regulations and otherwise prevent, deter and detect fraud. |
| Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified as potentially having a material effect on the financial statements. Our procedures included review of financial statement information and testing of that information, enquiry of management and examination of relevant documentation, analytical procedures to identify unusual or unexpected relationships that may indicate fraud, and procedures to address the risk of fraud through director or management override of controls. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditors |
| Regency Court |
| 62-66 Deansgate |
| Manchester |
| M3 2EN |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 31.3.22 | 31.3.21 |
| Notes | £ | £ |
| TURNOVER | 3 | 3,737,671 | 3,335,504 |
| Cost of sales | 171,155 | 156,947 |
| GROSS PROFIT | 3,566,516 | 3,178,557 |
| Administrative expenses | 3,331,856 | 3,335,227 |
| 234,660 | (156,670 | ) |
| Other operating income | 4 | 200,813 | 301,338 |
| OPERATING PROFIT | 6 | 435,473 | 144,668 |
| Interest receivable and similar income | - | 40,239 |
| 435,473 | 184,907 |
| Interest payable and similar expenses | 7 | 93,568 | 101,707 |
| PROFIT BEFORE TAXATION | 341,905 | 83,200 |
| Tax on profit | 8 | 61,216 | 32,547 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 280,689 | 50,653 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 31.3.22 | 31.3.21 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 280,689 | 50,653 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
280,689 |
50,653 |
| Total comprehensive income attributable to: |
| Owners of the parent | 280,689 | 50,653 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2022 |
| 31.3.22 | 31.3.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 418,765 | 450,974 |
| Tangible assets | 11 | 6,053,909 | 6,043,157 |
| Investments | 12 | 675,218 | 675,218 |
| Investment property | 13 | 252,066 | 252,066 |
| 7,399,958 | 7,421,415 |
| CURRENT ASSETS |
| Stocks | 14 | 165,897 | 165,897 |
| Debtors | 15 | 1,278,981 | 1,353,423 |
| Cash at bank | 262,828 | 260,188 |
| 1,707,706 | 1,779,508 |
| CREDITORS |
| Amounts falling due within one year | 16 | 5,329,130 | 2,752,274 |
| NET CURRENT LIABILITIES | (3,621,424 | ) | (972,766 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
3,778,534 |
6,448,649 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(176,368 |
) |
(3,129,556 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (108,869 | ) | (106,485 | ) |
| NET ASSETS | 3,493,297 | 3,212,608 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 2,000 | 2,000 |
| Merger reserve | 23 | 363,589 | 363,589 |
| Retained earnings | 23 | 3,127,708 | 2,847,019 |
| SHAREHOLDERS' FUNDS | 3,493,297 | 3,212,608 |
| The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2023 and were signed on its behalf by: |
| Mrs J Fisher - Director |
| R J D Inman - Director |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2022 |
| 31.3.22 | 31.3.21 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's loss for the financial year | (122,100 | ) | (101,186 | ) |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| COMPANY BALANCE SHEET - continued |
| 31 MARCH 2022 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Called up |
| share | Retained | Merger | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2020 | 2,000 | 2,796,366 | 363,589 | 3,161,955 |
| Changes in equity |
| Total comprehensive income | - | 50,653 | - | 50,653 |
| Balance at 31 March 2021 | 2,000 | 2,847,019 | 363,589 | 3,212,608 |
| Changes in equity |
| Total comprehensive income | - | 280,689 | - | 280,689 |
| Balance at 31 March 2022 | 2,000 | 3,127,708 | 363,589 | 3,493,297 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 April 2020 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 March 2021 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 March 2022 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 31.3.22 | 31.3.21 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 432,184 | 1,183,351 |
| Interest paid | (93,568 | ) | (101,433 | ) |
| Interest element of hire purchase payments paid |
- |
(274 |
) |
| Tax paid | 4,215 | (19,727 | ) |
| Net cash from operating activities | 342,831 | 1,061,917 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (83,351 | ) | (12,505 | ) |
| Sale of tangible fixed assets | - | 329,386 |
| Interest received | - | 40,239 |
| Net cash from investing activities | (83,351 | ) | 357,120 |
| Cash flows from financing activities |
| Bank loans | (167,950 | ) | (419,820 | ) |
| Other loans | (58,912 | ) | (58,884 | ) |
| Amount paid to participating interests | (7,162 | ) | (62,296 | ) |
| Hire purchase contracts | (7,873 | ) | (7,615 | ) |
| Amount withdrawn by directors | (14,000 | ) | (825,824 | ) |
| Net cash from financing activities | (255,897 | ) | (1,374,439 | ) |
| Increase in cash and cash equivalents | 3,583 | 44,598 |
| Cash and cash equivalents at beginning of year |
2 |
259,245 |
214,647 |
| Cash and cash equivalents at end of year |
2 |
262,828 |
259,245 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Profit before taxation | 341,905 | 83,200 |
| Depreciation charges | 104,808 | 102,854 |
| Profit on disposal of fixed assets | - | (18,189 | ) |
| Finance costs | 93,568 | 101,707 |
| Finance income | - | (40,239 | ) |
| 540,281 | 229,333 |
| Decrease/(increase) in trade and other debtors | 81,604 | (19,461 | ) |
| (Decrease)/increase in trade and other creditors | (189,701 | ) | 973,479 |
| Cash generated from operations | 432,184 | 1,183,351 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2022 |
| 31.3.22 | 1.4.21 |
| £ | £ |
| Cash and cash equivalents | 262,828 | 260,188 |
| Bank overdrafts | - | (943 | ) |
| 262,828 | 259,245 |
| Year ended 31 March 2021 |
| 31.3.21 | 1.4.20 |
| £ | £ |
| Cash and cash equivalents | 260,188 | 214,647 |
| Bank overdrafts | (943 | ) | - |
| 259,245 | 214,647 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.4.21 | Cash flow | At 31.3.22 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 260,188 | 2,640 | 262,828 |
| Bank overdrafts | (943 | ) | 943 | - |
| 259,245 | 3,583 | 262,828 |
| Debt |
| Finance leases | (7,873 | ) | 7,873 | - |
| Debts falling due within 1 year | (243,397 | ) | (2,726,326 | ) | (2,969,723 | ) |
| Debts falling due after 1 year | (3,129,556 | ) | 2,953,188 | (176,368 | ) |
| (3,380,826 | ) | 234,735 | (3,146,091 | ) |
| Total | (3,121,581 | ) | 238,318 | (2,883,263 | ) |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | STATUTORY INFORMATION |
| The TFP Group Limited is a |
| The principal activities of the group in the year under review were that of the operation of care homes and the development, rental and sale of residential property. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in Sterling (GBP), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
| During the year, thanks largely to the successful roll out of the vaccination programme and operational procedures put in place within the business, the effects of the coronavirus pandemic were diminished, although the directors are continually assessing the continuing impact of this and other situations on the group, in line with guidance issued. |
| Occupancy levels remained at near to full capacity throughout the year and remain so into the 2022/23 year; demand for residential places remains strong. Accordingly, since the year the end the company has continued to be profitable and is forecasting continued profitability through the next year. |
| The group was cash generative across the year and has been has been cash generative since the year end. The group utilizes short and long term funding facilities from its bankers and reports monthly to them as part of the terms of those facilities. |
| Not withstanding the group had net current liabilities at the year end this was principally due to the group's long term mortgage borrowing, secured on the care homes, being due for renewal shortly after that date. In May 2022 that long term mortgage borrowing was renewed with the group's bankers over a new 15 year term (see note 18). |
| In addition, included within those net current liabilities are loans from director shareholders from whom undertakings have been received that repayment will not be sought until such time as sufficient funds are available. |
| Subsequent to the year end the group also completed on the profitable sales of its remaining residential property development and its investment property, proceeds of which were applied to settling mortgage borrowing secured on those properties and to provide additional working capital for the group. |
| Accordingly at the time of signing these accounts the directors are of the opinion that the group will remain viable for the foreseeable future and therefore these financial statements have been prepared on the going concern basis. |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
| The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. |
| Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. |
| Associates |
| Investments in associates are initially recognised in the consolidated statement of financial position at cost and subsequently adjusted to reflect the group's share of total comprehensive income and equity post acquisition, less any impairment. In the company's individual financial statements investments in associates are accounted for at cost less impairment . |
| Investments in participating interests are initially recognised in the consolidated statement of financial position at deemed cost less any impairment. In the company's individual financial statements investments in participating interests are accounted for at cost less impairment |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Significant judgements and estimates |
| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| The directors have exercised judgement in determining: |
| - the valuation of the investment property |
| - whether there are indications of impairment of the group's fixed assets |
| - whether there are indications of impairment of the group's goodwill |
| - whether there are indications of impairment in the carrying value of fixed asset investments |
| - the recoverability of the debtor balance due from participating interests |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Goodwill |
| Acquired goodwill is being written off in equal annual instalments over its estimated useful economic life of 25 years. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Freehold property | 1% on cost |
| Fixtures and fittings | 10% on cost |
| Plant and machinery | 20% on cost |
| Office equipment | 33% on cost |
| Tangible fixed assets are initially recognised at historic cost or deemed historic cost, which includes expenditure incurred in bringing the asset to its present location and condition. |
| They are assessed at each reporting date for evidence of impairment. Impairment losses are recognised for the amount by which the carrying amount exceeds recoverable amount. Assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that previously recognised impairment losses may no longer exist or be reduced, and any reversal recognised in the accounts. |
| Government grants |
| Grants are classified as either a grant relating to revenue or a grant relating to assets. |
| Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
| Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. |
| The group only enters into transactions in 'basic' financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. |
| Basic financial assets (other than those classified as payable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised. |
| Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently at amortised costs using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised. |
| Financial assets and liabilities are offset, with the net amounts reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by class of business is given below: |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Operation of care homes | 3,735,171 | 3,319,754 |
| Property rental | 2,500 | 15,750 |
| 3,737,671 | 3,335,504 |
| 4. | OTHER OPERATING INCOME |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Rents received | 6,380 | 9,665 |
| Sundry receipts | 5,973 | - |
| Management income | 6,000 | 6,000 |
| RHI income | - | 9,975 |
| Government grants | 182,460 | 275,698 |
| 200,813 | 301,338 |
| Government grants represents assistance towards staffing and additional health and safety costs arising from the Covid 19 pandemic. |
| 5. | EMPLOYEES AND DIRECTORS |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Wages and salaries | 2,346,401 | 2,331,082 |
| Social security costs | 151,139 | 152,326 |
| Other pension costs | 34,361 | 34,719 |
| 2,531,901 | 2,518,127 |
| The average number of employees during the year was as follows: |
| 31.3.22 | 31.3.21 |
| Care home staff |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Directors' remuneration | 8,820 | 9,480 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Other operating leases | 991 | 17,802 |
| Depreciation - owned assets | 72,599 | 70,644 |
| Profit on disposal of fixed assets | - | (18,189 | ) |
| Goodwill amortisation | 32,209 | 32,210 |
| Auditors' remuneration | 15,300 | 15,300 |
| Hire of equipment | 47,363 | 56,383 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Bank loan interest | 74,815 | 83,193 |
| Other loan interest | 18,753 | 18,240 |
| Hire purchase | - | 274 |
| 93,568 | 101,707 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Current tax: |
| UK corporation tax | 58,832 | 27,303 |
| Deferred tax | 2,384 | 5,244 |
| Tax on profit | 61,216 | 32,547 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Profit before tax | 341,905 | 83,200 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
64,962 |
15,808 |
| Effects of: |
| Expenses not deductible for tax purposes | 239 | 18,751 |
| Income not taxable for tax purposes | - | (13,465 | ) |
| Capital allowances in excess of depreciation | (585 | ) | - |
| Depreciation in excess of capital allowances | - | 16,824 |
| Utilisation of tax losses | (6,037 | ) | (2,998 | ) |
| Movement in deferred tax provision | 2,384 | 5,244 |
| Other tax adjustments | 253 | (7,617 | ) |
| Total tax charge | 61,216 | 32,547 |
| 9. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 April 2021 |
| and 31 March 2022 | 944,000 |
| AMORTISATION |
| At 1 April 2021 | 493,026 |
| Amortisation for year | 32,209 |
| At 31 March 2022 | 525,235 |
| NET BOOK VALUE |
| At 31 March 2022 | 418,765 |
| At 31 March 2021 | 450,974 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 April 2021 | 6,219,360 | 3,487 | 27,415 |
| Additions | - | - | 44,370 |
| Reclassification/transfer | - | - | (18,141 | ) |
| At 31 March 2022 | 6,219,360 | 3,487 | 53,644 |
| DEPRECIATION |
| At 1 April 2021 | 202,663 | 3 | 15,169 |
| Charge for year | 61,500 | 61 | 6,559 |
| Reclassification/transfer | - | - | (11,102 | ) |
| At 31 March 2022 | 264,163 | 64 | 10,626 |
| NET BOOK VALUE |
| At 31 March 2022 | 5,955,197 | 3,423 | 43,018 |
| At 31 March 2021 | 6,016,697 | 3,484 | 12,246 |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2021 | 28,586 | 1,499 | 6,280,347 |
| Additions | 35,133 | 3,848 | 83,351 |
| Reclassification/transfer | 18,141 | - | - |
| At 31 March 2022 | 81,860 | 5,347 | 6,363,698 |
| DEPRECIATION |
| At 1 April 2021 | 19,279 | 76 | 237,190 |
| Charge for year | 4,027 | 452 | 72,599 |
| Reclassification/transfer | 11,102 | - | - |
| At 31 March 2022 | 34,408 | 528 | 309,789 |
| NET BOOK VALUE |
| At 31 March 2022 | 47,452 | 4,819 | 6,053,909 |
| At 31 March 2021 | 9,307 | 1,423 | 6,043,157 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold | Computer |
| property | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| Freehold properties are all operational within the group. |
| 12. | FIXED ASSET INVESTMENTS |
| Group |
| Interest |
| in other |
| participating |
| interests |
| £ |
| COST |
| At 1 April 2021 |
| and 31 March 2022 | 675,218 |
| NET BOOK VALUE |
| At 31 March 2022 | 675,218 |
| At 31 March 2021 | 675,218 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Company |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 April 2021 |
| and 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Oak Trees Care Home, Main Street, Alne, North Yorkshire, YO61 1TB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Oak Trees Care Home, Main Street, Alne, North Yorkshire, YO61 1TB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Oak Trees Care Home, Main Street, Alne, North Yorkshire, YO61 1TB |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Oak Trees Care Home, Main Street, Alne, North Yorkshire, YO61 1TB |
| Nature of business: |
| % |
| Class of shares: | holding |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| Investment in participating interest |
| Investments in other participating interest represents the group's 38% interest in the ordinary share capital of the Fisher Care Group Limited, a holding company for healthcare accommodation providers. Since 3 April 2020 the group has had no representation on the Board of Fisher Care Group Limited, nor any significant influence over the operations or management of the company or its subsidiaries. |
| Accordingly, since 3 April 2020 the directors do not consider it appropriate to account for the investment as an interest in Associate, and the brought forward carrying value of the groups consolidated interest in Associate as at 1 April 2020 has been adopted as the deemed cost of Interest in other participating interests. |
| 13. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2021 |
| and 31 March 2022 | 252,066 |
| NET BOOK VALUE |
| At 31 March 2022 | 252,066 |
| At 31 March 2021 | 252,066 |
| Investment property was valued on an open market basis on 31st March 2022 by the directors. |
| 14. | STOCKS |
| Group |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Stocks | 165,897 | 165,897 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.22 | 31.3.21 | 31.3.22 | 31.3.21 |
| £ | £ | £ | £ |
| Trade debtors | 100,000 | 138,449 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by participating interests | 1,037,444 | 1,030,282 | 7,162 | - |
| Other debtors | 86,076 | 121,019 |
| Prepayments | 55,461 | 63,673 |
| 1,278,981 | 1,353,423 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.3.22 | 31.3.21 | 31.3.22 | 31.3.21 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 2,933,249 | 174,865 |
| Other loans (see note 18) | 36,474 | 69,475 |
| Hire purchase contracts (see note 19) | - | 7,873 |
| Trade creditors | 269,317 | 344,345 |
| Amounts owed to group undertakings | - | - |
| Tax | 107,438 | 44,391 |
| Social security and other taxes | 36,216 | 109,169 |
| Other creditors | 974,695 | 1,000,045 |
| Directors' loan accounts | 777,684 | 791,684 | 777,684 | 791,684 |
| Accruals and deferred income | 194,057 | 210,427 |
| 5,329,130 | 2,752,274 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 31.3.22 | 31.3.21 | 31.3.22 | 31.3.21 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 176,368 | 3,103,645 |
| Other loans (see note 18) | - | 25,911 |
| 176,368 | 3,129,556 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 31.3.22 | 31.3.21 | 31.3.22 | 31.3.21 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank overdrafts | - | 943 |
| Bank loans | 2,933,249 | 173,922 |
| Other loans | 36,474 | 69,475 |
| 2,969,723 | 244,340 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | - | 2,927,277 |
| Other loans - 1-2 years | - | 25,911 | - |
| - | 2,953,188 |
| Amounts falling due in more than five | years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst | 176,368 | 176,368 | - | - |
| Subsequent to the year end in May 2022 group bank loans falling due within one year in the sum of £2,832,153 (company bank loans in the sum of £2,653,991) were renewed on 15 year terms repayable by monthly instalments. |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Net obligations repayable: |
| Within one year | - | 7,873 |
| Company |
| Hire purchase contracts |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 31.3.22 | 31.3.21 | 31.3.22 | 31.3.21 |
| £ | £ | £ | £ |
| Bank loans | 3,109,617 | 3,277,567 |
| Other loans | 36,474 | 95,386 | 36,474 | 95,386 |
| Hire purchase contracts | - | 7,873 | - | 7,873 |
| 3,146,091 | 3,380,826 |
| Bank and Other loans are secured on the properties of the group. Hire purchase finance is secured on the assets to which it relates. |
| 21. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.3.22 | 31.3.21 |
| £ | £ |
| Deferred tax | 108,869 | 106,485 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2021 | 106,485 |
| Charge to Income Statement during year | 2,384 |
| Balance at 31 March 2022 | 108,869 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
| value: | £ | £ |
| Ordinary | £1 | 2,000 | 2,000 |
| THE TFP GROUP LIMITED (REGISTERED NUMBER: 05361853) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 23. | RESERVES |
| Group |
| Retained | Merger |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2021 | 2,847,019 | 363,589 | 3,210,608 |
| Profit for the year | 280,689 | 280,689 |
| At 31 March 2022 | 3,127,708 | 363,589 | 3,491,297 |
| Merger reserve arises on the acquisition of a subsidiary in a share for share exchange. |
| 24. | OTHER FINANCIAL COMMITMENTS |
| The group has annual plant and machinery lease commitments of £8,194 (2021: £8,194), due to expire September 2029 and annual equipment lease commitments of approximately £54,000 (2021: £54,285), due to expire in an average of less than one year. |
| 25. | RELATED PARTY DISCLOSURES |
| Included in debtors is an amount due from Fisher Care Group Limited, a participating interest, of £1,037,444 (2021: £1,030,282). Interest is chargeable on certain parts of this debtor at rates of 2% and 3.5% over Santander loan rate. |
| Included in Other creditors is an amount owed to TFP Cottages Limited £5,327 (2021: £5,327), a company with common shareholders. No interest is chargeable on this balance. |
| Included in debtors is an amount due from Castellum (Summerbridge MC) Limited, a company with common shareholders, of £52,718 (2021: £Nil). No interest is chargeable on this balance. |
| Included in creditors at the year end were the following amounts owed to directors and shareholders: |
| Estate of J Fisher (former director) £805,824 (2021: £825,824) |
| R Inman £320,306 (2021: £327,306) |
| C Spencer £457,378 (2021: £464,378) |
| The above loans are interest free and have no fixed terms of repayment. |