Tamlyn and Son Ltd - Period Ending 2023-03-31

Tamlyn and Son Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 9

Tamlyn and Son Ltd

(Registration number: 05770253)
Statement of Financial Position as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	8,015	16,899
Current assets
Debtors	6	89,786	100,268
Cash at bank and in hand		11,885	18,674
		101,671	118,942
Creditors: Amounts falling due within one year	7	(274,785)	(180,486)
Net current liabilities		(173,114)	(61,544)
Net liabilities		(165,099)	(44,645)
Capital and reserves
Called up share capital	8	182	182
Profit and loss account		(165,281)	(44,827)
Shareholders' deficit		(165,099)	(44,645)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 December 2023 and signed on its behalf by:
 

......................................... G I Martin Director

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
35 Market Street
Bridgwater
Somerset
TA6 3EP

Principal activity

The principal activity of the company is surveying, estate agency and auctioneers

2	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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company recorded a loss for the financial year and ended the year with net current liabilities of £173,114 (2022: £61,544). The company is dependent on the ongoing financial support of other related companies and its majority shareholders to provide it with working capital as and when the need arises.

The directors have obtained assurance from these related parties that repayment will not be demanded within twelve months of the date of approval of these financial statements. The directors have also prepared cash flow projections that demonstrate the business will be able to meet its outflows as they fall due for a period of not less than twelve months from the date of approval of these financial statements.

Taking the above factors into account, the directors have therefore continued to adopt the going concern basis in drawing up these financial statements.

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents amounts receivable for services net of VAT and trade discounts and is recognised on provision of the services.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are not taxable or deductible, or that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class	Depreciation method and rate
Short leasehold improvements	20% straight line
Plant and machinery	33% straight line
Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. 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:

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2	Accounting policies (continued)

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented 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.

Basic financial assets, which include trade and other debtors, cash and bank balances and amounts owed by related parties, are initially recognised at transaction price and are subsequently measured at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, which include trade and other creditors and amounts owed to related parties, are initially recognised at transaction price and are subsequently measured at amortised cost. Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2022	225,000	225,000
At 31 March 2023	225,000	225,000
Amortisation
At 1 April 2022	225,000	225,000
At 31 March 2023	225,000	225,000
Carrying amount
At 31 March 2023	-	-

5	Tangible assets

	Short leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2022	73,206	174,369	2,540	16,625	266,740
Additions	-	1,307	-	-	1,307
Disposals	-	(120)	(2,540)	(12,496)	(15,156)
At 31 March 2023	73,206	175,556	-	4,129	252,891
Depreciation
At 1 April 2022	67,526	163,150	2,540	16,625	249,841
Charge for the year	3,643	6,548	-	-	10,191
Eliminated on disposal	-	(120)	(2,540)	(12,496)	(15,156)
At 31 March 2023	71,169	169,578	-	4,129	244,876
Carrying amount
At 31 March 2023	2,037	5,978	-	-	8,015
At 31 March 2022	5,680	11,219	-	-	16,899

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Debtors

	2023 £	2022 £
Trade debtors	6,328	24,257
Other debtors	56,894	50,826
Prepayments	26,564	25,185
	89,786	100,268

7

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	150,256	101,124
Taxation and social security	22,191	20,454
Other creditors	102,338	58,908
	274,785	180,486

8	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary A shares of £0.001 each	140,000	140	140,000	140
Ordinary B shares of £0.001 each	42,000	42	42,000	42
	182,000	182	182,000	182

The Ordinary B shares have no voting rights and rank behind the Ordinary A shares in the event the company is wound up, but in all other respects rank pari passu.

Tamlyn and Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10	Related party transactions

The company remains under the control of P Martin and G Poulter.

Summary of transactions with entities with joint control or significant interest

During the year, the company recorded sales and recharges of £15,938 (2022 - £7,557) and purchases and recharges of £69,626 (2022 - £91,316) with companies under common control. At the year end, related companies owed the company £nil (2022 - £1,440) and amounts owed to related companies totalled £116,604 (2022 - £74,322), included in trade debtors and trade creditors respectively.

Also during the year, a company under common control made a loan to the company. At the year end, the outstanding balance was £70,030 (2022 - £27,000), included in other creditors. Interest of £1,703 (2022 - £nil) was charged on this loan during the year and there are no fixed repayment terms.