Tavcom Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03120861 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

TAVCOM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J G Dickinson

J M Williams

SECRETARY:

Mitie Company Secretarial Services Limited

REGISTERED OFFICE:

Level 12, The Shard

London Bridge Street

London

SE1 9SG

REGISTERED NUMBER:

03120861 (England and Wales)

ACCOUNTANTS:

C B Heslop & Company Limited

Chartered Accountants

1 High Street

Thatcham

Berks

RG19 3JG

FIXED ASSETS

Tangible assets

4

4,877

260,595

Investments

5

-

-

4,877

260,595

CURRENT ASSETS

Debtors

6

309,419

220,609

Cash at bank and in hand

596,706

656,250

906,125

876,859

CREDITORS

Amounts falling due within one year

7

240,827

358,572

NET CURRENT ASSETS

665,298

518,287

TOTAL ASSETS LESS CURRENT LIABILITIES

670,175

778,882

PROVISIONS FOR LIABILITIES

9

1,647

1,647

NET ASSETS

668,528

777,235

CAPITAL AND RESERVES

Called up share capital

10

100

100

Capital redemption reserve

11

30

30

Retained earnings

11

668,398

777,105

SHAREHOLDERS' FUNDS

668,528

777,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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 7 December 2023 and were signed on its behalf by:

J M Williams - Director

1.	STATUTORY INFORMATION

Tavcom 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.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for no less than 12 months from the date of approval of the company's financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Interest receivable

Interest earned is credited to profit or loss in the period it becomes receivable by the company.

Other operating income

Income not considered to be part of the company's turnover is included as other operating income and is credited to profit or loss once the company becomes contractually entitled to receive it.

Financial instruments

Financial assets and financial liabilities are recognised on the company's balance sheet when the company becomes a party to the contractual commitment and until the commitment is appropriately discharged.

Financial assets comprise cash and cash equivalents, trade and other receivables. Financial liabilities comprise trade and other payables. These are classified in the financial statements under appropriate headings.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2022

363,912

128,232

492,144

Disposals

(363,912

)

-

(363,912

)

At 31 March 2023

-

128,232

128,232

DEPRECIATION

At 1 April 2022

109,820

121,729

231,549

Charge for year

5,458

1,626

7,084

Eliminated on disposal

(115,278

)

-

(115,278

)

At 31 March 2023

-

123,355

123,355

NET BOOK VALUE

At 31 March 2023

-

4,877

4,877

At 31 March 2022

254,092

6,503

260,595

The company's freehold property was sold during the year to its new subsidiary Guard Linx Limited. The sale between group companies was carried out at £nil proceeds and the net book value of the property recognised as a loss on disposal in the year.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

999

Disposals

(999

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

During the year Guard Linx Limited, company number 05853593 (England & Wales) was acquired as a subsidiary. The investment was held at cost of £999.

During the year the company's freehold property was sold to its new subsidiary Guard Linx Limited. The company disposed of its investment in Guard Linx Limited in February 2023 by way of a distribution to D J Gill the ultimate controlling party. Guard Linx Limited remained under the control of D J Gill. This reorganisation was an essential element in achieving the sale of the Linx Group of companies to Mitie Limited in April 2023.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

10,493

-

Amounts owed by group undertakings

177,548

32,726

Other debtors

121,378

187,883

309,419

220,609

Other debtors includes an amount of £121,378 (2022- £187,883) in respect of prepaid expenses and accrued income.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

44,260

47,160

Amounts owed to group undertakings

-

57,525

Taxation and social security

82,440

65,764

Other creditors

114,127

188,123

240,827

358,572

Other creditors includes an amount of £108,695 (2022- £173,815) in respect of accrued expenses and deferred income.

Taxation and social security includes corporation tax of £35,118 (2022- £14,758).

8.	LEASING AGREEMENTS

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

31.3.23

31.3.22

£

£

Within one year

39,218

39,218

9.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

1,647

1,647

Deferred

tax

£

Balance at 1 April 2022

1,647

Balance at 31 March 2023

1,647

The deferred tax provision is made in respect of possible tax liabilities arising from accelerated capital allowances.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary A

£1

100

100

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2022

777,105

30

777,135

Deficit for the year

(107,708

)

(107,708

)

Dividends

(999

)

(999

)

At 31 March 2023

668,398

30

668,428

Balances as at 1st April 2022 have been restated to reflect £30 in capital redemption reserve.

During the year ended 31st March 2016 the company bought back B, C and D ordinary shares. A transfer of £30 has been recognised as a transfer to capital redemption reserve in respect of the nominal value of these shares.

The retained earnings comprises the retained profits and losses of the company, less amounts distributed to the company's shareholders.

12.	CONTINGENT LIABILITIES

There were no contingent liabilities as at 31st March 2022 and at 31st March 2023.

13.	RELATED PARTY DISCLOSURES

At the year end the following amounts were outstanding in connection with the following related parties:

Due from Arc Training International Limited - £28,883 (2022 - £28,882).

Due from Perpetuity Training Limited - £3,844 (2022 - £3,844).

Due from Linx International Group Limited - £144,821 (2022 - due to £57,525).

During the year the company's freehold property was sold to its new subsidiary Guard Linx Limited. The company disposed of its investment in Guard Linx Limited in February 2023 by way of a distribution to D J Gill the ultimate controlling party. Guard Linx Limited remained under the control of D J Gill. This reorganisation was an essential element in achieving the sale of the Linx Group of companies to Mitie Limited in April 2023.

14.	POST BALANCE SHEET EVENTS

The company's parent company, Linx International Group Limited was acquired by Mitie Limited in April 2023.

15.	ULTIMATE CONTROLLING PARTY

At 31st March 2023 the company was a subsidiary of Linx International Group Limited, company number 02057133 (England & Wales).

The directors consider D J Gill to be the ultimate controlling party at 31st March 2023 by virtue of his controlling interest in the holding company.