REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
TAPFLO (UK) LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
TAPFLO (UK) LTD |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TAPFLO (UK) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Sutherland House |
1759 London Road |
Leigh On Sea |
Essex |
SS9 2RZ |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Tapflo (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of 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. |
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. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
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. |
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 |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Transfer to ownership | (27,000 | ) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Transfer to ownership | (18,536 | ) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The company stands as guarantor for amounts advanced to it's immediate parent by the National Westminster Bank PLC. Accordingly the National Westminster Bank PLC holds a fixed and floating charge over all of the company's assets. |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
We were not appointed as auditor of the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are included in the balance sheet at £193,613 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. |
Furthermore, it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence as regards physical inventories included in the preceding years' financial statements at £178,467. Any adjustment to this figure would have a consequential effect on the profit for the year ended 31 December 2022. |
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
The directors are of the opinion that as result of the Research and Development claims which are yet to be finalised, there will be no liability to Corporation Tax for the period. If these claims are unsuccessful the directors anticipate a liability of £23,755. This provision has not been included in the financial statements. |
14. | RELATED PARTY DISCLOSURES |
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. |
TAPFLO (UK) LTD (REGISTERED NUMBER: 03380971) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
14. | RELATED PARTY DISCLOSURES - continued |
Invoices totalling £229,855 (2021: £207,013) were raised to subsidiaries in the same group. At the balance sheet date the amount outstanding was £118,551 (2021: £41,207), included in trade and other debtors. |
Invoices totalling £307,386 (2021: £737,420) were received from subsidiaries in the same group. At the balance sheet date the amount outstanding was £51,965 (2021: £94,322), included in trade and other |
creditors. |
A balance of £324,646 (2021: £292,427) was outstanding from subsidiaries in the same group as this entity at the year end. This balance is included within trade and other debtors and is interest free and repayable on demand. |
Invoices totalling £214,101 (2021: £1,097,203) were received from entities under common control. At the balance sheet date the amount outstanding was £21,517 (2021: £41,617), included in trade and other debtors. |
No invoices were raised to entities under common control in the year (2021: £296). No balance was outstanding at the year end in relation to these (2021: nil). |
A balance of £39,170 (2021: nil) was outstanding from subsidiaries under common control at the year end. This balance is included within trade and other debtors and is interest free and repayable on demand. |
The company's parent company is TS Group International Limited, whose registered office is Sutherland House, 1759 London Road, Leigh-on-sea, Essex, SS9 2RZ. |
TS Group International Limited draws up consolidated financial statements. |
The ultimate controlling party is |
15. | AUDITOR LIABILITY LIMITATION AGREEMENT |
On 25th August 2023 the directors resolved a Liability Limitation Agreement with it's Auditors. It was agreed that £1,000,000 represents a fair maximum to the auditors liability in the event of any one claim arising in respect of the audit. |