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Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Tomburn Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2021 |
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for |
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Tomburn Limited |
Tomburn Limited (Registered number: 03134975) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Tomburn Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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4 Cedar Park |
Ferndown Industrial Estate |
Wimborne |
Dorset |
BH21 7SF |
Tomburn Limited (Registered number: 03134975) |
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Statement of Financial Position |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 13 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Tomburn Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. |
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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 in all the year presented, unless otherwise stated. |
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Going concern |
COVID-19 caused a slow start to the year, with a below budget Q1 in terms of both turnover and profit. From Q2 until the end of the year, results have been strong and Q3 saw the benefit of all the delayed turnover from Q1. |
2021-22 has seen a similar slow start. However, similar to last year, since the slow start, turnover and profits have been significantly above budget and the company's cash position is strong. |
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Therefore the directors have prepared the accounts on a going concern basis. |
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Preparation of consolidated financial statements |
The financial statements contain information about Tomburn Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are noted below: |
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Depreciation - The company establishes a reliable estimate of the useful lives of tangible fixed assets. |
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Rectification and claims provision - These provisions are provided to cover expected costs to be incurred against warranties included to customers as part of the sales contracts. These are based on a combination of specific items where possible and past experience. |
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Bad debt provision - The directors have completed a review of the trade debtor balances to determine which balances are unlikely to be received and a provision has been accounted for where necessary. |
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Stock provision - The directors have completed a review of stock balances at the balance at the balance sheet date and have included a provision in the accounts for stock items which are not expected to be sold. |
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Revenue recognition |
Turnover represents amounts invoiced (net of VAT) primarily for the application of high quality finishes to aluminium and steel and is recognised on despatch. There are certain contracts where the company has fulfilled its obligation to the customer but at the request of the customer, the company holds the product until such time as the customer instructs delivery to occur. Where the principal risks and rewards are deemed to have passed to the customer in these situation only, the company recognises the revenue prior to despatch. |
Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangibles assets are stated in the Statement of Financial Position at cost, less any subsequent accumulated depreciation and subsequent impairment losses. |
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The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
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Depreciation |
All assets are depreciated so as to write off the cost of assets, other than land over their estimated useful lives, as follows; |
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Leasehold property - over the term of the lease |
Fixtures, fittings and equipment - over 3 to 5 years |
Motor vehicles - over 3 to 4 years |
Plant and machinery - over 3 to 10 years |
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Government grants |
Government grants shall be recognised in profit or loss on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate. |
Income support through Government grants received during the year relate to the Coronavirus Job Retention Scheme (CJRS) and interest support through the Coronavirus Business Interruption Loan Scheme (CBILS). |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Stocks |
Stock and work in progress are valued at the lower of costs and net realisable value, after due regards for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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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. |
Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. These assets are depreciated over their estimated useful economic lives. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
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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. |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. Cash and cash equivalents comprise cash on hand and call deposits, 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. |
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Debtors |
Short term debtors are measured at transaction price, less any provisions for amounts considered irrecoverable. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective rate of interest method, less any impairment. |
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Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
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Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
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Borrowings |
Interest-bearing borrowings are initially recorded at fair valuer, net of transactions costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss account over the period of the relevant borrowing. |
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Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
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Borrowings are classified as currently liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date, |
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Provisions |
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
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Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Other | Furniture, |
Land & | plant and | fittings, | Motor |
buildings | equipment | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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Disposals |
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Reclassification/transfer |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Included within the net book value of land and buildings is £1,108,785, (2020: £1,121,386) in respect of long leasehold land and buildings and £37,131 (2020: £43,012) in respect of short leasehold land and buildings. |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
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undertakings |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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6. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Registered office: Provozovna Letovice, Prazska 49, 67961, Letovice, Czech Republic |
Nature of business:
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Class of shares: | holding |
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2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Registered office: Gunstore Road, Hilsea, Portsmouth, Hampshire PO3 5HL |
Nature of business:
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Class of shares: | holding |
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Registered office: Gunstore Road, Hilsea, Portsmouth, Hampshire PO3 5HL |
Nature of business:
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Class of shares: | holding |
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Registered office: Gunstore Road, Hilsea, Portsmouth, Hampshire PO3 5HL |
Nature of business:
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Class of shares: | holding |
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Registered office: Gunstore Road, Hilsea, Portsmouth, Hampshire PO3 5HL |
Nature of business:
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Class of shares: | holding |
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7. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 11) |
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Hire purchase contracts (see note 12) |
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Trade creditors |
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Social security and other taxes |
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VAT | 164,797 | 168,660 |
Other creditors |
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Accrued expenses |
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10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 11) |
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Hire purchase contracts (see note 12) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank borrowings by instalments | 80,392 | 155,603 |
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11. | LOANS |
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An analysis of the maturity of loans is given below: |
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2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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11. | LOANS - continued |
2021 | 2020 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank borrowings by instalments | 80,392 | 155,603 |
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Secured creditors |
During the year the company received £500,000 in respect of the Coronavirus Business Interruption Loan Scheme and these loans are secured by guarantees provided by the UK Government. |
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The remaining bank borrowings are secured on the property owned by the company, Gunstore Road, Portsmouth. |
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Short term borrowings represents the debt factoring loan which is secured against the trade debtors of the company. |
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Hire purchase agreements are secured against the relevant assets. |
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12. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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13. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Other provisions |
Rectification claims and other |
provisions | 10,000 | 10,000 |
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Tomburn Limited (Registered number: 03134975) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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13. | PROVISIONS FOR LIABILITIES - continued |
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Other |
provisions |
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Balance at 1 April 2020 |
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Balance at 31 March 2021 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary of £0.10 | 0.10 | 5,083 | 5,083 |
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15. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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16. | RELATED PARTY DISCLOSURES |
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Other transactions with directors |
Personal guarantees |
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The directors have entered into agreements which provided the following personal guarantees on the company's behalf; |
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Personal guarantees totalling £100,000 from J Tomlinson (2020: £100,000) |
Personal guarantees totalling £80,000 from D Hepburn (2020: £80,000) |
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Summary of transactions with subsidiary companies |
During the year the company received management charges of £Nil (2020: £24,092) from Tomburn Cz s.r.o. The company also received dividends of £316,287 (2020: £374,048). |
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As at 31 March 2021, the company is owed £2,840 (2020: £295,048) from Tomburn Cz s.r.o. |
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17. | POST BALANCE SHEET EVENTS |
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Following the year end, the company was subject to a Management Buy out by a number of the existing directors allowing retirement from the business of some of the other directors. |