Caseware UK (AP4) 2021.0.152 2021.0.152 2021-01-01truefalseConstruction of commercial buildings11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06699146 2021-01-01 2021-12-31 06699146 2020-01-01 2020-12-31 06699146 2021-12-31 06699146 2020-12-31 06699146 c:Director1 2021-01-01 2021-12-31 06699146 d:CurrentFinancialInstruments 2021-12-31 06699146 d:CurrentFinancialInstruments 2020-12-31 06699146 d:Non-currentFinancialInstruments 2021-12-31 06699146 d:Non-currentFinancialInstruments 2020-12-31 06699146 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06699146 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 06699146 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 06699146 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 06699146 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 06699146 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 06699146 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 06699146 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 06699146 d:ShareCapital 2021-12-31 06699146 d:ShareCapital 2020-12-31 06699146 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06699146 d:RetainedEarningsAccumulatedLosses 2021-12-31 06699146 d:RetainedEarningsAccumulatedLosses 2020-12-31 06699146 c:OrdinaryShareClass1 2021-01-01 2021-12-31 06699146 c:OrdinaryShareClass1 2021-12-31 06699146 c:OrdinaryShareClass1 2020-12-31 06699146 c:FRS102 2021-01-01 2021-12-31 06699146 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 06699146 c:FullAccounts 2021-01-01 2021-12-31 06699146 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06699146










Targa (UK) Limited








Unaudited

Financial statements

For the Year Ended 31 December 2021

 
Targa (UK) Limited
Registered number: 06699146

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
-
3,059

Cash at bank and in hand
  
122,169
75,473

  
122,169
78,532

Creditors: amounts falling due within one year
 4 
(368,071)
(251,555)

Total assets less current liabilities
  
 
 
(245,902)
 
 
(173,023)

Creditors: amounts falling due after more than one year
 5 
(20,212)
(26,606)

  

Net liabilities
  
(266,114)
(199,629)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
 8 
(266,115)
(199,630)

  
(266,114)
(199,629)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Hakl
Director
Date: 12 September 2022

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
Targa (UK) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

1.


General information

Targa (UK) Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office is 2nd Floor, 168 Shoreditch High Street, London, United Kingdom, E1 6RA.
The principle activity of the company continued to be that of a subcontractor in the building industry. 
The company's accounts are presented in Pounds Sterling rounded to the nearest whole pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

Notwithstanding that the company made a loss of £66,486 (2020: £9,102) and has net liabilities of £266,114 (2020: £199,629) at the balance sheet date the financial statements have been prepared on a going concern basis. The company has traded during the period with the support of its director, and included within creditors due within one year is an amount of £139,254 (2020: £146,410) due to the director. The director confirms his intention to continue to support the company for a period of no less than one year from the signing of these accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 2

 
Targa (UK) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short-term 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.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Debtors

2021
2020
£
£


Trade debtors
-
3,059


Page 3

 
Targa (UK) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

4.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
6,788
3,394

Trade creditors
78,384
9,381

Other taxation and social security
125,127
67,815

Other creditors
150,854
165,965

Accruals and deferred income
6,918
5,000

368,071
251,555



5.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
20,212
26,606



6.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
6,788
3,394


6,788
3,394

Amounts falling due 1-2 years

Bank loans
6,788
6,788

Amounts falling due 2-5 years

Bank loans
13,424
19,818


13,424
19,818


27,000
30,000



7.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1 (2020 - 1) Ordinary share of £1.00
1
1


Page 4

 
Targa (UK) Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

8.


Reserves

Profit & loss account

The profit and loss account comprises all current and prior period retained profits and losses.
Share capital
This represents the nominal value of shaes that have been issued by the company.


9.


Pension commitments

The Company operated a defined contributions pension scheme during the period. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £989 (2020 - £656). Contributions totalling £Nil (2020 - £255) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

During the period the company operated a loan account with its director, R Hakl. The company made payments of £7,156 (2020: £Nil) on behalf of the director, R Hakl. During the period the company made repayments to R Hakl totalling £Nil. (2020: £Nil). At the period end the amount due to R Hakl was £139,254 (2020: £146,410), which is included within 'Other Creditors' in note 4 to these accounts. 


11.


Controlling party

The company is under the control of its director, R Hakl, who owns 100% of the issued share capital. 


Page 5