12 false false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 894,185 894,185 xbrli:pure xbrli:shares iso4217:GBP 05683203 2022-02-01 2023-01-31 05683203 2023-01-31 05683203 2022-01-31 05683203 2021-02-01 2022-01-31 05683203 2022-01-31 05683203 2021-01-31 05683203 core:FurnitureFittings 2022-02-01 2023-01-31 05683203 core:MotorVehicles 2022-02-01 2023-01-31 05683203 bus:Director1 2022-02-01 2023-01-31 05683203 core:NetGoodwill 2023-01-31 05683203 core:FurnitureFittings 2022-01-31 05683203 core:MotorVehicles 2022-01-31 05683203 core:FurnitureFittings 2023-01-31 05683203 core:MotorVehicles 2023-01-31 05683203 core:WithinOneYear 2023-01-31 05683203 core:WithinOneYear 2022-01-31 05683203 core:AfterOneYear 2023-01-31 05683203 core:AfterOneYear 2022-01-31 05683203 core:ShareCapital 2023-01-31 05683203 core:ShareCapital 2022-01-31 05683203 core:RetainedEarningsAccumulatedLosses 2023-01-31 05683203 core:RetainedEarningsAccumulatedLosses 2022-01-31 05683203 core:BetweenOneFiveYears 2023-01-31 05683203 core:BetweenOneFiveYears 2022-01-31 05683203 core:FurnitureFittings 2022-01-31 05683203 core:MotorVehicles 2022-01-31 05683203 bus:SmallEntities 2022-02-01 2023-01-31 05683203 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 05683203 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 05683203 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05683203 bus:FullAccounts 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 05683203
TSU (Europe) Ltd
Filleted Unaudited Financial Statements
31 January 2023
TSU (Europe) Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
47,317
62,826
Current assets
Stocks
51,162
36,162
Debtors
7
146,335
144,255
Cash at bank and in hand
943,367
912,685
------------
------------
1,140,864
1,093,102
Creditors: amounts falling due within one year
8
223,199
242,003
------------
------------
Net current assets
917,665
851,099
---------
---------
Total assets less current liabilities
964,982
913,925
Creditors: amounts falling due after more than one year
9
300,000
300,000
Provisions
Taxation including deferred tax
11,485
15,286
---------
---------
Net assets
653,497
598,639
---------
---------
TSU (Europe) Ltd
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
653,397
598,539
---------
---------
Shareholders funds
653,497
598,639
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mr. M.P. Shah
Director
Company registration number: 05683203
TSU (Europe) Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 410-412 Green Lanes, Palmers Green, London, N13 5XG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Motor vehicles
-
15% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
894,185
---------
Amortisation
At 1 February 2022 and 31 January 2023
894,185
---------
Carrying amount
At 31 January 2023
---------
At 31 January 2022
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2022
94,115
50,000
144,115
Additions
1,465
1,465
--------
--------
---------
At 31 January 2023
95,580
50,000
145,580
--------
--------
---------
Depreciation
At 1 February 2022
73,789
7,500
81,289
Charge for the year
9,474
7,500
16,974
--------
--------
---------
At 31 January 2023
83,263
15,000
98,263
--------
--------
---------
Carrying amount
At 31 January 2023
12,317
35,000
47,317
--------
--------
---------
At 31 January 2022
20,326
42,500
62,826
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
116,061
114,114
Other debtors
30,274
30,141
---------
---------
146,335
144,255
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
176,790
176,817
Corporation tax
19,661
36,990
Social security and other taxes
3,501
3,943
Other creditors
23,247
24,253
---------
---------
223,199
242,003
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Shareholders loan accounts
300,000
300,000
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
45,100
45,100
Later than 1 year and not later than 5 years
135,300
180,400
---------
---------
180,400
225,500
---------
---------