Totally Converged Solutions Ltd 06793065 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is telecommunications hardware and connections Digita Accounts Production Advanced 6.30.9574.0 true true 06793065 2022-02-01 2023-01-31 06793065 2023-01-31 06793065 bus:Director1 1 2023-01-31 06793065 bus:Director2 1 2023-01-31 06793065 core:CurrentFinancialInstruments 2023-01-31 06793065 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 06793065 core:Non-currentFinancialInstruments 2023-01-31 06793065 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 06793065 core:FurnitureFittingsToolsEquipment 2023-01-31 06793065 core:OtherPropertyPlantEquipment 2023-01-31 06793065 bus:SmallEntities 2022-02-01 2023-01-31 06793065 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 06793065 bus:FullAccounts 2022-02-01 2023-01-31 06793065 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 06793065 bus:RegisteredOffice 2022-02-01 2023-01-31 06793065 bus:Director1 2022-02-01 2023-01-31 06793065 bus:Director1 1 2022-02-01 2023-01-31 06793065 bus:Director2 2022-02-01 2023-01-31 06793065 bus:Director2 1 2022-02-01 2023-01-31 06793065 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06793065 core:FurnitureFittings 2022-02-01 2023-01-31 06793065 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 06793065 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 06793065 core:PlantMachinery 2022-02-01 2023-01-31 06793065 countries:EnglandWales 2022-02-01 2023-01-31 06793065 2022-01-31 06793065 bus:Director1 1 2022-01-31 06793065 bus:Director2 1 2022-01-31 06793065 core:FurnitureFittingsToolsEquipment 2022-01-31 06793065 core:OtherPropertyPlantEquipment 2022-01-31 06793065 2021-02-01 2022-01-31 06793065 2022-01-31 06793065 bus:Director1 1 2022-01-31 06793065 bus:Director2 1 2022-01-31 06793065 core:CurrentFinancialInstruments 2022-01-31 06793065 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 06793065 core:Non-currentFinancialInstruments 2022-01-31 06793065 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 06793065 core:FurnitureFittingsToolsEquipment 2022-01-31 06793065 core:OtherPropertyPlantEquipment 2022-01-31 06793065 bus:Director1 1 2021-02-01 2022-01-31 06793065 bus:Director2 1 2021-02-01 2022-01-31 06793065 bus:Director1 1 2021-01-31 06793065 bus:Director2 1 2021-01-31 iso4217:GBP xbrli:pure

Registration number: 06793065

Totally Converged Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Totally Converged Solutions Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Totally Converged Solutions Ltd

Company Information

Directors

Mr Andrew Thomas

Mr Simon Dixon

Registered office

9 Shenley Pavillions
Shenley Wood
Milton Keynes
MK5 6LB

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

 

Totally Converged Solutions Ltd

(Registration number: 06793065)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,149

5,934

Current assets

 

Stocks

5

25,761

16,958

Debtors

6

334,681

258,724

Cash at bank and in hand

 

183

25,970

 

360,625

301,652

Creditors: Amounts falling due within one year

7

(269,408)

(189,964)

Net current assets

 

91,217

111,688

Total assets less current liabilities

 

97,366

117,622

Creditors: Amounts falling due after more than one year

7

(94,113)

(112,293)

Net assets

 

3,253

5,329

Capital and reserves

 

Called up share capital

1,002

1,002

Retained earnings

2,251

4,327

Shareholders' funds

 

3,253

5,329

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr Simon Dixon
Director

 

Totally Converged Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Shenley Pavillions
Shenley Wood
Milton Keynes
MK5 6LB

These financial statements were authorised for issue by the Board on 16 October 2023.

2

Accounting policies

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 to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Totally Converged Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Straight line basis

Furniture, fittings & equipment

25% Straight line basis

Cash and cash equivalents

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Totally Converged Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction 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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

Totally Converged Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

7,305

15,161

22,466

Additions

-

3,248

3,248

At 31 January 2023

7,305

18,409

25,714

Depreciation

At 1 February 2022

7,305

9,227

16,532

Charge for the year

-

3,033

3,033

At 31 January 2023

7,305

12,260

19,565

Carrying amount

At 31 January 2023

-

6,149

6,149

At 31 January 2022

-

5,934

5,934

5

Stocks

2023
£

2022
£

Other inventories

25,761

16,958

6

Debtors

Current

2023
£

2022
£

Trade debtors

240,821

163,877

Prepayments

8,380

8,380

Other debtors

85,480

86,467

 

334,681

258,724

 

Totally Converged Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

58,502

35,780

Trade creditors

 

98,564

70,569

Taxation and social security

 

30,147

10,497

Accruals and deferred income

 

39,697

39,702

Other creditors

 

581

693

Corporation tax

 

41,917

32,723

 

269,408

189,964

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

94,113

112,293

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

94,113

112,293

2023
£

2022
£

Current loans and borrowings

Bank borrowings

51,460

35,780

Bank overdrafts

7,042

-

58,502

35,780

 

Totally Converged Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,375 (2022 - £31,625).

10

Related party transactions

Transactions with directors

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Simon Dixon

Advance

45,053

65,932

(68,300)

42,685

         
       

Mr Andrew Thomas

Advance

41,414

51,381

(50,000)

42,795

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Mr Simon Dixon

Advance

54,695

70,967

(80,609)

45,053

         
       

Mr Andrew Thomas

Advance

38,420

52,994

(50,000)

41,414