Company registration number 09679591 (England and Wales)
TF3 PROMOTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
TF3 PROMOTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
TF3 PROMOTIONS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,153
13,156
Current assets
Debtors
4
69,687
62,354
Cash at bank and in hand
52,036
58,860
121,723
121,214
Creditors: amounts falling due within one year
5
(7,794)
(10,706)
Net current assets
113,929
110,508
Total assets less current liabilities
134,082
123,664
Provisions for liabilities
(4,600)
(3,289)
Net assets
129,482
120,375
Capital and reserves
Called up share capital
6
10
10
Profit and loss reserves
129,472
120,365
Total equity
129,482
120,375
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 October 2023
Mr T W Francis
Director
Company registration number 09679591 (England and Wales)
TF3 PROMOTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
2
97,353
97,355
Year ended 31 July 2022:
Profit and total comprehensive income
-
27,012
27,012
Issue of share capital
6
8
-
8
Dividends
-
(4,000)
(4,000)
Balance at 31 July 2022
10
120,365
120,375
Year ended 31 July 2023:
Profit and total comprehensive income
-
17,607
17,607
Dividends
-
(8,500)
(8,500)
Balance at 31 July 2023
10
129,472
129,482
TF3 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
TF3 Promotions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for promotional work provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Sports equipment
33% Reducing Balance
Fixtures, fittings & equipment
25% Straight Line
Computer equipment
25% Straight Line
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TF3 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Sports equipment
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 August 2022
15,588
3,647
4,021
23,256
Additions
8,690
3,272
1,576
13,538
At 31 July 2023
24,278
6,919
5,597
36,794
Depreciation and impairment
At 1 August 2022
4,934
2,495
2,671
10,100
Depreciation charged in the year
4,758
735
1,048
6,541
At 31 July 2023
9,692
3,230
3,719
16,641
Carrying amount
At 31 July 2023
14,586
3,689
1,878
20,153
At 31 July 2022
10,654
1,152
1,350
13,156
TF3 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,187
15,687
Other debtors
43,500
46,667
69,687
62,354
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
3,019
5,462
Other creditors
4,775
5,244
7,794
10,706
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8
8
8
8
Ordinary B of £1 each
2
2
2
2
10
10
10
10
7
Related party transactions
The company has an existing loan with TF3 Properties Limited. At the year end the amount owed to TF3 Promotions Limited was £40,000 (2022 - £40,000), this amount is included in debtors: amounts falling due within one year. Mr T Francis is a director of both TF3 Promotions Limited and TF3 Properties Limited.
8
Directors' transactions
Dividends totalling £2,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's director.
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £3,395 (2022 - £3,864), this amount being included in creditors amounts falling due within one year.