Company registration number 11789205 (England and Wales)
TFF TAX LIMITED
TRADING AS YES TAX
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
TFF TAX LIMITED
TRADING AS YES TAX
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 6
TFF TAX LIMITED
TRADING AS YES TAX
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TFF TAX LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TFF Tax Limited for the year ended 31 March 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of TFF Tax Limited, as a body, in accordance with the terms of our engagement letter dated 8 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of TFF Tax Limited and state those matters that we have agreed to state to the board of directors of TFF Tax Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TFF Tax Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that TFF Tax Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TFF Tax Limited. You consider that TFF Tax Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of TFF Tax Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HSKSG
16 November 2023
Chartered Accountants
3rd Floor
Butt Dyke House
33 Park Row
Nottingham
NG1 6EE
TFF TAX LIMITED
TRADING AS YES TAX
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
95,720
121,064
Current assets
Debtors
5
828,195
983,614
Cash at bank and in hand
735,690
787,130
1,563,885
1,770,744
Creditors: amounts falling due within one year
6
(609,008)
(668,127)
Net current assets
954,877
1,102,617
Total assets less current liabilities
1,050,597
1,223,681
Provisions for liabilities
(19,961)
(29,461)
Net assets
1,030,636
1,194,220
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,030,536
1,194,120
Total equity
1,030,636
1,194,220
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Mr M R J Wood
Mrs R E Hart
Director
Director
Company registration number 11789205 (England and Wales)
TFF TAX LIMITED
TRADING AS YES TAX
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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1
Accounting policies
Company information
TFF Tax Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Butt Dyke House, 33 Park Row, Nottingham, NG1 6EE. The principal place of business is The Lodge, Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
During the year the company established a trust, The TFF Tax Limited Employee Ownership Trust. Subsequently the shareholders sold 100% of the issued share capital at market value to TFF Tax Trustees Limited on behalf of the Trust.
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 goods and services 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion. Revenue is recognised at the point a claim is considered complete, it is as this point the outcome of the assignment is probable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
Leasehold improvements
depreciated over the lifetime of the lease
Fixtures and fittings
20 % on reducing balance
Computers
33% on straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TFF TAX LIMITED
TRADING AS YES TAX
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 income statement, 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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TFF TAX LIMITED
TRADING AS YES TAX
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
13
12
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
115,542
35,499
151,041
Additions
2,837
2,837
At 31 March 2023
115,542
38,336
153,878
Depreciation and impairment
At 1 April 2022
20,094
9,883
29,977
Depreciation charged in the year
20,094
8,087
28,181
At 31 March 2023
40,188
17,970
58,158
Carrying amount
At 31 March 2023
75,354
20,366
95,720
At 31 March 2022
95,448
25,616
121,064
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
785,015
945,570
Other debtors
43,180
38,044
828,195
983,614
TFF TAX LIMITED
TRADING AS YES TAX
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
143,093
204,619
Corporation tax
239,522
232,286
Other taxation and social security
129,583
122,917
Other creditors
96,810
108,305
609,008
668,127
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares A of £1 each
90
90
90
90
Ordinary Shares B of £1 each
10
10
10
10
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities
The aggregate of secured liabilities is £nil (2022: £Nil)
Shawbrook Bank Limited hold a fixed and floating charge against the companies assets. The company also holds a negative pledge against TFF Tax Limited.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
112,500
142,500
10
Contingent liabilities
During the year, TFF Tax Limited was acquired by TFF Tax Trustees Limited on behalf of The TFF Tax Limited Employee Ownership Trust. The total consideration consisted of cash and an element of deferred consideration. The deferred consideration is contingent on the future reserves of the company .
The obligation to make future payments of the deferred consideration lies with the Trust and so the liability for future payments has not been recognised by the company.
11
Parent company
The directors regard The TFF Tax Limited Employee Ownership Trust as the ultimate controlling party.