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COMPANY REGISTRATION NUMBER: 06724324
TPH Global Limited
Filleted Unaudited Accounts
31 March 2023
TPH Global Limited
Statement of Financial Position
31 March 2023
2023
2022
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
20,402
25,587
Current assets
Debtors
6
1,253,035
5,424,245
Cash at bank and in hand
11,025,323
13,746,772
-------------
-------------
12,278,358
19,171,017
Creditors: amounts falling due within one year
7
( 10,873,300)
( 18,214,009)
-------------
-------------
Net current assets
1,405,058
957,008
------------
---------
Total assets less current liabilities
1,425,460
982,595
------------
---------
Net assets
1,425,460
982,595
------------
---------
Capital and reserves
Called up share capital
9
1,200
1,200
Profit and loss account
10
1,424,260
981,395
------------
---------
Shareholders funds
1,425,460
982,595
------------
---------
These accounts 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 March 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
TPH Global Limited
Statement of Financial Position (continued)
31 March 2023
These accounts were approved by the board of directors and authorised for issue on 17 November 2023 , and are signed on behalf of the board by:
Mr KS Plummer
Director
Company registration number: 06724324
TPH Global Limited
Notes to the Accounts
Year ended 31 March 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 10 Orange Street, London, WC2H 7DQ.
2. Statement of compliance
These accounts 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 accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern and as such the accounts have been prepared on this basis. The directors consider the business to have sufficient cash reserves to enable it to meet its ongoing trading obligations as they fall due, for a period of not less than one year from the date the accounts are approved.
Revenue recognition
Turnover represents the fair value of payroll services provided during the year and the sale of payroll related software licences to clients, net of VAT. Turnover which has been recognised but not invoiced by the balance sheet date is included in debtors as accrued income. Amounts invoiced in advance are included in deferred income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 & Fittings
-
5 years straight line
Equipment
-
5 years straight line
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. 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 17 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022 (as restated)
6,722
74,343
81,065
Additions
325
4,528
4,853
Disposals
( 400)
( 400)
-------
--------
--------
At 31 March 2023
7,047
78,471
85,518
-------
--------
--------
Depreciation
At 1 April 2022
3,489
51,989
55,478
Charge for the year
931
9,042
9,973
Disposals
( 335)
( 335)
-------
--------
--------
At 31 March 2023
4,420
60,696
65,116
-------
--------
--------
Carrying amount
At 31 March 2023
2,627
17,775
20,402
-------
--------
--------
At 31 March 2022
3,233
22,354
25,587
-------
--------
--------
6. Debtors
2023
2022
(restated)
£
£
Trade debtors
1,243,107
5,417,775
Other debtors
9,928
6,470
------------
------------
1,253,035
5,424,245
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
71,852
71,867
Corporation tax
90,887
129,574
Social security and other taxes
22,596
46,089
Other creditors
10,687,965
17,966,479
-------------
-------------
10,873,300
18,214,009
-------------
-------------
8. Prior period errors
As a result of an internal journal posting error, prior period cost of sales were understated by £73,596. A prior period adjustment has been made to remedy this error and the comparatives are now marked as restated. This adjustment results in the prior period corporation tax charge being reduced by £13,983.
9. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
1,200
1,200
1,200
1,200
-------
-------
-------
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
45,000
45,000
Later than 1 year and not later than 5 years
56,250
101,250
---------
---------
101,250
146,250
---------
---------
12. Related party transactions
There are no related party transactions or balances to be disclosed under the requirements of FRS 102 Section 1A.
13. Controlling party
The immediate parent company is TPH Technologies Pty Ltd . The ultimate parent company is International Creative Accounting Services Pty Ltd . Both companies are registered in Australia. The ultimate controlling party is K S Plummer, a director.