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REGISTERED NUMBER: OC312076 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

TFC GROUP LLP

TFC GROUP LLP (REGISTERED NUMBER: OC312076)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


TFC GROUP LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: B M Gates
R J Ormond





REGISTERED OFFICE: Tower House
Vale Rise
TONBRIDGE
Kent
TN9 1TB





REGISTERED NUMBER: OC312076 (England and Wales)





ACCOUNTANTS: Wells Associates
10 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU

TFC GROUP LLP (REGISTERED NUMBER: OC312076)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 184,367 308,787
Property, plant and equipment 5 55,938 86,685
240,305 395,472

CURRENT ASSETS
Inventories 6 1,099,520 1,058,902
Debtors 7 2,240,162 2,539,254
Cash at bank and in hand 165,049 62,631
3,504,731 3,660,787
CREDITORS
Amounts falling due within one year 8 260,601 403,875
NET CURRENT ASSETS 3,244,130 3,256,912
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,484,435

3,652,384

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

370,463

538,412

MEMBERS' OTHER INTERESTS
Capital accounts 3,113,972 3,113,972
3,484,435 3,652,384

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 370,463 538,412
Members' other interests 3,113,972 3,113,972
Amounts due from members 7 (320,648 ) (421,630 )
3,163,787 3,230,754

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

TFC GROUP LLP (REGISTERED NUMBER: OC312076)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 July 2023 and were signed by:





R J Ormond - Designated member

TFC GROUP LLP (REGISTERED NUMBER: OC312076)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

TFC Group LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various business interests, is being amortised evenly over its estimated useful life of ten years

Property, plant and equipment
Property, plant and equipment is measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Short leasehold - in accordance with the property
Motor vehicles - 33.3% straight line
Fixtures and fittings - 10% - 50% straight line
Plant and machinery - 10% - 50% straight line

At each statement of financial statement date, the LLP reviews the carrying amount of property, plant and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at an agreed rate of exchange and not at the rate of exchange ruling at the date of transaction. Although this is a departure from the requirements of FRS 102 the members feel that this is necessary for the financial statements to show a true and fair view of the LLP's financial performance. It is not possible to quantify the effect of this departure as it would result in undue cost and effort due to the number of transactions occurring in the LLP. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

TFC GROUP LLP (REGISTERED NUMBER: OC312076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 2,020,000
AMORTISATION
At 1 April 2022 1,711,213
Charge for year 124,420
At 31 March 2023 1,835,633
NET BOOK VALUE
At 31 March 2023 184,367
At 31 March 2022 308,787

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 29,877 7,204 123,224 111,290 271,595
Additions 6,862 2,759 3,116 - 12,737
Disposals - (4,322 ) (10,711 ) - (15,033 )
At 31 March 2023 36,739 5,641 115,629 111,290 269,299
DEPRECIATION
At 1 April 2022 29,877 7,204 117,453 30,376 184,910
Charge for year 114 368 5,900 37,096 43,478
Eliminated on disposal - (4,322 ) (10,705 ) - (15,027 )
At 31 March 2023 29,991 3,250 112,648 67,472 213,361
NET BOOK VALUE
At 31 March 2023 6,748 2,391 2,981 43,818 55,938
At 31 March 2022 - - 5,771 80,914 86,685

6. INVENTORIES
2023 2022
£    £   
Finished goods 1,099,520 1,058,902

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 394,273 517,781
Amounts due from members 320,648 421,630
Other debtors 1,203,744 1,208,184
Amounts due under an invoice
finance agreement 245,378 319,264
Prepayments and accrued income 76,119 72,395
2,240,162 2,539,254

TFC GROUP LLP (REGISTERED NUMBER: OC312076)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 60,404 118,139
Social security and other taxes 162,544 168,819
Other creditors 6,665 51,655
Accruals 30,988 65,262
260,601 403,875

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank pari passu with unsecured creditors. Members' other interests rank pari passu with unsecured creditors.

10. CONTINGENT LIABILITIES

The LLP has provided an unlimited guarantee to Barclays Bank PLC in respect of any bank borrowings that TFC (Investment Properties) LLP may have.

11. RELATED PARTY DISCLOSURES

As at 31 March 2023, the LLP was owed £1,200,000 (2022: £1,200,000) from TFC Group (UK) Limited, a company owned and controlled by Mr R J Ormond and Mr B M Gates. This loan is unsecured, interest free and repayable on demand.