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REGISTERED NUMBER: 04519389 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023

FOR

TSP FULFILMENT LTD

PREVIOUSLY KNOWN AS
THE STORAGE PLACE LTD

TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


TSP FULFILMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: J G Froggatt
M S Meredith
Mrs F Meredith
P T Griffiths





SECRETARY: M S Meredith





REGISTERED OFFICE: Brewery Lane
Felling
Gateshead
NE10 0EY





REGISTERED NUMBER: 04519389 (England and Wales)





AUDITORS: Allens Accountants Limited
Registered Auditors and
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,100,997 838,954

CURRENT ASSETS
Stocks 120,819 124,147
Debtors 5 2,085,441 1,099,613
Cash at bank 1,451,381 1,049,126
3,657,641 2,272,886
CREDITORS
Amounts falling due within one year 6 1,746,383 1,280,460
NET CURRENT ASSETS 1,911,258 992,426
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,012,255

1,831,380

CREDITORS
Amounts falling due after more than one
year

7

-

(414,059

)

PROVISIONS FOR LIABILITIES 10 (259,560 ) (190,127 )
NET ASSETS 2,752,695 1,227,194

CAPITAL AND RESERVES
Called up share capital 11 11,904 10,714
Share premium 102,234 3,428
Retained earnings 2,638,557 1,213,052
SHAREHOLDERS' FUNDS 2,752,695 1,227,194

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2024 and were signed on its behalf by:




M S Meredith - Director



J G Froggatt - Director


TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

1. STATUTORY INFORMATION

TSP Fulfilment Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

i) the Company has transferred the significant risks and rewards of ownership to the buyer;
ii) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
iii) the amount of turnover can be measured reliably;
iv) it is probable that the Company will receive the consideration due under the transaction and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Storage facilities - 20% on cost and 20% on reducing balance
Plant and machinery etc - 20% on cost, 15% on cost and 10% - 20% on cost

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

TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grants received
Grants and other contributions are accounted for on an accruals basis and recognised in the accounting statements when the conditions for their receipt have been complied with and there is reasonable assurance that the grant or contribution will be received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 65 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Storage machinery
facilities etc Totals
£    £    £   
COST
At 1st October 2022 931,482 685,323 1,616,805
Additions 335,826 168,697 504,523
Disposals (3,230 ) (146,210 ) (149,440 )
At 30th September 2023 1,264,078 707,810 1,971,888
DEPRECIATION
At 1st October 2022 339,892 437,959 777,851
Charge for year 157,722 81,358 239,080
Eliminated on disposal (646 ) (145,394 ) (146,040 )
At 30th September 2023 496,968 373,923 870,891
NET BOOK VALUE
At 30th September 2023 767,110 333,887 1,100,997
At 30th September 2022 591,590 247,364 838,954

TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 937,063 538,893
Other debtors 1,148,378 560,720
2,085,441 1,099,613

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 14,261 55,884
Trade creditors 728,414 523,304
Taxation and social security 642,331 315,135
Other creditors 361,377 386,137
1,746,383 1,280,460

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) - 14,059
Other creditors - 400,000
- 414,059

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 14,261 55,884
Between one and five years - 14,059
14,261 69,943

Non-cancellable operating leases
2023 2022
£    £   
Within one year 1,183,473 539,658
Between one and five years 5,487,404 2,995,109
In more than five years 5,651,799 3,384,453
12,322,676 6,919,220

TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 14,261 69,943
Maven Capital Partners loan - 400,000
14,261 469,943

The hire purchase contracts are secured upon the assets to which they relate.

The Maven Capital Partners loan was repaid on 21 July 2023 and was secured by a debenture containing a fixed charge over any freehold or leasehold property now and in the future and a floating charge over all the property or undertaking of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Capital allowances in excess of depreciation 259,560 190,127

Deferred
tax
£   
Balance at 1st October 2022 190,127
Charge to Income Statement during year 69,433
Balance at 30th September 2023 259,560

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
2023 2022
£    £   
5,357 A ordinary shares of £1 each 5,357 5,357
1,714 B ordinary shares of £1 each 1,714 1,714
3,643 C ordinary shares of £1 each 3,643 3,643
1,190 D ordinary shares of £1 each 1,190 -


11,904 10,714

1,190 Ordinary 'D' shares of £1 each were allotted as fully paid at a premium of £83.03 per share during the year.



TSP FULFILMENT LTD (REGISTERED NUMBER: 04519389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Wright (Senior Statutory Auditor)
for and on behalf of Allens Accountants Limited

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th September 2023 and 30th September 2022:

2023 2022
£    £   
M S Meredith
Balance outstanding at start of year - -
Amounts advanced 150,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 150,000 -

P T Griffiths
Balance outstanding at start of year - -
Amounts advanced 99,996 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 99,996 -