Registration number:
Tangerine Limited
for the Year Ended 30 September 2023
Tangerine Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Tangerine Limited
(Registration number: 04737488)
Statement of Financial Position as at 30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Investments |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
383 |
383 |
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Capital redemption reserve |
5 |
5 |
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Profit and loss account |
661,280 |
101,798 |
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Shareholders' funds |
661,668 |
102,186 |
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.
Approved and authorised by the
Tangerine Limited
(Registration number: 04737488)
Statement of Financial Position as at 30 September 2023 (continued)
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Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is research and design services
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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 and the performance 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.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% reducing balance |
Equipment |
25% reducing balance |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
33% straight line |
Patents, trademarks and licences |
33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Amortisation |
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At 1 October 2022 |
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Amortisation charge |
- |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
- |
- |
- |
At 30 September 2022 |
- |
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Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
- |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
- |
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Charge for the year |
- |
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At 30 September 2023 |
- |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Debtors |
Note |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Income tax asset |
- |
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Current asset investments |
2023 |
2022 |
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Other investments |
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Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Capital redemption reserve:
This reserve records the nominal value of shares repurchased by the company.
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Tangerine Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)
10 |
Loans and borrowings (continued) |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
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- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
During the year rents were paid for the amount of £90,000 (2022: £108,000) to Tangible (London) Limited, a company controlled by a director of the company.
At the year end £33,915 (2022: £33,915) was owed to Tangible (London) Limited.
Transactions with directors |
2023 |
At 1 October 2022 |
At 30 September 2023 |
Director |
( |
( |
2022 |
At 1 October 2021 |
Advances to director |
At 30 September 2022 |
Director |
( |
( |
( |