1 7 March 2024 true false false false false false false false false false true false false true true true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,598 2,598 2,598 xbrli:pure xbrli:shares iso4217:GBP 10957699 2023-01-01 2023-12-31 10957699 2023-12-31 10957699 2022-12-31 10957699 2022-01-01 2022-12-31 10957699 2022-12-31 10957699 2021-12-31 10957699 bus:Director1 2023-01-01 2023-12-31 10957699 core:WithinOneYear 2023-12-31 10957699 core:WithinOneYear 2022-12-31 10957699 core:ShareCapital 2023-12-31 10957699 core:ShareCapital 2022-12-31 10957699 core:RetainedEarningsAccumulatedLosses 2023-12-31 10957699 core:RetainedEarningsAccumulatedLosses 2022-12-31 10957699 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 10957699 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 10957699 core:Non-currentFinancialInstruments 2023-12-31 10957699 bus:SmallEntities 2023-01-01 2023-12-31 10957699 bus:Audited 2023-01-01 2023-12-31 10957699 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10957699 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10957699 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 10957699
Tioluxe Europe Limited
Filleted Financial Statements
31 December 2023
Tioluxe Europe Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
6
2,598
Current assets
Debtors
7
793
1,742
Cash at bank and in hand
305,425
613,206
---------
---------
306,218
614,948
Creditors: amounts falling due within one year
8
4,640
74,871
---------
---------
Net current assets
301,578
540,077
---------
---------
Total assets less current liabilities
304,176
540,077
---------
---------
Net assets
304,176
540,077
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
204,176
440,077
---------
---------
Shareholders funds
304,176
540,077
---------
---------
These financial statements 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.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr K Venguswamy
Director
Company registration number: 10957699
Tioluxe Europe Limited
Notes to the Financial Statements
Year ended 31 December 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 269 Farnborough Road, Farnborough, GU14 7LY, Hampshire.
2. Statement of compliance
These financial statements 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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Tioluxe Pte Ltd which can be obtained from 77 High Street, # 11-01/05, Singapore, 179433. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 3 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
3,541
-------
Depreciation
At 1 January 2023 and 31 December 2023
3,541
-------
Carrying amount
At 31 December 2023
-------
At 31 December 2022
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
Additions
2,598
-------
At 31 December 2023
2,598
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
2,598
-------
At 31 December 2022
-------
7. Debtors
2023
2022
£
£
Other debtors
793
1,742
----
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
66,382
Other creditors
4,640
8,489
-------
--------
4,640
74,871
-------
--------
9. Summary audit opinion
The auditor's report dated 7 March 2024 was unqualified .
The senior statutory auditor was Thomas McManners ACA Bsc ACMI , for and on behalf of TTCA Ltd .