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COMPANY REGISTRATION NUMBER: 03235029
Transfennica UK Limited
Filleted Financial Statements
31 December 2023
Transfennica UK Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
349
Current assets
Debtors
6
260,053
312,237
Cash at bank and in hand
209,492
153,021
---------
---------
469,545
465,258
Creditors: amounts falling due within one year
7
41,697
68,378
---------
---------
Net current assets
427,848
396,880
---------
---------
Total assets less current liabilities
427,848
397,229
---------
---------
Net assets
427,848
397,229
---------
---------
Capital and reserves
Called up share capital
60,000
60,000
Profit and loss account
367,848
337,229
---------
---------
Shareholders funds
427,848
397,229
---------
---------
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 directors acknowledge their 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 8 February 2024 , and are signed on behalf of the board by:
DP Witteveen
AD Clarke
Director
Director
Company registration number: 03235029
Transfennica UK 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 & Wales. The address of the registered office is Finland House, 47 Berth, Tilbury Freeport, Essex, RM18 7EH.
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 and going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents all administrative costs incurred by the company billed to the parent company on a cost-plus basis net of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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 .
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.
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 and fittings
-
25% straight line
Equipment
-
20% straight line
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 recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Debt instruments are subsequently measured at amortised cost. Basic financial assets Basic financial assets, which included debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the original recognition of the financial asset. the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised through profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities Basic financial liabilities, which included creditors and balances with group companies, are initially measured at transaction price including transaction costs. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
45,139
19,069
64,208
--------
--------
--------
Depreciation
At 1 January 2023
45,139
18,720
63,859
Charge for the year
349
349
--------
--------
--------
At 31 December 2023
45,139
19,069
64,208
--------
--------
--------
Carrying amount
At 31 December 2023
--------
--------
--------
At 31 December 2022
349
349
--------
--------
--------
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
249,817
295,284
Other debtors
10,236
16,953
---------
---------
260,053
312,237
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,786
11,133
Corporation tax
12,000
10,400
Social security and other taxes
1,146
33,229
Other creditors
16,765
13,616
--------
--------
41,697
68,378
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
75,887
75,724
Later than 5 years
283,057
330,194
---------
---------
358,944
405,918
---------
---------
9. Summary audit opinion
The auditor's report dated 8 February 2024 was unqualified .
The senior statutory auditor was Spencer Watson FCA , for and on behalf of Buckley Watson Limited .
10. Related party transactions
The company was under the control of its parent company throughout the current and previous year. As the company is a wholly owned subsidiary it has taken advantage of the exemptions under FRS 102 not to disclose transactions with other companies in the Transfennica and Spliethoff group.
11. Controlling party
The immediate parent company is Transfennica Nederland B.V. which owns 100% of the issued share capital of the Company. The ultimate parent undertaking is Spliethoff's Bevrachtingskantoor B.V., a Netherlands company.