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Company No: 04937868 (England and Wales)

TOTAL FINANCIAL SOLUTIONS (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TOTAL FINANCIAL SOLUTIONS (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TOTAL FINANCIAL SOLUTIONS (UK) LIMITED

BALANCE SHEET

As at 31 December 2023
TOTAL FINANCIAL SOLUTIONS (UK) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Debtors 3 925 5,253
Cash at bank and in hand 66,607 41,571
67,532 46,824
Creditors: amounts falling due within one year 4 ( 44,187) ( 30,173)
Net current assets 23,345 16,651
Total assets less current liabilities 23,345 16,651
Net assets 23,345 16,651
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 23,343 16,649
Total shareholders' funds 23,345 16,651

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Total Financial Solutions (UK) Limited (registered number: 04937868) were approved and authorised for issue by the Board of Directors on 02 April 2024. They were signed on its behalf by:

N Quinn
Director
TOTAL FINANCIAL SOLUTIONS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TOTAL FINANCIAL SOLUTIONS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Total Financial Solutions (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Parkfield, Thurlestone, Kingsbridge, Devon, TQ7 3NW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2023 2022
£ £
Prepayments and accrued income 925 203
Other debtors 0 5,050
925 5,253

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 465 0
Amounts owed to directors 1,689 1,979
Accruals 2,579 2,350
Taxation and social security 39,454 25,844
44,187 30,173

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
80 Ordinary A shares of £ 0.01 each 0.80 0.80
100 Ordinary B shares of £ 0.01 each 1.00 1.00
20 Ordinary C shares of £ 0.01 each 0.20 0.20
2.00 2.00