Company registration number 03874847 (England and Wales)
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Intangible assets
3
518,721
544,407
Tangible assets
4
10,413
7,572
529,134
551,979
Current assets
Stocks
16,415
15,453
Debtors
5
405,453
354,258
Cash at bank and in hand
594,947
617,225
1,016,815
986,936
Creditors: amounts falling due within one year
6
(512,680)
(462,918)
Net current assets
504,135
524,018
Total assets less current liabilities
1,033,269
1,075,997
Creditors: amounts falling due after more than one year
7
(217,438)
(335,618)
Provisions for liabilities
(12,312)
(4,585)
Net assets
803,519
735,794
Capital and reserves
Called up share capital
213,579
213,579
Share premium account
71,241
71,241
Capital redemption reserve
14,405
14,405
Other reserves
23,457
23,457
Profit and loss reserves
480,837
413,112
Total equity
803,519
735,794

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

TRANSEARCH INTERNATIONAL PARTNERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 April 2024 and are signed on its behalf by:
Ulrich Ackermann
Director
Company registration number 03874847 (England and Wales)
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
Balance at 1 January 2022
212,138
54,261
-
0
23,457
353,550
643,406
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
-
146,644
146,644
Issue of share capital
15,846
16,980
-
-
-
32,826
Dividends
-
-
-
-
(57,082)
(57,082)
Redemption of shares
(14,405)
-
0
14,405
-
(30,000)
(30,000)
Balance at 31 December 2022
213,579
71,241
14,405
23,457
413,112
735,794
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
139,930
139,930
Dividends
-
-
-
-
(72,205)
(72,205)
Balance at 31 December 2023
213,579
71,241
14,405
23,457
480,837
803,519
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Transearch International Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 125 Wood Street, London, EC2V 7AW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in euros which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest euro.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have adopted the going concern basis of accounting in preparing the financial statements; the directors are satisfied the company has sufficient reserves and access to the financial support necessary to meet working capital requirements and enable the company to remain in operational existence for the foreseeable future.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development
Between 0 and 10 years straight line
Trademarks
Between 10 and 20 years straight line
Intellectual property
20 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
20% written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 6 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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 initial 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 in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in 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, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 8 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
6
3
Intangible fixed assets
Website development
Trademarks
Intellectual property
Total
Cost
At 1 January 2023
241,696
472,984
530,750
1,245,430
Additions in the year
-
7,410
-
7,410
At 31 December 2023
241,696
480,394
530,750
1,252,840
Amortisation and impairment
At 1 January 2023
237,488
439,209
24,326
701,023
Amortisation charged for the year
975
5,583
26,538
33,096
At 31 December 2023
238,463
444,792
50,864
734,119
Carrying amount
At 31 December 2023
3,233
35,602
479,886
518,721
At 31 December 2022
4,208
33,775
506,424
544,407
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Tangible fixed assets
Fixtures, fittings and equipment
Cost
At 1 January 2023
14,473
Additions in the year
5,125
At 31 December 2023
19,598
Depreciation and impairment
At 1 January 2023
6,901
Depreciation charged in the year
2,284
At 31 December 2023
9,185
Carrying amount
At 31 December 2023
10,413
At 31 December 2022
7,572
5
Debtors
2023
2022
Amounts falling due within one year:
Trade debtors
117,706
77,492
Other debtors
287,747
276,766
405,453
354,258
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
296,487
248,066
Corporation tax
18,844
17,307
Other taxation and social security
6,748
4,216
Other creditors
190,601
193,329
512,680
462,918
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
217,438
335,618
TRANSEARCH INTERNATIONAL PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Related Party Transactions

TRANSEARCH International Partners Limited (TIP) provided services and incurred expenses to and from the following companies and limited liability partnerships in which the directors of TIP have an interest.

 

During the year, the company traded with Proper s.r.l. (TRANSEARCH Italy), a company with a common director, Gabriele Ghini. TIP made sales of 76,612 (2022: €73,955), which includes management fees of 64,711. The net balance due to TIP at the year end was €840 (2022:€Nil).

 

During the year, the company traded with Bedford Consulting Group (Bedford Group TRANSEARCH), a company with a common director, Steven Pezim. TIP made sales of €173,659 (2022: €122,627) which includes management fees of €95,264. The net balance due to TIP at the year end was €52,618 (2022: €Nil).

 

During the year, the company traded with TRANSEARCH International Deutschland Gmbh (TRANSEARCH Germany), a company with a common director, Ulrich Ackermann. TIP made sales of €127,086 (2022: €138,472) which includes management fees of €111,899. The net balance due to TIP at the year end was €3,888 (2021: €1,521).

 

During the year, the company traded with TRANSEARCH Pty Ltd (TRANSEARCH Africa, Johannesburg) , a company with a common director, Zinhle Matentji. TIP made sales of €15,219 (2022: 13,430) which includes management fees of €14,205. The net balance due to TIP at the year end was €7,778 (2022: €Nil).

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityC WhatleyUlrich AckermannSteven PezimZinhle MatentjiGabriele GhiniTeja Picton Howellfalse038748472023-01-012023-12-31038748472023-12-31038748472022-12-3103874847core:IntangibleAssetsOtherThanGoodwill2023-12-3103874847core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3103874847core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-12-3103874847core:IntangibleAssetsOtherThanGoodwill2022-12-3103874847core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3103874847core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-3103874847core:OtherPropertyPlantEquipment2023-12-3103874847core:OtherPropertyPlantEquipment2022-12-3103874847core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103874847core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103874847core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103874847core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103874847core:CurrentFinancialInstruments2023-12-3103874847core:CurrentFinancialInstruments2022-12-3103874847core:ShareCapital2023-12-3103874847core:ShareCapital2022-12-3103874847core:SharePremium2023-12-3103874847core:SharePremium2022-12-3103874847core:CapitalRedemptionReserve2023-12-3103874847core:CapitalRedemptionReserve2022-12-3103874847core:OtherMiscellaneousReserve2023-12-3103874847core:OtherMiscellaneousReserve2022-12-3103874847core:RetainedEarningsAccumulatedLosses2023-12-3103874847core:RetainedEarningsAccumulatedLosses2022-12-3103874847core:ShareCapital2021-12-3103874847core:SharePremium2021-12-3103874847core:CapitalRedemptionReserve2021-12-3103874847core:RetainedEarningsAccumulatedLosses2021-12-3103874847bus:Director22023-01-012023-12-3103874847core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31038748472022-01-012022-12-3103874847core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3103874847core:ShareCapital2022-01-012022-12-3103874847core:SharePremium2022-01-012022-12-3103874847core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103874847core:ComputerSoftware2023-01-012023-12-3103874847core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103874847core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103874847core:FurnitureFittings2023-01-012023-12-3103874847core:IntangibleAssetsOtherThanGoodwill2022-12-3103874847core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3103874847core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-31038748472022-12-3103874847core:OtherPropertyPlantEquipment2022-12-3103874847core:OtherPropertyPlantEquipment2023-01-012023-12-3103874847core:WithinOneYear2023-12-3103874847core:WithinOneYear2022-12-3103874847core:Non-currentFinancialInstruments2023-12-3103874847core:Non-currentFinancialInstruments2022-12-3103874847bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103874847bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103874847bus:FRS1022023-01-012023-12-3103874847bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103874847bus:Director12023-01-012023-12-3103874847bus:Director32023-01-012023-12-3103874847bus:Director42023-01-012023-12-3103874847bus:Director52023-01-012023-12-3103874847bus:CompanySecretary12023-01-012023-12-3103874847bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP