REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
TS (UK) NORTHERN LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
TS (UK) NORTHERN LIMITED |
TS (UK) NORTHERN LIMITED (REGISTERED NUMBER: 11635095) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TS (UK) NORTHERN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
20 Harcourt Street |
London |
W1H 4HG |
TS (UK) NORTHERN LIMITED (REGISTERED NUMBER: 11635095) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TS (UK) NORTHERN LIMITED (REGISTERED NUMBER: 11635095) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
TS (UK) Northern Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TS (UK) NORTHERN LIMITED (REGISTERED NUMBER: 11635095) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
The loan repayable after one year is a loan from TS UK Holdings Limited of £255,000 ( 2022: £255,000). This loan, which is unsecured and carried an interest rate for the year ended 30th June 2023 of 2.961% (2022: 1.515%), is stated to be subordinated to all other creditors of the company and is only repayable out of future profits. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
TS (UK) NORTHERN LIMITED (REGISTERED NUMBER: 11635095) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | ULTIMATE CONTROLLING PARTY |
TS (UK) Northern Limited is a member of the Thomas Sabo group. TS UK Holdings Limited, a private company limited by shares, and registered in England and Wales, is the immediate parent company The ultimate parent company is TS Unternehmens- und Beteiligungs GmbH, registered in Germany, which has a majority beneficial interest in the Thomas Sabo group of companies. |
10. | GOING CONCERN BASIS |
In the year under review the company reported a profit of £25,355 ( 2022: the company incurred a loss of £77,040) and at 30th June 2023 had a deficit of £155,966 ( 2022: £181,322). Offsetting this, the company has a loan from its holding company of £255,000 (2022: £255,000) which is only repayable out of future profits. |
The Russian invasion of Ukraine on 24th February 2022 has exacerbated global supply chain issues which began during the Covid-19 pandemic, and this has resulted in very high rates of inflation due to significant increases in energy and food prices. It has been described as a "cost of living crisis". The UK government implemented a range of measures intended to alleviate the worst of the impact of the large rise in energy costs, and the consequent effect upon inflation, but these measures are limited. Interest rates have also risen as a response to the high levels of inflation. Current projections are that the UK will avoid recession in 2023, albeit with minimal growth, and that inflation will continue to decline to 5% by the end of 2023.However there remains significant uncertainty regarding future customer spending patterns. |
The Director has reviewed the future profit and cash flow projections in conjunction with the current economic climate as well as facilities in place to support all the operations, in order to express an opinion on the adequacy of working capital. Based on this, the director has concluded the company will be able to operate within the current cash funds available to the company. However due to the uncertainty over store operations and customer behaviour caused by increases in the cost of living due to high inflation, as well as other impacts of the Russo-Ukrainian war, there is no certainty that these forecasts will be achieved. |
As part of his assessment the director has received written confirmation from Thomas Sabo GmbH & Co KG that it will continue to supply Thomas Sabo UK for the foreseeable future, and specifically until at least 31 December 2024, with a sufficient and adequate supply of merchandise, and has no intention to discontinue this business relationship. Based on this secure supply of goods in conjunction with a positive cash flow projection, the Director believes that the company will be able to meet its commitments as and when they fall due. |