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Registered number: 08318257









TEXT MANAGEMENT (HOLDINGS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
REGISTERED NUMBER: 08318257

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,149
2,865

Investments
 6 
75
80

  
2,224
2,945

Current assets
  

Debtors: amounts falling due within one year
 7 
513,500
768,756

Cash at bank and in hand
 8 
44,002
5,545

  
557,502
774,301

Creditors: amounts falling due within one year
 9 
(453,767)
(777,046)

Net current assets/(liabilities)
  
 
 
103,735
 
 
(2,745)

Total assets less current liabilities
  
105,959
200

  

Net assets
  
105,959
200


Capital and reserves
  

Called up share capital 
  
175
175

Other reserves
 11 
25
25

Profit and loss account
 11 
105,759
-

  
105,959
200


Page 1

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
REGISTERED NUMBER: 08318257
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.





................................................
James Swift
Director


The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2022
175
25
-
200


Comprehensive income for the year

Profit for the year

-
-
531,612
531,612


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
531,612
531,612


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(425,853)
(425,853)


Total transactions with owners
-
-
(425,853)
(425,853)


At 31 March 2023
175
25
105,759
105,959


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 April 2021
175
25
-
200


Comprehensive income for the year

Profit for the year

-
-
625,793
625,793


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
625,793
625,793


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(625,793)
(625,793)


Total transactions with owners
-
-
(625,793)
(625,793)


At 31 March 2022
175
25
-
200


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Text Management (Holdings) Limited is a private company limited by share capital. The Company was incorporated in England and Wales. The principal activity of the Company throughout the year was that of a management company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 5

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried
Page 6

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).


4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
23,569
4,246

Total current tax
23,569
4,246

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2022 - 19%).


Page 7

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
5,094



At 31 March 2023

5,094



Depreciation


At 1 April 2022
2,229


Charge for the year on owned assets
716



At 31 March 2023

2,945



Net book value



At 31 March 2023
2,149



At 31 March 2022
2,865


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
80


Disposals
(5)



At 31 March 2023
75




Page 8

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
501,500
768,756

Other debtors
12,000
-

513,500
768,756



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
44,002
5,545

44,002
5,545



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
175

Amounts owed to group undertakings
318,937
661,431

Amounts owed to joint ventures
105,904
105,904

Corporation tax
23,569
4,246

Other creditors
4,000
4,000

Accruals and deferred income
1,357
1,290

453,767
777,046



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
44,002
5,545




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 9

 
TEXT MANAGEMENT (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Reserves

Other reserves

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Profit and loss account

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12.


Related party transactions

During the year the Company made net transactions of £342,494 (2022 - £319,825) with Text Management Limited, a subsidiary company. At the year end the Company owed £318,937 (2022 - £661,431) to Text Management Limited.
Also during the year the Company made net transactions of £265,000 (2022 - £231,304) with Team West Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end the Company was owed £72,753 (2022 - £337,753) from Team West Limited.
Also during the year the Company made net transactions of £Nil (2022 - £Nil) with KKWJS Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end the Company owed £105,904 (2022 - £105,904) to KKWJS Limited.
Also during the year the Company made net transactions of £2,256 (2022 - £Nil) with Thatcham Swift Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end the Company was owed £253,121 (2022 - £255,377) from Thatcham Swift Limited.
Also during the year the Company made net transactions of £Nil (2022 - £120,000) with COT Automotive Investments Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end the Company was owed £175,626 (2022 - £175,626) by COT Automotive Investments Limited.
Also during the year the Company made net transactions of £4,949 (2022 - £Nil) with Swift-Services Limited, a subsidiary company. At the year end the Company was owed £Nil (2022 - £4,949) by Swift-Services Limited.
Also during the year the Company made net transactions of £Nil (2022 - £25,000) with HG (South West) Limited, a company in which the director, James Swift, is also a director and shareholder. At the year end the Company was owed £Nil (2022 - £Nil) by HG (South West) Limited.


13.


Controlling party

The Company is controlled by the director, James Swift, by virtue of his shareholding as described in the directors' report.
The Company is exempt from preparing and delivering group accounts.

 
Page 10