TPC Collective Limited
Unaudited Financial Statements
For the year ended 28 February 2023
Pages for Filing with Registrar
Company Registration No. 11201549 (England and Wales)
TPC Collective Limited
Company Information
Director
C Johnson-Hill
Company number
11201549
Registered office
6th Floor
9 Appold Street
London
United Kingdom
EC2A 2AP
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
TPC Collective Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TPC Collective Limited
Balance Sheet
As at 28 February 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,751
9,523
Current assets
Debtors
4
3,921,241
4,358,397
Cash at bank and in hand
777,186
511,276
4,698,427
4,869,673
Creditors: amounts falling due within one year
5
(3,349,116)
(3,998,171)
Net current assets
1,349,311
871,502
Net assets
1,359,062
881,025
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
1,359,061
881,024
Total equity
1,359,062
881,025

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

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 13 February 2024
C Johnson-Hill
Director
Company Registration No. 11201549
TPC Collective Limited
Notes to the Financial Statements
For the year ended 28 February 2023
Page 2
1
Accounting policies
Company information

TPC Collective Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, United Kingdom, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

These financial statements are prepared on the going concern basis. The director has considered the impact trueof rising inflation level will have on the business and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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
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.

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 and fittings
33% straight line

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.

TPC Collective Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
Page 3
1.5
Cash at bank and in hand

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.

1.6
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.7
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.

1.8
Taxation

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

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.

1.9
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.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling 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.

TPC Collective Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 4
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 7 (2022 - 5).

2023
2022
Number
Number
Total
7
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
14,107
Additions
5,790
At 28 February 2023
19,897
Depreciation and impairment
At 1 March 2022
4,584
Depreciation charged in the year
5,562
At 28 February 2023
10,146
Carrying amount
At 28 February 2023
9,751
At 28 February 2022
9,523
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,123,227
2,764,867
Other debtors
14,348
28,741
Prepayments and accrued income
783,666
1,564,789
3,921,241
4,358,397
TPC Collective Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,018,942
1,853,828
Corporation tax
241,091
118,017
Other taxation and social security
93,515
171,306
Other creditors
94,213
174,966
Accruals and deferred income
901,355
1,680,054
3,349,116
3,998,171
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Related party transactions

Included in creditors is a balance of £41,000 (2022: £58,500) due to C Johnson-Hill, a director of the company. During the year a dividend of £30,000 (2022: £30,000) was paid to the director.

 

8
Controlling party

The company is controlled by C Johnson-Hill by virtue of her majority shareholding.

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