Registered number
03989910
T.I.C. (UK) Limited
Filleted Accounts
For the Year Ended
31 December 2023
T.I.C. (UK) Limited
Registered number: 03989910
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 214,872 75,184
Current assets
Debtors 5 74,640 76,281
Cash at bank and in hand 915,561 930,115
990,201 1,006,396
Creditors: amounts falling due within one year 6 (265,473) (207,415)
Net current assets 724,728 798,981
Total assets less current liabilities 939,600 874,165
Provisions for liabilities (12,870) (18,280)
Net assets 926,730 855,885
Capital and reserves
Called up share capital 300 300
Profit and loss account 926,430 855,585
Shareholders' funds 926,730 855,885
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M P Jackson
Director
Approved by the board on 29 February 2024
T.I.C. (UK) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value of commission and brokerage and work carried out in respect of services provided to customers.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Buildings 2% straight line
Plant and machinery 20% reducing balance
Computer equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Insurance debtors and creditors
The company uses Broker Network, a separate unrelated company, to handle clients monies and settle payments to insurance companies, claims and refunds to clients. Therefore insurance debtors, insurance creditors and client cash balances are not included in these accounts.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 27
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 746,914
At 31 December 2023 746,914
Amortisation
At 1 January 2023 746,914
At 31 December 2023 746,914
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 - 501,483 501,483
Additions 162,266 6,872 169,138
At 31 December 2023 162,266 508,355 670,621
Depreciation
At 1 January 2023 - 426,299 426,299
Charge for the year 623 28,827 29,450
At 31 December 2023 623 455,126 455,749
Net book value
At 31 December 2023 161,643 53,229 214,872
At 31 December 2022 - 75,184 75,184
5 Debtors 2023 2022
£ £
Trade debtors 48,601 46,595
Other debtors 26,039 29,686
74,640 76,281
Amounts due after more than one year included above - 3,175
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 71,881 57,802
Taxation and social security costs 180,225 136,433
Other creditors 13,367 13,180
265,473 207,415
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 172,229 212,649
8 Controlling party
There is no overall controlling party.
9 Other information
T.I.C. (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/O Jackson & Graham
Lynn Garth
Gillinggate
Kendal
LA9 4JB
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