Registered number
04199103
TIC Financial Services (UK) Limited
Filleted Accounts
For the Year Ended
31 December 2023
TIC Financial Services (UK) Limited
Registered number: 04199103
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,573 2,372
Current assets
Debtors 4 9,479 10,414
Cash at bank and in hand 138,561 143,412
148,040 153,826
Creditors: amounts falling due within one year 5 (15,554) (36,121)
Net current assets 132,486 117,705
Total assets less current liabilities 135,059 120,077
Provisions for liabilities (460) (450)
Net assets 134,599 119,627
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 133,599 118,627
Shareholders' funds 134,599 119,627
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.
P A Roome
Director
Approved by the board on 18 March 2024
TIC Financial Services (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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Fixtures and fittings 10% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures and Fittings
£
Cost
At 1 January 2023 9,512
Additions 798
At 31 December 2023 10,310
Depreciation
At 1 January 2023 7,140
Charge for the year 597
At 31 December 2023 7,737
Net book value
At 31 December 2023 2,573
At 31 December 2022 2,372
4 Debtors 2023 2022
£ £
Other debtors 9,479 10,414
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 6,673 17,126
Other creditors 8,881 18,995
15,554 36,121
6 Related party transactions
The company paid commissions and overheads of £21,470 (2022- £20,618) to TIC (UK) Limited.
7 Controlling party
The controlling party is P A Roome by virtue of his ownership of 51.1% of the issued ordinary share capital in the company.
8 Other information
TIC Financial Services (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o Lynn Garth
Gillinggate
Kendal
Cumbria
LA9 4JB
TIC Financial Services (UK) Limited 04199103 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 P A Roome No description of principal activity 04199103 2022-01-01 2022-12-31 04199103 core:WithinOneYear 2022-12-31 04199103 core:ShareCapital 2022-12-31 04199103 core:RetainedEarningsAccumulatedLosses 2022-12-31 04199103 2023-01-01 2023-12-31 04199103 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04199103 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04199103 bus:Director40 2023-01-01 2023-12-31 04199103 1 2023-01-01 2023-12-31 04199103 2 2023-01-01 2023-12-31 04199103 core:PlantMachinery 2023-01-01 2023-12-31 04199103 countries:England 2023-01-01 2023-12-31 04199103 bus:FRS102 2023-01-01 2023-12-31 04199103 bus:FilletedAccounts 2023-01-01 2023-12-31 04199103 2023-12-31 04199103 core:WithinOneYear 2023-12-31 04199103 core:ShareCapital 2023-12-31 04199103 core:RetainedEarningsAccumulatedLosses 2023-12-31 04199103 core:PlantMachinery 2023-12-31 04199103 2022-12-31 04199103 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure