IRIS Accounts Production v24.1.0.578 11635095 director 1.7.22 30.6.23 30.6.23 7.11.23 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure116350952022-06-30116350952023-06-30116350952022-07-012023-06-30116350952021-06-30116350952021-07-012022-06-30116350952022-06-3011635095ns16:EnglandWales2022-07-012023-06-3011635095ns15:PoundSterling2022-07-012023-06-3011635095ns11:Director12022-07-012023-06-3011635095ns11:PrivateLimitedCompanyLtd2022-07-012023-06-3011635095ns11:SmallEntities2022-07-012023-06-3011635095ns11:Audited2022-07-012023-06-3011635095ns11:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3011635095ns11:SmallCompaniesRegimeForAccounts2022-07-012023-06-3011635095ns11:FullAccounts2022-07-012023-06-3011635095ns11:CompanySecretary12022-07-012023-06-3011635095ns11:RegisteredOffice2022-07-012023-06-3011635095ns6:CurrentFinancialInstruments2023-06-3011635095ns6:CurrentFinancialInstruments2022-06-3011635095ns6:Non-currentFinancialInstruments2023-06-3011635095ns6:Non-currentFinancialInstruments2022-06-3011635095ns6:ShareCapital2023-06-3011635095ns6:ShareCapital2022-06-3011635095ns6:RetainedEarningsAccumulatedLosses2023-06-3011635095ns6:RetainedEarningsAccumulatedLosses2022-06-3011635095ns6:LandBuildings2022-06-3011635095ns6:PlantMachinery2022-06-3011635095ns6:LandBuildings2022-07-012023-06-3011635095ns6:PlantMachinery2022-07-012023-06-3011635095ns6:LandBuildings2023-06-3011635095ns6:PlantMachinery2023-06-3011635095ns6:LandBuildings2022-06-3011635095ns6:PlantMachinery2022-06-3011635095ns6:WithinOneYearns6:CurrentFinancialInstruments2023-06-3011635095ns6:WithinOneYearns6:CurrentFinancialInstruments2022-06-3011635095ns6:Non-currentFinancialInstruments2022-07-012023-06-30
REGISTERED NUMBER: 11635095 (England and Wales)















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: Dr G Binder





SECRETARY: J Parker





REGISTERED OFFICE: Suite 1
Battersea Studios 2
82 Silverthorne Road
London
SW8 3HE





REGISTERED NUMBER: 11635095 (England and Wales)





AUDITORS: William Evans & Partners
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 10,537 37,195

CURRENT ASSETS
Debtors 5 47,377 51,321
Cash at bank and in hand 92,939 55,306
140,316 106,627
CREDITORS
Amounts falling due within one year 6 (51,819 ) (70,144 )
NET CURRENT ASSETS 88,497 36,483
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,034

73,678

CREDITORS
Amounts falling due after more than one
year

7

(255,000

)

(255,000

)
NET LIABILITIES (155,966 ) (181,322 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (156,066 ) (181,422 )
(155,966 ) (181,322 )

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

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 7 November 2023 and were signed by:





Dr G Binder - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 8 (2022 - 10 ) .

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 85,196 50,237 135,433
DEPRECIATION
At 1 July 2022 59,498 38,740 98,238
Charge for year 18,172 8,486 26,658
At 30 June 2023 77,670 47,226 124,896
NET BOOK VALUE
At 30 June 2023 7,526 3,011 10,537
At 30 June 2022 25,698 11,497 37,195

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,015 2,474
Other debtors 44,362 48,847
47,377 51,321

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 33,981 63,163
Taxation and social security 4,879 690
Other creditors 12,959 6,291
51,819 70,144

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.

Stephen William Evans (Senior Statutory Auditor)
for and on behalf of William Evans & Partners

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.