Company registration number 07545167 (England and Wales)
TUCHE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
TUCHE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
TUCHE LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,656
38,813
Current assets
Debtors
4
96,162
316,051
Cash at bank and in hand
92,018
87,574
188,180
403,625
Creditors: amounts falling due within one year
5
(67,892)
(88,021)
Net current assets
120,288
315,604
Total assets less current liabilities
149,944
354,417
Creditors: amounts falling due after more than one year
6
(34,640)
(40,891)
Provisions for liabilities
(7,414)
(9,703)
Net assets
107,890
303,823
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
107,790
303,723
Total equity
107,890
303,823
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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 by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr O T Osazee
Director
Company registration number 07545167 (England and Wales)
TUCHE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
100
252,181
252,281
Year ended 28 February 2023:
Profit and total comprehensive income
-
241,542
241,542
Dividends
-
(190,000)
(190,000)
Ordinary B share other movements
24
-
24
Ordinary A share other movements
(24)
-
(24)
Balance at 28 February 2023
100
303,723
303,823
Year ended 29 February 2024:
Profit and total comprehensive income
-
116,822
116,822
Dividends
-
(312,755)
(312,755)
Balance at 29 February 2024
100
107,790
107,890
TUCHE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Tuche Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for recruitment 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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, 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:
Plant and equipment
25% on cost
Fixtures and fittings
20% on cost
Computers
25% on cost
Motor vehicles
20% on cost
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
TUCHE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
TUCHE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
17,752
1,307
999
44,537
64,595
Depreciation and impairment
At 1 March 2023
17,752
1,307
42
6,681
25,782
Depreciation charged in the year
250
8,907
9,157
At 29 February 2024
17,752
1,307
292
15,588
34,939
Carrying amount
At 29 February 2024
707
28,949
29,656
At 28 February 2023
957
37,856
38,813
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
96,162
316,051
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,922
1,653
Other taxation and social security
14,408
28,399
Other creditors
48,562
57,969
67,892
88,021
Included in other creditors above are obligations under finance leases totalling £6,252 (2023: £5,851) secured by a fixed charge over the assets to which they relate.
TUCHE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
34,640
40,891
Included in other creditors above are obligations under finance leases totaling £34,641 (2023: £40,891) secured by a fixed charge over the assets to which they relate.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
25
25
25
25
Ordinary B shares of £1 each
75
75
75
75
100
100
100
100
8
Related party transactions
Included in other debtors is an amount of £45,000 (2023 - £65,000) for a loan to Torese Ltd, a company with the same director. This amount is included in debtors: amounts falling due within one year.
Included in other debtors is an amount of £10,000 (2023 - £0) for a loan to Transept Construction Services Ltd, a company with the same director. This amount is included in debtors: amounts falling due within one year.
Included in other creditors is an amount of £40,000 (2023 - £50,000) for a loan from Apex Resources Ltd, a company with the same director. This amount is included in creditors: amounts falling due within one year.
9
Directors' transactions
Dividends totalling £312,755 (2023 - £190,000) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's Loan
-
182,055
316,101
(457,571)
40,585
182,055
316,101
(457,571)
40,585