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Registered number: 07220827









TESTING SOLUTIONS GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TESTING SOLUTIONS GROUP LIMITED
REGISTERED NUMBER: 07220827

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
10,198
13,395

Investments
 4 
2
2

  
10,200
13,397

Current assets
  

Debtors
 6 
1,426,580
1,126,417

Cash at bank and in hand
  
22,085
9,184

  
1,448,665
1,135,601

Creditors: amounts falling due within one year
 7 
(811,634)
(501,532)

Net current assets
  
 
 
637,031
 
 
634,069

Total assets less current liabilities
  
647,231
647,466

  

Net assets
  
647,231
647,466


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
647,131
647,366

  
647,231
647,466


Page 1

 
TESTING SOLUTIONS GROUP LIMITED
REGISTERED NUMBER: 07220827
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.


................................................
M Watson
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
TESTING SOLUTIONS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Testing Solutions Group Limited is a private company limited by shares and is registered in England and Wales. The registered office is Dawson House, 5 Jewry Street, London, EC3N 2EX. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Company law requires the Directors to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business. The company has reported a loss after tax for the year of £235 (2022: £61,819). The company had net assets at the balance sheet date of £647,231 (2022: £647,466).   
After reviewing the Company’s budgets, forecasts and projections, the Directors are satisfied that the company has adequate resources to enable it to meet its obligations as they fall due for a period of at least 12 months from the approval of the financial statements.

 
2.3

Revenue

Revenue represents amounts receivable for consultancy services, software testing and training courses net of VAT.
Revenue from contracts for the provision of 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 hourly staff rates, 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 are recoverable.

 
2.4

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 3

 
TESTING SOLUTIONS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Foreign currency translation

Functional and presentation currency

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
TESTING SOLUTIONS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
reducing balance
Computer equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

  
2.11

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.14

Creditors

Short term creditors are measured at the transaction price.

 
2.15

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 28).

Page 5

 
TESTING SOLUTIONS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2



At 31 December 2023
2





5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
74,937
38,206
113,143


Additions
-
416
416



At 31 December 2023

74,937
38,622
113,559



Depreciation


At 1 January 2023
72,826
26,922
99,748


Charge for the year on owned assets
606
3,007
3,613



At 31 December 2023

73,432
29,929
103,361



Net book value



At 31 December 2023
1,505
8,693
10,198



At 31 December 2022
2,111
11,284
13,395

Page 6

 
TESTING SOLUTIONS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors


2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
815,492
810,065

815,492
810,065

Due within one year

Trade debtors
277,752
224,449

Other debtors
316,952
81,600

Prepayments and accrued income
16,384
10,303

1,426,580
1,126,417



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
205,539
129,351

Other loans
66,388
-

Trade creditors
144,422
45,146

Corporation tax
68,598
429

Other taxation and social security
172,624
135,522

Other creditors
81,359
177,891

Accruals and deferred income
72,704
13,193

811,634
501,532



8.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £31,437 (2022 - £38,266). Contributions totalling £57,663 (2022 - £11,454) were payable to the funds at the reporting date and are included in creditors.


9.


Controlling party

The ultimate controlling party is TSG Assurance Holdings Limited, a company registered in England and Wales under number 09989416.

 
Page 7