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COMPANY REGISTRATION NUMBER: 02900755
T.P.S. Consulting International Limited
Filleted Unaudited Financial Statements
29 February 2024
T.P.S. Consulting International Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
T.P.S. Consulting International Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
44,307
45,134
Current assets
Debtors
6
11,031
15,273
Cash at bank and in hand
29,711
9,412
--------
--------
40,742
24,685
Creditors: amounts falling due within one year
7
55,359
36,311
--------
--------
Net current liabilities
14,617
11,626
--------
--------
Total assets less current liabilities
29,690
33,508
Creditors: amounts falling due after more than one year
8
4,986
9,060
Provisions
Taxation including deferred tax
1,604
1,790
--------
--------
Net assets
23,100
22,658
--------
--------
Capital and reserves
Called up share capital
50
50
Profit and loss account
23,050
22,608
--------
--------
Shareholder funds
23,100
22,658
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T.P.S. Consulting International Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
Mr N Park
Director
Company registration number: 02900755
T.P.S. Consulting International Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the Directors. The Directors have confirmed that it is their intention to continue to support the company for at least the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the services rendered is recognised when the majority of the services have been performed for the customer, usually on completion of the contracted work, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office and Infrastructure Costs
-
10% straight line
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Office and Infrastructure Costs
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
60,179
45,485
8,400
114,064
Additions
7,511
4,923
12,434
--------
--------
-------
---------
At 29 February 2024
67,690
50,408
8,400
126,498
--------
--------
-------
---------
Depreciation
At 1 March 2023
24,468
36,062
8,400
68,930
Charge for the year
7,359
5,902
13,261
--------
--------
-------
---------
At 29 February 2024
31,827
41,964
8,400
82,191
--------
--------
-------
---------
Carrying amount
At 29 February 2024
35,863
8,444
44,307
--------
--------
-------
---------
At 28 February 2023
35,711
9,423
45,134
--------
--------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
11,031
15,241
Other debtors
32
--------
--------
11,031
15,273
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,073
3,973
Corporation tax
2,015
6,507
Social security and other taxes
5,125
7,779
Other creditors
44,146
18,052
--------
--------
55,359
36,311
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,986
9,060
-------
-------
9. Related party transactions
As at the year end, the company owed the director £41,646 (2023: £15,552). No interest was charged on this balance.