Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-01falseNo description of principal activity98truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05287864 2022-12-01 2023-11-30 05287864 2021-12-01 2022-11-30 05287864 2023-11-30 05287864 2022-11-30 05287864 c:Director1 2022-12-01 2023-11-30 05287864 d:PlantMachinery 2022-12-01 2023-11-30 05287864 d:PlantMachinery 2023-11-30 05287864 d:PlantMachinery 2022-11-30 05287864 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05287864 d:FurnitureFittings 2022-12-01 2023-11-30 05287864 d:FurnitureFittings 2023-11-30 05287864 d:FurnitureFittings 2022-11-30 05287864 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05287864 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05287864 d:Goodwill 2022-12-01 2023-11-30 05287864 d:Goodwill 2023-11-30 05287864 d:Goodwill 2022-11-30 05287864 d:CurrentFinancialInstruments 2023-11-30 05287864 d:CurrentFinancialInstruments 2022-11-30 05287864 d:CurrentFinancialInstruments 3 2023-11-30 05287864 d:CurrentFinancialInstruments 3 2022-11-30 05287864 d:CurrentFinancialInstruments 5 2023-11-30 05287864 d:CurrentFinancialInstruments 5 2022-11-30 05287864 d:Non-currentFinancialInstruments 2023-11-30 05287864 d:Non-currentFinancialInstruments 2022-11-30 05287864 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 05287864 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 05287864 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 05287864 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 05287864 d:ShareCapital 2023-11-30 05287864 d:ShareCapital 2022-11-30 05287864 d:RetainedEarningsAccumulatedLosses 2023-11-30 05287864 d:RetainedEarningsAccumulatedLosses 2022-11-30 05287864 c:FRS102 2022-12-01 2023-11-30 05287864 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05287864 c:FullAccounts 2022-12-01 2023-11-30 05287864 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05287864 6 2022-12-01 2023-11-30 05287864 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 05287864










TSGK ENTERPRISES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the year ended 30 November 2023

 
TSGK ENTERPRISES LIMITED
Registered number: 05287864

STATEMENT OF FINANCIAL POSITION
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
190,509
12,491

Fixed Asset Investments
 6 
50
50

  
190,559
12,541

Current assets
  

Stocks
  
117,801
104,117

Debtors: amounts falling due within one year
 7 
374,738
434,691

Cash at bank and in hand
  
27,044
17,976

  
519,583
556,784

Creditors: amounts falling due within one year
 8 
(326,930)
(224,844)

Net current assets
  
 
 
192,653
 
 
331,940

Total assets less current liabilities
  
383,212
344,481

Creditors: amounts falling due after more than one year
 9 
(197,159)
(35,926)

Provisions for liabilities
  

Deferred tax
  
(34,684)
(2,040)

  
 
 
(34,684)
 
 
(2,040)

Net assets
  
151,369
306,515


Capital and reserves
  

Called up share capital 
  
110
110

Profit and loss account
  
151,259
306,405

  
151,369
306,515


Page 1

 
TSGK ENTERPRISES LIMITED
Registered number: 05287864
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 30 November 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 income statement 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 by: 



Mr B Sokoya
Director

Date: 6 August 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

1.


General information

TSGK Enterprises Limited is a private company, limited by share capital, incorporated in England and Wales under registration number 05287864. The address of the registered office is 37 Warren Street, London W1T 6AD.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

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 profit or loss 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.

Page 4

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

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.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.9

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 5

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Fixtures & fittings
-
25%
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 profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
98,142



At 30 November 2023

98,142



Amortisation


At 1 December 2022
98,142



At 30 November 2023

98,142



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 7

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 December 2022
11,153
114,532
125,685


Additions
99,502
142,017
241,519



At 30 November 2023

110,655
256,549
367,204



Depreciation


At 1 December 2022
3,054
110,138
113,192


Charge for the year on owned assets
26,900
36,603
63,503



At 30 November 2023

29,954
146,741
176,695



Net book value



At 30 November 2023
80,701
109,808
190,509



At 30 November 2022
8,099
4,394
12,493


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 December 2022
50



At 30 November 2023
50




The Investment was sold after the year end with an estimated profit of over £110,000.


7.


Debtors

2023
2022
£
£


Trade debtors
176,325
178,723

Amounts due from associated company
98,722
133,412
Page 8

 
TSGK ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023

7.Debtors (continued)


Other debtors
56,533
46,533

Rent deposit
4,200
4,200

VAT repayable
33,390
48,364

Section 458 tax repayable
-
18,050

Prepayments and accrued income
5,568
5,409

374,738
434,691



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
35,290
7,453

Trade creditors
218,046
175,186

Corporation tax
6,525
24,524

Director's loan account
58,020
14,207

Pension payable
2,188
986

Wages and salaries payable
6,861
2,488

326,930
224,844


Bank loans are secured by a fixed and floating charge over the assets of the company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
197,159
35,926

197,159
35,926


Bank loans are secured by a fixed and floating charge over the assets of the company.


10.


Controlling party

The company was under the control of the directors Mr B Sokoya (55% share) and Mrs G Sokoya (45% share), by virtue of the fact that between them they own 100% of the issued share capital.

 
Page 9