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COMPANY REGISTRATION NUMBER: 12020727
TFG Global Power Limited
Filleted Unaudited Financial Statements
31 December 2023
TFG Global Power Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
TFG Global Power Limited
Officers and Professional Advisers
The board of directors
Mr M Lezemore
Mr P C Lezemore
Registered office
East Lodge
Bedlars Green
Great Hallingbury
Bishops Stortford
England
CM22 7TL
Accountant
R Manchee FMAAT
Accountant
Jems Bookkeeping & Accountancy Services Ltd
East Lodge
Bedlars Green
Great Hallingbury
Bishop's Stortford
CM22 7TL
TFG Global Power Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
4
11,266
10,501
Tangible assets
5
3,532
4,709
--------
--------
14,798
15,210
Current assets
Debtors
6
96
82
Cash at bank and in hand
3,415
8,955
-------
-------
3,511
9,037
Creditors: amounts falling due within one year
7
604
7,290
-------
-------
Net current assets
2,907
1,747
--------
--------
Total assets less current liabilities
17,705
16,957
Creditors: amounts falling due after more than one year
8
45,400
37,400
--------
--------
Net liabilities
( 27,695)
( 20,443)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 27,795)
( 20,543)
--------
--------
Shareholders deficit
( 27,695)
( 20,443)
--------
--------
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 comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TFG Global Power Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 August 2024 , and are signed on behalf of the board by:
Mr M Lezemore
Mr P C Lezemore
Director
Director
Company registration number: 12020727
TFG Global Power Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Lodge, Bedlars Green, Great Hallingbury, Bishops Stortford, CM22 7TL, England.
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
At the financial period end date, the company's liabilities exceeded its asset by £20,443. However, the directors are offering continued support to the company and therefore, feel that is appropriate to continue to adopt the going concern basis for preparing these financial statements.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2023
10,501
Additions
765
--------
At 31 December 2023
11,266
--------
Amortisation
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
11,266
--------
At 31 December 2022
10,501
--------
5. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023 and 31 December 2023
7,749
-------
Depreciation
At 1 January 2023
3,040
Charge for the year
1,177
-------
At 31 December 2023
4,217
-------
Carrying amount
At 31 December 2023
3,532
-------
At 31 December 2022
4,709
-------
6. Debtors
2023
2022
£
£
Other debtors
96
82
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
379
7,090
Other creditors
225
200
----
-------
604
7,290
----
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
45,400
37,400
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M Lezemore
( 18,700)
( 4,000)
( 22,700)
Mr P C Lezemore
( 22,700)
( 22,700)
--------
--------
--------
( 18,700)
( 26,700)
( 45,400)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M Lezemore
( 18,700)
( 18,700)
Mr P C Lezemore
--------
----
--------
( 18,700)
( 18,700)
--------
----
--------