REGISTERED NUMBER: |
Financial Statements for the Period 14 June 2023 to 31 December 2023 |
for |
TMT Commercial Contracting Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 14 June 2023 to 31 December 2023 |
for |
TMT Commercial Contracting Limited |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Contents of the Financial Statements |
for the Period 14 June 2023 to 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TMT Commercial Contracting Limited |
Company Information |
for the Period 14 June 2023 to 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITOR: |
Statutory Auditor |
Quadrant House |
4 Thomas More Square |
London |
E1W 1YW |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Balance Sheet |
31 December 2023 |
Notes | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Notes to the Financial Statements |
for the Period 14 June 2023 to 31 December 2023 |
1. | STATUTORY INFORMATION |
TMT Commerical Contracting Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 14936250 and the registered office address is Watson House, 45 Waterloo Road, Stockport, SK1 3BJ. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements cover the company as an individual entity and are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
The financial statements present information about the company as an individual entity and have been prepared under the historical cost convention. |
The financial statements of the company are consolidated in the financial statements of TMT Group Holdings Limited. These consolidated financial statements are available from its registered office, Watson House, 45 Waterloo Road, Stockport, SK1 3BJ. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparations of the financial statements. |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Valuation of contracts |
Management review each construction contract ongoing at the year end in order to obtain an estimated valuation of the work completed to date and subsequently the profit to recognise. Management recognise profit on contracts once the outcome can be measured with reasonable certainty and based on a percentage of costs to completion. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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. |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Notes to the Financial Statements - continued |
for the Period 14 June 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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. |
Basic financial assets |
Basic financial assets, which include debtors, cash and bank balances and amounts due from related parties, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity Instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors and invoice financing agreements, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Notes to the Financial Statements - continued |
for the Period 14 June 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Notes to the Financial Statements - continued |
for the Period 14 June 2023 to 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | AUDITORS' REMUNERATION |
£ |
Fees payable to the company's auditor for the audit of the company's financial statements |
5,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
VAT |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Amounts owed to related undertakings | 600,000 |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 1,000 |
Ordinary shares carry full voting, dividend and capital distribution rights. |
On incorporation 1,000 ordinary shares of £1 each were issued. |
TMT Commercial Contracting Limited (Registered number: 14936250) |
Notes to the Financial Statements - continued |
for the Period 14 June 2023 to 31 December 2023 |
8. | RESERVES |
Retained |
earnings |
£ |
Profit for the period |
Dividends | ( |
) |
At 31 December 2023 |
The retained earnings reserve holds the retained earning of the company, after the deduction of any dividends paid in the period. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditor was unqualified. |
for and on behalf of |
10. | RELATED PARTY TRANSACTIONS |
As at 31 December 2023 the company owed £600,000 to TMT Investment Holdings Limited in respect of management charges invoiced in advance. The director Mr T M Traynor is also a director and controlling shareholder of TMT Investment Holdings Limited. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company of TMT Commercial Contracting Limited is TMT Group Holdings Limited, incorporated in England and Wales. The company's registered office is Watson House, 45 Waterloo Road, Stockport, England, SK1 3BJ. |
The ultimate controlling party is TMT EOT Trustee Limited. This company acts as the trustee of the TMT Group Employee Ownership Trust. The company's registered office is Watson House, 45 Waterloo Road, |
Stockport, England, SK1 3BJ. |
The largest and smallest group in which the results of the company are consolidated is that headed by TMT Group Holdings Limited, incorporated in England and Wales. |
12. | LOANS AND OVERDRAFTS |
There is a general debenture in place dated 15 November 2023 between TMT Commercial Contracting Limited and Lloyds Bank Plc which contains a fixed and floating charge over the assets of the company. |
There is a debenture in place dated 15 November 2023 by which the company is part of an omnibus guarantee and set-off arrangement with other members of the group and TMT Property Investment Limited in favour of Lloyds Bank plc and contains a fixed charge over the assets of the company. |