Company registration number 11753867 (England and Wales)
TEMIS LUXURY (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TEMIS LUXURY (UK) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TEMIS LUXURY (UK) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
484,457
218,045
Current assets
Debtors
4
1,213,842
751,508
Cash at bank and in hand
515,499
172,499
1,729,341
924,007
Creditors: amounts falling due within one year
5
(2,320,901)
(1,463,443)
Net current liabilities
(591,560)
(539,436)
Total assets less current liabilities
(107,103)
(321,391)
Creditors: amounts falling due after more than one year
6
(14,167)
(41,362)
Net liabilities
(121,270)
(362,753)
Capital and reserves
Called up share capital
7
1,000,100
1,000,100
Profit and loss reserves
(1,121,370)
(1,362,853)
Total equity
(121,270)
(362,753)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 July 2024 and are signed on its behalf by:
Mr F B Brisson-Saulnier
Director
Company registration number 11753867 (England and Wales)
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Temis Luxury (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Prologis Park, Hook Rise South, Chessington, Surrey, KT6 7LD, KT6 7LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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. The company is reliant on the activities of its parent company and the overall demand of the transportation industry. The group is financially strong with performance levels since the year end being satisfactory and the parent company has confirmed its support for the UK operations of the group for at least twelve months from the approval of these financial statements.
The company balance sheet shows a net current liability and net liability position as at 31 December 2023. This is in line with the directors' expectations in the growth stage of trade, which includes the initial investment in the company start up, and an expected lead time before the revenue streams commenced. The company has increased turnover this year and achieved a profit before tax. The company remains reliant on the parent company to support its cash flow requirements and the parent company has stated to the directors that it will not call on the loan provided until the company has sufficient resources.
The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease (Land is not depreciated)
Plant and equipment
20% per annum straight line
Fixtures and fittings
20% per annum straight line
Computers
33.33% per annum straight line
Motor vehicles
20% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include deposits held at call with banks.
1.6
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.
Basic financial assets
Basic financial assets, which include trade debtors, other debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade creditors, other creditors and loans from fellow group companies that are classified as debt, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year.
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 47 (2022 - 42).
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
87,187
40,189
99,593
23,018
191,182
441,169
Additions
283,810
18,369
39,221
6,377
347,777
At 31 December 2023
370,997
58,558
138,814
29,395
191,182
788,946
Depreciation
At 1 January 2023
53,582
25,296
36,044
14,073
94,129
223,124
Depreciation charged in the year
8,719
9,561
20,626
4,223
38,236
81,365
At 31 December 2023
62,301
34,857
56,670
18,296
132,365
304,489
Carrying amount
At 31 December 2023
308,696
23,701
82,144
11,099
58,817
484,457
At 31 December 2022
33,605
14,893
63,549
8,945
97,053
218,045
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
625,137
421,322
Amounts owed by group undertakings
78,665
62,217
Other debtors
408,393
267,969
1,112,195
751,508
Deferred tax asset
101,647
1,213,842
751,508
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
154,575
73,113
Amounts owed to group undertakings
1,747,264
1,126,904
Taxation and social security
149,286
157,783
Other creditors
259,776
95,643
2,320,901
1,463,443
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current liabilities reflects the contractual nature of the loans, the group do not seek repayment of these loans until the company is financially able to do so. This may be more than 12 months from the reporting date, as part of the group's ongoing financial support to the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
14,167
24,167
Other creditors
17,195
14,167
41,362
Included within other creditors in note 5 are hire purchase liabilities of £15,521 (2022: £23,488) and in note 6 are hire purchase liabilities of £nil (2022: £17,195) which are secured upon the underlying asset.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,100
1,000,100
1,000,100
1,000,100
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Christopher Reeves ACA FCCA.
The auditor was Sumer Audit.
Sumer Audit is the trading name of Sumer Auditco Limited
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of:
2023
2022
£
£
Within one year
406,611
285,538
Between two and five years
841,019
600,467
1,247,630
886,005
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Parent company
The immediate parent company is Temis Luxury Group L'H, a company registered in France. The ultimate parent company is Superga Lux S.A. a company registered in Luxembourg. The results of Temis Luxury (UK) Limited are included in the consolidated accounts of the ultimate parent company which can be obtained from RCS Luxembourg.