Company registration number 13169055 (England and Wales)
TFAS ENTERPRISES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TFAS ENTERPRISES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TFAS ENTERPRISES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
529,476
529,476
Current assets
Debtors
4
1,354,398
525,789
Cash at bank and in hand
787,322
671,216
2,141,720
1,197,005
Creditors: amounts falling due within one year
5
(2,150,171)
(1,226,278)
Net current liabilities
(8,451)
(29,273)
Net assets
521,025
500,203
Capital and reserves
Called up share capital
6
7,741
7,741
Share premium account
263,582
263,582
Profit and loss reserves
249,702
228,880
Total equity
521,025
500,203

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 15 August 2024 and are signed on its behalf by:
B Keville
J Lange
Director
Director
Company registration number 13169055 (England and Wales)
TFAS ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

TFAS Enterprises Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, St Andrews House, 119-121 The Headrow, Leeds, West Yorkshire, LS1 5JW.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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.

TFAS ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

 

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.

1.5
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
529,476
529,476
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Gross amounts owed by contract customers
109,436
97,741
Amounts owed by group undertakings
527,951
117,500
Other debtors
714,286
310,548
Prepayments
2,725
-
0
1,354,398
525,789
TFAS ENTERPRISES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,270
1,020
Amounts owed to group undertakings
824,599
217,916
Other creditors
1,322,302
1,007,342
2,150,171
1,226,278

Included within other creditors is a short term loan of £1,156,941 (2022: £890,157). This amount has been advanced in relation to a put and call option over certain assets entered into by a subsidiary company, The Financial Advice Service Ltd.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" Shares of 1p each
301,475
301,475
3,015
3,015
Ordinary "B" Shares of 1p each
301,475
301,475
3,015
3,015
Ordinary "C" Shares of 1p each
86,609
86,609
866
866
Ordinary "D" Shares of 1p each
60,259
60,259
603
603
Ordinary "E" Shares of 1p each
527
527
5
5
Ordinary "F" Shares of 1p each
527
527
5
5
Ordinary "G" Shares of 1p each
23,223
23,223
232
232
774,095
774,095
7,741
7,741
7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors
2.25
302,807
693,456
10,728
(300,446)
706,545
302,807
693,456
10,728
(300,446)
706,545
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