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COMPANY REGISTRATION NUMBER: 13447855
TOSCA HOLDINGS II LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
TOSCA HOLDINGS II LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
TOSCA HOLDINGS II LTD
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr H Salin
Registered office
47-49 Princes Place
London
W11 4QA
Accountants
TC BSG Valentine Limited
Chartered Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
TOSCA HOLDINGS II LTD
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Investments
4
3,362,067
3,362,067
CURRENT ASSETS
Debtors
5
43,043
Cash at bank and in hand
77,305
----
---------
120,348
CREDITORS: amounts falling due within one year
6
( 1,535,550)
( 307,261)
------------
---------
NET CURRENT LIABILITIES
( 1,535,550)
( 186,913)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,826,517
3,175,154
CREDITORS: amounts falling due after more than one year
7
( 395,041)
( 1,656,215)
------------
------------
NET ASSETS
1,431,476
1,518,939
------------
------------
CAPITAL AND RESERVES
Called up share capital
10,000
10,000
Profit and loss account
1,421,476
1,508,939
------------
------------
SHAREHOLDERS FUNDS
1,431,476
1,518,939
------------
------------
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 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TOSCA HOLDINGS II LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr H Salin
Director
Company registration number: 13447855
TOSCA HOLDINGS II LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 47-49 Princes Place, London, W11 4QA.
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. The financial statements are for the year ended 31 July 2023 and the comparative period is 9 June 2021 to 31 July 2022.
Going concern
The company has net current liabilities of £1,535,550 at the period end, however £1,513,744 is owed to its parent company. The parent company has confirmed that it will not seek repayment of this loan in the short term and it is expected that the loan will be capitalised. The company is dependent on management fee and dividend income from its trading subsidiary to meet its liabilities. The director has prepared cash flow forecasts for the group to September 2025 and these show that, based on the trading performance of its subsidiary, the company is forecast to have sufficient cash to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. Based on the above, the director has not identified any material uncertainty regarding going concern and therefore prepares the financial statements on a going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of management services is recognised on an accruals basis as those services are provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
3,362,067
------------
Impairment
At 1 August 2022 and 31 July 2023
------------
Carrying amount
At 31 July 2023
3,362,067
------------
At 31 July 2022
3,362,067
------------
5. Debtors
2023
2022
£
£
Other debtors
43,043
----
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,513,744
Accruals and deferred income
24,674
Corporation tax
21,806
Other creditors
282,587
------------
---------
1,535,550
307,261
------------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
35,913
53,869
Other creditors
359,128
1,602,346
---------
------------
395,041
1,656,215
---------
------------
8. Guarantees
The company has provided guarantees in respect of the borrowings of a parent company, which at the year end totalled £4.15m. The company has also provided security for these borrowings in the form of fixed and floating charges over the assets of the company.