3 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09650111 2023-01-01 2023-12-31 09650111 2023-12-31 09650111 2022-12-31 09650111 2022-01-01 2022-12-31 09650111 2022-12-31 09650111 2021-12-31 09650111 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 09650111 bus:RegisteredOffice 2023-01-01 2023-12-31 09650111 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 09650111 bus:Director1 2023-01-01 2023-12-31 09650111 core:FurnitureFittingsToolsEquipment 2023-12-31 09650111 core:WithinOneYear 2023-12-31 09650111 core:WithinOneYear 2022-12-31 09650111 core:AfterOneYear 2023-12-31 09650111 core:AfterOneYear 2022-12-31 09650111 core:ShareCapital 2023-12-31 09650111 core:ShareCapital 2022-12-31 09650111 core:RetainedEarningsAccumulatedLosses 2023-12-31 09650111 core:RetainedEarningsAccumulatedLosses 2022-12-31 09650111 bus:SmallEntities 2023-01-01 2023-12-31 09650111 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09650111 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09650111 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09650111 bus:FullAccounts 2023-01-01 2023-12-31 09650111 core:ImmediateParent 2023-01-01 2023-12-31 09650111 1 2023-01-01 2023-12-31
Company registration number: 09650111
Tri-Coastal Design Group UK Limited
Unaudited filleted financial statements
31 December 2023
Tri-Coastal Design Group UK Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Tri-Coastal Design Group UK Limited
Directors and other information
Director N Johnson
Company number 09650111
Registered office 1st Floor
64 Baker Street
London
W1U 7GB
Business address Suite C4 Canalside Buildings
Roundhouse Business Park
Graingers Way
Leeds
LS12 1AH
Accountants Redford & Co Limited
1st Floor
64 Baker Street
London
W1U 7GB
Tri-Coastal Design Group UK Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 6 76,399 206,711
Cash at bank and in hand 14,174 6,710
_______ _______
90,573 213,421
Creditors: amounts falling due
within one year 7 ( 56,395) ( 103,026)
_______ _______
Net current assets 34,178 110,395
_______ _______
Total assets less current liabilities 34,178 110,395
Creditors: amounts falling due
after more than one year 8 ( 11,841) ( 22,581)
_______ _______
Net assets 22,337 87,814
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 22,237 87,714
_______ _______
Shareholders funds 22,337 87,814
_______ _______
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.
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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 08 July 2024 , and are signed on behalf of the board by:
N Johnson
Director
Company registration number: 09650111
Tri-Coastal Design Group UK 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. The address of the registered office is 1st Floor, 64 Baker Street, London, W1U 7GB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the company.
Turnover
Turnover represents the total value, excluding value added tax, of services made during the year and derives from the provision of services falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 11,421 11,421
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 11,421 11,421
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,267 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 67,306 171,246
Other debtors 7,826 35,465
_______ _______
76,399 206,711
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors - 10,580
Amounts owed to group undertakings and undertakings in which the company has a participating interest 8,085 8,085
Corporation tax 3,583 7,508
Social security and other taxes 8,679 15,509
Other creditors 26,048 51,344
_______ _______
56,395 103,026
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 11,841 22,581
_______ _______
9. Related party transactions
(a) The company has a loan account with its parent undertaking, Tri-Coastal Design Group Srl. The loan account is unsecured, interest free and payable on demand. The amount outstanding at 31st December 2023 was £8,085 owed to the parent (2022 - £8,085).(b) During the year, the company invoiced £444,176 to its parent undertaking, Tri-Coastal Design Group Srl for the services provided. The amount outstanding at 31st December 2023 from this company was £67,306 (2022 - £171,246).
10. Controlling party
Following a merger with Take Project Srl, the parent undertaking of the company is now Tri-Coastal Design Group Srl, a company incorporated in Italy.