REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
TSQUARED P5 LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
TSQUARED P5 LIMITED |
TSQUARED P5 LIMITED (REGISTERED NUMBER: SC598719) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TSQUARED P5 LIMITED |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
29 Brandon Street |
Hamilton |
ML3 6DA |
TSQUARED P5 LIMITED (REGISTERED NUMBER: SC598719) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
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 |
TSQUARED P5 LIMITED (REGISTERED NUMBER: SC598719) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
TSquared P5 Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis. |
Although the company incurred a loss of £16,422 during the year and had net liabilities of £16,322 at the year end date this situation is expected to be temporary and relates to an initial period of trading commencing in February 2024 where losses were expected to be incurred while the trade was being established. |
The Directors have prepared detailed budgets, covering a period of at least 12 months from the date of signature of these financial statements, which show that the company will trade profitably over the following 12 months. The budgets were largely built based on work already secured and work expected to be secured in the period. |
The company owes £57,244 to its parent company, TSquared Group Limited. TSquared Group Limited has confirmed that this balance will not be sought until the company has generated sufficient profits and cashflow to allow the balance to be repaid without any detrimental impact on its ongoing trade. |
The Directors, with reference to the budgets prepared and group support, continue to adopt the going concern basis when preparing the financial statements. In making their assessment the Directors have considered a period of at least 12 months from the date of signature of these financial statements. |
TSQUARED P5 LIMITED (REGISTERED NUMBER: SC598719) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover and revenue recognition |
Turnover is derived from various activities performed by the company as a contractor providing specialist design and build of electrical installations and their maintenance |
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, turnover and costs are recognised over the period of the contract. |
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. |
When the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised only to the extent of contract costs that it is probable will be recovered. |
Contract costs include direct costs incurred in securing the contract that can be separately identified and measured reliably, if it is probable that the contract will be obtained. Costs incurred in securing a contract which have been expensed as incurred, are not included in contract costs if the contract is subsequently obtained. |
The company uses the "percentage of completion method" to determine the appropriate amount to recognise in a given period usually with reference to work invoiced for on a monthly basis. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded for contract costs in determining the stage of completion. These costs are presented as long term contracts provided it is probable they will be recovered. Where invoiced turnover exceeds the value of works completed to date the balance is reflected within creditors as payments on account. |
Revenue in relation to maintenance contracts is recognised as costs are incurred. |
TSQUARED P5 LIMITED (REGISTERED NUMBER: SC598719) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Basic 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, in full, to all of its financial instruments. |
Recognition and measurement of financial instruments: |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Classification of financial instruments: |
Financial instruments are classified as liabilities and equity instruments 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. |
Trade, group and other debtors: |
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. |
Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost, using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs. |
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. |
Cash and cash equivalents: |
Cash and cash equivalents comprise cash at bank and on hand and demand deposits with banks. |
Trade creditors, group and other creditors: |
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. |
Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability. |
Derecognition of financial assets and liabilities: |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) 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. |
A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
TSQUARED P5 LIMITED (REGISTERED NUMBER: SC598719) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Payments on account |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
The company operates a loan account with its parent company, TSquared Group Ltd. This loan is unsecured, interest free and has no fixed repayment term. At the year end the company owed £57,244 (2023 - £100 creditor) to TSquared Group Ltd. |
9. | CONTROLLING PARTY |
The controlling party is TSquared Group Ltd. |
The company is a subsidiary of TSquared Group Ltd, a UK registered company, which prepares consolidated financial statements and has the same registered office address. |