Company registration number 05968915 (England and Wales)
TCS (EUROPE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TCS (EUROPE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TCS (EUROPE) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
6
1,786
6,468
Tangible assets
7
4,091
4,393
5,877
10,861
Current assets
Stocks
231,975
160,973
Debtors
8
757,801
2,327,998
Cash at bank and in hand
2,360,481
718,830
3,350,257
3,207,801
Creditors: amounts falling due within one year
9
(1,533,068)
(1,386,842)
Net current assets
1,817,189
1,820,959
Net assets
1,823,066
1,831,820
Capital and reserves
Called up share capital
10
4,810
4,810
Capital redemption reserve
780
780
Profit and loss reserves
1,817,476
1,826,230
Total equity
1,823,066
1,831,820
The director of the company has 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 and signed by the director and authorised for issue on 9 September 2024
J M D Dalby
Director
Company Registration No. 05968915
TCS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
TCS (Europe) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hudson House, 8 Tavistock Street, Third Floor, London, WC2E 7PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 Section 1A - “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and 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.
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 £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
1.4
Intangible fixed assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation 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:
Software development
25% straight line basis
1.5
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
Furniture, fittings and equipment
25% straight line basis
TCS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
Debtors
Short term debtors are measured at transaction value less any impairment. At each balance sheet date, debtors are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is measured as the difference between the carrying amount and the amount expected to be received.
1.9
Creditors
Short term creditors are measured at transaction value. Other financial liabilities are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
1.10
Share capital
Ordinary shares are classified as equity.
1.11
Taxation
The tax expense represents the sum of the current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
TCS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.14
Foreign exchange
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
1.15
Dividends payable are recognised at the earlier of the date of declaration or the date of payment.
2
Judgements and key sources of estimation uncertainty
No significant judgements or key accounting estimates have been applied in the preparation of these financial statements.
3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
11,250
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,515
2,347
Amortisation of intangible assets
4,682
5,519
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
13
TCS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Intangible fixed assets
Software development
£
Cost
At 1 January 2023 and 31 December 2023
19,580
Amortisation and impairment
At 1 January 2023
13,112
Amortisation charged for the year
4,682
At 31 December 2023
17,794
Carrying amount
At 31 December 2023
1,786
At 31 December 2022
6,468
7
Tangible fixed assets
Furniture, fittings and equipment
£
Cost
At 1 January 2023
258,377
Additions
1,213
At 31 December 2023
259,590
Depreciation and impairment
At 1 January 2023
253,984
Depreciation charged in the year
1,515
At 31 December 2023
255,499
Carrying amount
At 31 December 2023
4,091
At 31 December 2022
4,393
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
482,229
1,870,191
Other debtors
79,496
59,541
Prepayments and accrued income
196,076
398,266
757,801
2,327,998
TCS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
242,355
513,201
Corporation tax
69,000
150
Other taxation and social security
118,796
237,102
Dividends payable
45,000
40,000
Other creditors
246
14,349
Accruals and deferred income
1,057,671
582,040
1,533,068
1,386,842
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,810
4,810
4,810
4,810
11
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.
Senior Statutory Auditor:
David Lawrence BSc (Hons) FCA
Statutory Auditor:
Azets Audit Services
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
70,813
70,618
70,813
70,618
13
Directors' transactions
Interest free loans have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
TCS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Directors' transactions
(Continued)
- 7 -
J M D Dalby - Interest free loan repayable on demand
-
1,425
856
(2,527)
(246)
1,425
856
(2,527)
(246)
14
Charges
Barclays Bank holds both a fixed and floating charge over the assets of the company in relation to banking facilities.