Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetransport consultancy services, property development and car restoration / electrification.22falsetrue 05088337 2023-01-01 2023-12-31 05088337 2022-01-01 2022-12-31 05088337 2023-12-31 05088337 2022-12-31 05088337 c:Director1 2023-01-01 2023-12-31 05088337 d:MotorVehicles 2023-01-01 2023-12-31 05088337 d:MotorVehicles 2023-12-31 05088337 d:MotorVehicles 2022-12-31 05088337 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05088337 d:OfficeEquipment 2023-01-01 2023-12-31 05088337 d:OfficeEquipment 2023-12-31 05088337 d:OfficeEquipment 2022-12-31 05088337 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05088337 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05088337 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05088337 d:CurrentFinancialInstruments 2023-12-31 05088337 d:CurrentFinancialInstruments 2022-12-31 05088337 d:Non-currentFinancialInstruments 2023-12-31 05088337 d:Non-currentFinancialInstruments 2022-12-31 05088337 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05088337 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05088337 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05088337 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05088337 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 05088337 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 05088337 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 05088337 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 05088337 d:ShareCapital 2023-12-31 05088337 d:ShareCapital 2022-12-31 05088337 d:RetainedEarningsAccumulatedLosses 2023-12-31 05088337 d:RetainedEarningsAccumulatedLosses 2022-12-31 05088337 c:OrdinaryShareClass2 2023-01-01 2023-12-31 05088337 c:OrdinaryShareClass2 2023-12-31 05088337 c:OrdinaryShareClass3 2023-01-01 2023-12-31 05088337 c:OrdinaryShareClass3 2023-12-31 05088337 c:FRS102 2023-01-01 2023-12-31 05088337 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05088337 c:FullAccounts 2023-01-01 2023-12-31 05088337 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05088337 2 2023-01-01 2023-12-31 05088337 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05088337









THINKTEMP SOLUTIONS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THINKTEMP SOLUTIONS LIMITED
REGISTERED NUMBER: 05088337

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
56,115
147,859

Current assets
  

Stocks
 5 
50,000
50,000

Debtors: amounts falling due within one year
 6 
28,752
128,809

Cash at bank and in hand
 7 
131,258
21,998

  
210,010
200,807

Creditors: amounts falling due within one year
 8 
(128,351)
(153,485)

Net current assets
  
 
 
81,659
 
 
47,322

Total assets less current liabilities
  
137,774
195,181

Creditors: amounts falling due after more than one year
 9 
-
(120,000)

  

Net assets
  
137,774
75,181


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
137,772
75,179

  
137,774
75,181


Page 1

 
THINKTEMP SOLUTIONS LIMITED
REGISTERED NUMBER: 05088337
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




M P Gooden
Director


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Thinktemp Solutions Limited is a company limited by shares, incorporated in England & Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The company specialises in transport consultancy services, property development and car restoration / electrification.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover is recognised in the period the services are provided.

Page 3

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in  the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Other fixed assets
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

Page 5

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 6

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
76,070
86,137
162,207


Disposals
-
(79,990)
(79,990)



At 31 December 2023

76,070
6,147
82,217



Depreciation


At 1 January 2023
1,535
12,813
14,348


Charge for the year on owned assets
18,420
16,045
34,465


Disposals
-
(22,711)
(22,711)



At 31 December 2023

19,955
6,147
26,102



Net book value



At 31 December 2023
56,115
-
56,115



At 31 December 2022
74,535
73,324
147,859


5.


Stocks

2023
2022
£
£

Finished goods / Work in progress
50,000
50,000

50,000
50,000



6.


Debtors

2023
2022
£
£


Trade debtors
28,752
2,374

Other debtors
-
126,435

28,752
128,809


Page 8

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
131,258
21,998

131,258
21,998



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
80,000

Trade creditors
7,563
1,113

Corporation tax
34,780
9,566

Other taxation and social security
8,269
5,026

Other creditors
13,037
138

Accruals and deferred income
64,702
57,642

128,351
153,485



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
120,000

-
120,000


Page 9

 
THINKTEMP SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
-
80,000

Amounts falling due 1-2 years

Bank loans
-
30,000

Amounts falling due 2-5 years

Bank loans
-
90,000


-
200,000



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary A share of £1
1
1
1 Ordinary B share of £1
1
1

2

2



12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,569 (2022 - £3,845).


13.


Related party transactions

Included within other creditors is an amount of £7,778 due to (2022 - £126,435 due from) the directors. During the year, the directors took out further loans of £38,000 (2022 - £211,245) from the company and repaid total amounts of £174,701 (2022 - £140,876). Interest is being charged at the HMRC authorised rate of 2.25% on the loan amount and the amount charged during the year was £2,488 (2022 - £21).


14.


Controlling party

The company is controlled by the directors.

 
Page 10