Company registration number 11395352 (England and Wales)
TRANSCONTINENTA UK LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes Audit Limited
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
TRANSCONTINENTA UK LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TRANSCONTINENTA UK LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,298
14,533
Current assets
Debtors
5
1,036,626
745,245
Cash at bank and in hand
107,951
287,729
1,144,577
1,032,974
Creditors: amounts falling due within one year
6
(498,145)
(711,817)
Net current assets
646,432
321,157
Total assets less current liabilities
661,730
335,690
Provisions for liabilities
(3,633)
(3,633)
Net assets
658,097
332,057
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
657,997
331,957
Total equity
658,097
332,057

The directors of the company have 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 by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
G Geijssen
Director
Company registration number 11395352 (England and Wales)
TRANSCONTINENTA UK LTD.
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Going concern

As indicated in note 2.2 it is the directors assessment that the company continues to be a going concern. Accordingly assets and liabilities have been valued on the basis that the company will continue in business.

If this presumption is proven to be mistaken the carrying value of assets and liabilities would need to be reappraised to reflect the impact of cessation.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of the company's assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability.

 

There have been no material indicators of impairments identified during the current financial year.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for bad and doubtful debts

In assessing and when calculating the provision for bad and doubtful debts, the directors have considered the information available at the time and have based it on the best estimate available as at the year end.

TRANSCONTINENTA UK LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Accounting policies
Company information

Transcontinenta UK Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sobell Rhodes LLP, The Kinetic Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, United Kingdom, WD6 4PJ.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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 other than where additional disclosure is required to show a true and fair view.

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 £1.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2
Going concern

The financial statements are prepared on a going concern basis.true

 

During the year ended 31 December 2023, the company had a healthy net profit in both the current and prior year, a net current asset position of £643k (2022: £321k) and net assets of £655k (2022: £332k).

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

In making their assessment, the directors have reviewed the management accounts to 30 June 2024, budgets to 31 December 2024 as well as sales forecasts to 31 December 2025. The directors anticipate adding new brands it offers to customers to grow its income. Based on their review, the directors believe that the company will continue to be a going concern and that no material uncertainties exist for a period of at least twelve months from the approval date of the financial statements.

 

On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and it is therefore appropriate to prepare these financial statements on a going concern basis.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for photography, video, print, mobile and computer peripherals products sold provided in the normal course of business, and is shown net of VAT.

 

The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (at the delivery date), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

TRANSCONTINENTA UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -

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:

Office equipment
20% straight line

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.

2.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

 

2.7
Taxation
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

TRANSCONTINENTA UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 5 -
2.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
9
8

During the year, no directors were employed by the company and therefore they have not been included in the above figure.

4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
33,663
Additions
9,090
At 31 December 2023
42,753
Depreciation and impairment
At 1 January 2023
19,130
Depreciation charged in the year
8,325
At 31 December 2023
27,455
Carrying amount
At 31 December 2023
15,298
At 31 December 2022
14,533
TRANSCONTINENTA UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
928,937
684,419
Amounts owed by group undertakings
10,750
-
0
Other debtors
66,749
34,717
1,006,436
719,136
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
30,190
26,109
Total debtors
1,036,626
745,245
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
226
-
0
Trade creditors
25,028
10,821
Amounts owed to group undertakings
-
0
244,329
Corporation tax
75,620
74,645
Other taxation and social security
328,929
320,094
Other creditors
68,342
61,928
498,145
711,817
7
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:
Trusha Bhanderi FCCA
Statutory Auditor:
Sobell Rhodes Audit Limited
Date of audit report:
18 September 2024
8
Financial commitments, guarantees and contingent liabilities

As part of the HMRC post-Brexit deferred VAT arrangements for good imported into the UK, the company had a bank guarantee from Rabobank of £115,000 as at the year ended 31 December 2023.

TRANSCONTINENTA UK LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for its office premises.

At the reporting end date the company had outstanding commitments for future minimum rental lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
303,240
36,263
10
Related party transactions

The company has taken advantage of the exemption permitted by FRS 102 Section 33 not to provide disclosures of transactions entered into with other wholly owned members of the group.

11
Parent company

The company's immediate parent is Transcontinenta Group B.V, incorporated in Netherlands. The registered address is Tarwestraat 29, 2153 GE, Nieuw-Vennep, The Netherlands.

The company's ultimate parent entity is Stichting Administratiekantoor Geijssen Beheer, incorporated in Netherlands. The ultimate parent entity does not produce publicly available financial statements.

The smallest and largest group producing publicly available financial statements in which these financial statements are consolidated is Geijssen Beheer B.V., incorporated in The Netherlands.

 

The registered address of Geijssen Beheer B.V. is Visserkade 16, 2161 WZ, Lisse, The Netherlands.

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