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REGISTERED NUMBER: 09105108 (England and Wales)






















TSG Terminal Limited

Report of the Directors and

Financial Statements for the Year Ended 31 December 2023






TSG Terminal Limited (Registered number: 09105108)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Notes to the Financial Statements 8


TSG Terminal Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: T G W Bryan
L E Hjalmarsson



REGISTERED OFFICE: Stone House
56 North Street
Goole
East Yorkshire
DN14 5RA



REGISTERED NUMBER: 09105108 (England and Wales)



AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA



BANKERS: Handelsbanken
First Floor, Westcott House
Hesslewood Business Park
Hull
East Yorkshire
HU13 0PF

TSG Terminal Limited (Registered number: 09105108)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

T G W Bryan
L E Hjalmarsson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





T G W Bryan - Director


22 February 2024

Report of the Independent Auditors to the Members of
TSG Terminal Limited

Opinion
We have audited the financial statements of TSG Terminal Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
TSG Terminal Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
TSG Terminal Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and

-
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive,
and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

22 February 2024

TSG Terminal Limited (Registered number: 09105108)

Income Statement
for the year ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 14,646,864 13,354,473

Cost of sales 10,817,232 10,315,092
GROSS PROFIT 3,829,632 3,039,381

Administrative expenses 2,830,487 2,512,974
OPERATING PROFIT 4 999,145 526,407

Income from shares in group
undertakings

-

37,500
Interest receivable and similar income 30,066 3
30,066 37,503
PROFIT BEFORE TAXATION 1,029,211 563,910

Tax on profit 244,895 106,385
PROFIT FOR THE FINANCIAL YEAR 784,316 457,525

TSG Terminal Limited (Registered number: 09105108)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 42,294 42,446
Tangible assets 6 422,731 383,538
Investments 7 - -
465,025 425,984

CURRENT ASSETS
Debtors 8 2,165,298 2,659,703
Cash at bank and in hand 2,178,501 993,238
4,343,799 3,652,941
CREDITORS
Amounts falling due within one year 9 1,249,421 1,297,587
NET CURRENT ASSETS 3,094,378 2,355,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,559,403

2,781,338

PROVISIONS FOR LIABILITIES 28,987 35,238
NET ASSETS 3,530,416 2,746,100

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 119,990 119,990
Retained earnings 3,410,326 2,626,010
3,530,416 2,746,100

The financial statements have been prepared 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 22 February 2024 and were signed on its behalf by:





T G W Bryan - Director


TSG Terminal Limited (Registered number: 09105108)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

TSG Terminal Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principle accounting policies have remained unchanged from the previous year and are set out below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.

Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, is it probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, amortisation is calculated so as to write off the cost of that asset as follows:

Negative goodwill - see below
Stamp duty - 10 years straight line

The company acquired a business on 1 July 2014. As part of the business transfer agreement the transferor company paid the transferee the sum of £100,000. This sum was accounted for as negative goodwill in the accounts and was fully released to the income statement in the period ended 31 December 2014.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimated.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The estimated useful lives are as follows:

Plant and equipment - 1 - 10 years straight line
Leasehold property improvements - 1 or 10 years straight line


TSG Terminal Limited (Registered number: 09105108)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals applicable to operating leases are substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The UK continues to be impacted by rising inflation, interest rates and energy costs. These matters have impacted the company's trading results to a greater or lessor extent but have been mitigated to some degree by action taken by the company in the period. At the date of signing these financial statements, the directors have considered the effect of these matters on the company together with the information available to them, including cash flow forecasts, and do not believe that they will affect the ability of the company to continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. On this basis, the directors have prepared these financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 39 ) .

TSG Terminal Limited (Registered number: 09105108)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 96,228 64,594
Patents and licences amortisation 7,960 7,077

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 (100,000 ) 70,760 (29,240 )
Additions - 7,808 7,808
At 31 December 2023 (100,000 ) 78,568 (21,432 )
AMORTISATION
At 1 January 2023 (100,000 ) 28,314 (71,686 )
Charge for year - 7,960 7,960
At 31 December 2023 (100,000 ) 36,274 (63,726 )
NET BOOK VALUE
At 31 December 2023 - 42,294 42,294
At 31 December 2022 - 42,446 42,446

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 732,242
Additions 135,421
At 31 December 2023 867,663
DEPRECIATION
At 1 January 2023 348,704
Charge for year 96,228
At 31 December 2023 444,932
NET BOOK VALUE
At 31 December 2023 422,731
At 31 December 2022 383,538

TSG Terminal Limited (Registered number: 09105108)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 January 2023 5,000
Disposals (5,000 )
At 31 December 2023 -
PROVISIONS
At 1 January 2023 5,000

Provision written back (5,000 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,065,476 990,599
Amounts owed by group undertakings 338,491 1,063,620
Other debtors 761,331 605,484
2,165,298 2,659,703

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 852,187 993,428
Amounts owed to group undertakings 68,021 101,299
Taxation and social security 209,383 85,783
Other creditors 119,830 117,077
1,249,421 1,297,587

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,497,185 1,132,498
Between one and five years 5,177,665 2,740,255
In more than five years 117,734 1,016,677
6,792,584 4,889,430

TSG Terminal Limited (Registered number: 09105108)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The smallest group of which TSG Terminal Ltd is a member and for which group accounts are prepared is that headed by ThorSvecon Group AB, a company incorporated in Sweeden whose registered office address is Slakterugatan 10, 721 32 Västerås, Sweeden.

The largest group of which TSG Terminal Ltd is a member and for which group accounts are prepared is that headed by ThorSvecon Holding AB, a company incorporated in Sweeden whose registered office address is Slakterugatan 10, 721 32 Västerås, Sweeden.

There is no ultimate controlling party.