REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
T S S GROUP LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st December 2023 |
for |
T S S GROUP LIMITED |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
T S S GROUP LIMITED |
Company Information |
for the year ended 31st December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Statement of Financial Position |
31st December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | STATUTORY INFORMATION |
The principal activity of the company continued to be that of property development. |
T S S Group Limited is a private company, limited by shares, registered in England and Wales. The address of its registered office is North Farm Industrial Estate, Longfield Road, Tunbridge Wells, Kent, TN2 3EY. |
The financial statements have been prepared in pound sterling, the functional currency of the company, and monetary amounts in these financial statements have been rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
Turnover |
Turnover is recognised to the extent that it is probably the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of property stock and is recognised when all of the following conditions are satisfied: |
- | the company has transferred the significant risks and rewards of ownership to the buyer; |
- | the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the company will receive the consideration due under the transaction; |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Land and buildings held are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in ‘other reserves’. |
Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Tangible fixed assets include freehold property and land that is not depreciated. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income. |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Stock of development properties |
Stocks are stated at the lower of cost and net relisable value, being the estimated selling price less costs to complete and sell. Cost is based on the costs of developing a site, these costs are then allocated to individual plots to achieve a consistent margin for the site. Work in progress and development property include labour and attributable overheads. |
At each balance sheet 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 profit or loss. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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. |
Pension costs and other post-retirement benefits |
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 other creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Dividends |
Equity dividends are recognised when they become fully payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders. |
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. |
Creditors |
Short term trade 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. |
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. |
Provisions for liabilities |
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold |
property |
£ |
COST |
At 1st January 2023 |
Transfer to group undertaking | (10,560,000 | ) |
Appropriation to stock | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Reclassification/transfer | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT - continued |
During the year the company transferred the freehold properties to its parent company. The transfer took place via a dividend in specie. |
The freehold property was revalued as at 6 December 2022 to £10,560,000 by an independent chartered surveyor. If the freehold properties were included in the balance sheet on an historical cost basis, then the carrying amount in the prior year would have been £6,966,892. |
5. | INVENTORIES |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Property stock |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | - | 131,517 |
Tax |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,676 | - |
Accruals and deferred income |
8. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1st January 2023 |
Unused amounts reversed during year | ( |
) |
Balance at 31st December 2023 |
Deferred tax related to fixed asset timing differences. These assets have now been transferred to the parent company and the timing differences have subsequently been reversed into the Statement of Comprehensive Income. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1st January 2023 |
Dividend in specie | (2,694,831 | ) |
At 31st December 2023 |
The revaluation reserve comprised the cumulative effect of revaluations of freehold land and buildings which were revalued to fair value at each reporting date. During the year, the properties were transferred to the parent company by way of a dividend in specie. |
10. | AUDITORS' INFORMATION |
The audit report provided to the members of T S S Group Limited on the financial statements for the year ended 31st December 2023 was not qualified. |
The audit report was signed by Alasdair Weaks (Senior Statutory Auditor) for and on behalf of Simpson Wreford & Partners, Chartered Accountants and Statutory Auditor. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
In the year a loan amount of £131,517 was repaid from a director. |
During the year the company sold a property to a director and shareholder for £431,034, a value that is in excess of the property's market value. The property had been valued by a qualified independent third party before the sale took place. |
12. | 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. |
T S S GROUP LIMITED (REGISTERED NUMBER: 02776516) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
12. | RELATED PARTY DISCLOSURES - continued |
In the year the company recharged expenditure to Thames Motor Group (Slough) Limited, a fellow subsidiary company, at the year end an amount of £3,547 remained outstanding (2022 - £2,256,275).This amount is interest free and repayable on demand. |
At the year end the company was owed an amount of £22,000 from Thames Contemporary Homes (Clapham) Ltd, a company under common control (2022 - £789,297 owed to). This amount is interest free and repayable on demand. |
No expenditure was charged to Thames Contemporary Homes (Clapham) Ltd within the year (2022 - £5,668). |
13. | EVENTS AFTER THE REPORTING PERIOD |
The company is party to a lease for premises that have been subject to a rent review after the year end. No adjustment has been made in these accounts for the uplift in rent, which to 31st December 2023 amounted to £41,045. |
14. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent company is Thames Motor Group Limited, registered in England and Wales. |
The ultimate controlling party is Mr V Khanna, a director. |
Thames Motor Group Limited prepares consolidated financial statements and copies can be obtained from its registered office, North Farm Industrial Estate, Longfield Road, Tunbridge Wells, Kent, TN2 3EY. |