IRIS Accounts Production v24.2.0.383 02776516 Board of Directors 1.1.23 31.12.23 31.12.23 20.9.24 false true false false true true true true false Auditors Opinion Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh027765162022-12-31027765162023-12-31027765162023-01-012023-12-31027765162021-12-31027765162022-01-012022-12-31027765162022-12-3102776516ns15:EnglandWales2023-01-012023-12-3102776516ns14:PoundSterling2023-01-012023-12-3102776516ns10:Director12023-01-012023-12-3102776516ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102776516ns10:SmallEntities2023-01-012023-12-3102776516ns10:Audited2023-01-012023-12-3102776516ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102776516ns10:FullAccounts2023-01-012023-12-3102776516ns10:Director22023-01-012023-12-3102776516ns10:Director32023-01-012023-12-3102776516ns10:Director42023-01-012023-12-3102776516ns10:CompanySecretary12023-01-012023-12-3102776516ns10:RegisteredOffice2023-01-012023-12-3102776516ns5:CurrentFinancialInstruments2023-12-3102776516ns5:CurrentFinancialInstruments2022-12-3102776516ns5:ShareCapital2023-12-3102776516ns5:ShareCapital2022-12-3102776516ns5:RevaluationReserve2023-12-3102776516ns5:RevaluationReserve2022-12-3102776516ns5:RetainedEarningsAccumulatedLosses2023-12-3102776516ns5:RetainedEarningsAccumulatedLosses2022-12-3102776516ns5:LandBuildings2022-12-3102776516ns5:LandBuildings2023-01-012023-12-3102776516ns5:LandBuildings2023-12-3102776516ns5:LandBuildings2022-12-3102776516ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102776516ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102776516ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3102776516ns5:AcceleratedTaxDepreciationDeferredTax2022-12-3102776516ns5:DeferredTaxation2022-12-3102776516ns5:DeferredTaxation2023-01-012023-12-3102776516ns5:DeferredTaxation2023-12-3102776516ns5:RevaluationReserve2022-12-310277651612023-01-012023-12-31
REGISTERED NUMBER: 02776516 (England and Wales)



















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: V Khanna
A E Khanna
K P Khanna
N N Khanna



SECRETARY: K Jeyavarathan



REGISTERED OFFICE: North Farm Industrial Estate
Longfield Road
Tunbridge Wells
Kent
TN2 3EY



REGISTERED NUMBER: 02776516 (England and Wales)



SENIOR STATUTORY AUDITOR: Alasdair Weaks



AUDITORS: Simpson Wreford & Partners
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 - 10,660,000

CURRENT ASSETS
Inventories 5 716,393 1,127,505
Debtors 6 268,130 2,789,673
Cash at bank 25,927 67,669
1,010,450 3,984,847
CREDITORS
Amounts falling due within one year 7 18,505 2,692,039
NET CURRENT ASSETS 991,945 1,292,808
TOTAL ASSETS LESS CURRENT LIABILITIES 991,945 11,952,808

PROVISIONS FOR LIABILITIES 8 - 898,277
NET ASSETS 991,945 11,054,531

CAPITAL AND RESERVES
Called up share capital 500 500
Revaluation reserve 9 - 2,694,831
Retained earnings 991,445 8,359,200
SHAREHOLDERS' FUNDS 991,945 11,054,531

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

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 20th September 2024 and were signed on its behalf by:





K P Khanna - Director


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
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 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 7 (2022 - 7 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Freehold
property
£   
COST
At 1st January 2023 12,615,000
Transfer to group undertaking (10,560,000 )
Appropriation to stock (2,055,000 )
At 31st December 2023 -
DEPRECIATION
At 1st January 2023 1,955,000
Reclassification/transfer (1,955,000 )
At 31st December 2023 -
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 10,660,000

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 716,393 1,127,505

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 2,325 320
Amounts owed by group undertakings 207,002 2,626,275
Other debtors 34,931 -
Directors' current accounts - 131,517
Tax 13,386 13,386
VAT 1,736 9,425
Prepayments and accrued income 8,750 8,750
268,130 2,789,673

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade creditors 9,388 56,013
Amounts owed to group undertakings - 999,242
Tax - 432,737
Social security and other taxes 2,332 2,297
Other creditors 209 1,185,375
Directors' current accounts 1,676 -
Accruals and deferred income 4,900 16,375
18,505 2,692,039

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
as restated
£    £   
Deferred tax
Accelerated capital allowances - 898,277

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 898,277
Unused amounts reversed during year (898,277 )
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 2,694,831
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.