REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Tuspark Investment & Management Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Tuspark Investment & Management Limited |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Tuspark Investment & Management Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
9 St Clare Street |
London |
EC3N 1LQ |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Statement of Financial Position |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 7 |
Retained earnings | 7 | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Tuspark Investment & Management Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The Company provides services solely to the UK group, the director has received a letter of support from Tuspark Holding UK Limited confirming they agree to provide unconditional continued financial support to enable the company to meet its obligations as and when they fall due for a minimum period 12 months from the date of these financial statements. For this reason, the director believes that the company has adequate resources to continue in operational existence for the foreseeable future and therefore it is appropriate that the company continues to adopt the going concern basis in preparing its financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
When preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgment are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. |
Management fee recharge |
The management fee recharge is the spreading of costs incurred by Tuspark Investment & Management Limited (TIM) over the other 6 entities in the UK group. Before the costs are recharged to the other entities, there is a 5% mark-up. This is inline with The Organisation for Economic Cooperation and Development (OECD) standard, so we are comfortable it is inline with 'arms length' principles. |
The director considers that the management fee recharge arrangement have the substance of sharing by the other 6 entities in the UK group of their collective obligations for the aggregate management fee recharge. The main assumption included in the allocation basis of the management fee recharge is based on manpower/input used by the particular entities in the UK group and/or the turnover of each entities in the UK group. The director considers that this accounting treatment is necessary for the financial statements to show a true and fair view. |
The accounting policy related to management fee recharge is stated under turnover, during the year £1,601,477 (2022: £1,799,343) has been charged for management fee. |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. The following criteria must also be met before revenue is recognised: |
Service provided to the group undertaking is recognised based on 5% mark up of the expenses incurred. |
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 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. using the straight-line method. |
Depreciation is provided on the following basis: |
Fixture and fitting - 33% straight line |
Plant and machinery - 33% straight line |
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 profit or loss. |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include trade and other receivables 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, and loans from group undertakings, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
Share capital |
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The company's ordinary shares are classified as equity instruments. |
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. |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Pension costs and other post-retirement benefits |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tuspark Investment & Management Limited (Registered number: 11113260) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
7. | RESERVES |
The company's other reserves represent capital contributions paid by owners of the entity and were recognised in equity at fair value being the amount of cash received. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | 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. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Tuspark Holdings (UK) Limited and the ultimate parent company is Tuspark Science & Technology Service Co. Ltd, a company registered in Beijing, P.R. China. |
The smallest undertaking for which the company is a member and for which group financial statements are prepared is Tuspark Science & Technology Service (HK) Limited. Copies of the Tuspark Science & Technology Service (HK) Limited consolidated financial statements can be obtained from the address at Room 2105, Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong, P.R. China. |
There is no one ultimate controlling party. |