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COMPANY REGISTRATION NUMBER: 01666847
Tan Sales (London) Limited
Filleted Unaudited Financial Statements
31 December 2023
Tan Sales (London) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Tan Sales (London) Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
89,765
80,307
Investments
6
4,272,546
4,072,546
------------
------------
4,362,311
4,152,853
Current assets
Stocks
2,376,500
5,512,968
Debtors
7
2,970,312
1,497,484
Cash at bank and in hand
822,514
863,112
------------
------------
6,169,326
7,873,564
Creditors: amounts falling due within one year
8
3,570,047
6,097,268
------------
------------
Net current assets
2,599,279
1,776,296
------------
------------
Total assets less current liabilities
6,961,590
5,929,149
Provisions
Taxation including deferred tax
26,680
43,736
------------
------------
Net assets
6,934,910
5,885,413
------------
------------
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss account
9
6,904,910
5,855,413
------------
------------
Shareholders funds
6,934,910
5,885,413
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tan Sales (London) Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr P R Shah
Director
Company registration number: 01666847
Tan Sales (London) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, Greater London, HA8 5LD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Over 10 years
Fixtures, fittings and equipment
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Investments
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 23 ).
5. Tangible assets
Leasehold property
Fixtures, Fittings & Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
59,075
407,752
14,929
481,756
Additions
31,900
31,900
--------
---------
--------
---------
At 31 December 2023
59,075
439,652
14,929
513,656
--------
---------
--------
---------
Depreciation
At 1 January 2023
59,075
335,089
7,285
401,449
Charge for the year
20,913
1,529
22,442
--------
---------
--------
---------
At 31 December 2023
59,075
356,002
8,814
423,891
--------
---------
--------
---------
Carrying amount
At 31 December 2023
83,650
6,115
89,765
--------
---------
--------
---------
At 31 December 2022
72,663
7,644
80,307
--------
---------
--------
---------
6. Investments
Shares in group undertakings
Investment properties
Other loans
Total
£
£
£
£
Cost or Valuation
At 1 January 2023
100
2,729,790
1,342,656
4,072,546
Additions
200,000
200,000
----
------------
------------
------------
At 31 December 2023
100
2,729,790
1,542,656
4,272,546
----
------------
------------
------------
Impairment
At 1 January 2023 and 31 December 2023
----
------------
------------
------------
Carrying amount
At 31 December 2023
100
2,729,790
1,542,656
4,272,546
----
------------
------------
------------
At 31 December 2022
100
2,729,790
1,342,656
4,072,546
----
------------
------------
------------
Two of the investment properties, were valued at £955,000 in July 2020 by Castle Surveyors Ltd, an independent firm of chartered surveyors on an open market existing use basis. The remaining properties were valued by the directors on a fair value existing use basis.
On a historical cost basis, the investment properties would have been included at cost as follows:
2023
2022
£
£
Investment properties
1,024,092
1,024,092
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
2,697,224
1,335,932
Other debtors
273,088
161,552
------------
------------
2,970,312
1,497,484
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,209,361
5,228,653
Corporation tax
217,523
149,804
Social security and other taxes
58,142
174,780
Other creditors
85,021
544,031
------------
------------
3,570,047
6,097,268
------------
------------
9. Profit and loss account
2023 2022
£ £
Profit and loss account (distributable reserves) 5,363,119 4,102,901
Fair value gains on investment properties 1,752,512 1,752,512
------------ ------------
7,115,631 5,855,413
------------ ------------
10. Directors' advances, credit and guarantees
At 1 January 2023 Amount advanced Amount repaid At 31 December 2023
£ £ £ £
Directors' advances 11,875 9,148 (13,949) 7,074
11. Parent company
The company is a wholly owned subsidiary of Odiron Financial Corporation, a company incorporated in Panama.