IRIS Accounts Production v22.2.0.402 09834284 Board of Directors 1.1.23 31.12.23 31.12.23 0 0 false true false false true false 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure098342842022-12-31098342842023-12-31098342842023-01-012023-12-31098342842021-12-31098342842022-01-012022-12-31098342842022-12-3109834284ns16:EnglandWales2023-01-012023-12-3109834284ns15:PoundSterling2023-01-012023-12-3109834284ns11:Director12023-01-012023-12-3109834284ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3109834284ns11:SmallEntities2023-01-012023-12-3109834284ns11:AuditExempt-NoAccountantsReport2023-01-012023-12-3109834284ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109834284ns11:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109834284ns11:FullAccounts2023-01-012023-12-3109834284ns11:Director22023-01-012023-12-3109834284ns11:RegisteredOffice2023-01-012023-12-3109834284ns6:CurrentFinancialInstruments2023-12-3109834284ns6:CurrentFinancialInstruments2022-12-3109834284ns6:Non-currentFinancialInstruments2023-12-3109834284ns6:Non-currentFinancialInstruments2022-12-3109834284ns6:ShareCapital2023-12-3109834284ns6:ShareCapital2022-12-3109834284ns6:RetainedEarningsAccumulatedLosses2023-12-3109834284ns6:RetainedEarningsAccumulatedLosses2022-12-3109834284ns6:CostValuation2022-12-3109834284ns6:DisposalsRepaymentsInvestments2023-12-3109834284ns6:RevaluationsIncreaseDecreaseInInvestments2023-12-3109834284ns6:CostValuation2023-12-3109834284ns6:WithinOneYearns6:CurrentFinancialInstruments2023-12-3109834284ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-31
REGISTERED NUMBER: 09834284 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TLS HOLDCO LIMITED

TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 7


TLS HOLDCO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: N J Mettyear
Pinecroft Corporate Services Limited





Registered office: C/O Foresight Group LLP
The Shard
32 London Bridge Street
London
SE1 9SG





Registered number: 09834284 (England and Wales)






TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

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.

Principal activity
The principal activity of the company is to invest into trading companies.

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

N J Mettyear
Pinecroft Corporate Services Limited

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:





N J Mettyear - Director


25 September 2024

TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
£ £

Turnover - -

Administrative expenses (20,025 ) (20,223 )
(20,025 ) (20,223 )

Gains on sale of investments 53,036 -
Unrealised gain on investments 1,216,630 1,341,493
Operating profit 1,249,641 1,321,270

Interest receivable and similar income 20,000 20,000
Profit before taxation 1,269,641 1,341,270

Tax on profit (316,735 ) (545,075 )
Profit for the financial year 952,906 796,195

TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £ £
Fixed assets
Investments held at fair value
through profit or loss 4 6,761,252 5,647,582
6,761,252 5,647,582

Current assets
Debtors 5 100 436
Cash at bank 396,137 239,831
396,237 240,267
Creditors
Amounts falling due within one year 6 (12,229 ) (1,501 )
Net current assets 384,008 238,766
Total assets less current liabilities 7,145,260 5,886,348

Creditors
Amounts falling due after more than one
year

7

(969,069

)

(969,069

)

Provisions for liabilities (1,515,313 ) (1,209,307 )
Net assets 4,660,878 3,707,972

Capital and reserves
Called up share capital 100 100
Retained earnings 4,660,778 3,707,872
4,660,878 3,707,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

BALANCE SHEET - continued
31 DECEMBER 2023


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 25 September 2024 and were signed on its behalf by:





N J Mettyear - Director


TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. Statutory information

TLS Holdco 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 as modified by the revaluation of certain assets.

Financial instruments
Investments held by the Company have been valued in accordance with the International Private Equity and Venture Capital Valuations (IPEV) Guidelines (as updated in December 2022 including further COVID-19 guidance in March 2020) developed by the British Venture Capital Association and other organisations. Through these guidelines, investments are valued at "fair value".

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.

3. Employees and directors

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

TLS HOLDCO LIMITED (REGISTERED NUMBER: 09834284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. Investments held at fair value
through profit or loss
Other
investments
£
Cost or valuation
At 1 January 2023 5,647,582
Disposals (102,960 )
Revaluations 1,216,630
At 31 December 2023 6,761,252
Net book value
At 31 December 2023 6,761,252
At 31 December 2022 5,647,582

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£
Valuation in 2018 186,755
Valuation in 2019 (93,317 )
Valuation in 2020 174,538
Valuation in 2021 3,235,153
Valuation in 2022 1,341,493
Valuation in 2023 1,216,630
Cost 700,000
6,761,252

5. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Other debtors 100 436

6. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Taxation and social security 10,729 -
Other creditors 1,500 1,501
12,229 1,501

7. Creditors: amounts falling due after more than one year
31.12.23 31.12.22
£ £
Other creditors 969,069 969,069