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REGISTERED NUMBER: SC215018 (Scotland)












Financial Statements

for the Year Ended 31 January 2024

for

TMS (UK) Ltd.

TMS (UK) Ltd. (Registered number: SC215018)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TMS (UK) Ltd.

Company Information
for the Year Ended 31 January 2024







DIRECTORS: S McKeown
Miss L McShane





SECRETARY: S McKeown





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC215018 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

TMS (UK) Ltd. (Registered number: SC215018)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 935,796 954,586
935,796 954,586

CURRENT ASSETS
Stocks 325,353 132,818
Debtors 6 1,991,559 1,946,167
Cash at bank and in hand 8,923 122,367
2,325,835 2,201,352
CREDITORS
Amounts falling due within one year 7 624,844 833,684
NET CURRENT ASSETS 1,700,991 1,367,668
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,636,787

2,322,254

PROVISIONS FOR LIABILITIES 205,418 216,464
NET ASSETS 2,431,369 2,105,790

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 26,700 26,700
Retained earnings 2,404,569 2,078,990
SHAREHOLDERS' FUNDS 2,431,369 2,105,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

TMS (UK) Ltd. (Registered number: SC215018)

Balance Sheet - continued
31 January 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





S McKeown - Director


TMS (UK) Ltd. (Registered number: SC215018)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

TMS (UK) Ltd. is a private company, limited by shares , registered in Scotland. 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.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Tenants property improvements - 5% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Inventories
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


TMS (UK) Ltd. (Registered number: SC215018)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2023 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 200,000
AMORTISATION
At 1 February 2023
and 31 January 2024 200,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

TMS (UK) Ltd. (Registered number: SC215018)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Tenants Fixtures
property Plant and and
improvements machinery fittings
£    £    £   
COST
At 1 February 2023 521,321 249,537 124,296
Additions - 3,324 21,846
Disposals - - -
At 31 January 2024 521,321 252,861 146,142
DEPRECIATION
At 1 February 2023 240,191 117,802 83,665
Charge for year 26,066 19,760 7,621
Eliminated on disposal - - -
At 31 January 2024 266,257 137,562 91,286
NET BOOK VALUE
At 31 January 2024 255,064 115,299 54,856
At 31 January 2023 281,130 131,735 40,631

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 1,243,983 234,690 2,373,827
Additions 158,229 4,837 188,236
Disposals (49,983 ) - (49,983 )
At 31 January 2024 1,352,229 239,527 2,512,080
DEPRECIATION
At 1 February 2023 748,224 229,359 1,419,241
Charge for year 148,433 2,728 204,608
Eliminated on disposal (47,565 ) - (47,565 )
At 31 January 2024 849,092 232,087 1,576,284
NET BOOK VALUE
At 31 January 2024 503,137 7,440 935,796
At 31 January 2023 495,759 5,331 954,586

TMS (UK) Ltd. (Registered number: SC215018)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,356,004 1,659,448
Amounts recoverable on contract 60,148 50,414
Other debtors 575,407 236,305
1,991,559 1,946,167

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 22,670 -
Trade creditors 32,204 456,933
Taxation and social security 431,209 352,853
Other creditors 138,761 23,898
624,844 833,684

8. RELATED PARTY DISCLOSURES

TMS Holdings (Scotland) Limited is the parent company with its registered office being at Radleigh House, 1 Golf Road, Glasgow, G76 7HU.