10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 100,000 319,481 419,481 419,481 100,000 xbrli:pure xbrli:shares iso4217:GBP 07899212 2023-02-01 2024-01-31 07899212 2024-01-31 07899212 2023-01-31 07899212 2022-02-01 2023-01-31 07899212 2023-01-31 07899212 2022-01-31 07899212 core:FurnitureFittings 2023-02-01 2024-01-31 07899212 core:MotorVehicles 2023-02-01 2024-01-31 07899212 bus:Director1 2023-02-01 2024-01-31 07899212 bus:Director2 2023-02-01 2024-01-31 07899212 core:LandBuildings 2023-01-31 07899212 core:FurnitureFittings 2023-01-31 07899212 core:MotorVehicles 2023-01-31 07899212 core:LandBuildings 2024-01-31 07899212 core:FurnitureFittings 2024-01-31 07899212 core:MotorVehicles 2024-01-31 07899212 core:LandBuildings 2023-02-01 2024-01-31 07899212 core:WithinOneYear 2024-01-31 07899212 core:WithinOneYear 2023-01-31 07899212 core:AfterOneYear 2024-01-31 07899212 core:AfterOneYear 2023-01-31 07899212 core:ShareCapital 2024-01-31 07899212 core:ShareCapital 2023-01-31 07899212 core:RetainedEarningsAccumulatedLosses 2024-01-31 07899212 core:RetainedEarningsAccumulatedLosses 2023-01-31 07899212 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 07899212 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-01-31 07899212 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 07899212 core:Non-currentFinancialInstruments 2024-01-31 07899212 core:Non-currentFinancialInstruments 2023-01-31 07899212 core:LandBuildings 2023-01-31 07899212 core:FurnitureFittings 2023-01-31 07899212 core:MotorVehicles 2023-01-31 07899212 bus:Director1 2023-01-31 07899212 bus:Director1 2024-01-31 07899212 bus:Director2 2023-01-31 07899212 bus:Director2 2024-01-31 07899212 bus:Director1 2022-01-31 07899212 bus:Director1 2023-01-31 07899212 bus:Director2 2022-01-31 07899212 bus:Director2 2023-01-31 07899212 bus:Director1 2022-02-01 2023-01-31 07899212 bus:Director2 2022-02-01 2023-01-31 07899212 bus:SmallEntities 2023-02-01 2024-01-31 07899212 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07899212 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07899212 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07899212 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 07899212
TL INTERNATIONAL GROUP LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
TL INTERNATIONAL GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
516,683
267,849
Investments
6
419,481
100,000
----------
----------
936,164
367,849
Current assets
Debtors
7
285,511
169,789
Cash at bank and in hand
819,317
967,496
-------------
-------------
1,104,828
1,137,285
Creditors: amounts falling due within one year
8
955,895
736,886
-------------
-------------
Net current assets
148,933
400,399
-------------
----------
Total assets less current liabilities
1,085,097
768,248
Creditors: amounts falling due after more than one year
9
135,814
119,024
Provisions
Taxation including deferred tax
34,898
27,199
-------------
----------
Net assets
914,385
622,025
-------------
----------
Capital and reserves
Called up share capital
4
4
Profit and loss account
914,381
622,021
----------
----------
Shareholders funds
914,385
622,025
----------
----------
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.
TL INTERNATIONAL GROUP LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
For the year ending 31 January 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr K Taylor
Director
Company registration number: 07899212
TL INTERNATIONAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL. The principal activity of the company during the period was that of car rental agents.
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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors consider that the uncertainty caused in the company's industry as a result of Coronavirus and the restrictions that were put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures, fittings & equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Investments in subsidiaries, associates and jointly controlled entities are included at fair value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 7 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
159,052
11,851
155,027
325,930
Additions
218,040
3,400
73,925
295,365
----------
---------
----------
----------
At 31 January 2024
377,092
15,251
228,952
621,295
----------
---------
----------
----------
Depreciation
At 1 February 2023
7,611
50,470
58,081
Charge for the year
1,910
44,621
46,531
----------
---------
----------
----------
At 31 January 2024
9,521
95,091
104,612
----------
---------
----------
----------
Carrying amount
At 31 January 2024
377,092
5,730
133,861
516,683
----------
---------
----------
----------
At 31 January 2023
159,052
4,240
104,557
267,849
----------
---------
----------
----------
6. Investments
Shares in participating interests
£
Cost
At 1 February 2023
100,000
Additions
319,481
----------
At 31 January 2024
419,481
----------
Impairment
At 1 February 2023 and 31 January 2024
----------
Carrying amount
At 31 January 2024
419,481
----------
At 31 January 2023
100,000
----------
7. Debtors
2024
2023
£
£
Trade debtors
257,833
164,237
Other debtors
27,678
5,552
----------
----------
285,511
169,789
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
13,373
8,036
Corporation tax
140,292
86,392
Social security and other taxes
8,359
7,804
Other creditors
783,871
624,654
----------
----------
955,895
736,886
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333
Other creditors
122,481
95,691
----------
----------
135,814
119,024
----------
----------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Taylor
( 379)
134
( 245)
Mr R J Little
( 379)
135
( 244)
----
----
----
( 758)
269
( 489)
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K Taylor
( 524)
145
( 379)
Mr R J Little
( 524)
145
( 379)
-------
----
----
( 1,048)
290
( 758)
-------
----
----
11. Related party transactions
The company was under the control of Mr K Taylor and Mr R Little throughout the current and previous year.