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Company No: SC665858 (Scotland)

TBW34 LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 31 JULY 2022 TO 30 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

TBW34 LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 31 JULY 2022 TO 30 JANUARY 2024

Contents

TBW34 LTD

BALANCE SHEET

AS AT 30 JANUARY 2024
TBW34 LTD

BALANCE SHEET (continued)

AS AT 30 JANUARY 2024
Note 30.01.2024 30.07.2022
£ £
Fixed assets
Investments 3 50 50
50 50
Current assets
Debtors 4 71,340 953,600
Cash at bank and in hand 183 2,905
71,523 956,505
Creditors: amounts falling due within one year 5 ( 897,090) ( 908,804)
Net current (liabilities)/assets (825,567) 47,701
Total assets less current liabilities (825,517) 47,751
Net (liabilities)/assets ( 825,517) 47,751
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 825,617 ) 47,651
Total shareholder's (deficit)/funds ( 825,517) 47,751

For the financial period ending 30 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of TBW34 Ltd (registered number: SC665858) were approved and authorised for issue by the Director on 30 October 2024. They were signed on its behalf by:

T Wotherspoon
Director
TBW34 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 31 JULY 2022 TO 30 JANUARY 2024
TBW34 LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 31 JULY 2022 TO 30 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

TBW34 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 3 Abbeycraig Park, Hillfoots Road, Stirling, FK9 5LF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

The reporting period length covers 31st July 2022 to 30th January 2024 which is a period of 18 months. As a result, comparative results are not entirely comparable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Period from
31.07.2022 to
30.01.2024
Period from
01.08.2021 to
30.07.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 1 1

3. Fixed asset investments

Investments in subsidiaries

30.01.2024
£
Cost
At 31 July 2022 50
At 30 January 2024 50
Carrying value at 30 January 2024 50
Carrying value at 30 July 2022 50

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.01.2024
Ownership
30.07.2022
Something Serious Ltd 130 Cambuslang Road, Glasgow Gateway, Glasgow, G32 8NB Consulting Ordinary 50.00% 50.00%

4. Debtors

30.01.2024 30.07.2022
£ £
Amounts owed by connected persons 71,240 82,000
Other debtors 100 871,600
71,340 953,600

5. Creditors: amounts falling due within one year

30.01.2024 30.07.2022
£ £
Amounts owed to own subsidiaries 895,000 895,000
Taxation and social security 0 8,594
Other creditors 2,090 5,210
897,090 908,804

6. Called-up share capital

30.01.2024 30.07.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

30.01.2024 30.07.2022
£ £
Amounts owed to subsidiary company 895,000 895,000

Transactions with the entity's director

30.01.2024 30.07.2022
£ £
Amounts due from key management personnel 100 100

Other related party transactions

30.01.2024 30.07.2022
£ £
Amounts due from other related party 71,240 82,000