12 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 894,185 894,185 xbrli:pure xbrli:shares iso4217:GBP 05683203 2023-02-01 2024-01-31 05683203 2024-01-31 05683203 2023-01-31 05683203 2022-02-01 2023-01-31 05683203 2023-01-31 05683203 2022-01-31 05683203 core:FurnitureFittings 2023-02-01 2024-01-31 05683203 core:MotorVehicles 2023-02-01 2024-01-31 05683203 bus:Director1 2023-02-01 2024-01-31 05683203 core:NetGoodwill 2024-01-31 05683203 core:FurnitureFittings 2023-01-31 05683203 core:MotorVehicles 2023-01-31 05683203 core:FurnitureFittings 2024-01-31 05683203 core:MotorVehicles 2024-01-31 05683203 core:WithinOneYear 2024-01-31 05683203 core:WithinOneYear 2023-01-31 05683203 core:AfterOneYear 2024-01-31 05683203 core:AfterOneYear 2023-01-31 05683203 core:ShareCapital 2024-01-31 05683203 core:ShareCapital 2023-01-31 05683203 core:RetainedEarningsAccumulatedLosses 2024-01-31 05683203 core:RetainedEarningsAccumulatedLosses 2023-01-31 05683203 core:BetweenOneFiveYears 2024-01-31 05683203 core:BetweenOneFiveYears 2023-01-31 05683203 core:FurnitureFittings 2023-01-31 05683203 core:MotorVehicles 2023-01-31 05683203 bus:SmallEntities 2023-02-01 2024-01-31 05683203 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05683203 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05683203 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05683203 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 05683203
TSU (Europe) Ltd
Filleted Unaudited Financial Statements
31 January 2024
TSU (Europe) Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
35,339
47,317
Current assets
Stocks
54,143
51,162
Debtors
7
128,089
146,335
Cash at bank and in hand
1,008,692
943,367
------------
------------
1,190,924
1,140,864
Creditors: amounts falling due within one year
8
212,513
223,199
------------
------------
Net current assets
978,411
917,665
------------
---------
Total assets less current liabilities
1,013,750
964,982
Creditors: amounts falling due after more than one year
9
300,000
300,000
Provisions
Taxation including deferred tax
15,362
11,485
------------
---------
Net assets
698,388
653,497
------------
---------
TSU (Europe) Ltd
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
698,288
653,397
---------
---------
Shareholders funds
698,388
653,497
---------
---------
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 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 30 October 2024 , and are signed on behalf of the board by:
Mr. M.P. Shah
Director
Company registration number: 05683203
TSU (Europe) Ltd
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 410-412 Green Lanes, Palmers Green, London, N13 5XG.
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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 and fittings
-
20% straight line
Motor vehicles
-
15% straight line
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
894,185
---------
Amortisation
At 1 February 2023 and 31 January 2024
894,185
---------
Carrying amount
At 31 January 2024
---------
At 31 January 2023
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
95,580
50,000
145,580
Additions
6,420
6,420
Disposals
( 1,798)
( 1,798)
---------
--------
---------
At 31 January 2024
100,202
50,000
150,202
---------
--------
---------
Depreciation
At 1 February 2023
83,263
15,000
98,263
Charge for the year
10,899
7,500
18,399
Disposals
( 1,799)
( 1,799)
---------
--------
---------
At 31 January 2024
92,363
22,500
114,863
---------
--------
---------
Carrying amount
At 31 January 2024
7,839
27,500
35,339
---------
--------
---------
At 31 January 2023
12,317
35,000
47,317
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
97,015
116,061
Other debtors
31,074
30,274
---------
---------
128,089
146,335
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
167,285
176,790
Corporation tax
15,886
19,661
Social security and other taxes
3,835
3,501
Other creditors
25,507
23,247
---------
---------
212,513
223,199
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Shareholders loan accounts
300,000
300,000
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
45,100
45,100
Later than 1 year and not later than 5 years
90,200
135,300
---------
---------
135,300
180,400
---------
---------