TKY Champions Limited 07619928 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Software consultancy Digita Accounts Production Advanced 6.30.9574.0 true true 07619928 2023-06-01 2024-05-31 07619928 2024-05-31 07619928 bus:OrdinaryShareClass1 2024-05-31 07619928 bus:OrdinaryShareClass2 2024-05-31 07619928 core:CurrentFinancialInstruments 2024-05-31 07619928 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07619928 core:FurnitureFittingsToolsEquipment 2024-05-31 07619928 bus:SmallEntities 2023-06-01 2024-05-31 07619928 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07619928 bus:FilletedAccounts 2023-06-01 2024-05-31 07619928 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07619928 bus:Director2 2023-06-01 2024-05-31 07619928 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 07619928 bus:OrdinaryShareClass2 2023-06-01 2024-05-31 07619928 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07619928 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 07619928 core:PlantMachinery 2023-06-01 2024-05-31 07619928 countries:England 2023-06-01 2024-05-31 07619928 2023-05-31 07619928 core:FurnitureFittingsToolsEquipment 2023-05-31 07619928 2022-06-01 2023-05-31 07619928 2023-05-31 07619928 bus:OrdinaryShareClass1 2023-05-31 07619928 bus:OrdinaryShareClass2 2023-05-31 07619928 core:CurrentFinancialInstruments 2023-05-31 07619928 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07619928 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

TKY Champions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

Registration number: 07619928

 

TKY Champions Limited

Contents

Statement of financial position

1 to 2

Notes to the Financial Statements

3 to 6

 

TKY Champions Limited

(Registration number: 07619928)
Statement of financial position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

4,848

3,218

Current assets

 

Debtors

4

124,339

12,609

Cash at bank and in hand

 

49,132

31,465

 

173,471

44,074

Creditors: Amounts falling due within one year

5

(176,357)

(46,549)

Net current liabilities

 

(2,886)

(2,475)

Total assets less current liabilities

 

1,962

743

Provisions for liabilities

(1,165)

(611)

Net assets

 

797

132

Capital and reserves

 

Called up share capital

6

100

100

Share premium reserve

32

32

Retained earnings

665

-

Shareholders' funds

 

797

132

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

TKY Champions Limited

(Registration number: 07619928)
Statement of financial position as at 31 May 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr J Levin
Director

 

TKY Champions Limited

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

TKY Champions Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

TKY Champions Limited

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

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

21,593

21,593

Additions

4,331

4,331

At 31 May 2024

25,924

25,924

Depreciation

At 1 June 2023

18,375

18,375

Charge for the year

2,701

2,701

At 31 May 2024

21,076

21,076

Carrying amount

At 31 May 2024

4,848

4,848

At 31 May 2023

3,218

3,218

4

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

2,550

Amounts owed by related parties

124,339

10,059

   

124,339

12,609

 

TKY Champions Limited

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

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

22,828

36,723

Accruals and deferred income

1,100

1,360

Other creditors

152,429

8,466

176,357

46,549

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

10,000

100

10,000

100

Ordinary A of £0.01 each

1

-

1

-

10,001

100

10,001

100