REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Tersim Holdings Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
Tersim Holdings Limited |
Tersim Holdings Limited (Registered number: SC561903) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
Tersim Holdings Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
29 Brandon Street |
Hamilton |
ML3 6DA |
Tersim Holdings Limited (Registered number: SC561903) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Investments | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Tersim Holdings Limited (Registered number: SC561903) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Tersim Holdings Limited (Registered number: SC561903) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Tersim Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Tersim Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss. |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred. |
Investment in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Tersim Holdings Limited (Registered number: SC561903) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Shares in group undertakings |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | SECURED DEBTS |
There is a bond and floating charge over all property and undertakings of the company in favour of Santander UK plc in respect of loans made to a subsidiary company, Metal Tech Roofing and Cladding Ltd. |
Tersim Holdings Limited (Registered number: SC561903) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | RELATED PARTY DISCLOSURES |
Metal Tech Roofing & Cladding Ltd |
The company own 100% of the shareholdings of Metal Tech Roofing & Cladding Ltd. During the year, £32,680 was advanced to Metal Tech Roofing & Cladding Ltd. At the year end the balance due from Metal Tech roofing and cladding Ltd was £244,979 (2023:£212,299) This loan is unsecured, interest free and has no fixed repayment terms. |
Brightskye Ltd |
The company owns 45% of the shareholdings of Brightskye Ltd. The balance owed to Tersim Holdings Ltd at the year end was £3,018 (2023: £3,018). This loan is unsecured, interest free and has no fixed repayment terms. |
MT Small Works Ltd |
George Simmons owns 100% of the shareholdings of MT Small Works Ltd. The balance owed to Tersim Holdings Ltd at the year end was £100 (2023: £100). This loan is unsecured, interest free and has no fixed repayment terms. |
MT Facades Ltd |
George Simmons owns 100% of the shareholdings of MT Facades Ltd. The balance owed to Tersim Holdings Ltd at the year end was £100 (2023: £100). This loan is unsecured, interest free and has no fixed repayment terms. |
MT Structure Ltd |
George Simmons owns 100% of the shareholdings of MT Structure Ltd. The balance owed to Tersim Holdings Ltd at the year end was £100 (2023: £100). This loan is unsecured, interest free and has no fixed repayment terms. |
AG Roofing and Cladding Ltd |
During the year transactions took place with AG Roofing and Cladding Ltd, a company which G Simmons is also a director. At the year end the balance owed to AG Roofing and Cladding Ltd was £10,242 (2023: £15,026). |
Directors' Loan Account |
The company operates a loan account with the directors, G Simmons and D Terras. During the year, the company advanced loans totalling £8,000 from the director. At the year end, the balance due to the directors was £9,387 (2023: £1,387). This loan is unsecured, interest free and has no fixed repayment terms. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Tersim Holdings Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tersim Holdings Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the Board of Directors of Tersim Holdings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tersim Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Tersim Holdings Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Tersim Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tersim Holdings Limited. You consider that Tersim Holdings Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Tersim Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
29 Brandon Street |
Hamilton |
ML3 6DA |