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REGISTERED NUMBER: SC561903 (Scotland)















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: G Simmons
D A Terras





REGISTERED OFFICE: Kelvin House
87 Calder Street
Coatbridge
North Lanarkshire
ML5 4EY





REGISTERED NUMBER: SC561903 (Scotland)





ACCOUNTANTS: Sharles Ltd
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 5 227,605 231,572

CURRENT ASSETS
Debtors 6 248,298 215,318
Investments 7 145 445
Cash at bank 10,796 16,412
259,239 232,175
CREDITORS
Amounts falling due within one year 8 33,213 31,697
NET CURRENT ASSETS 226,026 200,478
TOTAL ASSETS LESS CURRENT
LIABILITIES

453,631

432,050

PROVISIONS FOR LIABILITIES 1,621 2,027
NET ASSETS 452,010 430,023

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 452,006 430,019
SHAREHOLDERS' FUNDS 452,010 430,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





G Simmons - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 10% on cost

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 4 (2023 - 4 ) .

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 230,069 21,335 251,404
DEPRECIATION
At 1 March 2023 9,165 10,667 19,832
Charge for year 1,833 2,134 3,967
At 29 February 2024 10,998 12,801 23,799
NET BOOK VALUE
At 29 February 2024 219,071 8,534 227,605
At 28 February 2023 220,904 10,668 231,572

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 248,298 215,318

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Shares in group undertakings 145 445

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 3,996
Taxation and social security 8,477 10,187
Other creditors 24,736 17,514
33,213 31,697

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.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


28 November 2024