REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
TUS Ltd |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 29 February 2024 |
for |
TUS Ltd |
TUS Ltd (Registered number: 11829493) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
TUS Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
TUS Ltd (Registered number: 11829493) |
Report of the Director |
for the Year Ended 29 February 2024 |
The director presents his report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of sales of business to business electricity contracts and the developments of platforms for use by the utilities sector. |
REVIEW OF BUSINESS |
Income Recognition |
The company uses a very prudent form of revenue recognition that assures it accounts for anticipated consumption with regards to forward business and contracts. The majority of business written is in the form of 24-60 month contracts so revenue is recognised as the contract progresses as opposed to from the outset. |
The conservative income recognition policy has resulted in deferred income totalling £5,284,214 (2023 -- £4,620,169) as at the balance sheet date of 29 February 2024.. |
Future Planning |
It was anticipated that the business would make losses in its' early trading periods. Post year end the business has continued to grow with income recognition in the year to 28 February 2025. |
The business is progressing as the director set out from its incorporation and is expected to turn a financial profit based on its current and future projections at the end of financial year five. This may be brought forward should the business introduce a number of other services earlier than expected that are currently in development. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
TUS Ltd (Registered number: 11829493) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
TUS Ltd (Registered number: 11829493) |
Balance Sheet - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
TUS Ltd (Registered number: 11829493) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
TUS Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There were no material departures from that standard. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts |
Going Concern |
The company has net current liabilities as expected. It is reliant on the continuing support of the director and creditors. The director has prepared the accounts on the basis that the company is a going concern. |
Income recognition |
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included as accrued income in debtors with any payments on account in excess of the relevant amount of revenue being included in accruals and deferred income in creditors. |
Fee income that is contingent on events outside the control of the company is recognised when the contingent event occurs. |
Tangible fixed assets |
Leasehold improvements | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TUS Ltd (Registered number: 11829493) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Computer |
improvements | fittings | equipment | 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 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Directors' current accounts | 94,601 | 36,310 |
Prepayments and accrued income |
TUS Ltd (Registered number: 11829493) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Accruals |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Overdrawn DLA was repaid in full as at 29 November 2024. |