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REGISTERED NUMBER: 11829493 (England and Wales)













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: K P Banks





SECRETARY: K P Banks





REGISTERED OFFICE: Horton Park
Unit 4 Berwick Hill Road
Seaton Burn
NEWCASTLE UPON TYNE
Tyne and Wear
NE13 6BU





REGISTERED NUMBER: 11829493 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
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
K P Banks held office during the whole of the period from 1 March 2023 to the date of this report.

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:





K P Banks - Director


29 November 2024

TUS Ltd (Registered number: 11829493)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 20,091 24,893

CURRENT ASSETS
Debtors 5 3,959,229 3,672,781
Cash at bank 386,853 150,272
4,346,082 3,823,053
CREDITORS
Amounts falling due within one year 6 1,373,311 1,567,580
NET CURRENT ASSETS 2,972,771 2,255,473
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,992,862

2,280,366

CREDITORS
Amounts falling due after more than one
year

7

(8,793

)

(19,235

)

ACCRUALS AND DEFERRED INCOME (5,284,214 ) (4,620,169 )
NET LIABILITIES (2,300,145 ) (2,359,038 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (2,300,245 ) (2,359,138 )
SHAREHOLDERS' FUNDS (2,300,145 ) (2,359,038 )

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 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2024 and were signed by:





K P Banks - Director


TUS Ltd (Registered number: 11829493)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

TUS Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

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 17 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023
and 29 February 2024 9,977 14,403 16,178 40,558
DEPRECIATION
At 1 March 2023 4,420 4,890 6,355 15,665
Charge for year 833 1,427 2,542 4,802
At 29 February 2024 5,253 6,317 8,897 20,467
NET BOOK VALUE
At 29 February 2024 4,724 8,086 7,281 20,091
At 28 February 2023 5,557 9,513 9,823 24,893

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 119,617 530,867
Amounts owed by associates 203,911 309,629
Other debtors 149,422 147,291
Directors' current accounts 94,601 36,310
Prepayments and accrued income 3,391,678 2,648,684
3,959,229 3,672,781

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 10,689 10,936
Trade creditors 789,210 831,658
Taxation and social security 280,883 364,446
Other creditors 265,229 336,390
Accruals 27,300 24,150
1,373,311 1,567,580

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,793 19,235

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 9,685 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 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
£    £   
K P Banks
Balance outstanding at start of year 36,310 (6,228 )
Amounts advanced 126,141 42,538
Amounts repaid (67,850 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 94,601 36,310

Overdrawn DLA was repaid in full as at 29 November 2024.