Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Alan Derek Anderson 14/05/2018 Coleen Anderson 22/09/2017 10 January 2025 The principal activity of the Company during the financial year was continued to be that of finance broker and consultancy services. SC576934 2024-09-30 SC576934 bus:Director1 2024-09-30 SC576934 bus:Director2 2024-09-30 SC576934 2023-09-30 SC576934 core:CurrentFinancialInstruments 2024-09-30 SC576934 core:CurrentFinancialInstruments 2023-09-30 SC576934 core:Non-currentFinancialInstruments 2024-09-30 SC576934 core:Non-currentFinancialInstruments 2023-09-30 SC576934 core:ShareCapital 2024-09-30 SC576934 core:ShareCapital 2023-09-30 SC576934 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC576934 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC576934 core:Vehicles 2023-09-30 SC576934 core:FurnitureFittings 2023-09-30 SC576934 core:ComputerEquipment 2023-09-30 SC576934 core:Vehicles 2024-09-30 SC576934 core:FurnitureFittings 2024-09-30 SC576934 core:ComputerEquipment 2024-09-30 SC576934 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-09-30 SC576934 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-09-30 SC576934 bus:OrdinaryShareClass1 2024-09-30 SC576934 bus:OrdinaryShareClass2 2024-09-30 SC576934 2023-10-01 2024-09-30 SC576934 bus:FilletedAccounts 2023-10-01 2024-09-30 SC576934 bus:SmallEntities 2023-10-01 2024-09-30 SC576934 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC576934 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC576934 bus:Director1 2023-10-01 2024-09-30 SC576934 bus:Director2 2023-10-01 2024-09-30 SC576934 core:Vehicles core:TopRangeValue 2023-10-01 2024-09-30 SC576934 core:FurnitureFittings 2023-10-01 2024-09-30 SC576934 core:ComputerEquipment core:TopRangeValue 2023-10-01 2024-09-30 SC576934 2022-10-01 2023-09-30 SC576934 core:Vehicles 2023-10-01 2024-09-30 SC576934 core:ComputerEquipment 2023-10-01 2024-09-30 SC576934 core:CurrentFinancialInstruments 2023-10-01 2024-09-30 SC576934 core:Non-currentFinancialInstruments 2023-10-01 2024-09-30 SC576934 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 SC576934 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC576934 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 SC576934 bus:OrdinaryShareClass2 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC576934 (Scotland)

TSF FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

TSF FINANCE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

TSF FINANCE LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
TSF FINANCE LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 97,764 131,215
97,764 131,215
Current assets
Debtors 4 205,827 79,540
Cash at bank and in hand 210,678 329,418
416,505 408,958
Creditors: amounts falling due within one year 5 ( 247,759) ( 170,698)
Net current assets 168,746 238,260
Total assets less current liabilities 266,510 369,475
Creditors: amounts falling due after more than one year 6 ( 7,630) ( 92,097)
Provision for liabilities 7 ( 24,308) ( 32,671)
Net assets 234,572 244,707
Capital and reserves
Called-up share capital 8 164 162
Profit and loss account 234,408 244,545
Total shareholders' funds 234,572 244,707

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of TSF Finance Limited (registered number: SC576934) were approved and authorised for issue by the Board of Directors on 10 January 2025. They were signed on its behalf by:

Alan Derek Anderson
Director
TSF FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
TSF FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TSF Finance Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is C/O Mckee Campbell Morrison Solicitors, The Hatrack, 144 St. Vincent Street, Glasgow, G2 5LQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for financial consultancy services provided in the normal course of business.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
Fixtures and fittings 20 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 October 2023 162,050 45,048 35,250 242,348
Additions 0 0 6,639 6,639
At 30 September 2024 162,050 45,048 41,889 248,987
Accumulated depreciation
At 01 October 2023 85,889 11,861 13,383 111,133
Charge for the financial year 32,410 6,615 1,065 40,090
At 30 September 2024 118,299 18,476 14,448 151,223
Net book value
At 30 September 2024 43,751 26,572 27,441 97,764
At 30 September 2023 76,161 33,187 21,867 131,215

4. Debtors

2024 2023
£ £
Trade debtors 21,181 28,105
Amounts owed by related parties 81,298 2,100
Other debtors 103,348 49,335
205,827 79,540

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 37,950 27,290
Other taxation and social security 930 1,538
Obligations under finance leases and hire purchase contracts (secured) 74,468 17,217
Other creditors 134,411 124,653
247,759 170,698

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 512 74,979
Other creditors 7,118 17,118
7,630 92,097

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 24,308 32,671

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
14 A ordinary shares of £ 1.00 each (2023: 12 shares of £ 1.00 each) 14 12
150 Ordinary shares of £ 1.00 each 150 150
164 162

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management personnel 100,888 46,450

The balance due to the company is interest free and repayable on demand.

Other related party transactions

2024 2023
£ £
Amounts due from related parties 79,111 2,100