Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr J Vigor-Hardwicke 11/08/1999 Mrs D Vigor-Hardwicke 30/08/2012 19 January 2025 The principal activity of the company is that of property agents and consultants. 03800066 2024-03-31 03800066 bus:Director1 2024-03-31 03800066 bus:Director2 2024-03-31 03800066 2023-03-31 03800066 core:CurrentFinancialInstruments 2024-03-31 03800066 core:CurrentFinancialInstruments 2023-03-31 03800066 core:Non-currentFinancialInstruments 2024-03-31 03800066 core:Non-currentFinancialInstruments 2023-03-31 03800066 core:ShareCapital 2024-03-31 03800066 core:ShareCapital 2023-03-31 03800066 core:RetainedEarningsAccumulatedLosses 2024-03-31 03800066 core:RetainedEarningsAccumulatedLosses 2023-03-31 03800066 core:Goodwill 2023-03-31 03800066 core:Goodwill 2024-03-31 03800066 core:FurnitureFittings 2023-03-31 03800066 core:FurnitureFittings 2024-03-31 03800066 bus:OrdinaryShareClass1 2024-03-31 03800066 2023-04-01 2024-03-31 03800066 bus:FilletedAccounts 2023-04-01 2024-03-31 03800066 bus:SmallEntities 2023-04-01 2024-03-31 03800066 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03800066 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03800066 bus:Director1 2023-04-01 2024-03-31 03800066 bus:Director2 2023-04-01 2024-03-31 03800066 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 03800066 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 03800066 2022-04-01 2023-03-31 03800066 core:FurnitureFittings 2023-04-01 2024-03-31 03800066 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03800066 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03800066 (England and Wales)

TC2 (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

TC2 (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TC2 (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
TC2 (UK) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 987 1,234
987 1,234
Current assets
Debtors 5, 11 74,971 60,598
Cash at bank and in hand 3,467 ( 1,655)
78,438 58,943
Creditors: amounts falling due within one year 6 ( 56,726) ( 83,057)
Net current assets/(liabilities) 21,712 (24,114)
Total assets less current liabilities 22,699 (22,880)
Creditors: amounts falling due after more than one year 7 ( 21,667) ( 25,833)
Net assets/(liabilities) 1,032 ( 48,713)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 9 932 ( 48,813 )
Total shareholders' funds/(deficit) 1,032 ( 48,713)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of TC2 (UK) Limited (registered number: 03800066) were approved and authorised for issue by the Board of Directors on 19 January 2025. They were signed on its behalf by:

Mr J Vigor-Hardwicke
Director
TC2 (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TC2 (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 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

TC2 (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom. and the principal place of business is The White House, 26 Mortimer Street, London, W1W 7RB.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 Statement of Financial Position 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 fees receivable from property consultancy services, and is shown net of VAT.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 5 years straight line

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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Non-financial assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). 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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost/Valuation
At 01 April 2023 75,000 75,000
At 31 March 2024 75,000 75,000
Accumulated amortisation
At 01 April 2023 75,000 75,000
At 31 March 2024 75,000 75,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 6,215 6,215
At 31 March 2024 6,215 6,215
Accumulated depreciation
At 01 April 2023 4,981 4,981
Charge for the financial year 247 247
At 31 March 2024 5,228 5,228
Net book value
At 31 March 2024 987 987
At 31 March 2023 1,234 1,234

5. Debtors

2024 2023
£ £
Corporation tax 17,492 14,548
Other debtors 57,479 46,050
74,971 60,598

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Taxation and social security 36,446 61,463
Other creditors 10,280 11,594
56,726 83,057

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

2024 2023
£ £
Bank loans 21,667 25,833

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

10. Operating lease commitments

Lessee

2024 2023
£ £
Lease outstanding 40,658 52,658

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as above.

11. Directors' transactions

2024 2023
£ £
Directors' current accounts (debtors only) 51,828 40,479