TPC Collective Limited
Unaudited Financial Statements
For the year ended 28 February 2024
Pages for Filing with Registrar
Company Registration No. 11201549 (England and Wales)
TPC Collective Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TPC Collective Limited
Balance Sheet
As at 28 February 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,765
9,751
Current assets
Debtors
4
4,218,037
3,921,241
Cash at bank and in hand
1,081,923
777,186
5,299,960
4,698,427
Creditors: amounts falling due within one year
5
(3,556,538)
(3,349,116)
Net current assets
1,743,422
1,349,311
Net assets
1,747,187
1,359,062
Capital and reserves
Called up share capital
6
(1)
1
Profit and loss reserves
1,747,188
1,359,061
Total equity
1,747,187
1,359,062
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
C Johnson-Hill
Director
Company Registration No. 11201549
TPC Collective Limited
Notes to the Financial Statements
For the year ended 28 February 2024
Page 2
1
Accounting policies
Company information
TPC Collective Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, United Kingdom, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has considered the impact trueof rising inflation level will have on the business and has a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director believes that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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
33% 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.
TPC Collective Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
Page 3
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TPC Collective Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
Page 4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2023 - 7).
2024
2023
Number
Number
Total
8
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 28 February 2024
19,897
Depreciation and impairment
At 1 March 2023
10,146
Depreciation charged in the year
5,986
At 28 February 2024
16,132
Carrying amount
At 28 February 2024
3,765
At 28 February 2023
9,751
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,072,463
3,123,227
Other debtors
542,365
14,348
Prepayments and accrued income
603,209
783,666
4,218,037
3,921,241
TPC Collective Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2024
Page 5
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,605,609
2,018,942
Corporation tax
137,564
241,091
Other taxation and social security
11,237
93,515
Other creditors
123,441
94,213
Accruals and deferred income
678,687
901,355
3,556,538
3,349,116
6
Called up share capital
2024
2023
2024
2023
Ordinary share of £1 each
1
1
(1)
1
7
Related party transactions
Included in creditors is a balance of £73,500 (2023: £41,000) due to C Johnson-Hill, a director of the company. During the year a dividend of £30,000 (2023: £30,000) was paid to the director.
8
Controlling party
The company is controlled by C Johnson-Hill by virtue of her majority shareholding.