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Registered number: 13661919
Tyneside Agency Group Limited
Financial Statements
For The Year Ended 31 July 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Financial Statements
Contents
Page
Director's Report 1
Independent Auditor's Report 2—3
Consolidated Profit and Loss Account 4
Consolidated Balance Sheet 5—6
Company Balance Sheet 7—8
Notes to the Financial Statements 9—13
Page 1
Director's Report
The director presents his report and the financial statements for the year ended 31 July 2024.
Directors
The director who held office during the year were as follows:
Mr Benjamin Quaintrell
Statement of Director's Responsibilities
The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Benjamin Quaintrell
Director
14th January 2025
Page 1
Page 2
Independent Auditor's Report
Opinion
We have audited the financial statements of Tyneside Agency Group Limited for the year ended 31 July 2024 which comprise the Consolidated Balance Sheet, Company Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 - Section 1A for Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 11 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Director's Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of director's remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit, or
  • the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.
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Page 3
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • Key parts of the regulatory framework applicable to the company are the Companies Act 2006 and Financial Reporting Standard 102. The audit team gained an understanding of the legistation.
  • We gained an understanding of how the company is complying with those frameworks by considering the potential for override of those controls or other innapropriate influence over the financial reporting process, understanding the culture of honesty and ethical behaviour within the organisation, and observing whether a strong emphasis is placed on fraud prevention.
  • We assessed the susceptability of the company's financial statements to material misstatement, by understanding which areas of the business present potential fraud risk, understanding where these risks could present themselves and subsequently identifying controls in place to prevent or detect and correct them.
  • Based on the understanding gained, we designed audit procedures to identify non-compliance with laws and regulations. The procedures adopted included direct enquiries with those charged with governance, and specific analysis and testing of transactions and balances. The result of these procedures did not identify any such instance of irregularities or fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditors report.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ian James Nicholl
Statutory Auditor
14th January 2025
Page 3
Page 4
Consolidated Profit and Loss Account
31 July 2024 31 July 2023
Notes £ £
TURNOVER 1,231,127 974,417
Cost of sales (484,514 ) (225,446 )
GROSS PROFIT 746,613 748,971
Distribution costs (15,073 ) (20,540 )
Administrative expenses (254,270 ) (697,242 )
Other operating income 2 26,388
OPERATING PROFIT 477,272 57,577
Exceptional items (108,106) -
Profit on disposal of fixed assets 3,600 823
Other interest receivable and similar income 1,211 642
Interest payable and similar charges (85,262 ) (63,428 )
PROFIT/(LOSS) BEFORE TAXATION 288,715 (4,386 )
Tax on Profit/(loss) (106,696 ) (36,539 )
PROFIT/(LOSS) AFTER TAXATION BEING PROFIT/(LOSS) FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 182,019 (40,925 )
The notes on pages 9 to 13 form part of these financial statements.
Page 4
Page 5
Consolidated Balance Sheet
Registered number: 13661919
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 82,879 93,132
Tangible Assets 5 18,264 26,391
Investments 6 1,422,813 1,422,813
1,523,956 1,542,336
CURRENT ASSETS
Debtors 7 398,658 688,599
Cash at bank and in hand 210,612 5,820
609,270 694,419
Creditors: Amounts Falling Due Within One Year 8 (1,446,386 ) (1,408,242 )
NET CURRENT ASSETS (LIABILITIES) (837,116 ) (713,823 )
TOTAL ASSETS LESS CURRENT LIABILITIES 686,840 828,513
Creditors: Amounts Falling Due After More Than One Year 9 - (281,149 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,470 ) (9,013 )
NET ASSETS 683,370 538,351
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 683,270 538,251
SHAREHOLDERS' FUNDS 683,370 538,351
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Benjamin Quaintrell
Director
14th January 2025
The notes on pages 9 to 13 form part of these financial statements.
Page 6
Page 7
Company Balance Sheet
Registered number: 13661919
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Investments 6 1,422,914 1,422,914
1,422,914 1,422,914
Creditors: Amounts Falling Due Within One Year 8 (1,657,138 ) (1,203,391 )
NET CURRENT ASSETS (LIABILITIES) (1,657,138 ) (1,203,391 )
TOTAL ASSETS LESS CURRENT LIABILITIES (234,224 ) 219,523
Creditors: Amounts Falling Due After More Than One Year 9 - (261,334 )
NET LIABILITIES (234,224 ) (41,811 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (234,324 ) (41,911 )
SHAREHOLDERS' FUNDS (234,224) (41,811)
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £(155,413 ) (2023: £(41,911 ) loss).
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Benjamin Quaintrell
Director
14th January 2025
The notes on pages 9 to 13 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tyneside Agency Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13661919 . The registered office is Alton House, 27-31 Grange Road, Darlington, County Durham, DL1 5NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 July 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
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2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% on straight line
Plant & Machinery 25% on straight line
Fixtures & Fittings 20% on straight line
Computer Equipment 25% on straight line
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 1 (2023: 1)
Company
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
1 1
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4. Intangible Assets
Group
Goodwill
£
Cost
As at 1 August 2023 102,531
As at 31 July 2024 102,531
Amortisation
As at 1 August 2023 9,399
Provided during the period 10,253
As at 31 July 2024 19,652
Net Book Value
As at 31 July 2024 82,879
As at 1 August 2023 93,132
Company
The company had no intangible fixed assets as at 31 July 2024 or 31 July 2023.
5. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 56,848 93,385 34,775 12,491 197,499
Disposals - (9,250 ) - - (9,250 )
As at 31 July 2024 56,848 84,135 34,775 12,491 188,249
Depreciation
As at 1 August 2023 54,417 87,724 17,667 11,300 171,108
Provided during the period 365 3,331 3,830 601 8,127
Disposals - (9,250 ) - - (9,250 )
As at 31 July 2024 54,782 81,805 21,497 11,901 169,985
Net Book Value
As at 31 July 2024 2,066 2,330 13,278 590 18,264
As at 1 August 2023 2,431 5,661 17,108 1,191 26,391
Company
The company had no tangible fixed assets as at 31 July 2024 or 31 July 2023.
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6. Investments
Group
Unlisted
£
Cost
As at 1 August 2023 1,422,813
As at 31 July 2024 1,422,813
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 1,422,813
As at 1 August 2023 1,422,813
Company
Unlisted
£
Cost
As at 1 August 2023 1,422,914
As at 31 July 2024 1,422,914
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 1,422,914
As at 1 August 2023 1,422,914
7. Debtors
Group Company
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Due within one year
Prepayments and accrued income 4,457 - - -
Other debtors - 454 - -
Amounts owed by group undertakings - 290,038 - -
Amounts owed by associates 394,201 398,107 - -
398,658 688,599 - -
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8. Creditors: Amounts Falling Due Within One Year
Group Company
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Trade creditors 1,689 9,501 (1 ) -
Bank loans and overdrafts 3,362 25,293 - -
Corporation tax 112,240 95,167 - -
VAT 41,771 49,090 - -
Other creditors 100,255 301,188 100,000 300,000
Other creditors (MPB) 999 7,283 - -
Accruals and deferred income 57,959 93,915 5,940 1,140
Director's loan account - 213,000 - 213,000
Amounts owed to group undertakings - 290,018 726,560 452,678
Amounts owed to associates 1,128,111 323,787 824,639 236,573
1,446,386 1,408,242 1,657,138 1,203,391
9. Creditors: Amounts Falling Due After More Than One Year
Group Company
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Bank loans - 19,815 - -
Other loans - 261,334 - 261,334
- 281,149 - 261,334
10. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 100 100
11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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