Company registration number 04606486 (England and Wales)
TSK (SERVICES) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TSK (SERVICES) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TSK (SERVICES) LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
812,674
327,731
Cash at bank and in hand
167,995
1,417,110
980,669
1,744,841
Creditors: amounts falling due within one year
5
(972,980)
(1,725,711)
Net current assets
7,689
19,130
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
7,688
19,129
Total equity
7,689
19,130

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
Mr I D Holden
Director
Company registration number 04606486 (England and Wales)
TSK (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

TSK (Services) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 130 Metroplex Business Park, Broadway, Salford Quays, Lancashire, M50 2UW.

1.1
Reporting period

These financial statements have been prepared for the year ended 31 July 2024. The comparative period financial statements are for the sixth month period 1 February 2023 to 31 July 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of TSK Group Limited. These consolidated financial statements are available from the company's registered office.

1.3
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result, the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.4
Turnover

Turnover comprises the value of work performed, goods sold and services provided excluding VAT. Amounts in respect of contracts included in turnover, net of payments received on account, are shown in debtors as amounts recoverable on contracts. Cash received in excess of the value of work done is shown in creditors as payments on account.

 

An appropriate proportion of the anticipated contract profit is recognised in the statement of income and retained earnings based on the stage of completion of the work and the expected end of life outcome. Provision is made for anticipated contract losses.

 

Pre-contract costs incurred before it is virtually certain that a contract will be awarded are charged to the statement of income and retained earnings. Once virtually certain of contract award, costs are held as amounts recoverable on contracts and form part of the accounting for the contract as a whole.

1.5
Cash and cash equivalents

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

TSK (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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 liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

TSK (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Recoverable value of recognised debtor

At each Balance Sheet date, management undertake an assessment of the recoverability of trade debtors and amounts recoverable on contracts based upon their knowledge of the customers and the relevant contracts, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as an expense.

 

The actual level of debt collected may differ from the estimated level of recovery.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Turnover and profit recognition

At the Balance Sheet date, management review each contract individually based on the total contract value, the amounts invoiced up to the period end, the costs incurred up to the period end and the expected post year end costs to complete the contract.

 

Based upon the above information, management estimate the expected profit on a contract and will include an element of profit on the contract at the period end by reference to the stage of completion of each contract at the Balance Sheet date.

 

The actual profit arising on a contract may differ from the estimate of profit at each Balance Sheet date.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
TSK (SERVICES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
632,427
97,537
Amounts owed by group undertakings
-
0
95,834
Other debtors
180,247
134,360
812,674
327,731

Other debtors consists of £180,247 Vat repayable (2023 - £97,997).

5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
62,900
5,155
Amounts owed to group undertakings
458,056
-
0
Corporation tax
162,881
26,305
Accruals and deferred income
289,143
1,694,251
972,980
1,725,711
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James King
Statutory Auditor:
Pierce C A Limited
Date of audit report:
5 December 2024
8
Events after the reporting date

On 1 August 2024 100% of the shares in the company's ultimate parent company, TSK Holdings Limited, were acquired by an Employee Ownership Trust. The shares are held by the trust for the benefit of all the employees of the company.

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