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.
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.
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 £.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
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.
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.
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, 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.
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.
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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
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.
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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
Other debtors consists of £180,247 Vat repayable (2023 - £97,997).
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.
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.