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COMPANY REGISTRATION NUMBER: 14110159
TCLM Limited
Filleted Unaudited Financial Statements
31 May 2024
TCLM Limited
Financial Statements
Year ended 31 May 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
TCLM Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
562,805
562,805
Current assets
Cash at bank and in hand
11,693
30,976
Creditors: amounts falling due within one year
6
( 243,398)
( 260,391)
---------
---------
Net current liabilities
( 231,705)
( 229,415)
---------
---------
Total assets less current liabilities
331,100
333,390
Creditors: amounts falling due after more than one year
7
( 318,410)
( 330,260)
---------
---------
Net assets
12,690
3,130
---------
---------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
12,688
3,128
--------
-------
Shareholders funds
12,690
3,130
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
C. G. MacDougall
Director
Company registration number: 14110159
TCLM Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamilton House, 44 Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
Period from
Year to
16 May 22 to
31 May 24
31 May 23
£
£
Current tax:
UK current tax expense
2,243
773
-------
----
Tax on profit
2,243
773
-------
----
5. Investments
Shares in group undertakings
£
Cost
At 1 June 2023 and 31 May 2024
562,805
---------
Impairment
At 1 June 2023 and 31 May 2024
---------
Carrying amount
At 31 May 2024
562,805
---------
At 31 May 2023
562,805
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
13,159
14,469
Corporation tax
3,032
773
Other creditors
227,207
245,149
---------
---------
243,398
260,391
---------
---------
The Barclays bank facilities are secured by a fixed and floating charge over the assets of the company.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
318,410
330,260
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £265,772 (2023: £272,384) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Related party transactions
The company was under the control of C. G. MacDougall and T. L. Landelle, the directors, throughout the current year by virtue of their combined interest in 100% of the issued ordinary share capital. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.