REGISTERED NUMBER: |
TSG Terminal Limited |
Financial Statements for the Year Ended 31 December 2024 |
REGISTERED NUMBER: |
TSG Terminal Limited |
Financial Statements for the Year Ended 31 December 2024 |
TSG Terminal Limited (Registered number: 09105108) |
Contents of the Financial Statements |
for the year ended 31 December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TSG Terminal Limited |
Company Information |
for the year ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
BANKERS: |
First Floor, Westcott House |
Hesslewood Business Park |
Hull |
East Yorkshire |
HU13 0PF |
TSG Terminal Limited (Registered number: 09105108) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
TSG Terminal Limited (Registered number: 09105108) |
Notes to the Financial Statements |
for the year ended 31 December 2024 |
1. | STATUTORY INFORMATION |
TSG Terminal Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principle accounting policies have remained unchanged from the previous year and are set out below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax. |
Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, is it probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, amortisation is calculated so as to write off the cost of that asset as follows: |
Stamp duty - 10 years straight line |
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimated. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The estimated useful lives are as follows: |
Plant and equipment - 1 - 10 years straight line |
Leasehold property improvements - 1 or 10 years straight line |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TSG Terminal Limited (Registered number: 09105108) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Rentals applicable to operating leases are substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Defined contribution plans |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The UK continues to be impacted by rising inflation, interest rates and energy costs. These matters have impacted the company's trading results to a greater or lessor extent but have been mitigated to some degree by action taken by the company in the period. At the date of signing these financial statements, the directors have considered the effect of these matters on the company together with the information available to them, including cash flow forecasts, and do not believe that they will affect the ability of the company to continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. On this basis, the directors have prepared these financial statements on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TSG Terminal Limited (Registered number: 09105108) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
TSG Terminal Limited (Registered number: 09105108) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent undertaking is TSG Short Sea AB, a company registered in Sweden. |
The smallest group of which TSG Terminal Ltd is a member and for which group accounts are prepared is that headed by ThorSvecon Group AB, a company incorporated in Sweden whose registered office address is Slakterugatan 10, 721 32 Västerås, Sweeden. |
The largest group of which TSG Terminal Ltd is a member and for which group accounts are prepared is that headed by ThorSvecon Holding AB, a company incorporated in Sweden whose registered office address is Slakterugatan 10, 721 32 Västerås, Sweden. |
There is no ultimate controlling party. |