Silverfin false false 30/06/2024 19/07/2023 30/06/2024 S Bullard 19/07/2023 D Thomson 17/07/2024 12/03/2024 15 April 2025 The company was incorporated on 19 July 2023 and commenced trading on the same day. The principal activity of the company is that of sale of golfing equipment. 15013815 2024-06-30 15013815 bus:Director1 2024-06-30 15013815 bus:Director2 2024-06-30 15013815 core:CurrentFinancialInstruments 2024-06-30 15013815 core:ShareCapital 2024-06-30 15013815 core:RetainedEarningsAccumulatedLosses 2024-06-30 15013815 core:PlantMachinery 2023-07-18 15013815 core:Vehicles 2023-07-18 15013815 core:OfficeEquipment 2023-07-18 15013815 core:ComputerEquipment 2023-07-18 15013815 2023-07-18 15013815 core:PlantMachinery 2024-06-30 15013815 core:Vehicles 2024-06-30 15013815 core:OfficeEquipment 2024-06-30 15013815 core:ComputerEquipment 2024-06-30 15013815 core:CurrentFinancialInstruments 1 2024-06-30 15013815 bus:OrdinaryShareClass1 2024-06-30 15013815 2023-07-19 2024-06-30 15013815 bus:FilletedAccounts 2023-07-19 2024-06-30 15013815 bus:SmallEntities 2023-07-19 2024-06-30 15013815 bus:AuditExemptWithAccountantsReport 2023-07-19 2024-06-30 15013815 bus:PrivateLimitedCompanyLtd 2023-07-19 2024-06-30 15013815 bus:Director1 2023-07-19 2024-06-30 15013815 bus:Director2 2023-07-19 2024-06-30 15013815 core:PlantMachinery core:TopRangeValue 2023-07-19 2024-06-30 15013815 core:Vehicles 2023-07-19 2024-06-30 15013815 core:OfficeEquipment core:TopRangeValue 2023-07-19 2024-06-30 15013815 core:ComputerEquipment core:TopRangeValue 2023-07-19 2024-06-30 15013815 core:PlantMachinery 2023-07-19 2024-06-30 15013815 core:OfficeEquipment 2023-07-19 2024-06-30 15013815 core:ComputerEquipment 2023-07-19 2024-06-30 15013815 bus:OrdinaryShareClass1 2023-07-19 2024-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 15013815 (England and Wales)

TT UK SERVICES LIMITED

Unaudited Financial Statements
For the financial period from 19 July 2023 to 30 June 2024
Pages for filing with the registrar

TT UK SERVICES LIMITED

Unaudited Financial Statements

For the financial period from 19 July 2023 to 30 June 2024

Contents

TT UK SERVICES LIMITED

BALANCE SHEET

As at 30 June 2024
TT UK SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 30.06.2024
£
Fixed assets
Tangible assets 3 27,078
27,078
Current assets
Stocks 4 69,389
Debtors 5 402,977
Cash at bank and in hand 6 45,900
518,266
Creditors: amounts falling due within one year 7 ( 630,683)
Net current liabilities (112,417)
Total assets less current liabilities (85,339)
Net liabilities ( 85,339)
Capital and reserves
Called-up share capital 8 100
Profit and loss account ( 85,439 )
Total shareholder's deficit ( 85,339)

For the financial period ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of TT UK Services Limited (registered number: 15013815) were approved and authorised for issue by the Director on 15 April 2025. They were signed on its behalf by:

S Bullard
Director
TT UK SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 19 July 2023 to 30 June 2024
TT UK SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 19 July 2023 to 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

TT UK Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

Total liabilities exceed current assets at the balance sheet date. The directors considers, however that the company has sufficient liquid assets to meet its liabilities as and when they fall due and that the company has sufficient support from its directors, shareholders and creditors. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.

Reporting period length

The directors have elected to prepare these financial statements, which represent the company’s first set of accounts, for a 11 month 13 day period beginning from the date of incorporation of the company on 19 July 2023.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 20 % reducing balance
Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
19.07.2023 to
30.06.2024
Number
Monthly average number of persons employed by the Company during the period, including the director 1

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 19 July 2023 0 0 0 0 0
Additions 559 25,995 624 1,492 28,670
At 30 June 2024 559 25,995 624 1,492 28,670
Accumulated depreciation
At 19 July 2023 0 0 0 0 0
Charge for the financial period 12 1,300 34 246 1,592
At 30 June 2024 12 1,300 34 246 1,592
Net book value
At 30 June 2024 547 24,695 590 1,246 27,078

4. Stocks

30.06.2024
£
Stocks 69,389

5. Debtors

30.06.2024
£
Trade debtors 398,180
Other debtors 4,797
402,977

6. Cash and cash equivalents

30.06.2024
£
Cash at bank and in hand 45,900

7. Creditors: amounts falling due within one year

30.06.2024
£
Trade creditors 63,585
Amounts owed to connected companies 487,990
Other taxation and social security 75,872
Other creditors 3,236
630,683

8. Called-up share capital

30.06.2024
£
Allotted, called-up and fully-paid
100 ordinary shares of £ 1.00 each 100

On 19 July 2023, the day of incorporation, 100 Ordinary shares of £1 each were issued and fully paid.