Company registration number 09602628 (England and Wales)
TS SERVICES (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
TS SERVICES (MIDLANDS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
TS SERVICES (MIDLANDS) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
4
14,000
28,000
Tangible assets
5
11,584
14,993
25,584
42,993
Current assets
Debtors
7
1,065,304
830,732
Cash at bank and in hand
10,009
25,330
1,075,313
856,062
Creditors: amounts falling due within one year
8
(356,635)
(228,376)
Net current assets
718,678
627,686
Total assets less current liabilities
744,262
670,679
Creditors: amounts falling due after more than one year
9
(8,333)
(18,333)
Provisions for liabilities
Deferred tax liability
2,201
2,849
(2,201)
(2,849)
Net assets
733,728
649,497
Capital and reserves
Called up share capital
120
120
Share premium
106,581
106,581
Profit and loss reserves
627,027
542,796
Total equity
733,728
649,497
TS SERVICES (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has 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 23 April 2025 and are signed on its behalf by:
Mr S White
Director
Company registration number 09602628 (England and Wales)
TS SERVICES (MIDLANDS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2022
120
106,581
478,337
585,038
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
131,807
131,807
Dividends
-
-
(67,348)
(67,348)
Balance at 31 July 2023
120
106,581
542,796
649,497
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
84,231
84,231
Balance at 31 July 2024
120
106,581
627,027
733,728
TS SERVICES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
TS Services (Midlands) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
1.1
Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from this standard.
The financial statements are prepared in sterling which is the functional currency of the company and are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of value added tax.
Revenue is recognised when the service provided to the customer has been completed and the amount of revenue can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
1.5
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to third parties, including related parties.
For financial assets carried at amortised cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount the company would receive for the asset if it was sold at the balance sheet date
1.6
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.
TS SERVICES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
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.
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.
1.7
Pension costs and other post-retirement benefits
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.
2
Judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities as at the reporting date and the amounts reported for turnover and expenses during the period. The nature of estimating means that actual outcomes could differ from the original estimates.
The principal accounting policies and the judgements and estimates that have the most significant effect on amounts recognised in the financial statements are as stated below.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
5
5
TS SERVICES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
140,000
Amortisation and impairment
At 1 August 2023
112,000
Amortisation charged for the year
14,000
At 31 July 2024
126,000
Carrying amount
At 31 July 2024
14,000
At 31 July 2023
28,000
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
3,790
6,783
943
37,877
49,393
Depreciation and impairment
At 1 August 2023
2,758
4,179
844
26,619
34,400
Depreciation charged in the year
155
390
50
2,814
3,409
At 31 July 2024
2,913
4,569
894
29,433
37,809
Carrying amount
At 31 July 2024
877
2,214
49
8,444
11,584
At 31 July 2023
1,032
2,604
99
11,258
14,993
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,689
13,573
Other debtors
785,542
616,600
Prepayments and accrued income
2,693
1,102
807,924
631,275
TS SERVICES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Corporation tax recoverable
257,380
199,457
Total debtors
1,065,304
830,732
8
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
10
10,000
10,000
Trade creditors
18,615
18,337
Corporation tax
192,801
141,179
Other taxation and social security
128,458
52,415
Other creditors
559
553
Accruals and deferred income
6,202
5,892
356,635
228,376
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
10
8,333
18,333
10
Loans and overdrafts
2024
2023
£
£
Bank loans
18,333
28,333
Payable within one year
10,000
10,000
Payable after one year
8,333
18,333
The above loan is unsecured and the terms are as follows:
Six year Bounce back loan maturing April 2026 with a 12 month repayment holiday period. Interest rate is fixed at 2.5% per annum with the initial 12 months interest covered by HMRC grant.
TS SERVICES (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
11
Directors' transactions
Dividends totalling £0 (2023 - £67,348) were paid in the year in respect of shares held by the company's directors.
The total aggregated advance to the director during the year was £171,624 (2023:£73,386), and the balance outstanding at the end of the year was £583,542 (2023: £411,918).
The above loan is unsecured, interest free and repayable on demand.