REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2025 |
for |
TKC Sales Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 January 2025 |
for |
TKC Sales Limited |
TKC Sales Limited (Registered number: 03853596) |
Contents of the Financial Statements |
for the Year Ended 31 January 2025 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TKC Sales Limited |
Company Information |
for the Year Ended 31 January 2025 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
The Old Post Office |
41-43 Market Place |
Chippenham |
Wiltshire |
SN15 3HR |
TKC Sales Limited (Registered number: 03853596) |
Balance Sheet |
31 January 2025 |
31.1.25 | 31.1.24 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
TKC Sales Limited (Registered number: 03853596) |
Notes to the Financial Statements |
for the Year Ended 31 January 2025 |
1. | STATUTORY INFORMATION |
TKC Sales Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods. |
Revenue from the sale of goods is recognised when all of the following have been satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction can be measured reliably. |
Specifically, revenue from the sale of goods is primarily recognised on despatch of goods to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
TKC Sales Limited (Registered number: 03853596) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2025 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct acquisition costs, are based on the method most appropriate for the type of inventory class, but usually on a first-in-first-out basis. overheads are charged to the profit and loss as incurred. Net realisable value is based on the estimated selling price price less any estimated completion or selling costs. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. the amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. the amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
TKC Sales Limited (Registered number: 03853596) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2025 |
3. | ACCOUNTING POLICIES - continued |
Derivative financial instruments |
Derivatives, including interest rate swaps and forward foreign exchange contracts are not basic financial instruments. |
Derivatives are initially recognised as fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or finance income as appropriate unless they are included in a hedging arrangement. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 February 2024 |
and 31 January 2025 |
AMORTISATION |
At 1 February 2024 |
and 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
6. | TANGIBLE FIXED ASSETS |
Furniture, |
Improvements | fixtures |
to | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2024 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 January 2025 |
DEPRECIATION |
At 1 February 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
TKC Sales Limited (Registered number: 03853596) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2025 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.25 | 31.1.24 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.25 | 31.1.24 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.25 | 31.1.24 |
£ | £ |
Within one year |
Between one and five years |
TKC Sales Limited (Registered number: 03853596) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2025 |
10. | FINANCIAL INSTRUMENTS |
Exposure to foreign currency, credit, liquidity and cash flow interest rate risks arise in the company's normal course of business. These risks are limited by the company's financial management policies and practices described below. |
Foreign currency risk |
The company has limited exposure to foreign currency risk. Substantially all of the company's sales are denominated in sterling. The company's purchases are however denominated in foreign currencies. The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 January 2025 the outstanding contracts all mature within 12 months of the year end. The company is committed to buy USD1,250,000 and pay fixed sterling amounts of £946,237. |
The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are forward exchange rates for GBP:USD. The fair value gain of the forward currency contracts in the period amounts to £59,483. |
Credit risk |
The company is at risk from its customers defaulting in making payments for goods that have been supplied to them. The majority of the company's customers are small, with no reliance on one customer. |
To minimise the risk the company has a policy of dealing with customers who have either demonstrated credit worthiness or can provide sufficient collateral. To determine creditworthiness the company makes use of independent rating agencies, other publicly available financial information and its own trading records. The company's exposure and its customer creditworthiness is continually monitored so that any potential problems are detected at an early stage. |
Liquidity risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. |
Cash flow interest rate risk |
The company is exposed to interest rate risk through the impact of rate changes on interest-bearing borrowings. The company's policy is to obtain the most favourable interest rates available for its borrowings. |
The company has no significant other interest-bearing assets and liabilities. The company does not use any derivative instruments to reduce its economic exposure to changes in interest rates. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | 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. |
TKC Sales Limited (Registered number: 03853596) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2025 |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The ultimate parent company is TKC Sales Newco Limited. The financial statements of TKC Sales Newco Limited are available from the company's registered office. |