Company registration number 11753867 (England and Wales)
TEMIS LUXURY (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TEMIS LUXURY (UK) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
TEMIS LUXURY (UK) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
640,232
484,457
Current assets
Debtors
5
1,422,547
1,213,842
Cash at bank and in hand
521,493
515,499
1,944,040
1,729,341
Creditors: amounts falling due within one year
6
(2,345,519)
(2,320,901)
Net current liabilities
(401,479)
(591,560)
Total assets less current liabilities
238,753
(107,103)
Creditors: amounts falling due after more than one year
7
(15,559)
(14,167)
Provisions for liabilities
8
(84,000)
Net assets/(liabilities)
139,194
(121,270)
Capital and reserves
Called up share capital
9
1,000,100
1,000,100
Profit and loss reserves
(860,906)
(1,121,370)
Total equity
139,194
(121,270)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
Ms S Vijayarajah
Director
Company registration number 11753867 (England and Wales)
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Temis Luxury (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Prologis Park, Hook Rise South, Chessington, Surrey, KT6 7LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on the activities of its parent company and the overall demand of the transportation industry. The group is financially strong with performance levels since the year end being satisfactory and the parent company has confirmed its support for the UK operations of the group for at least twelve months from the approval of these financial statements.
The company balance sheet shows a net current liability position but a net asset position overall as at 31 December 2024. This is in line with the directors' expectations in the growth stage of trade, which includes the initial investment in the company start up, and an expected lead time before the revenue streams commenced. The company has increased turnover again this year and achieved a profit before tax. The company remains reliant on the parent company to support its cash flow requirements and the parent company has stated to the directors that it will not call on the loan provided until the company has sufficient resources.
The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
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 VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the term of the lease (Land is not depreciated)
Plant and equipment
20% per annum straight line
Fixtures and fittings
20% per annum straight line
Computers
33.33% per annum straight line
Motor vehicles
20% per annum straight line
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade debtors, other debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade creditors, other creditors and loans from fellow group companies 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year.
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Decommissioning provision
The company have recognised a provision for decommissioning costs relating to the restoration of the premises back to its original state at the end of the respective lease. This is based on cost estimates made by management based on their experience with previous premises with consideration of the size and complexity of the work performed. The value of the provision for the company was £84,000 (2023 - £nil).
Useful lives of fixed assets
The useful lives of fixed assets adopted by the company are considered to be in line with industry standards. The useful lives of fixed assets and subsequent rates of depreciation used are assessed annually by management and may vary depending on a number of factors. In re-assessing asset lives factors such as technological innovation and maintenance programmes are taken into account.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 51 (2023 - 47).
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
370,997
58,558
138,814
29,395
191,182
788,946
Additions
187,027
31,775
5,196
109,286
333,284
Disposals
(45,940)
(17,258)
(38,970)
(102,168)
At 31 December 2024
512,084
41,300
131,619
34,591
300,468
1,020,062
Depreciation
At 1 January 2024
62,301
34,857
56,670
18,296
132,365
304,489
Depreciation charged in the year
54,422
8,805
27,819
6,207
59,923
157,176
Eliminated in respect of disposals
(37,632)
(17,258)
(26,945)
(81,835)
At 31 December 2024
79,091
26,404
57,544
24,503
192,288
379,830
Carrying amount
At 31 December 2024
432,993
14,896
74,075
10,088
108,180
640,232
At 31 December 2023
308,696
23,701
82,144
11,099
58,817
484,457
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
783,365
625,137
Amounts owed by group undertakings
133,902
78,665
Other debtors
284,207
408,393
1,201,474
1,112,195
Deferred tax asset
221,073
101,647
1,422,547
1,213,842
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
100,293
154,575
Amounts owed to group undertakings
1,783,003
1,747,264
Taxation and social security
240,115
149,286
Other creditors
212,108
259,776
2,345,519
2,320,901
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
Amounts owed to group undertakings have no terms and are therefore repayable on demand. Whilst the classification as current liabilities reflects the contractual nature of the loans, the group do not seek repayment of these loans until the company is financially able to do so. This may be more than 12 months from the reporting date, as part of the group's ongoing financial support to the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
4,167
14,167
Other creditors
11,392
15,559
14,167
Included within other creditors in note 6 and 7 are hire purchase liabilities of £18,222 (2023: £15,521) which are secured upon the underlying asset.
8
Provisions for liabilities
2024
2023
£
£
84,000
-
Movements on provisions:
£
Additional provisions in the year
84,000
The provision relates to the decommissioning costs associated with the leased premises whereby the company are obligated to restore it back to its original state.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,100
1,000,100
1,000,100
1,000,100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
TEMIS LUXURY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
20 June 2025
Sumer Audit is the trading name of Sumer Auditco Limited
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of:
2024
2023
£
£
Within one year
395,191
406,611
Between two and five years
540,279
841,019
935,470
1,247,630
12
Parent company
The immediate parent company is Temis Luxury Group L'H, a company registered in France. The ultimate parent company is Superga Lux S.A. a company registered in Luxembourg. The results of Temis Luxury (UK) Limited are included in the consolidated accounts of the ultimate parent company which can be obtained from RCS Luxembourg.