TSS&P Limited - Filleted accounts

Registered number

03433020

TSS&P Limited

Filleted Accounts

31 December 2024

TSS&P Limited
Registered number:		03433020
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Current assets
Stocks		9,937			10,638
Debtors	3	20,092			25,676
Cash at bank and in hand		416,935			348,486
		446,964			384,800

Creditors: amounts falling due within one year	4	(745,539)			(739,657)

Net current liabilities			(298,575)			(354,857)

Net liabilities			(298,575)			(354,857)

Capital and reserves
Called up share capital	5		3			3
Profit and loss account			(298,578)			(354,860)

Shareholders' funds			(298,575)			(354,857)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Alexander Campbell Anderson
Director
Approved by the board on 8 September 2025

TSS&P Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	The financial statements are presented in pound sterling.

	Going concern
	Management assess the going concern of the entity on a routine basis. There has been nothing noted to suggest that the entity is unable to continue to trade for the 12 months following the signing of the financial statements.



	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

1	Accounting policies (continued)

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					-		-

	The prior year figure has been restated to exclude directors without service contracts.

3	Debtors					2024		2023
£							£

	Trade debtors					12,429		24,362
	Other debtors					7,663		1,314
						20,092		25,676


4	Creditors: amounts falling due within one year					2024		2023
£							£

	Trade creditors					13,546		12,339
	Taxation and social security costs					14,298		8,904
	Other creditors					717,695		718,414
						745,539		739,657


5	Share capital	Nominal		2024		2024		2023
value			Number		£		£

	Allotted, called up and fully paid:
	A Ordinary shares	£1 each		1		1		1
	B Ordinary shares	£1 each		1		1		1
	Preferred Ordinary shares	£1 each		1		1		1
						3		3

5	Share capital (continued)

	The shares have the following rights:

	Dividends:
	The Preferred Ordinary shares have priority over the Ordinary shares in respect of both income and capital distributions. They have attributed a notional account (the "Preferred Ordinary Share Account") of £638,878, which represents the maximum limit of priority in relation to such distributions. The holders are entitled to a minimum fixed dividend of 10% per annum of the balance of the "Preferred Ordinary Share Account". No dividend may be paid on the Ordinary shares without the consent of the Preferred Ordinary shareholders until the balance on the "Preferred Ordinary Share Account" has been extinguished, and all dividend arrears have been paid. At the year-end, cumulative unpaid fixed dividends amounted to £1,227,629 (2023: £1,124,086). Interest accrues on this balance (excluding any previously accrued interest) at a rate of 4.5% per annum until settlement. This balance cannot be lawfully recognised, as the company does not currently have sufficient distributable reserves. Nevertheless, the obligation remains and will become payable as and when the company has adequate distributable reserves.

	Capital
	On a winding up, return of capital or share sale, the net amount payable is to be applied firstly to the holders of the Preferred Ordinary shares until the amount outstanding on the "Preferred Ordinary Share Account" has been extinguished and the arears of fixed dividend, if any, have been paid, and secondly to the holders of the Ordinary shares pro rata to the number held by them.

	Voting
	The holders of the Preferred Ordinary shares have no vote except in relation to a resolution: to approve any capital or income distribution to the Ordinary share holders whilst any amount is still outstanding on the "Preferred Ordinary Share account"; or to vary the rights attaching to the Preferred Ordinary shares.


6	Dividends					2024		2023
£							£

	Unpaid dividends included in other creditors due within one year					-		-


	Fixed dividends not lawfully payable					1,227,629		1,124,086


7	Related party transactions

	Transactions with related parties are as follows: Thistledown Investments Limited ("Thistledown") and Grandstand Media Limited ("Media") are related parties by virtue of Mr Andersons directorship of those companies and TSS&P Limited. At the year-end included in other creditors due within one year is an amount of £716,850 (2023: £716,850) due from the company to Thistledown. The company sold £40,609 to Media during the year (2023: £49,623), and at the year-end £826 (2023: £14,565) was receivable from Media. The company purchased £27,487 from Media during the year (2023: £17,638), and at the year-end £9,196 (2023: £10,602) was payable to Media.


8	Other information

	TSS&P Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Stoneleigh Events
	Stoneleigh Park
	Kenilworth
	Warwickshire
	CV8 2LZ