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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
COMPANY INFORMATION
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TSI TURBO SERVICE INTERNATIONAL LIMITED
CONTENTS
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TSI TURBO SERVICE INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present this strategic report of the Company for the year ended 31 December 2024.
TSI continued to derive its annual revenue on a worldwide basis principally through the supply of turbocharger parts and related maintenance services to large ships and vessels within the marine and power station turbocharger markets. This includes:
• Service, repair and overhaul of Marine Turbochargers • Supply of Turbocharger parts • Supply of Bearings • Service, repair and overhaul of Power station Turbochargers.
2024 2023
Total Sales (£m) £19.01m £17.93m Gross Profit % 37.0% 37.2% Ratio of Overheads to Gross Profit 94.6% 86.1% Profit before Tax (£’000) £376 £758
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TSI TURBO SERVICE INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Once again TSI has continued its run of increasing its Total Sales value each year, reflecting investments made by the directors in both the current and previous years in staff, operations and other overhead costs. Total Sales value for 2024 was £19.01m (2023 – £17.93m), an increase of 6% over the previous year, comprising a 6.6% increase in the total value of Parts Sales to £16.71m (2023 - £15.68m) and an increase of 1.7% in Labour Sales value to £2.30m (2023 - £2.26m). Hence 87.9% (2023 – 87.4%) of Total Sales value comprised Parts Sales, with Labour Sales accounting for 12.1% (2023 – 12.6%). Overall Gross Profit Margin was 37.0% (2023 – 37.2%), with Gross Profit increasing 5.3% to £7.03m (2023 – £6.68m). TSI remains very much a globally-focused business with 89.8% (2023 – 91.7%) of 2024 total sales value by destination being to the rest of the world, with just 10.2% (2023 – 8.3%) relating to the United Kingdom.
The Directors consider the significant increase in sales in both 2024 and 2023 to be largely the result of the strategy and policies they have implemented in recent years to develop future sales growth through expansion of its network of overseas offices and continual financial investment in TSI’s personnel and operational capabilities, the benefits of which have continued to accrue in 2024. Ordinarily in a period of continued sales growth, one might expect the values of inventory stocks and receivables financing during the year to have increased, however this was not the case in 2024. As a result of the company’s continual focus on working capital management, the values of Stock, Trade Debtors and Trade Creditors at 31st December 2024 have actually decreased compared to 2023 values. The decrease in net interest payable for 2024 is largely due to this improved working capital management and the company once again making scheduled bank loan repayments totalling £0.24m during the year (2023 - £0.24m), thereby reducing the balance outstanding on which interest is charged. A significant proportion of the company’s transactions are undertaken each year in either Euros (predominantly) or US Dollars for which the company translates for reporting its results in GBP Sterling, comparison of its annual profits reported in GBP Sterling terms will inevitably be affected by the positive or negative effect of changes in the exchange rates year on year used to translate the underlying transactions for reporting purposes, which is separate to the performance of the business in terms of the underlying local currencies in which transactions are actually undertaken. GBP Sterling appreciated slightly against the Euro in 2024, ending 4.6% higher at 31st December 2024 at 1.2062 (2023: 1.1534), and against the US Dollar GBP ended 1.3% lower at 1.2565 (2023: 1.2732). The blended effect of these contrasting GBP exchange movements has had the effect of reducing the GBP Sterling equivalent values of 2024 sales and purchases made in the Euro (increasing to a lesser extent where denominated in the US Dollar) compared with equivalent values reported in the previous year. Net foreign exchange charge in 2024 was £0.101m (2023 - £0.030m). Distribution costs for the year increased disproportionately to the 6% rise in Total Sales, increasing 28.2% to £0.648m (2023 - £0.505m), largely as a result of higher carriage and import costs being experienced worldwide in 2024. During 2024 TSI once again further invested in developing future sales growth through its network of overseas offices and other relevant overhead costs, including significantly increasing personnel numbers in both its engineering and administration functions, and increasing expenditure on advertising, marketing and further developing operational systems. Accordingly, the value of total overhead expenditure in 2024 increased by 12.8% to £6.49m (2023 - £5.75m), resulting in the ratio of overheads to Gross Profit in 2024 increasing to 92.3% from the corresponding 2023 value of 86.1%. The fall in Profit before Tax for 2024 is largely due to the increase in total overhead expenditure exceeding the increase in gross profit for the year.
The Directors intend to once again increase sales through the company’s ongoing investment in supporting and developing the company’s network of overseas offices, partners and agents, as well as significantly expanding its sales of bearings. The company has substantial long term funding from its bankers and the directors consider the company is well placed to achieve future sales growth.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal risk for the Company is a reduction in overall demand for its products and services, leading to reduced levels of business. The Company seeks to minimise this risk by pricing competitively, offering a faster and better quality service to its customers compared to the OEM companies and continuing to establish and maintain representation in key overseas locations and securing long term supply agreements with customers.
This report was approved by the board and signed on its behalf.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £207,618 (2023 - £534,219).
Interim dividends totalling £350,000 (2023 - £800,000) have been declared and paid in the year (as per Note 12 and noted on the statement of income).
The directors who served during the year were:
The future developments for the company are included in the Strategic Report.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
The auditors, Xeinadin Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TSI TURBO SERVICE INTERNATIONAL LIMITED
We have audited the financial statements of TSI Turbo Service International Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TSI TURBO SERVICE INTERNATIONAL LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TSI TURBO SERVICE INTERNATIONAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We assessed the risk of material misstatement due to non-compliance with laws and regulations and fraud by: - Obtaining an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the determination of material amounts and disclosures in the financial statements such as the UK reporting framework, UK company law and UK tax legislation. Other laws and regulations that are fundamental to the operating aspects of the business include employment law, health and safety regulations and maritime law; and - Making enquiries of management and reviewing documentation to understand whether there were any known instances of non-compliance with laws and regulations; and - Communicating within the audit team and maintaining professional scepticism. Specifically in respect of fraud we discussed with those charged with governance areas in which the group was susceptible to fraud and whether there were any instances of known, suspected or alleged fraud. We also assessed the ability of internal controls to mitigate the risk of fraud. To address the risk of non-compliance with laws and regulations we: - Made enquiries of management and those charged with governance concerning actual and potential litigation and claims; - Reviewed the Company's costs for evidence of any expenditure in relation to potential litigation or claims. and - Considered the effectiveness of internal controls to mitigate such risks. To address the fraud risk of management override of controls and other fraud risks we: - Tested the validity of journal entries; - Performed analytical procedures to identify any unusual relationships; - Sought explanations and evidence for any significant transactions outside the normal course of business; - Tested revenue recognition to source documentation; and - Maintained professional scepticism and challenging explanations provided by management.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
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TSI TURBO SERVICE INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TSI TURBO SERVICE INTERNATIONAL LIMITED (CONTINUED)
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Wadebridge House
16 Wadebridge Square
Dorset
DT1 3AQ
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TSI TURBO SERVICE INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
REGISTERED NUMBER: 08212918
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 33 form part of these financial statements.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TSI Turbo Service International Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is 190 Commercial Road, Totton, Southampton, SO40 3AA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Turbo Service International Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.
Management monitor the Company's working capital requirements and the support available from the Turbo Service Holdings International Limited group, and on this basis, the directors consider it is appropriate to prepare the financial statements on a going concern basis. This assumes that the Company will continue in operational existence for the forseeable future and for at least 12 months after signing the financial statements.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Analysis of turnover by country of destination:
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.Share capital (continued)
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £233,204 (2023 - £215,086). Contributions totalling £19,283 (2023 - £18,629) were payable to the fund at the balance sheet date and are included in creditors and accruals.
During the year, advances were paid to directors totalling £
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TSI TURBO SERVICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company is under the control of
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