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Registered number: 04342506
TEES FINANCIAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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TEES FINANCIAL LIMITED
REGISTERED NUMBER: 04342506
BALANCE SHEET
AS AT 31 MARCH 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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TEES FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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Tees Financial is a private company limited by shares, incorporated in England and Wales. These financial statements are the individual financial statements of the company. The registered address and place of business of the company is Tees House, 95 London Road, Bishop's Stortford, Hertfordshire, CM23 3GW.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the above conditions are satisfied.
Commission income
Turnover from commissions is recognised on the following basis:
a) Initial commissions are recognised at inception of the policy to which they relate.
b) Trail commissions are recognised over the period to which they relate.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 2
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TEES FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1.ACCOUNTING POLICIES (CONTINUED)
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
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The average monthly number of employees, including directors, during the year was 33 (2024 - 28).
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Page 3
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TEES FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CASH AND CASH EQUIVALENTS
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 4
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TEES FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Timing differences on salary payments
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Allotted, called up and fully paid
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350,000 (2024 - 350,000) Ordinary shares of £1.00 each
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Cross guarantee
The company has entered into a cross guarantee agreement with its parent, Trust Tees Limited, and its sister entity, Stanley Tee LLP. This cross guarantee provides security to the bank for loans provided to any of the three group entities.
At 31 March 2025, the potential liability under this cross guarantee relating to the debts with other group entities amounted to £3,884,099 (2024 - £4,222,540).
The group has an agreement in place with the bank whereby the bank considers the cash and overdrafts across the three group entities as one balance, which enables group entities to hold or borrow monies within their respective entity accounts, subject to the net amount for the group being within the parameters of the group overdraft of £1,000,000.
At the year end Tees Financial Limited held £2,823,343 (2024 - £2,993,145) in cash, whilst Stanley Tee LLP was overdrawn by £2,863,219 (2024 - £2,951,083) and no amounts were held by Trust Tees Limited, resulting in a consolidated overdrawn bank balance of £39,876 (2024 - £42,062 in credit).
Page 5
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TEES FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Tees Financial Limited is wholly owned by Trust Tees Limited. There is no single ultimate controlling party. Trust Tees Limited is registered at Tees House, 95 London Road, Bishops Stortford, Hertfordshire, CM23 3GW.
The smallest and largest group these results are consolidated into is headed by Trust Tees Limited. A copy of the consolidated accounts can be found at Companies House.
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RELATED PARTY TRANSACTIONS
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During the year, the company received management charges from its sister entity of £75,000 (2024 - £50,000). The balance due from the sister entity at the year end was £2,362,457 (2024 - £2,486,956).
During the year, the company incurred consultancy expenditure of £22,500 (2024 - £20,200) to a company under the control of a Director. At the year-end the company owed £Nil (2024 - £12,000).
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The auditor's report on the financial statements for the year ended 31 March 2025 was unqualified.
The audit report was signed on 20 November 2025 by Darren Amott (Senior Statutory Auditor) on behalf of Price Bailey LLP.
Page 6
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