TKS LIMITED

TKS LIMITED

TKS LIMITED - Company Information

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TKS LIMITED

Company Registration Number:
02614939 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2018

Period of accounts

Start date: 01 June 2017

End date: 31 May 2018

TKS LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2018

Balance sheet
Notes

TKS LIMITED

Balance sheet

As at 31 May 2018


Notes
2018
2017


£
£
Fixed assets
Tangible assets: 3 3,741,564 3,731,742
Investments: 4 84,285 84,285
Total fixed assets: 3,825,849 3,816,027
Current assets
Debtors:   405,054 70,292
Cash at bank and in hand: 147,306 166,988
Total current assets: 552,360 237,280
Creditors: amounts falling due within one year:   (1,342,883) (1,196,247)
Net current assets (liabilities): (790,523) (958,967)
Total assets less current liabilities: 3,035,326 2,857,060
Total net assets (liabilities): 3,035,326 2,857,060
Capital and reserves
Called up share capital: 100 100
Revaluation reserve:5703,534703,534
Profit and loss account: 2,331,692 2,153,426
Shareholders funds: 3,035,326 2,857,060

The notes form part of these financial statements

TKS LIMITED

Balance sheet statements

For the year ending 31 May 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 February 2019
and signed on behalf of the board by:

Name: M A Hunt
Status: Director

The notes form part of these financial statements

TKS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:Rendering of servicesRevenue 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 following conditions are satisfied:the amount of revenue 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; andthe costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line methodDepreciation is provided on the following basis:Plant and machinery - 20% straight lineThe 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 the Statement of income and retained earnings. Revaluation of tangible fixed assets:Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.Revaluation gains and losses are recognised in the Statement of income and retained earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Other accounting policies

Taxation:Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.The current income 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.Debtors:Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.Cash and cash equivalents: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:Short term 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.Financial instruments: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 non-puttable ordinary shares.

TKS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

2. Employees

2018 2017
Average number of employees during the period 3 2

TKS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

3. Tangible Assets

Total
Cost £
At 01 June 2017 3,756,395
Additions 10,400
At 31 May 2018 3,766,795
Depreciation
At 01 June 2017 24,653
Charge for year 578
At 31 May 2018 25,231
Net book value
At 31 May 2018 3,741,564
At 31 May 2017 3,731,742

TKS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

4. Fixed investments

Fixed asset investmentsListed investmentsCost or valuationAt 1 June 2017 £84,285At 31 May 2018 £84,285Net book valueAt 31 May 2018 £84,285

TKS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

5. Revaluation reserve

2018
£
Balance at 01 June 2017 703,534
Surplus or deficit after revaluation 0
Balance at 31 May 2018 703,534