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Registered number: 09616190
TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2018
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
REGISTERED NUMBER: 09616190
BALANCE SHEET
AS AT 31 DECEMBER 2018
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
REGISTERED NUMBER: 09616190
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 3 to 9 form part of these financial statements.
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
TCG Partners Professional Services Company Ltd is a company limited by shares, domiciled and incorporated in England and Wales, company number 09616190. The principal place of business is 34 South Moulton Street, Mayfair, London, W1K 5RG.
The principal activity during the year was to provide independent strategic consulting, sourcing and management services.
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 £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies 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.
FRS102 Section 1A allows a qualifying entity certain disclosure exemptions, subject to certain
conditions, which have been complied with, including notification of and no objection to, the use of
exemptions by the company's shareholders. In preparing the finanical statements, the Company has
taken advantage of the following exemptions:
• from presenting a statement of cash flows, as required by Section 7 Statement of Cash Flows;
• from presenting a reconciliation of the number of shares outstanding at the beginning and end of the year, as required by paragraph 12 of Section 4 Statement of Financial Position.
The following principal accounting policies have been applied:
The financial statements are prepared on a going concern basis, as the director has received confirmation that TCG Consulting LLC (a US company to which TCG Partners Professional Services Company limited is affiliated) will continue to provide sufficient finance as well as management and similar services but not require payment until this can be made, without the detriment to the company continuing to operate as a going concern.
The directors are therefore of the opinion that the company has the required financial resources to continue to meet their ongoing obligations and the accounts are therefore prepared on a going concern basis.
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
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 services
Revenue 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; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings 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.
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.
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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 annual 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 the Statement of Income and Retained Earnings.
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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.
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.
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
2.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 non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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The average monthly number of employees, including directors, during the year was 3 (2017 - 3).
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Charge for the year on owned assets
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Creditors: Amounts falling due within one year
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Amounts owed to related party
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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1 (2017 - 1) Ordinary share of £1.00
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The Company has one class of ordinary shares which carry voting rights but no right to fixed income.
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Profit & loss account
The profit and loss account represents the cumulative profits and losses of the company.
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 £6,331 (2017: £6,753). Contributions totalling £2,054 (2017: £1,377) were payable to the fund at the balance sheet date.
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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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Related party transactions
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During the year an amount of £132,760 (2017: £101,753) was invoiced by TCG Consulting LLC, a US company to which A Taras is a company official, to TCG Partners Professional Company Services Ltd. As at 31 December 2018, this amount was still outstanding and reflected in note 6 within trade creditors.
During the year, an amount of £683,244 (2017: £462,148) was invoiced by TCG Partners Professional Company Services Ltd to TCG Consulting LLC. As at 31 December 2018, this amount was still outstanding and reflected in note 5 within trade debtors.
At 31 December 2018 a total amount of £46,589 (2017: £44,394) was payable by TCG Partners Professional Company Services Ltd to TCG Consulting LLC. Interest is charged monthly and calculated on the balance outstanding.
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Post balance sheet events
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On 1 April 2019 TCG Partners Professional Services Company Ltd was acquired by FROSCH UK Limited, a company registered in England and Wales.
The company is controlled by the director.
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