TM Assets Limited - Accounts to registrar (filleted) - small 18.2
TM Assets Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| TM Assets Limited |
| Audited Financial Statements |
| for the Year Ended 31 March 2020 |
| TM Assets Limited (Registered number: 10769330) |
| Contents of the Financial Statements |
| for the year ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| TM Assets Limited |
| Company Information |
| for the year ended 31 March 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and |
| Statutory Auditor |
| 28 Eaton Avenue |
| Matrix Office Park |
| Buckshaw Village |
| Chorley |
| Lancashire |
| PR7 7NA |
| TM Assets Limited (Registered number: 10769330) |
| Balance Sheet |
| 31 March 2020 |
| 2020 | 2019 |
| (Unaudited) |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TM Assets Limited (Registered number: 10769330) |
| Notes to the Financial Statements |
| for the year ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| TM Assets Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The amounts in the financial statements have been rounded to the nearest £1. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The Covid-19 pandemic affected the ability of the company to operate to its full capacity, and impacted on cash collections in the first national lockdown period. |
| In the period after the first lockdown, the collections recovered strongly, and this continued through to the point of the second lockdown. |
| The business has prepared forecasts for at least 12 months from the date of signing the accounts, which include conservative estimates of expected trading through the second period of lockdown and into 2021. |
| The company has net current liabilities as a result of an intercompany loan. The company continues to have the support of its parent company, and as a consequence, the directors conclude that going concern is the appropriate basis for the preparation of the accounts. |
| Preparation of consolidated financial statements |
| The financial statements contain information about TM Assets Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
| TM Assets Limited (Registered number: 10769330) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2019 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| (Unaudited) |
| £ | £ |
| Amounts owed by group undertakings |
| Called up share capital not paid |
| Prepayments and accrued income |
| TM Assets Limited (Registered number: 10769330) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| (Unaudited) |
| £ | £ |
| Amounts owed to group undertakings |
| Owed to related parties | 3,433 | - |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 9. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors the company is ultimately controlled by TA Appleby-Mollart who owned the majority of the issued share capital of the parent company Perch Group Limited. |