TPG (LSP) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10935349 (England and Wales)

Financial Statements for the Year Ended 30 June 2021

for

TPG (LSP) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J E Lestner

D A Lestner

REGISTERED OFFICE:

8 Manor Road

Leeds

United Kingdom

West Yorkshire

LS11 9AH

REGISTERED NUMBER:

10935349 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

2nd Floor, Woodside House

261 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NY

FIXED ASSETS

Intangible assets

4

276,807

Tangible assets

5

72,614

85,190

349,421

361,997

CURRENT ASSETS

Stocks

34,302

51,059

Debtors

6

50,051

35,838

84,353

86,897

CREDITORS

Amounts falling due within one year

7

430,609

433,281

NET CURRENT LIABILITIES

(346,256

)

(346,384

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,165

15,613

PROVISIONS FOR LIABILITIES

316

-

NET ASSETS

2,849

15,613

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

2,749

15,513

2,849

15,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2022 and were signed on its behalf by:

D A Lestner - Director

1.	STATUTORY INFORMATION

TPG (LSP) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company trades from 166 Woodhouse Ln, Woodhouse, Leeds LS2 9HB.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

As with most businesses we have been impacted by the Coronavirus (Covid 19). This has had an impact on our operations, customers, suppliers and staff. We have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps we can to protect the future of our business. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Wholesale sales and prescriptions are recognised when the goods are dispensed.

Goodwill

Purchased goodwill is subject to an annual impairment review, and any change to the useful economic life will be reflected by an amortisation charge.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Government grants

Government grants are accounted for under the performance model. In the year under review, small business rates grants of £12,500 were recognised.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

and 30 June 2021

276,807

NET BOOK VALUE

At 30 June 2021

276,807

At 30 June 2020

276,807

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2020

137,942

Additions

238

At 30 June 2021

138,180

DEPRECIATION

At 1 July 2020

52,752

Charge for year

12,814

At 30 June 2021

65,566

NET BOOK VALUE

At 30 June 2021

72,614

At 30 June 2020

85,190

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

Trade debtors

33,308

32,713

Other debtors

16,743

3,125

50,051

35,838

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

Trade creditors

17,154

21,461

Amounts owed to group undertakings

411,455

398,570

Other creditors

2,000

13,250

430,609

433,281

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.6.21

30.6.20

£

Within one year

12,500

9.	SECURED DEBTS

There is a fixed and floating charge over the company held by RX Bridge Limited. Lloyds Bank PLC holds fixed charges over the company.

TPG (LSP) Limited - Accounts to registrar (filleted) - small 18.2

TPG (LSP) Limited - Accounts to registrar (filleted) - small 18.2