ACCOUNTS - Final Accounts

TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-31TCG 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 £. The principal activity during the year was to provide independent strategic consulting, sourcing andmanagement services.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. 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 profit or loss.false2020-01-0123truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09616190 2020-01-01 2020-12-31 09616190 2019-01-01 2019-12-31 09616190 2020-12-31 09616190 2019-12-31 09616190 c:Director1 2020-01-01 2020-12-31 09616190 d:OfficeEquipment 2020-01-01 2020-12-31 09616190 d:OfficeEquipment 2020-12-31 09616190 d:OfficeEquipment 2019-12-31 09616190 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-01-01 2020-12-31 09616190 d:CurrentFinancialInstruments 2020-12-31 09616190 d:CurrentFinancialInstruments 2019-12-31 09616190 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09616190 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 09616190 d:ShareCapital 2020-12-31 09616190 d:ShareCapital 2019-12-31 09616190 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 09616190 d:RetainedEarningsAccumulatedLosses 2020-12-31 09616190 d:RetainedEarningsAccumulatedLosses 2019-12-31 09616190 c:OrdinaryShareClass1 2020-01-01 2020-12-31 09616190 c:OrdinaryShareClass1 2019-01-01 2019-12-31 09616190 c:OrdinaryShareClass1 2020-12-31 09616190 c:OrdinaryShareClass1 2019-12-31 09616190 c:FRS102 2020-01-01 2020-12-31 09616190 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 09616190 c:FullAccounts 2020-01-01 2020-12-31 09616190 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09616190

TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

REGISTERED NUMBER: 09616190

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		518		1,035
			518		1,035
Current assets
Cash at bank and in hand		20,484		22,021
		20,484		22,021
Creditors: amounts falling due within one year	5	(51,563)		(60,857)
Net current liabilities			(31,079)		(38,836)
Total assets less current liabilities			(30,561)		(37,801)

Net liabilities			(30,561)		(37,801)

Capital and reserves
Called up share capital	6	1	1
Profit and loss account	7	(30,562)	(37,802)
		(30,561)	(37,801)

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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

REGISTERED NUMBER: 09616190

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The director considers 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 the Companies Act 2006.

The director acknowledges his 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 on 13 September 2021.

B Leibman

Director

The notes on pages 3 to 7 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 2020

1.	General information

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

2.1

Basis of preparation of financial statements

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.

The following principal accounting policies have been applied:

2.2

Going concern

The Director considers that the Company has adequate resources to continue in operational existence for the foreseeable future with guaranteed financial support from the parent company. Accordingly the Director has continued to prepare the financial statements on the going concern basis.

2.3

Revenue

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.

2.4

Finance costs

Finance costs are charged to profit or loss 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.

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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.5

Pensions

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 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.

2.6

Tangible fixed assets

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 method.

Depreciation is provided on the following annual basis:

Office equipment

25% straight line

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 profit or loss.

2.7

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.

2.8

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.

2.9

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.

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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.10

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 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 3).

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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2020	17,706
	Acquisition of subsidiary	-
	Disposal of subsidiary	-
	At 31 December 2020	17,706
	Depreciation
	At 1 January 2020	16,671
	Charge for the year on owned assets	517
	At 31 December 2020	17,188
	Net book value
	At 31 December 2020	518
	At 31 December 2019	1,035

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	4,332	4,332
Amounts owed to group undertakings	21,419	42,542
Other taxation and social security	8,542	4,580
Other creditors	9,520	1,657
Accruals and deferred income	7,750	7,746
	51,563	60,857

6.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

1 (2019 - 1) Ordinary share of £1.00	1	1

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TCG PARTNERS PROFESSIONAL SERVICES COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Reserves

Profit & loss account

The profit and loss account represents the cumulative profits and losses of the company.

Related party transactions

During the year, an amount of £336,102 (2019: £479,918) was invoiced by TCG Partners Professional Company Services Ltd to TCG Consulting LLC. As at 31 December 2020, this amount was still outstanding and reflected in note 5 within trade debtors.
At 31 December 2020 a total amount of £21,419 (2019: £42,542) 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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