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Registered number: 05732805
TRUSTED SOURCES LIMITED
UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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TRUSTED SOURCES LIMITED
CONTENTS
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Directors' responsibilities statement
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Statement of income and retained earnings
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Notes to the financial statements
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TRUSTED SOURCES LIMITED
COMPANY INFORMATION
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TRUSTED SOURCES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The directors present their report and the financial statements for the year ended 31 March 2022.
The directors who served during the year were:
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S O'Sullivan (resigned 4 April 2022)
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Subsequent to the year-end, M T Danson and G C Lilley were appointed as directors to the company on 31 August 2022.
Qualifying third party indemnity provisions
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The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
Post balance sheet events
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Subsequent to the year end, on 31 August 2022, TSL Research Group Limited was acquired by GlobalData UK Limited, a subsidiary of GlobalData Plc. which is publicly traded on the London Stock Exchange and its registered office address is John Carpenter House, John Carpenter Street, London, EC4Y 0AN. There have been no other significant events affecting the company since the year end.
Small companies exemptions
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TRUSTED SOURCES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TRUSTED SOURCES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRUSTED SOURCES LIMITED
FOR THE YEAR ENDED 31 MARCH 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trusted Sources Limited for the year ended 31 March 2022 which comprise the statement of income and retained earnings, the balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales (ICAEW) and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.
It is your duty to ensure that Trusted Sources Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit or loss. You consider that Trusted Sources Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Trusted Sources Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Use of our report
This report is made solely to the board of directors of Trusted Sources Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Trusted Sources Limited and state those matters that we have agreed to state to them in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trusted Sources Limited and its board of directors, as a body, for our work or for this report.
Blick Rothenberg Limited
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH
30 March 2023
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TRUSTED SOURCES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2022
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Retained earnings at the beginning of the year
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Retained earnings at the end of the year
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The company has not traded during the year or prior year and therefore there are no transactions in the profit or loss statement.
The notes on pages 7 to 9 form part of these financial statements.
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REGISTERED NUMBER:05732805
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TRUSTED SOURCES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Total assets less current liabilities
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For the year ended 31 March 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.
The 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 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 were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 7 to 9 form part of these financial statements.
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TRUSTED SOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Trusted Sources Limited is a private company limited by shares incorporated in the UK and registered in England and Wales at John Carpenter House, John Carpenter Street, London, England, EC4Y 0AN. The company is dormant.
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
Management are also required to exercise judgement in applying the company accounting policies. Due to the straightforward nature of the business management consider that no critical judgements have been made in applying the company's accounting policies.
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of TSL Research Group Limited as at 31 March 2022 and these financial statements may be obtained from Companies House.
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TRUSTED SOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.Accounting policies (continued)
The company has net current assets of £296,747, including net amounts due from group undertakings of £296,747.
On 31 August 2022, the group that the company forms part of was acquired by GlobalData UK Limited, a subsidiary of GlobalData Plc. The directors of the company have received a letter of financial support from GlobalData Plc confirming that it will provide support for the foreseeable future, being a period of at least twelve months.
The directors have made enquires of the group's financial position and ability to provide support to the company. The group has prepared forecasts which indicate that it can continue to meet liabilities of the company as they fall due for a period of not less than twelve months from the approval of these financial statements. While acknowledging there is considerable economic uncertainty at present means that actual performance is more prone to material variance from such forecasts than is normally the case, the directors believe that the forecasts are achievable.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the directors continue to adopt the going concern basis in the preparation of the financial statements.
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The company has no employees other than the directors. Remuneration of the directors, including salary and pension contributions, are borne by the parent company TSL Research Group Limited and are for services to all group companies. These costs are not recharged to the subsidiary entities.
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TRUSTED SOURCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Amounts owed by group undertakings
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Amounts owed by group undertakings are interest free, unsecured and repayable on demand.
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Allotted, called up and fully paid
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1 (2021 - 1) Ordinary share of £1
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Post balance sheet events
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Subsequent to the year end, on 31 August 2022, TSL Research Group Limited was acquired by GlobalData UK Limited, a subsidiary of GlobalData Plc. which is publicly traded on the London Stock Exchange and its registered office address is John Carpenter House, John Carpenter Street, London, EC4Y 0AN. There have been no other significant events affecting the company since the year end.
The immediate parent undertaking is Trusted Sources UK Limited, a company incorporated in the United Kingdom and registered in England and Wales.
As at the year-end the ultimate parent undertaking was TSL Research Group Limited, a company incorporated in the United Kingdom. TSL Research Group Limited produces publicly available consolidated accounts.
Subsequent to the year end on 31 August 2022, TSL Research Group Limited was acquired by GlobalData UK Limited, a subsidiary of GlobalData Plc. GlobalData Plc is publicly traded on the London Stock Exchange and its registered office address is John Carpenter House, John Carpenter Street, London, EC4Y 0AN.
M Danson is the ultimate controlling party. As at the date of approval of these accounts he owned 63.12% of the shareholding of GlobalData Plc.
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