TMGH Ltd 31/03/2023 iXBRL

TMGH Ltd 31/03/2023 iXBRL

TMGH LIMITED - Company Information

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Company registration number: 07264889
TMGH Ltd
Unaudited filleted financial statements
31 March 2023
TMGH Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
TMGH Ltd
Directors and other information
Directors Mr Shankar Ramanathan
Mr Eugene McTaggart
Company number 07264889
Registered office 1 Oakwood Square
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3SB
Business address 1 Oakwood Square
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3SB
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
Bankers Barclays Commercial Bank
1 Marsden Street
Manchester
M2 1HW
TMGH Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 5 700,106 700,106
_______ _______
700,106 700,106
Creditors: amounts falling due
within one year 6 ( 1,564,641) ( 694,086)
_______ _______
Net current liabilities ( 1,564,641) ( 694,086)
_______ _______
Total assets less current liabilities ( 864,535) 6,020
Creditors: amounts falling due
after more than one year 7 ( 1,159,707) -
_______ _______
Net (liabilities)/assets ( 2,024,242) 6,020
_______ _______
Capital and reserves
Called up share capital 100 100
Capital redemption reserve 6 6
Profit and loss account ( 2,024,348) 5,914
_______ _______
Shareholders (deficit)/funds ( 2,024,242) 6,020
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 December 2023 , and are signed on behalf of the board by:
Mr Shankar Ramanathan
Director
Company registration number: 07264889
TMGH Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Oakwood Square, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3SB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The overall group headed by TMGH Limited has continued with growing its core business and has signed several new contracts during the year in relation to its core principal activities.The Directors have prepared forecasts for a period of at least 12 months from the date of signing of these financial statements, and beyond. Based on these forecasts and available cash resources, the directors confirm that the group and company will be able to meet its liabilities and obligations as they fall due.As a result of these conditions, assumptions and expectations, the directors consider it appropriate to continue to prepare the financial statements under the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2022 and 31 March 2023 700,106 700,106
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 700,106 700,106
_______ _______
At 31 March 2022 700,106 700,106
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 374,205
Other creditors 1,564,641 319,881
_______ _______
1,564,641 694,086
_______ _______
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,159,707 -
_______ _______
8. Related party transactions
At 31 March 2023 the company owed £747,380 to the directors (2022: £319,881). No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.