TUNGSTEN CORPORATE SOLUTIONS LIMITED

TUNGSTEN CORPORATE SOLUTIONS LIMITED - Company Information

2022-08-012023-07-312023-07-31false10903600TUNGSTEN CORPORATE SOLUTIONS LIMITED2024-04-29iso4217:GBPxbrli:pure109036002022-08-01109036002023-07-31109036002022-08-012023-07-31109036002021-02-01109036002022-07-31109036002021-02-012022-07-3110903600bus:SmallEntities2022-08-012023-07-3110903600bus:AuditExempt-NoAccountantsReport2022-08-012023-07-3110903600bus:FullAccounts2022-08-012023-07-3110903600bus:PrivateLimitedCompanyLtd2022-08-012023-07-3110903600core:WithinOneYear2023-07-3110903600core:AfterOneYear2023-07-3110903600core:WithinOneYear2022-07-3110903600core:AfterOneYear2022-07-311090360012022-08-012023-07-3110903600core:ShareCapital2023-07-3110903600core:SharePremium2023-07-3110903600core:RevaluationReserve2023-07-3110903600core:OtherReservesSubtotal2023-07-3110903600core:RetainedEarningsAccumulatedLosses2023-07-3110903600core:ShareCapital2022-07-3110903600core:SharePremium2022-07-3110903600core:RevaluationReserve2022-07-3110903600core:OtherReservesSubtotal2022-07-3110903600core:RetainedEarningsAccumulatedLosses2022-07-3110903600core:LandBuildings2023-07-3110903600core:PlantMachinery2023-07-3110903600core:Vehicles2023-07-3110903600core:FurnitureFittings2023-07-3110903600core:OfficeEquipment2023-07-3110903600core:NetGoodwill2023-07-3110903600core:IntangibleAssetsOtherThanGoodwill2023-07-3110903600core:ListedExchangeTraded2023-07-3110903600core:UnlistedNon-exchangeTraded2023-07-3110903600core:LandBuildings2022-07-3110903600core:PlantMachinery2022-07-3110903600core:Vehicles2022-07-3110903600core:FurnitureFittings2022-07-3110903600core:OfficeEquipment2022-07-3110903600core:NetGoodwill2022-07-3110903600core:IntangibleAssetsOtherThanGoodwill2022-07-3110903600core:ListedExchangeTraded2022-07-3110903600core:UnlistedNon-exchangeTraded2022-07-3110903600core:LandBuildings2022-08-012023-07-3110903600core:PlantMachinery2022-08-012023-07-3110903600core:Vehicles2022-08-012023-07-3110903600core:FurnitureFittings2022-08-012023-07-3110903600core:OfficeEquipment2022-08-012023-07-3110903600core:NetGoodwill2022-08-012023-07-3110903600core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3110903600core:ListedExchangeTraded2022-08-012023-07-3110903600core:UnlistedNon-exchangeTraded2022-08-012023-07-3110903600core:MoreThanFiveYears2022-08-012023-07-3110903600core:Non-currentFinancialInstruments2023-07-3110903600core:Non-currentFinancialInstruments2022-07-3110903600dpl:CostSales2022-08-012023-07-3110903600dpl:DistributionCosts2022-08-012023-07-3110903600core:LandBuildings2022-08-012023-07-3110903600core:PlantMachinery2022-08-012023-07-3110903600core:Vehicles2022-08-012023-07-3110903600core:FurnitureFittings2022-08-012023-07-3110903600core:OfficeEquipment2022-08-012023-07-3110903600dpl:AdministrativeExpenses2022-08-012023-07-3110903600core:NetGoodwill2022-08-012023-07-3110903600core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3110903600dpl:GroupUndertakings2022-08-012023-07-3110903600dpl:ParticipatingInterests2022-08-012023-07-3110903600dpl:GroupUndertakingscore:ListedExchangeTraded2022-08-012023-07-3110903600core:ListedExchangeTraded2022-08-012023-07-3110903600dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-08-012023-07-3110903600core:UnlistedNon-exchangeTraded2022-08-012023-07-3110903600dpl:CostSales2021-02-012022-07-3110903600dpl:DistributionCosts2021-02-012022-07-3110903600core:LandBuildings2021-02-012022-07-3110903600core:PlantMachinery2021-02-012022-07-3110903600core:Vehicles2021-02-012022-07-3110903600core:FurnitureFittings2021-02-012022-07-3110903600core:OfficeEquipment2021-02-012022-07-3110903600dpl:AdministrativeExpenses2021-02-012022-07-3110903600core:NetGoodwill2021-02-012022-07-3110903600core:IntangibleAssetsOtherThanGoodwill2021-02-012022-07-3110903600dpl:GroupUndertakings2021-02-012022-07-3110903600dpl:ParticipatingInterests2021-02-012022-07-3110903600dpl:GroupUndertakingscore:ListedExchangeTraded2021-02-012022-07-3110903600core:ListedExchangeTraded2021-02-012022-07-3110903600dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-02-012022-07-3110903600core:UnlistedNon-exchangeTraded2021-02-012022-07-3110903600core:NetGoodwill2023-07-3110903600core:IntangibleAssetsOtherThanGoodwill2023-07-3110903600core:LandBuildings2023-07-3110903600core:PlantMachinery2023-07-3110903600core:Vehicles2023-07-3110903600core:FurnitureFittings2023-07-3110903600core:OfficeEquipment2023-07-3110903600core:AfterOneYear2023-07-3110903600core:WithinOneYear2023-07-3110903600core:ListedExchangeTraded2023-07-3110903600core:UnlistedNon-exchangeTraded2023-07-3110903600core:ShareCapital2023-07-3110903600core:SharePremium2023-07-3110903600core:RevaluationReserve2023-07-3110903600core:OtherReservesSubtotal2023-07-3110903600core:RetainedEarningsAccumulatedLosses2023-07-3110903600core:NetGoodwill2022-07-3110903600core:IntangibleAssetsOtherThanGoodwill2022-07-3110903600core:LandBuildings2022-07-3110903600core:PlantMachinery2022-07-3110903600core:Vehicles2022-07-3110903600core:FurnitureFittings2022-07-3110903600core:OfficeEquipment2022-07-3110903600core:AfterOneYear2022-07-3110903600core:WithinOneYear2022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(formerly ASPEN WAITE IN WALES LIMITED)

Registered Number
10903600
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

TUNGSTEN CORPORATE SOLUTIONS LIMITED

Company Information
for the year from 1 August 2022 to 31 July 2023


Directors	PERKINS, Michelle
	Scheeres, David Johannes
	Talbot Darren James


Registered Address	Cardiff Arms Park
	Westgate Street
	Cardiff
	CF10 1JA


Registered Number	10903600 (England and Wales)

TUNGSTEN CORPORATE SOLUTIONS LIMITED

Statement of Financial Position
31 July 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Intangible assets	7		124,452		178,053
Tangible assets	8		522,518		552,214
			646,970		730,267
Current assets
Stocks	10	102,005		-
Debtors	11	655,518		611,576
Cash at bank and on hand		88,084		79,298
		845,607		690,874
Creditors amounts falling due within one year	12	(948,508)		(626,664)
Net current assets (liabilities)			(102,901)		64,210
Total assets less current liabilities			544,069		794,477
Creditors amounts falling due after one year	13		(305,368)		(493,257)
Provisions for liabilities	14		(8,737)		(12,279)
Net assets			229,964		288,941
Capital and reserves
Called up share capital			100		100
Profit and loss account			229,864		288,841
Shareholders' funds			229,964		288,941

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 29 April 2024, and are signed on its behalf by:

Talbot Darren James
Director
Registered Company No. 10903600

TUNGSTEN CORPORATE SOLUTIONS LIMITED

Notes to the Financial Statements
for the year ended 31 July 2023

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Principal activities
	The principal activity being that of Business Support services, including accountancy services and tax consultancy.

4.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

5.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Fixtures and fittings	4
	Vehicles	4
	Office Equipment	4

	Intangible assets policy
	Goodwill is amortised over five years.

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

6.	Employee information


		2023		2022
	Average number of employees during the year	18		30

7.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 August 22	268,004	268,004
At 31 July 23	268,004	268,004
Amortisation and impairment
At 01 August 22	89,951	89,951
Charge for year	53,601	53,601
At 31 July 23	143,552	143,552
Net book value
At 31 July 23	124,452	124,452
At 31 July 22	178,053	178,053

8.	Property, plant and equipment

	Land & buildings	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 August 22	487,590	44,500	25,000	40,297	597,387
Additions	-	-	-	8,510	8,510
Disposals	-	(27,000)	-	(981)	(27,981)
At 31 July 23	487,590	17,500	25,000	47,826	577,916
Depreciation and impairment
At 01 August 22	-	16,686	9,905	18,582	45,173
Charge for year	-	4,948	6,250	9,724	20,922
On disposals	-	(10,697)	-	-	(10,697)
At 31 July 23	-	10,937	16,155	28,306	55,398
Net book value
At 31 July 23	487,590	6,563	8,845	19,520	522,518
At 31 July 22	487,590	27,814	15,095	21,715	552,214

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
Scheeres, David Johannes	0	7,500	0	7,500
Talbot Darren James	0	7,500	0	7,500
PERKINS, Michelle	0	5,820	0	5,820
	0	20,820	0	20,820

10.	Stocks

	2023	2022
	£	£
Work in progress	102,005	-
Total	102,005	-

11.	Debtors

	2023	2022
	£	£
Trade debtors / trade receivables	123,634	161,808
Amounts owed by associates and joint ventures / participating interests	444,052	160,346
Other debtors	20,830	14,402
Prepayments and accrued income	67,002	275,020
Total	655,518	611,576


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

12.	Creditors within one year

	2023	2022
	£	£
Trade creditors / trade payables	88,089	40,028
Bank borrowings and overdrafts	198,621	-
Taxation and social security	236,212	261,001
Finance lease and HP contracts	17,470	28,182
Other creditors	402,659	291,995
Accrued liabilities and deferred income	5,457	5,458
Total	948,508	626,664


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

13.	Creditors after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	305,368	493,257
Total	305,368	493,257

14.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	8,737	12,279
Total	8,737	12,279