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Unaudited Financial Statements |
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for the Year Ended 31st March 2020 |
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for |
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TVG SYSTEMS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31st March 2020 |
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for |
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TVG SYSTEMS LIMITED |
TVG SYSTEMS LIMITED (REGISTERED NUMBER: 03689873) |
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Contents of the Financial Statements |
for the Year Ended 31st March 2020 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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TVG SYSTEMS LIMITED |
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Company Information |
for the Year Ended 31st March 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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TVG SYSTEMS LIMITED (REGISTERED NUMBER: 03689873) |
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Abridged Balance Sheet |
31st March 2020 |
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31/3/20 | 31/3/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
TVG SYSTEMS LIMITED (REGISTERED NUMBER: 03689873) |
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Abridged Balance Sheet - continued |
31st March 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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TVG SYSTEMS LIMITED (REGISTERED NUMBER: 03689873) |
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Notes to the Financial Statements |
for the Year Ended 31st March 2020 |
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1. | STATUTORY INFORMATION |
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TVG Systems Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared under the going concern basis of accounting. |
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Turnover |
Turnover represents the value of work carried out and goods sold during the year, including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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TVG SYSTEMS LIMITED (REGISTERED NUMBER: 03689873) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2019 |
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Additions |
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Disposals | ( |
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At 31st March 2020 |
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AMORTISATION |
At 1st April 2019 |
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Amortisation for year |
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Eliminated on disposal | ( |
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At 31st March 2020 |
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NET BOOK VALUE |
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At 31st March 2020 |
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At 31st March 2019 |
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TVG SYSTEMS LIMITED (REGISTERED NUMBER: 03689873) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2019 |
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Additions |
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At 31st March 2020 |
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DEPRECIATION |
At 1st April 2019 |
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Charge for year |
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At 31st March 2020 |
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NET BOOK VALUE |
At 31st March 2020 |
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At 31st March 2019 |
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6. |
DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/20 | 31/3/19 |
£ | £ |
Amounts owed by group undertakings |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/20 | 31/3/19 |
£ | £ |
Bank loans |
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Bank loans are secured by way of a fixed and floating charge. |
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8. | CONTINGENT LIABILITIES |
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Leumi Abl Limited |
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At the balance sheet date, a cross corporate guarantee and indemnity deed to Leumi Abl Limited dated 21 September 2018 existed with The Vehicle Group Limited, TVG Systems Limited, TVG Telematics Ltd, TVG Vision Ltd and Traffilive Ltd. |
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At the balance sheet date the amount owed to Leumi Abl Limited by the above companies was £1,093,194 (2019: £953,015). |
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9. | ULTIMATE CONTROLLING PARTY |
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The parent company for which consolidated financial statements are drawn up of which TVG Systems Limited is a member is that of The Vehicle Group Limited, 1 Target Chartermark Way, Colburn Business Park, Colburn, North Yorkshire, DL9 4QJ. |