Company Registration No. 05075937 (England and Wales)
TABORI TRANSFER LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
TABORI TRANSFER LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
TABORI TRANSFER LTD (REGISTERED NUMBER: 05075937)
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
37,086
51,462
Current assets
Debtors
6
73,972
33,087
Cash at bank and in hand
563,709
1,255,888
637,681
1,288,975
Creditors: amounts falling due within one year
7
(548,376)
(1,525,137)
Net current assets/(liabilities)
89,305
(236,162)
Total assets less current liabilities
126,391
(184,700)
Capital and reserves
Called up share capital
8
300,000
300,000
Profit and loss reserves
(173,609)
(484,700)
Total equity
126,391
(184,700)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2021 and are signed on its behalf by:
T Kurashvili
Director
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Tabori Transfer Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
158/158A The Grove, Stratford, London, E15 1NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company has generated profits for several years and these profits have been increasing year by year. These are reflected in the company’s statement of income and retained earnings on page 3 and also in the statutory accounts for previous years. As a consequence of the profits that have been generated, the company generated sufficient cash reserves over the past several years which, in turn, has enabled the company to substantially reduce its creditors and this is reflected on the balance sheet and in note
8
to the accounts. The company has continued to generate profits since the balance sheet date and the directors are confident that the company will continue to generate profits for the foreseeable future.
Based on the company’s resources at the balance sheet date, and at the date of signing and approving the accounts, the directors are of the opinion that the company has sufficient resources to continue for the foreseeable future. In addition, a company under common control has continued to provide financial support and has confirmed its intention to continue to provide financial support for the foreseeable future.
During the 2nd quarter of 2020, and just before the company’s year end, the COVID-19 pandemic spread across Europe and the world. Since the end of the year, Great Britain left the European Union following the transitional period after Brexit.
Both of the above events have had a major impact on economies across the world with material uncertainties facing many businesses in many sectors. Many economies have faced lockdow
n and
travel restrictions have seen significantly reduced travel levels for both leisure and also for business. In addition to the effect of the pandemic across economies and travel generally, Brexit has introduced another level of uncertainty regarding the movement of labour and the cross border supply of goods and services in and out of the UK. Despite these uncertainties, the company’s directors believe that the company is well positioned to continue trading for the foreseeable future.
1.3
Turnover
Commission is charged on payment services provided. This is recognised when payment is made to the beneficiary.
All turnover is derived from the UK.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their
estimated
residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over duration of the 7 year lease
Leasehold improvements
Straight line over duration of the 7 year lease
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers.
A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Depreciation is provided at the rates shown in note 1.4.
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2019 - 14
).
2020
2019
Number
Number
Total
13
14
4
Directors' remuneration
2020
2019
£
£
Remuneration paid to directors
21,244
16,382
5
Tangible fixed assets
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 April 2019
23,000
146,895
11,785
57,804
239,484
Additions
-
-
-
7,332
7,332
At 31 March 2020
23,000
146,895
11,785
65,136
246,816
Depreciation and impairment
At 1 April 2019
19,714
112,512
10,260
45,536
188,022
Depreciation charged in the year
3,286
14,165
382
3,875
21,708
At 31 March 2020
23,000
126,677
10,642
49,411
209,730
Carrying amount
At 31 March 2020
-
20,218
1,143
15,725
37,086
At 31 March 2019
3,286
34,383
1,525
12,268
51,462
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
73,972
33,087
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
57
32
Trade creditors
6,190
6,349
Taxation and social security
-
3,901
Other creditors
542,129
1,514,855
548,376
1,525,137
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
300,000 Ordinary shares of £1 each
300,000
300,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
A material uncertainty related to going concern exists and attention was drawn to note 1.2 of the financial statements which describes the basis upon which the financial statements are prepared and the material uncertainties related to going concern.
The senior statutory auditor was Declan McCusker.
The auditor was Perrys Accountants Limited.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
260,113
165,975
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
11
Related party transactions
Included in other creditors is a balance due to a company under common control, totalling £529,099 (2019: £1,486,484).
During the year the company received commission totalling £577,604 (2019: £499,749) from the company under common control.
During the year the company paid commission totalling £222,194 (2019: £191,087) to the company under common control.