Company registration number 05075937 (England and Wales)
TABORI TRANSFER LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
TABORI TRANSFER LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TABORI TRANSFER LTD (REGISTERED NUMBER: 05075937)
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
31,836
22,228
Current assets
Debtors
6
25,629
54,123
Cash at bank and in hand
1,279,861
2,049,514
1,305,490
2,103,637
Creditors: amounts falling due within one year
7
(904,941)
(1,786,289)
Net current assets
400,549
317,348
Total assets less current liabilities
432,385
339,576
Provisions for liabilities
(1,788)
(3,992)
Net assets
430,597
335,584
Capital and reserves
Called up share capital
8
300,000
300,000
Profit and loss reserves
130,597
35,584
Total equity
430,597
335,584
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 22 March 2023 and are signed on its behalf by:
T Kurashvili
Director
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 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 £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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. 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,
will
enable the company to substantially reduce its creditors. 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.
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 2022
1
Accounting policies
(Continued)
- 3 -
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 5 year lease
Leasehold improvements
Straight line over duration of the 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 2022
1
Accounting policies
(Continued)
- 4 -
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
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.
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2021 - 13).
2022
2021
Number
Number
Total
13
13
4
Directors' remuneration
2022
2021
£
£
Remuneration paid to directors
41,796
34,107
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Tangible fixed assets
Land and buildings Leasehold
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 April 2021
23,000
146,895
11,785
65,929
247,609
Additions
25,000
110
25,110
At 31 March 2022
48,000
146,895
11,785
66,039
272,719
Depreciation and impairment
At 1 April 2021
23,000
138,048
10,928
53,405
225,381
Depreciation charged in the year
3,571
8,519
214
3,198
15,502
At 31 March 2022
26,571
146,567
11,142
56,603
240,883
Carrying amount
At 31 March 2022
21,429
328
643
9,436
31,836
At 31 March 2021
8,847
857
12,524
22,228
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
25,629
54,123
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
32
32
Trade creditors
8,112
1,967
Taxation and social security
27,191
43,124
Other creditors
869,606
1,741,166
904,941
1,786,289
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
TABORI TRANSFER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
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 and the auditor was Perrys Audit 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:
2022
2021
£
£
539,814
629,814
11
Related party transactions
Included in other creditors is a balance due to a company under common control, totalling £807,289 (2021: £1,697,264 ).
During the year the company received commission totalling £484,911 (2021: £458,565 ) from the company under common control.
During the year the company paid commission totalling £Nil (2021: £22,328 ) to the company under common control.