Techjoint Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08107671 (England and Wales)

TECHJOINT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J P Healy

REGISTERED OFFICE:

Station House

Connaught Road

Brookwood

WOKING

Surrey

GU24 0ER

REGISTERED NUMBER:

08107671 (England and Wales)

ACCOUNTANTS:

HPCA Limited

Chartered Accountants

Station House

Connaught Road

Brookwood

Woking

Surrey

GU24 0ER

FIXED ASSETS

Tangible assets

4

537,123

254,044

CURRENT ASSETS

Stocks

23,794

47,188

Debtors

5

1,173,923

1,886,982

Cash at bank

1,693,141

1,280,449

2,890,858

3,214,619

CREDITORS

Amounts falling due within one year

6

(1,516,300

)

(1,713,505

)

NET CURRENT ASSETS

1,374,558

1,501,114

TOTAL ASSETS LESS CURRENT LIABILITIES

1,911,681

1,755,158

PROVISIONS FOR LIABILITIES

8

(41,315

)

(35,783

)

NET ASSETS

1,870,366

1,719,375

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

1,869,366

1,718,375

SHAREHOLDERS' FUNDS

1,870,366

1,719,375

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 November 2019 and were signed by:

M J P Healy - Director

1.	STATUTORY INFORMATION

Techjoint Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

50% on cost and 33% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 March 2018

-

416,872

416,872

Additions

240,045

199,649

439,694

Disposals

-

(34,641

)

(34,641

)

At 28 February 2019

240,045

581,880

821,925

DEPRECIATION

At 1 March 2018

-

162,828

162,828

Charge for year

-

147,018

147,018

Eliminated on disposal

-

(25,044

)

(25,044

)

At 28 February 2019

-

284,802

284,802

NET BOOK VALUE

At 28 February 2019

240,045

297,078

537,123

At 28 February 2018

-

254,044

254,044

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

485,796

Other debtors

30,120

79,882

Directors' current accounts

155,305

119,638

Tax

50,474

38,882

VAT

21,908

-

Prepayments and accrued income

916,116

1,162,784

1,173,923

1,886,982

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other loans (see note 7)

14,020

14,020

Trade creditors

918,235

1,167,514

Tax

276,438

350,330

Social security and other taxes

-

3,576

VAT

-

29,928

Other creditors

2,069

121,246

Accrued expenses

305,538

26,891

1,516,300

1,713,505

7.

LOANS

An analysis of the maturity of loans is given below:

2019

2018

£

£

Amounts falling due within one year or on demand:

Other loans

14,020

14,020

The loan is interest free and is payable on demand.

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

41,315

35,783

Deferred

tax

£

Balance at 1 March 2018

35,783

Provided during year

5,532

Balance at 28 February 2019

41,315

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 March 2018

1,718,375

Profit for the year

989,093

Dividends

(838,102

)

At 28 February 2019

1,869,366

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2019 and

28 February 2018:

2019

2018

£

£

M J P Healy

Balance outstanding at start of year

119,638

16,306

Amounts advanced

35,666

103,332

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

155,304

119,638

12.	RELATED PARTY DISCLOSURES

The director Mr M Healy holds a participating interest in Site Logistic Ltd.

During the year, Techjoint Ltd repaid £119,287 of the loan to Site Logistic Ltd. At the year end a balance of £1,959

(2018:£121,246) was owed to Site Logistic Ltd. The loan is interest free and payable on demand.