Techniche UK Limited - Accounts to registrar (filleted) - small 18.2
Techniche UK Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2021 |
| for |
| Techniche UK Limited |
| Techniche UK Limited (Registered number: 09163669) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Techniche UK Limited |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountant |
| Suite 1532 |
| 26 Upper Pembroke Street |
| Dublin 2 |
| IRELAND |
| D02 X361 |
| Techniche UK Limited (Registered number: 09163669) |
| Balance Sheet |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Techniche UK Limited (Registered number: 09163669) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| Techniche UK Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements and going concern |
| Significant judgements and estimates |
| Judgments and key sources of estimation uncertainty |
| The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements: |
| Going Concern |
| In the directors' opinion, and to the best of their knowledge, the continued COVID-19 pandemic, the unsettled economic conditions arising from geo-political events in Eastern Europe, restrictions in supply chains and increases in interest rates will not have a material adverse impact on the company's ability to continue as a going concern. |
| The company has financial resources available which the directors believe will enable the company to manage its business risks successfully. |
| The directors have a reasonable expectation that the company has adequate resources, to meet its obligations for a period of at least 12 months from the date of approval of the financial statements, and to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| Impairment of Trade Debtors |
| The company trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total amount of trade debtors is £35,921 (2020: £682). |
| Useful Lives of Tangible and Intangible Fixed Assets |
| Assets comprising primarily of computer equipment represent a portion of total assets. The annual depreciation and amortisation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation and amortisation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £1,635 (2020: £1,142). |
| Critical accounting judgements and key sources of estimation uncertainty |
| The directors consider the accounting assumptions below to be its critical accounting judgements: |
| Going Concern |
| The directors consider it appropriate to prepare the financial statements on a going concern basis. |
| 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 |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Techniche UK Limited (Registered number: 09163669) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Ordinary Share Capital |
| The ordinary share capital of the company is presented as equity. |
| Cash and cash equivalents |
| Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value. |
| Loans and borrowings |
| All borrowings by the company, with the exception of loans from directors who are natural persons and shareholders in the company (or close members of the family of such persons), are initially recorded at the amount of cash received less separately incurred transaction costs, unless the arrangement constitutes, in effect, a financing transaction, in which case it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument. Subsequently, borrowings are stated at amortised cost using the effective interest rate method. |
| Loans from directors who are natural persons and shareholders in the company (or close members of the family of such persons) are initially measured at transaction price and not discounted on subsequent measurement. |
| The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2021 |
| Additions |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| Techniche UK Limited (Registered number: 09163669) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 5. | STOCKS |
| 2021 | 2020 |
| £ | £ |
| Finished goods |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 50,720 | 50,720 |
| Tax |
| VAT |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Amount owed to related parties | 605,459 | 672,458 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £0.01 | 100 | 100 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2021 |
| Profit for the year |
| At 31 December 2021 |
| Techniche UK Limited (Registered number: 09163669) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 11. | RELATED PARTY DISCLOSURES |
| Amounts owed by/(to) related parties | At 1 January | Purchases/ | Sales/ | At 31 December |
| 2021 | Advances | Repayments | 2021 |
| £ | £ | £ | £ |
| Amount owed by/(to) related undertaking: |
| A G Holdings Limited | (672,458 | ) | 66,999 | - | (605,459 | ) |
| Amount owed by/(to) director |
| William Tyler | 50,720 | - | - | 50,720 |
| 50,720 | 66,999 | - | (554,739 | ) |
| AG Holdings Limited is a related party as William Tyler is a common shareholder and director at the balance sheet date. |
| The amounts owed at the balance sheet date are unsecured and repayable on demand. |
| The amount owed by William Tyler was interest bearing, unsecured and repayable on demand, and was repaid after the balance sheet date. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is W A Tyler. |
| The ultimate controlling party is |