Technology Solutions (Holdings) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 08352304 (England and Wales)

TECHNOLOGY SOLUTIONS (HOLDINGS) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

7

DIRECTOR:

B E Lidefelt

REGISTERED OFFICE:

Suite A

Loughborough Technology Centre

Epinal Way

Loughborough

Leicestershire

LE11 3GE

REGISTERED NUMBER:

08352304 (England and Wales)

AUDITORS:

NSO Associates LLP

Statutory Auditors

75 Springfield Road

Chelmsford

Essex

CM2 6JB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

16,715

Investments

6

1,000

1,000

1,000

17,715

CURRENT ASSETS

Debtors

7

2,998

2,840,332

Cash at bank

4,923,978

2,069,768

4,926,976

4,910,100

CREDITORS

Amounts falling due within one year

8

3,684

101,561

NET CURRENT ASSETS

4,923,292

4,808,539

TOTAL ASSETS LESS CURRENT LIABILITIES

4,924,292

4,826,254

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

4,923,292

4,825,254

SHAREHOLDERS' FUNDS

4,924,292

4,826,254

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 and authorised for issue by the director and authorised for issue on 4 October 2022 and were signed by:

B E Lidefelt - Director

1.	STATUTORY INFORMATION

Technology Solutions (Holdings) 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 and the principal place of business is at Loughborough Technology Centre, Epinal Way, Loughborough, Leicestershire.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

The company's forecasts and projections, taking into account the possible effect to the business, show that the company has adequate reserves and cash to continue in business for the foreseeable future, despite the uncertain economic outlook. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Technology Solutions (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, HID Corporation Limited, 3 Cae Gwyrdd, Tongwynlais, Cardiff, CF15 7AB.

Turnover

Turnover represents net invoiced sales for renting assets and receipt of royalties from group companies.

Intangible assets

Intangible assets, which comprise of Intellectual property, are stated at historical cost less accumulated amortisation and impairment loss, if any.

Amortisation of intangible assets with a definite useful life is calculated on a straight-line basis over the expected economic lives of the assets as follows:

- Intellectual Property - 5 years

Expected useful lives are reviewed at each balance sheet date and if they differ significantly from previous estimates, the remaining amortisation periods are adjusted accordingly.

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

-

20% on cost

Fixtures and fittings

-

10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 2 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

300,000

Disposals

(300,000

)

At 31 December 2021

-

AMORTISATION

At 1 January 2021

300,000

Eliminated on disposal

(300,000

)

At 31 December 2021

-

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2021

162,326

27,364

189,690

Disposals

(162,326

)

(27,364

)

(189,690

)

At 31 December 2021

-

-

-

DEPRECIATION

At 1 January 2021

150,171

22,804

172,975

Charge for year

6,082

951

7,033

Eliminated on disposal

(156,253

)

(23,755

)

(180,008

)

At 31 December 2021

-

-

-

NET BOOK VALUE

At 31 December 2021

-

-

-

At 31 December 2020

12,155

4,560

16,715

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

1,000

NET BOOK VALUE

At 31 December 2021

1,000

At 31 December 2020

1,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Technology Solutions (UK) Ltd

Registered office: Suite A, Loughborough Technology Centre, Epinal Way, Loughborough, Leicestershire, LE11 3GE

Nature of business: Design and development of electronic components.

%

Class of shares:

holding

Ordinary

100.00

2021

2020

£

£

Aggregate capital and reserves

1,838,354

1,297,841

Profit for the year/period

640,513

55,107

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

2,998

2,840,332

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

-

85,759

Taxation and social security

1,684

6,885

Other creditors

2,000

8,917

3,684

101,561

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

NIL

'A' Preference

£1

-

960

NIL

'B'

£1

-

40

1,000

Ordinary

£1

1,000

-

1,000

1,000

Previously dividend payments on the first £200,000 of dividends declared were to be allocated pro-rata to shareholding of issued A Preference shares. Thereafter, dividends to be paid pro-rata to shareholding of all issued shares. All shares now rank equal.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Elaine Anne Oddie FCCA (Senior Statutory Auditor)

for and on behalf of NSO Associates LLP

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2021 and the period ended 31 December 2020:

2021

2020

£

£

Dr D R Evans and Mrs A J Evans

Balance outstanding at start of year

2,802,425

2,520,000

Amounts advanced

178,145

282,425

Amounts repaid

(2,980,570

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

2,802,425

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13.	ULTIMATE CONTROLLING PARTY

The company was acquired by HID Corporation Ltd (a company incorporated in the United Kingdom). Since the acquisition the company's ultimate parent company is Assa Abloy AB, a company incorporated in Sweden and quoted on the Swedish stock exchange.