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

REGISTERED NUMBER: 02777518 (England and Wales)

TECHNOLOGY SOLUTIONS (UK) 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

SECRETARY:

Mrs K Higgins

REGISTERED OFFICE:

Suite A

Loughborough Technology Centre

Epinal Way

Loughborough

Leicestershire

LE11 3GE

REGISTERED NUMBER:

02777518 (England and Wales)

AUDITORS:

NSO Associates LLP

Statutory Auditors

75 Springfield Road

Chelmsford

Essex

CM2 6JB

FIXED ASSETS

Intangible assets

4

-

1,813

Tangible assets

5

103,472

256,069

103,472

257,882

CURRENT ASSETS

Stocks

1,423,794

935,993

Debtors

6

549,696

394,233

Cash at bank and in hand

490,200

369,234

2,463,690

1,699,460

CREDITORS

Amounts falling due within one year

7

714,930

650,071

NET CURRENT ASSETS

1,748,760

1,049,389

TOTAL ASSETS LESS CURRENT LIABILITIES

1,852,232

1,307,271

PROVISIONS FOR LIABILITIES

13,878

9,430

NET ASSETS

1,838,354

1,297,841

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

1,837,354

1,296,841

SHAREHOLDERS' FUNDS

1,838,354

1,297,841

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 (UK) 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.

Turnover

Turnover represents net invoiced sale of goods, excluding value added tax.

Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably. Revenue on goods delivered is recognised when goods have been dispatched to the customer.

Intangible fixed assets

Intangible assets, which comprise of, patents and licenses, 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:

- Patents and licenses - 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

-

25% on reducing balance and 20% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at weighed average historical cost less any provision for obsolete and slow moving items or, if lower, net realisable value.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2021

14,978

Additions

1

At 31 December 2021

14,979

AMORTISATION

At 1 January 2021

13,165

Amortisation for year

1,814

At 31 December 2021

14,979

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

1,813

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

801,320

18,874

99,024

61,047

980,265

Additions

6,073

4,355

-

4,433

14,861

Disposals

-

(16,413

)

(99,024

)

(28,625

)

(144,062

)

At 31 December 2021

807,393

6,816

-

36,855

851,064

DEPRECIATION

At 1 January 2021

645,218

7,982

25,117

45,879

724,196

Charge for year

69,114

2,526

1,702

5,530

78,872

Eliminated on disposal

-

(7,595

)

(26,819

)

(21,062

)

(55,476

)

At 31 December 2021

714,332

2,913

-

30,347

747,592

NET BOOK VALUE

At 31 December 2021

93,061

3,903

-

6,508

103,472

At 31 December 2020

156,102

10,892

73,907

15,168

256,069

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

477,398

225,280

Amounts owed by group undertakings

-

85,759

Other debtors

72,298

83,194

549,696

394,233

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

334,325

122,154

Taxation and social security

24,468

98,326

Other creditors

356,137

429,591

714,930

650,071

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

20,748

17,644

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

NIL

'A' Preference

£1

-

960

(2020 - 960 )

NIL

'B'

£1

-

40

(2020 - 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 (Senior Statutory Auditor)

for and on behalf of NSO Associates LLP

11.	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.

12.	ULTIMATE PARENT COMPANY

During the year the company's parent company Technology Solutions (Holdings) Ltd 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.