TEK Limited - Accounts to registrar (filleted) - small 18.2
TEK Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| TEK LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| TEK LIMITED (REGISTERED NUMBER: 02787537) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 5 |
| Report of the Accountants | 6 |
| TEK LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants and Statutory Auditor |
| 31 St John's |
| Worcester |
| Worcestershire |
| WR2 5AG |
| TEK LIMITED (REGISTERED NUMBER: 02787537) |
| BALANCE SHEET |
| 31 MARCH 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| 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 |
| TEK LIMITED (REGISTERED NUMBER: 02787537) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 1. | STATUTORY INFORMATION |
| TEK Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced sales of goods and services, and interim contract work in progress applications, excluding value added tax. |
| Stocks |
| Stocks of materials and components are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress is valued at direct cost plus estimated attributable overheads. |
| 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. |
| Tangible fixed assets |
| Tangible fixed assets are initially capitalised at cost and are depreciated at varying rates on cost or revalued amount over their expected useful economic life. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| TEK LIMITED (REGISTERED NUMBER: 02787537) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 March 2021 is represented by: |
| Plant & | Fixtures |
| equipment | & equipment | Totals |
| £ | £ | £ |
| Valuation in 2021 | 36,300 | 19,000 | 55,300 |
| Cost | - | 7,709 | 7,709 |
| 36,300 | 26,709 | 63,009 |
| Fixed assets previously fully depreciated but in continuing use for manufacture and administration were revalued to a fair estimate of recoverable value [always less than original cost] as at 31 March 2021. |
| 5. | DEBTORS |
| 2021 | 2020 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts recoverable on |
| contracts |
| Other debtors |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Amounts owed to group undertakings |
| 8. | SECURED DEBTS |
| HSBC Bank Limited holds a Debenture over the assets of the company dated 11 November 2009. |
| TEK LIMITED (REGISTERED NUMBER: 02787537) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2021 |
| 9. | RELATED PARTY DISCLOSURES |
| The company was under the joint control of Mr N Sullivan and Mr J Cartland throughout the year by virtue of their joint holding of all issued share capital in the holding company TEK UK Limited. |
| Messrs Callard and Virgo are beneficiaries of TEK Executive Pension Scheme to whom the company paid rent of £78,441 for the year. This is based on an independently advised open market rental. |
| TEK LIMITED |
| REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
| TEK LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2021 set out on pages three to eight and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| Chartered Accountants and Statutory Auditor |
| 31 St John's |
| Worcester |
| Worcestershire |
| WR2 5AG |