TEK Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02787537 (England and Wales)

TEK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

4

Report of the Accountants

5

DIRECTORS:

M J Callard

P D Virgo

N Sullivan

J Cartland

REGISTERED OFFICE:

31 St John's

Worcester

Worcestershire

WR2 5AG

REGISTERED NUMBER:

02787537 (England and Wales)

ACCOUNTANTS:

Gardiner Fosh

Chartered Accountants

31 St John's

Worcester

Worcestershire

WR2 5AG

FIXED ASSETS

Tangible assets

4

36,594

39,974

CURRENT ASSETS

Stocks

100,249

131,662

Debtors

5

394,267

466,279

Cash in hand

52

204

494,568

598,145

CREDITORS

Amounts falling due within one year

6

481,096

577,049

NET CURRENT ASSETS

13,472

21,096

TOTAL ASSETS LESS CURRENT LIABILITIES

50,066

61,070

CREDITORS

Amounts falling due after more than one year

7

27,288

39,493

NET ASSETS

22,778

21,577

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

2,778

1,577

SHAREHOLDERS' FUNDS

22,778

21,577

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:

N Sullivan - Director

J Cartland - Director

1.	STATUTORY INFORMATION

TEK 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.

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.

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 18 (2022 - 17 ) .

4.	TANGIBLE FIXED ASSETS

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: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

213,380

98,871

Amounts recoverable on

contracts

172,730

346,287

Other debtors

8,157

21,121

394,267

466,279

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

80,972

108,743

Trade creditors

274,172

366,638

Taxation and social security

51,173

38,126

Other creditors

74,779

63,542

481,096

577,049

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

24,521

34,226

Amounts owed to group undertakings

2,767

5,267

27,288

39,493

8.	SECURED DEBTS

HSBC Bank Limited holds a Debenture over the assets of the company dated 11 November 2009.

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.

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 2023 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.

Gardiner Fosh

Chartered Accountants

31 St John's

Worcester

Worcestershire

WR2 5AG

15 November 2023