REGISTERED NUMBER: 09362636 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

TECHNOLOGY CONSOLIDATION LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Director:

Mr P Grogan

Registered office:

Mallard House

Stanier Way

Wyvern Business Park

Derby

DE21 6BF

Registered number:

09362636 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

10 Stadium Business Court

Millennium Way

Pride Park

Derby

DE24 8HP

Fixed assets

Investments

5

353,108

1,095,467

Current assets

Debtors

6

150,471

-

Creditors

Amounts falling due within one year

7

(1,098,707

)

(753,280

)

Net current liabilities

(948,236

)

(753,280

)

Total assets less current liabilities

(595,128

)

342,187

Creditors

Amounts falling due after more than one year

8

-

(135,445

)

Net (liabilities)/assets

(595,128

)

206,742

Capital and reserves

Called up share capital

9

324,166

324,166

Retained earnings

(919,294

)

(117,424

)

Shareholders' funds

(595,128

)

206,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 4 October 2023 and were signed by:

Mr P Grogan - Director

1.	STATUTORY INFORMATION

Technology Consolidation 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.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The company did not trade in the current or prior period.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

The director has considered the recoverability of all investments through review of the relevant company's financials, concluding that no write-down of loans or investments is required. The review performed assessed the finances of relevant companies, taking into account group support provided to these companies.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

The Group is financed by overdrafts and loans from its bankers who have indicated their on-going support for the Company which should therefore be able to meet its financial obligations as they fall due for a period of at least 12 months from the date of these financial statements.

In addition to group financing the company's principle holding subsidiary continues to generate significant profits for the group.

Taking all these matters into account, and not withstanding an extremely challenging economic environment, the Directors consider it appropriate to prepare and approve these financial statements on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 January 2022

1,095,467

Additions

3,107

Disposals

(25,112

)

At 31 December 2022

1,073,462

Provisions

Impairments

720,354

At 31 December 2022

720,354

Net book value

At 31 December 2022

353,108

At 31 December 2021

1,095,467

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

150,471

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

299,910

Amounts owed to group

undertakings

1,076,207

453,370

Accruals and deferred income

22,500

-

1,098,707

753,280

Bank loans are secured by a group company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

-

135,445

Bank loans are secured by a group company. Company borrowings are secured by a fixed and floating change over all assets of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

£1

1

1

109,165

Preference

£1

109,165

109,165

215,000

Preference A

£1

215,000

215,000

324,166

324,166

The preference shares are redeemable at the discretion of the company, there is no fixed date of redemption.

The directors acknowledge that insufficient profits were available when dividends of £7,849 (2021:£8,960)

were paid. The preference shares carry a fixed and cumulative coupon and will be accrued in the accounts until such a time that profits are available for distribution.