Company registration number 10466684 (England and Wales)
Tech Returners Limited
UNAUDITED FINANCIAL STATEMENTS
For The Period Ended 6 February 2023
PAGES FOR FILING WITH REGISTRAR
TECH RETURNERS LIMITED
Tech Returners Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
TECH RETURNERS LIMITED
Tech Returners Limited
BALANCE SHEET
AS AT
6 FEBRUARY 2023
06 February 2023
- 1 -
6 Feb 23
30 Nov 21
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,054
4,325
Current assets
Debtors
6
205,866
48,416
Cash at bank and in hand
70,258
66,862
276,124
115,278
Creditors: amounts falling due within one year
7
(289,963)
(64,296)
Net current (liabilities)/assets
(13,839)
50,982
Total assets less current liabilities
(11,785)
55,307
Creditors: amounts falling due after more than one year
8
(26,791)
(48,432)
Net (liabilities)/assets
(38,576)
6,875
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(38,578)
6,873
Total equity
(38,576)
6,875

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 6 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

TECH RETURNERS LIMITED
Tech Returners Limited
BALANCE SHEET (CONTINUED)
AS AT
6 FEBRUARY 2023
06 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2023 and are signed on its behalf by:
Ms C Prior
Director
Company Registration No. 10466684
TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 6 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Tech Returners Limited (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is Manchester Technology Centre, Oxford Road, Manchester, M1 7ED.

1.1
Reporting period

The results presented in these financial statements are for the 14 month period 1 December 2021 to 6 February 2023. The comparative amounts presented (including the related notes) relate to a 12 month period, and are therefore not entirely comparable. The company has elected to change its reporting date as part of a change of ownership.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Straight line
Motor vehicles
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 FEBRUARY 2023
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

6 Feb 23
30 Nov 21
Number
Number
Total
15
15
4
Taxation
6 Feb 23
30 Nov 21
£
£
Current tax
UK corporation tax on profits for the current period
-
0
13,569
Adjustments in respect of prior periods
(249)
-
0
Total current tax
(249)
13,569

The company has tax losses carried forward of £43,598 (2021: £nil). Due to the uncertainty surrounding the ability to utilise these losses to offset future corporation tax charges, the directors have not recognised a deferred tax asset. The unrecognised asset amounts to £10,900 (2021: £nil) based on a 25% corporation tax rate, effective 1 April 2023.

5
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 December 2021
9,777
1,187
10,964
Disposals
-
0
(1,187)
(1,187)
At 6 February 2023
9,777
-
0
9,777
Depreciation
At 1 December 2021
6,208
431
6,639
Depreciation charged in the period
1,515
237
1,752
Eliminated in respect of disposals
-
0
(668)
(668)
At 6 February 2023
7,723
-
0
7,723
Carrying amount
At 6 February 2023
2,054
-
0
2,054
At 30 November 2021
3,569
756
4,325
TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 FEBRUARY 2023
- 8 -
6
Debtors
6 Feb 23
30 Nov 21
Amounts falling due within one year:
£
£
Trade debtors
65,400
27,846
Other debtors
140,466
20,570
205,866
48,416
7
Creditors: amounts falling due within one year
6 Feb 23
30 Nov 21
£
£
Bank loans
10,000
-
0
Trade creditors
45,336
12,888
Taxation and social security
18,624
48,086
Other creditors
216,003
3,322
289,963
64,296
8
Creditors: amounts falling due after more than one year
6 Feb 23
30 Nov 21
£
£
Bank loans and overdrafts
26,791
48,432
9
Loans and overdrafts
6 Feb 23
30 Nov 21
£
£
Bank loans
36,791
48,432
Payable within one year
10,000
-
0
Payable after one year
26,791
48,432
10
Related party transactions

During the year directors, whom served during the period, were advanced £102,460, of which £6,060 was repaid during the period. The loans are repayable upon demand and interest is charged at a rate of 2.5%. The outstanding balance of £96,725 (2021: £nil) is included within other debtors.

 

The company has taken exemption from disclosing related party transactions which occur under normal market conditions, in accordance with section 1AC.35 of FRS 102, applicable to small companies.

 

TECH RETURNERS LIMITED
Tech Returners Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 6 FEBRUARY 2023
- 9 -
11
Parent company

During the period, the company was jointly controlled by Ms R J Ferguson and Mr J L Heggs. Subsequent to the reporting date, on 8 February 2023 the company was acquired by Northcoders Group Plc.

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