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COMPANY REGISTRATION NUMBER: 04989875
TEK 4 Limited
Filleted Unaudited Financial Statements
31 March 2023
TEK 4 Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
789,401
891,466
Current assets
Stocks
3,745,738
3,200,500
Debtors
6
3,666,007
2,097,646
Cash at bank and in hand
1,540,451
2,009,953
------------
------------
8,952,196
7,308,099
Creditors: amounts falling due within one year
7
886,900
657,188
------------
------------
Net current assets
8,065,296
6,650,911
------------
------------
Total assets less current liabilities
8,854,697
7,542,377
Provisions
Taxation including deferred tax
14,738
14,738
------------
------------
Net assets
8,839,959
7,527,639
------------
------------
TEK 4 Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
8,839,859
7,527,539
------------
------------
Shareholders funds
8,839,959
7,527,639
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
Mr R Womersley
Director
Company registration number: 04989875
TEK 4 Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whittle Place, 15 Rose Way, Blaby, Leicester, LE8 4BY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred Tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
/angible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
5% straight line
Plant & Machinery
-
12% straight line
Fixtures & fittings
-
12% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2022: 35 ).
5. Tangible assets
Investment property
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
147,885
606,238
305,803
112,801
132,168
1,304,895
Additions
18,432
82,947
9,839
38,361
149,579
Disposals
( 147,885)
( 15,796)
( 163,681)
---------
---------
---------
---------
---------
------------
At 31 Mar 2023
624,670
388,750
122,640
154,733
1,290,793
---------
---------
---------
---------
---------
------------
Depreciation
At 1 Apr 2022
90,082
170,508
86,371
66,468
413,429
Charge for the year
30,576
30,261
15,437
25,109
101,383
Disposals
( 13,420)
( 13,420)
---------
---------
---------
---------
---------
------------
At 31 Mar 2023
120,658
200,769
101,808
78,157
501,392
---------
---------
---------
---------
---------
------------
Carrying amount
At 31 Mar 2023
504,012
187,981
20,832
76,576
789,401
---------
---------
---------
---------
---------
------------
At 31 Mar 2022
147,885
516,156
135,295
26,430
65,700
891,466
---------
---------
---------
---------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
1,624,393
1,763,079
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,725,916
Other debtors
315,698
334,567
------------
------------
3,666,007
2,097,646
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
477,097
510,513
Social security and other taxes
54,127
47,748
Other creditors
355,676
98,927
---------
---------
886,900
657,188
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
2,145,000
1,747,500
------------
------------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Duffin
2,999
10,442
( 13,341)
100
-------
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Duffin
23,197
4,706
( 24,904)
2,999
--------
-------
--------
-------
10. Related party transactions
From 30 June 2022 the company's immediate and ultimate parent company is Tek 4 Group 2022 Limited. The company's registered office is Whittle Place 15 Rose Way, Blaby, Leicester, England, LE8 4BY.