Company registration number 03213816 (England and Wales)
TECHNICAL SIMULATION CONSULTANTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
TECHNICAL SIMULATION CONSULTANTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
TECHNICAL SIMULATION CONSULTANTS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,999,104
713,954
Tangible assets
4
3,312
2,628
2,002,416
716,582
Current assets
Stocks
86,737
1,381,151
Debtors
5
218,017
186,224
Cash at bank and in hand
2,598
2,607
307,352
1,569,982
Creditors: amounts falling due within one year
6
(545,976)
(674,887)
Net current (liabilities)/assets
(238,624)
895,095
Total assets less current liabilities
1,763,792
1,611,677
Creditors: amounts falling due after more than one year
7
(649,974)
(632,974)
Net assets
1,113,818
978,703
Capital and reserves
Called up share capital
8
114,075
114,075
Capital redemption reserve
19,025
19,025
Profit and loss reserves
980,718
845,603
Total equity
1,113,818
978,703
TECHNICAL SIMULATION CONSULTANTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
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 year ended 30 June 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
C M Bolton
Director
Company Registration No. 03213816
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Technical Simulation Consultants Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kestrel Business Centre, Private Road 2, Colwick, Nottingham, NG4 2JR.
1.1
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Although cashflow requirements have resulting in some new debt, the overall debt level has reduced significantly this year due to large repayments, with record orders and turnover. Research and Development has continued strongly, and order pipeline is good. Accordingly, the directors have no reason to consider that the company is not a going concern.true
1.3
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 the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets are recognised when project developments become available to market. Intangible assets are recognised at the cumulative IPR costs of developed software included in work in progress, and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Amortisation 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:
Patents
10% per annum straight line
System IPR costs
10% per annum straight line
1.6
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:
Plant and machinery
25% per annum straight line
Fixtures and fittings
10% per annum straight line
Computer equipment
25% per annum straight line
Source codes
10% per annum 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value. The cost of finished goods and work in progress includes directly attributable costs. Turnover and related costs on each long term contract are recorded in the profit and loss account as contract activity progresses. Turnover is calculated on the basis of the value of work done and when a profitable outcome can be assessed with reasonable certainty.
Attributable profit is calculated on a prudent basis for each contract by reference to the contract's cumulative turnover, total value and total profit estimated for the completed contract. Full provisions are made for losses on contracts as soon as they can be foreseen.
Work in progress is stated, at direct costs, applicable overhead plus a relevant proportion of profits. Provision is made for any foreseeable losses on each contract and the net figure is reflected in stock.
1.9
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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.10
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
23
3
Intangible fixed assets
Goodwill
Patents
System IPR costs
Total
£
£
£
£
Cost
At 1 July 2022
19,000
7,227
1,284,218
1,310,445
Additions - internally developed
709
709
Additions - internally developed
1,570,730
1,570,730
At 30 June 2023
19,000
7,936
2,854,948
2,881,884
Amortisation and impairment
At 1 July 2022
19,000
5,192
572,299
596,491
Amortisation charged for the year
794
285,495
286,289
At 30 June 2023
19,000
5,986
857,794
882,780
Carrying amount
At 30 June 2023
1,950
1,997,154
1,999,104
At 30 June 2022
2,035
711,919
713,954
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Source codes
Total
£
£
£
£
£
Cost
At 1 July 2022
156,847
27,509
153,965
129,000
467,321
Additions
3,099
373
3,472
At 30 June 2023
159,946
27,882
153,965
129,000
470,793
Depreciation and impairment
At 1 July 2022
156,691
25,037
153,965
129,000
464,693
Depreciation charged in the year
931
1,857
2,788
At 30 June 2023
157,622
26,894
153,965
129,000
467,481
Carrying amount
At 30 June 2023
2,324
988
3,312
At 30 June 2022
156
2,472
2,628
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
121,003
71,001
Corporation tax recoverable
84,844
106,518
Other debtors
4,941
3,950
210,788
181,469
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,229
4,755
Total debtors
218,017
186,224
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
64,190
93,088
Trade creditors
35,777
43,296
Taxation and social security
178,078
253,186
Other creditors
267,931
285,317
545,976
674,887
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
141,167
104,167
Other creditors
508,807
528,807
649,974
632,974
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Cumulative redeemable preference shares of £1 each
113,975
113,975
113,975
113,975
Preference shares classified as equity
113,975
113,975
Total equity share capital
114,075
114,075
TECHNICAL SIMULATION CONSULTANTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Called up share capital
(Continued)
- 10 -
The cumulative redeemable preference shares carry a fixed coupon of 6% per annum and have the right to be converted into ordinary shares.
In the opinion of the directors, the cumulative redeemable preference shares are correctly stated as equity shares.
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