REGISTERED NUMBER: 10560981 (England and Wales) |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
REGISTERED NUMBER: 10560981 (England and Wales) |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 19 |
Consolidated Statement of Changes in Equity | 21 |
Company Statement of Changes in Equity | 22 |
Consolidated Cash Flow Statement | 23 |
Notes to the Consolidated Cash Flow Statement | 25 |
Notes to the Consolidated Financial Statements | 27 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
7 St John Street |
Mansfield |
Nottinghamshire |
NG18 1QH |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their strategic report of the company and the group for the year ended 31 December 2022. |
PRINCIPAL ACTIVITIES AND FUTURE DEVELOPMENTS |
The principal activity of the group is the manufacture and installation of vehicle mounted access platforms, through importation and distribution of our lifts. We pride ourselves on offering effective product support, with a quality service that synergises with the premium quality of our platforms. |
The directors expect the general level and scope of the group's activity to increase in future years in line with the group's growth plan.This includes increasing the group's presence in the after sales and service markets for Versalift products in the UK and Ireland. |
REVIEW OF BUSINESS |
The profit for the year, before taxation, amounted to £2,074,116 (2021 - £1,656,796). |
The Group's key performance indicators are set out the table below: |
2022 2021 |
Gross margin 17.50% 18.25% |
Employee numbers 113 103 |
The wider economic environment remains quite challenging but we will aim to at least retain our strong market share during 2022, with significant growth forecast within key sectors, particularly in respect of after sales support and servicing and with continued new product development from within the Versalift family. |
Cash flow position |
During the year the group's cash position has decreased by £639,353, however to highlight how the cash has been used is as follows. Stock has increased by £3,159,315, Debtors within one year have increased by £2,793,223. Lastly Short term creditors have increased by £4,617,887 and long term creditors have decreased by £41,285. All of these amounts are detailed within the appropriate notes to the financial statements. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Market risk |
The group has majority market share in the importation, manufacture, distribution and provision of associated services relating to the sale of aerial lifts across the UK and Ireland. |
There is a clearly defined, established customer base, with a market that is largely influenced by the requirements of the larger customers in the telecoms, electric utilities, highways, municipal and rental sectors. As such the risk to the company is that customer demand declines due to lack of investment in critical infrastructure. |
The group's exposure here is mitigated by having a strong order backlog, and growing sales revenues generated through a number of strategic acquisitions at group level, giving access to a broadening range of products, with broader market penetration. Following the addition of Ruthmann Steiger and Ecoline to our portfolio in 2022; 2023 has seen the introduction of a Ruthmann Bluelift, an established brand of Spider Lifts, required when the most challenging work at height/access solution is necessary; and another opportunity to leverage growth potential. The increased product portfolio and our reputation for strong customer service across a multi-brand operation also creates an after-sales revenue stream, with increased necessity for parts, service and contracts for a broadening portfolio. |
We continue to innovate with the introduction of new product lines, and remain focused on growing both sales revenues and profitability with the ongoing development in these areas. Our continued investment in these new working at height solutions is a fundamental part of our ongoing growth strategy. |
Our established product support, parts sales and training proposition, provides support to a market of around 8,500 Versalift & Ruthmann platforms. Continued focus in this important area will ensure customer retention and deliver alignment to the premium Versalift and Ruthmann brands to a premium product support offering. 2023 will see continued investment and focus on Product Support and the integration of a multi-brand product portfolio to ensure our high standards for delivery of a premium service are upheld. This will help improve customer experience, organisational effectiveness, and drive efficiency through better resource planning. |
Brexit |
Repercussions of Brexit continues to challenge. The movement of goods and subsequent administration hiatus continue to blight the streamlined, cost effective movement of critical components integrated into our supply chain. We continue to explore and challenge new methods to reduce ongoing risk and eliminate barriers to market. |
Inflationary Pressure |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The ongoing supply disruption caused by unprecedented global events continue to drive high levels of inflation and a stressed supply chain, with detrimental increases to our cost base. Increased in fuel, freight and labour costs continue to challenge our margins and we continue to focus on core initiatives to mitigate the risks wherever possible; a number of new initiatives have been introduced to reduce our exposure and offer best value to our customers. |
The directors and key management have a continual review of all risks within the group with regular meetings to discuss performance of the group in addition to the risks associated with the operations of the business and any future income, which may be exposed. As part of the group's financial management safeguards, mechanisms are in place to mitigate financial risks such as movement in market prices and the accessibility to financing facilities. In relation to the reliance upon a small senior management team, the recent introduction of an operational, middle management team leverages our growth potential, mitigates our exposure through this period of significant growth and enables a core focus on succession planning, employee retention, training and development, across our evolving multi-brand group. |
THE POSITION OF THE GROUP AND COMPANY AT THE YEAR END |
The group has a robust balance sheet and sufficient financing facilities to take advantage of market opportunities. Net assets at 31 December 2022 were £8.94 million (2021: £7.29 million). |
The financial statements now reflect the position of the group and the Directors are confident that the 2023 results will show another good year. |
ON BEHALF OF THE BOARD: |
5 October 2023 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
RESEARCH AND DEVELOPMENT |
New product development and innovation is at the core of the wider Time Manufacturing LLC group's customer focussed strategy and takes place in the group's dedicated research and development facilities in various locations around the world, including some work in the UK, carried out by the UK group. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
The group neither made disclosable political contributions nor incurred disclosable political expenditure in the year (2021 - £Nil). |
FINANCIAL RISK MANAGEMENT |
The company and group has exposures to foreign currency risks. The company's focus is to understand these risks and to put in place policies that minimise their economic impact. Transaction exposures are internally hedged as far as possible. |
Where this is not possible, material exposures are externally hedged. Translational exposure, which is effectively a non-cash transaction is not hedged. The company and group requires significant cash flows and investment in working capital. The UK group enjoys support from it's ultimate parent when required in financing its operations. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
EMPLOYEES |
The directors give special attention to the health and safety of their employees and endeavour to ensure that as far as possible the training, career development and promotion of disabled persons is the same as other employees. Should employees become disabled, every effort is made to ensure that their employment continues and appropriate retraining is provided. |
Consultation with employees and good industrial relations are actively promoted through comprehensive and agreed procedures. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
AUDITORS |
The auditors, APC Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
Opinion |
We have audited the financial statements of Time Manufacturing Acquisition (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. |
Identifying and assessing potential risks related to irregularities |
As detailed above we carried out our audit in line with the appropriate guidance. In regards to our procedures during the initial planning, onsite work and final review stages we assessed our audit plan against the changing environments and updated wherever appropriate. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered and carried out a background information assessment on the company and looked at all of the appropriate laws and regulations that the company must abide with. These included Coronavirus regulations, but also GDPR, Health & Safety regulations in regards to vehicle testing and VOSA compliance. |
The group has a risk register for monitoring its risks and mitigations in place. The group also monitors all of its internal policies and procedures and carries out annual updates for those policies, or such as Covid19, regular reviews when Government guidance has changed. This is then communicated to staff on all levels to ensure updates in policies and procedures are known throughout the workforce. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
The significant laws and regulations in regards to the business in addition to Companies Act, Employment Law, Pensions legislation, Tax legislation, Health & Safety, Covid19 Regulations and GDPR are regularly reviewed by the company's management and updated for compliance. |
We reviewed the group's risk assessments for its business in our significant laws and regulations testing, in addition to carrying out reviews on board minutes including discussions with company officials and review of any legal cases and costs. |
Audit response to risks identified |
As a result of performing the above, we identified presentation of the group's income statement for revenue recognition of when the legal right is transferred to the customer for the vehicle. as a key audit matter related to the potential risk of fraud or error. Our specific procedures in this regards are as follows:- |
- transactional testing around cut off of completion and invoicing of the vehicles; |
- agreement of contract values back to sales invoices; |
- review and re-calculation of accrued and deferred income; |
- review and assessment of stage of completeness of works carried out, but not yet invoiced; |
In relation to accounting for the Amounts recoverable on contracts in addition to accrued and deferred income which is a key audit matter, our procedures included:- |
- obtaining an understanding of the relevant controls relating to the Amounts recoverable on contracts and deferred income; |
- Re-calculating the provision used by the company and assessing the appropriateness of the methodology applied; |
- assessing that the accounting entries have been recorded in accordance with income recognition policies within FRS102; |
A further key audit matter identified was the misstatement risk around trade creditors balances, our procedures included:- |
- Substantial detailed supplier statement reconciliations |
- Review of debit creditors balances |
- Purchase cut-off testing |
- Review of purchase ledger related accruals |
- Stock valuation methodology |
In addition to the above, our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations, which have a direct effect on the financial statements; |
- making enquiries of management, including legal experts concerning actual or potential litigation and claims; |
- On our review of journal entries nothing unusual or unexpected had been identified from our sample testing of journal adjustments carried out by the company to its accounting system. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED |
- We used limited analytical review procedures during our audit work and placed more reliance up on our transactional and detailed audit testing. Our analytical review for highlighting trends were then reviewed and assessed against our detailed testing work. |
- Obtaining an understanding of the relevant controls relating to the value of the investment ; |
- Undertaking a business valuation to determine the reasonableness of the carrying value of the investment; |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Our audit team had regular updates and meetings within the team including all members of the team, including the RI to ensure that our audit work was being carried out appropriately and to ensure that our assessments have constantly been updated during our audit, as part of these meetings all team members remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
7 St John Street |
Mansfield |
Nottinghamshire |
NG18 1QH |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
as | restated |
Notes | £ | £ |
TURNOVER |
Group and share of joint venture | 31,697,261 | 27,068,924 |
Less: |
Share of joint venture's turnover | (3,288,735 | ) | (2,794,125 | ) |
GROUP TURNOVER | 4 | 28,408,526 | 24,274,799 |
Cost of sales | (23,434,969 | ) | (19,844,009 | ) |
GROSS PROFIT | 4,973,557 | 4,430,790 |
Administrative expenses | (2,913,342 | ) | (2,757,518 | ) |
2,060,215 | 1,673,272 |
Other operating income | 4,748 | 4,871 |
OPERATING PROFIT | 6 | 2,064,963 | 1,678,143 |
Interest receivable and similar income | 9,153 | - |
Interest payable and similar expenses | 7 | - | (21,347 | ) |
PROFIT BEFORE TAXATION | 2,074,116 | 1,656,796 |
Tax on profit | 8 | (419,120 | ) | (287,437 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,654,996 | 1,369,359 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
as | restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,654,996 | 1,369,359 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,654,996 |
1,369,359 |
Note |
Prior year adjustment | 10 | 247,561 | 275,185 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,902,557 |
1,644,544 |
Total comprehensive income attributable to: |
Owners of the parent | 1,902,557 | 1,644,544 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 821,294 | 161,070 |
Tangible assets | 12 | 221,545 | 200,885 |
Investments | 13 |
Interest in joint venture |
Share of gross assets | 4,931,168 | 5,703,893 |
Share of gross liabilities | (2,546,918 | ) | (3,565,749 | ) |
3,427,089 | 2,500,099 |
CURRENT ASSETS |
Stocks | 14 | 9,063,515 | 5,904,200 |
Debtors | 15 | 9,675,348 | 6,882,125 |
Cash at bank and in hand | 1,000,369 | 1,639,722 |
19,739,232 | 14,426,047 |
CREDITORS |
Amounts falling due within one year | 16 | 11,626,496 | 7,008,609 |
NET CURRENT ASSETS | 8,112,736 | 7,417,438 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
11,539,825 |
9,917,537 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,565,317 |
) |
(2,606,602 |
) |
PROVISIONS FOR LIABILITIES | 19 | (32,282 | ) | (23,706 | ) |
NET ASSETS | 8,942,226 | 7,287,229 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100 | 100 |
Retained earnings | 21 | 8,942,126 | 7,287,129 |
SHAREHOLDERS' FUNDS | 8,942,226 | 7,287,229 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100 | 100 |
Retained earnings | 21 | 8,942,126 | 7,287,129 |
SHAREHOLDERS' FUNDS | 8,942,226 | 7,287,229 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by: |
Mr J Jeffrey - Director |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
COMPANY BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's profit/(loss) for the financial year |
246,106 |
(9,196 |
) |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
COMPANY BALANCE SHEET - continued |
31 DECEMBER 2022 |
The financial statements were approved by the Board of Directors and authorised for issue on |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 | 100 | 5,642,585 | 5,642,685 |
Prior year adjustment | - | 275,185 | 275,185 |
As restated | 100 | 5,917,770 | 5,917,870 |
Changes in equity |
Total comprehensive income | - | 1,121,798 | 1,121,798 |
Balance at 31 December 2021 | 100 | 7,039,568 | 7,039,668 |
Prior year adjustment | - | 247,561 | 247,561 |
As restated | 100 | 7,287,129 | 7,287,229 |
Changes in equity |
Total comprehensive income | - | 1,654,996 | 1,654,996 |
Balance at 31 December 2022 | 100 | 8,942,125 | 8,942,225 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 684,775 | 760,712 |
Interest paid | - | (21,347 | ) |
Exchange rate loss | - | 9,196 |
Revaluations | (246,106 | ) | - |
Tax paid | (315,717 | ) | (309,385 | ) |
Taxation refund | 40,208 | 70,568 |
Prior year adjustment | - | 275,185 |
Net cash from operating activities | 163,160 | 784,929 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (713,914 | ) | (161,070 | ) |
Purchase of tangible fixed assets | (97,752 | ) | (88,446 | ) |
Interest received | 9,153 | - |
Net cash from investing activities | (802,513 | ) | (249,516 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (1,000,000 | ) |
Inflow from group loan | - | 646,245 |
Net cash from financing activities | - | (353,755 | ) |
(Decrease)/increase in cash and cash equivalents | (639,353 | ) | 181,658 |
Cash and cash equivalents at beginning of year |
2 |
1,639,722 |
1,458,064 |
Cash and cash equivalents at end of year |
2 |
1,000,369 |
1,639,722 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
as | restated |
Notes | £ | £ |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
as | restated |
£ | £ |
Profit before taxation | 2,074,116 | 1,656,796 |
Depreciation charges | 130,782 | 67,898 |
Finance costs | - | 21,347 |
Finance income | (9,153 | ) | - |
2,195,745 | 1,746,041 |
Increase in stocks | (3,159,315 | ) | (783,996 | ) |
Increase in trade and other debtors | (2,834,029 | ) | (2,126,571 | ) |
Increase in trade and other creditors | 4,482,374 | 1,925,238 |
Cash generated from operations | 684,775 | 760,712 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 1,000,369 | 1,639,722 |
Year ended 31 December 2021 |
31/12/21 | 1/1/21 |
as restated |
£ | £ |
Cash and cash equivalents | 1,639,722 | 1,458,064 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,639,722 | (639,353 | ) | 1,000,369 |
1,639,722 | (639,353 | ) | 1,000,369 |
Total | 1,639,722 | (639,353 | ) | 1,000,369 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Time Manufacturing Acquisition (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The nature of the group's operations and its principal activities are set out in the strategic report on page 2. These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value, in accordance with the Financial Reporting Standard 102 (FRS102) issued by the Financial Reporting Council. |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. |
The company has taken advantage of the exemption in section 408 of the Companies Act from presenting its individual profit and loss account. |
Going concern |
The financial statements have been prepared using the going concern basis of accounting. In making this assessment the directors of the company have considered cash flow forecasts which have been agreed by the board. The directors have also considered the support provided by it's parent company and understand that if required, the company will receive support from its parent to continue it's operations. |
Foreign currency |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. All exchange differences are included in the income statement. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Basis of consolidation |
The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings together with the Group’s share of the results of associates made up to 31 December. |
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary. |
Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group’s accounting policies when preparing the consolidated financial statements. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. |
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. |
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the Group control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities. |
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Joint ventures |
The Joint venture is held at fair value through other comprehensive income. |
Related party exemption |
The group and company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the Company's accounting policies, which are described, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The directors have made the following policies in regards to income on service contracts and the capitalisation of development costs. |
Income on service contracts |
The income on service contracts is recognised on a straight line basis over the life of the contract. |
Capitalisation of development costs: |
The development costs in relation to new product ranges and specialist work for specific contracts are amortised over the useful economic life of the product or the expected length of the related contract. |
Prepayment of UKCA costs: |
The costs of obtaining the certification are prepaid over the length of which the certification is given, this is 3 years and released evenly over the period of certification. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises the invoiced value of sales excluding value added tax and trade discounts. Turnover on the sale of goods is recognised when the work has been substantially complete |
Turnover on service contracts is recognised on a straight line basis over the life of the contract. |
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
In respect of contracted repairs and maintenance income, income is released into the profit and loss account in line with the expected expenditure profile of the associated repairs and maintenance costs, in order to match income with costs. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are stated at the average cost or net realisable value, if this is lower. Cost is based on the normal level of costs incurred in bringing each product to its present location and condition. Net realisable value is based on estimated normal selling price less further costs expected to be incurred on disposal. Provision is made for obsolete, slow moving or defective items, where appropriate. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Financial instruments |
Financial instruments 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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable with one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Lease commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2022 | 2021 |
as | restated |
£ | £ |
Sales of goods | 27,584,736 | 23,415,364 |
Service income | 823,790 | 859,435 |
28,408,526 | 24,274,799 |
Turnover is generated from the sale of aerial lifts, parts and service income in the United Kingdom. |
5. | EMPLOYEES AND DIRECTORS |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2022 | 2021 |
£ | £ |
Wages and salaries | 4,187,733 | 3,624,230 |
Social security costs | 452,795 | 368,710 |
Pension | 97,787 | 81,773 |
4,738,315 | 4,074,713 |
The average number of employees during the year was as follows: |
2022 | 2021 |
Management | 3 | 3 |
Sales | 4 | 4 |
Administration | 8 | 8 |
Production | 68 | 63 |
Servicing | 24 | 21 |
Engineering | 4 | 4 |
113 | 103 |
The Directors remuneration is included within Key management remuneration, which is disclosed in note 19. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2022 | 2021 |
as | restated |
£ | £ |
Depreciation - owned assets | 77,092 | 67,899 |
Development costs amortisation | 53,690 | - |
Auditors' remuneration | 54,880 | 42,313 |
Exchange (Gain)/Loss | (110,583 | ) | 106,707 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
as | restated |
£ | £ |
Bank interest | - | 21,347 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax | 410,544 | 315,726 |
Over / under provision in prior year | - | (40,807 | ) |
Total current tax | 410,544 | 274,919 |
Deferred tax | 8,576 | 12,518 |
Tax on profit | 419,120 | 287,437 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
as | restated |
£ | £ |
Profit before tax | 2,074,116 | 1,656,796 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
394,082 |
314,791 |
Effects of: |
Expenses not deductible for tax purposes | 529 | 924 |
Capital allowances in excess of depreciation | - | (6,985 | ) |
Depreciation in excess of capital allowances | 44 | - |
Utilisation of tax losses | - | 1,747 |
Adjustments to tax charge in respect of previous periods | 49,577 | (35,558 | ) |
Non-taxable revaluation | (46,760 | ) | - |
Adjustments in respect of temporary timing differences | 8,576 | 12,518 |
Losses carried forward | 15,614 | - |
Other | (2,542 | ) | - |
Total tax charge | 419,120 | 287,437 |
The rate of corporation tax of 19% has been effective from 1 April 2017. The rate will increase to 25% in April 2023, the deferred tax provision is based on the future rate. |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
10. | PRIOR YEAR ADJUSTMENT |
Prior period adjustments carried out during the 2022 accounts preparation: |
Management made the decision during the year that a provision should be made in respect of the freight cost of getting goods into the UK from overseas and include this amounts within stock. This was due to significant cost the group now incurs due to the growth of the growth and significant inflation in relation to freight costs. As a result a change of accounting policy was decided to be done, the effects are as follows; |
2022 | 2021 |
The effect of the accounting policy change are summarised as below: | £ | £ |
Income Statement |
Purchases | (99,043) | 27,624 |
Increase/(decrease) in profit for the financial year | 99,043 | (27,624) |
Balance Sheet |
Stock | 99,043 | 247,561 |
Retained Earnings | 247,561 | - |
Increase/(decrease) in net assets | 346,604 | 247,561 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Development |
costs |
£ |
COST |
At 1 January 2022 | 161,070 |
Additions | 713,914 |
At 31 December 2022 | 874,984 |
AMORTISATION |
Amortisation for year | 53,690 |
At 31 December 2022 | 53,690 |
NET BOOK VALUE |
At 31 December 2022 | 821,294 |
At 31 December 2021 | 161,070 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | TANGIBLE FIXED ASSETS |
Group |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2022 | 1,040,076 | 36,701 | 1,076,777 |
Additions | 97,752 | - | 97,752 |
At 31 December 2022 | 1,137,828 | 36,701 | 1,174,529 |
DEPRECIATION |
At 1 January 2022 | 839,191 | 36,701 | 875,892 |
Charge for year | 77,092 | - | 77,092 |
At 31 December 2022 | 916,283 | 36,701 | 952,984 |
NET BOOK VALUE |
At 31 December 2022 | 221,545 | - | 221,545 |
At 31 December 2021 | 200,885 | - | 200,885 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint |
venture |
£ |
COST |
At 1 January 2022 | 2,138,144 |
Exchange differences | 246,106 |
At 31 December 2022 | 2,384,250 |
NET BOOK VALUE |
At 31 December 2022 | 2,384,250 |
At 31 December 2021 | 2,138,144 |
Interest in joint venture |
During the year to December 2019 the group entered into a joint venture agreement with a Chinese company, taking a 45% share in the venture. During the year to December 2020 the group invested a further £1,131,002 and retained a 45% share in the venture. No further investments in the year. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 January 2022 | 3,438,144 |
Additions | 89 |
Exchange differences | 246,106 |
At 31 December 2022 | 3,684,339 |
NET BOOK VALUE |
At 31 December 2022 | 3,684,339 |
At 31 December 2021 | 3,438,144 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1 Altendiez Way, Latimer Park, Burton Latimer, Kettering, Northamptonshire NN15 5YZ |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: Marina House, Malahide Marine, Malahide, Dublin, Ireland |
Nature of business: |
% |
Class of shares: | holding |
2022 |
£ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
Joint venture |
Registered office: 4138 Yangguang Avenue, Economic Development Zone, Xuchang City, Henan Province |
Nature of business: |
% |
Class of shares: | holding |
2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
14. | STOCKS |
2022 | 2021 |
£ | £ |
Hydraulic access platforms | 3,600,558 | 2,538,789 |
Spare parts and sundry stock | 4,381,626 | 2,960.972 |
Stock in transit | 1,081,331 | 404,439 |
9,063,515 | 5,904,200 |
There are no material differences between replacement cost of stock and balance sheet amounts. |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2022 | 2021 |
as | restated |
£ | £ |
Trade debtors | 7,999,596 | 5,130,392 |
Amounts owed by group undertakings | - | 83,867 |
Amounts recoverable on contract | 1,215,833 | 1,264,636 |
Other debtors | 1,917 | 42,398 |
Prepayments and accrued income | 458,002 | 360,832 |
9,675,348 | 6,882,125 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
as restated |
as restated |
£ | £ | £ | £ |
Trade creditors | 1,406,755 | 599,499 |
Amounts owed to group undertakings | 8,477,711 | 4,360,877 |
Corporation tax | 410,553 | 315,726 |
Social security and other taxes | 117,573 | 119,083 |
VAT | 291,378 | 599,630 | - | - |
Other creditors | 688,077 | 751,258 |
Accruals and deferred income | 234,449 | 262,536 |
11,626,496 | 7,008,609 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2022 | 2021 | 2022 | 2021 |
as restated |
as restated |
£ | £ | £ | £ |
Amounts owed to group undertakings | 2,565,317 | 2,606,602 | 2,128,220 | 2,128,220 |
In 2017 the group received a loan from Time Manufacturing LLC, an intermediate parent company, for the financing of cash flows and investment. This is an interest-free loan. |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Group |
Non-cancellable | operating leases |
2022 | 2021 |
as | restated |
£ | £ |
Within one year | 5,634 | 21,754 |
Between one and five years | 292,013 | 291,451 |
In more than five years | 5,669,245 | 5,974,372 |
5,966,892 | 6,287,577 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2022 | 2021 |
as | restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 32,282 | 23,706 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2022 | 23,706 |
Provided during year | 8,576 |
Balance at 31 December 2022 | 32,282 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
Ordinary | £1 | 100 | 100 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2022 | 7,039,569 |
Prior year adjustment | 247,561 |
7,287,130 |
Profit for the year | 1,654,996 |
At 31 December 2022 | 8,942,126 |
Company |
Retained |
earnings |
£ |
At 1 January 2022 | ( |
) |
Profit for the year |
At 31 December 2022 |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
22. | RELATED PARTY DISCLOSURES |
The group has availed of the exemptions under Section 33.1A of FRS 102 - Related Party Disclosures not to provide details of related party transactions as it is a wholly owned subsidiary of Time Manufacturing Acquisition LLC which is preparing consolidated financial statements which include this group. These financial statements can be obtained from 7601 Imperial Drive, PO Box 20368, Waco, Texas, 76702-0368, United States of America. |
As at 31 December 2022 the group owed £1,638,956 (2021: £Nil) and was owed £Nil (2021: £83,867) to Time Manufacturing Company Inc, a group company |
As 31 December 2022 the group owed £6,793,755 (2021: £4,404,296) and was owed £196,980 (2021: £55,152) by Versalift Denmark A/S, a group company. |
As at 31 December 2022 there was £788,070 (2021: £821,628) owed to Time Manufacturing Company Inc, a group company in relation to a working capital loan. |
As at 31 December 2022 there was £646,245 (2021: £646,245) owed to Versalift Denmark A/S, a group company in relation to a working capital loan. |
As at 31 December 2022 there was £1,131,002 (2021: £1,131,002) owed to Time Manufacturing Company Inc, a group company in relation to a loan for investment purposes. |
Key management remuneration amounted to £392,554 (2021: £341,508). |
23. | GROUP UNDERTAKINGS AND CONTROLLING ENTITY |
Time Manufacturing Acquisitions (UK) Ltd is itself a subsidiary of Time Manufacturing Acquistions LLC. |
Time Manufacturing Acqusitions LLC is a business registered and operating in the United States of America. It's address is 7601 Imperial Drive, PO Box 20368, Waco, Texas, 76702-0368, United States of America. The whole group was purchased in December 2021 by the H.I.G. Capital of which the group is a member, who's address is 1271 Avenue of the Americas, 22nd Floor, New York, NY10020, United States. |
Group financial statements of the largest group are available from 1271 Avenue of the Americas, 22nd Floor, New York, NY10020, United States. |
TIME MANUFACTURING |
ACQUISITION (UK) LIMITED (REGISTERED NUMBER: 10560981) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
24. | GUARANTEES |
The subsidiary's bank has guaranteed the Customs and Excise authorities for amounts up to £80,000 (2021- £80,000). The group has indemnified the bank against any losses under this guarantee. |
25. | OTHER COMMITMENT |
In December 2022 a subsidiary undertook a forward contract to cumulatively purchase €1,455,000 for a fixed cost of £1,310,135. The subsidiary also undertook a forward contract to purchase $2,985,000 for a fixed cost of £2,595,066. |