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REGISTERED NUMBER: 02682533 (England and Wales)












TSL TECHNOLOGY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






TSL TECHNOLOGY LIMITED (REGISTERED NUMBER: 02682533)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TSL TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: Dr M A Yuratich
E L Colley


REGISTERED OFFICE: Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


REGISTERED NUMBER: 02682533 (England and Wales)


SENIOR STATUTORY AUDITOR: Alan Williams FCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: Royal Bank of Scotland
1 College Place
Southampton
Hampshire
SO15 2WS

TSL TECHNOLOGY LIMITED (REGISTERED NUMBER: 02682533)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,959,283 2,893,537
Tangible assets 5 37,805 42,735
Investments 6 488,842 488,842
3,485,930 3,425,114

CURRENT ASSETS
Stocks 43,994 18,930
Debtors 7 195,369 366,948
Cash at bank 411,269 30,519
650,632 416,397
CREDITORS
Amounts falling due within one year 8 (233,272 ) (88,028 )
NET CURRENT ASSETS 417,360 328,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,903,290

3,753,483

CAPITAL AND RESERVES
Called up share capital 2 2
Capital redemption reserve 1 1
Retained earnings 3,903,287 3,753,480
SHAREHOLDERS' FUNDS 3,903,290 3,753,483

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by:





Dr M A Yuratich - Director


TSL TECHNOLOGY LIMITED (REGISTERED NUMBER: 02682533)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

TSL Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 FRS102 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover - long term contracts
Turnover represents sales of services to external customers excluding value added tax.

Revenue is recognised depending on the type of contract undertaken:

1) The stage of completion is determined in accordance with reaching agreed milestones with the client. A prudent level of profit attributable to the contract activity is recognised if the final outcome of such contracts can be reliably assessed. An expected loss on a contract is recognised immediately in the income statement.

2) Once a certain level of activity has been undertaken and in agreement with the client, costs incurred to date are invoiced together with the agreed mark up.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property- Over the length of the lease
Furniture and equipment- 15% Reducing balance
Plant & machinery- 15% Reducing balance
Computer equipment- Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TSL TECHNOLOGY LIMITED (REGISTERED NUMBER: 02682533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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.

Research and development
Expenditure on research and development is reviewed annually. All costs are written off in the year in which they are incurred and in line with when revenue is recognised.

If the expenditure is expected to have a future benefit to the company then research and development costs will be capitalised and amortised in line with the expected future cashflows.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

TSL TECHNOLOGY LIMITED (REGISTERED NUMBER: 02682533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Operating leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Developmen
costs
£   
COST
At 1 May 2022 5,005,923
Additions 629,265
At 30 April 2023 5,635,188
AMORTISATION
At 1 May 2022 2,112,386
Amortisation for year 563,519
At 30 April 2023 2,675,905
NET BOOK VALUE
At 30 April 2023 2,959,283
At 30 April 2022 2,893,537

5. TANGIBLE FIXED ASSETS
Improvements Furniture
to and Plant & Computer
property equipment machinery equipment Totals
£    £    £    £    £   
COST
At 1 May 2022 17,746 59,741 86,626 75,368 239,481
Additions - - - 2,355 2,355
At 30 April 2023 17,746 59,741 86,626 77,723 241,836
DEPRECIATION
At 1 May 2022 9,184 48,590 63,772 75,200 196,746
Charge for year 1,773 1,677 3,428 407 7,285
At 30 April 2023 10,957 50,267 67,200 75,607 204,031
NET BOOK VALUE
At 30 April 2023 6,789 9,474 19,426 2,116 37,805
At 30 April 2022 8,562 11,151 22,854 168 42,735

TSL TECHNOLOGY LIMITED (REGISTERED NUMBER: 02682533)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


6. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1 May 2022
and 30 April 2023 488,842
NET BOOK VALUE
At 30 April 2023 488,842
At 30 April 2022 488,842

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 97,030 22,520
Other debtors 98,339 344,428
195,369 366,948

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 61,496 25,813
Taxation and social security 13,870 9,135
Other creditors 157,906 53,080
233,272 88,028

9. LEASING AGREEMENTS
At the balance sheet date the company had future commitments under operating leases which totalled £267,459 (2022: £352,909).

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alan Williams FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited