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COMPANY REGISTRATION NUMBER: 03946170
TM Robotics (Europe) Limited
Filleted Unaudited Financial Statements
31 March 2023
TM Robotics (Europe) Limited
Officers and Professional Advisers
Director
N W Smith
Registered office
3a The Wenta Business Centre
Colne Way
Watford
Herts
WD24 7ND
Accountants
Warners
Chartered Accountants
3a The Wenta Business Centre
Colne Way
Watford
WD24 7ND
TM Robotics (Europe) Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,630
2,884
Investments
6
347
347
-------
-------
3,977
3,231
Current assets
Stocks
54,909
64,658
Debtors
7
542,629
378,346
Cash at bank and in hand
397,378
280,039
---------
---------
994,916
723,043
Creditors: amounts falling due within one year
8
654,598
434,140
---------
---------
Net current assets
340,318
288,903
---------
---------
Total assets less current liabilities
344,295
292,134
Provisions
Taxation including deferred tax
626
470
---------
---------
Net assets
343,669
291,664
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
343,668
291,663
---------
---------
Shareholders funds
343,669
291,664
---------
---------
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 profit and loss account 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
TM Robotics (Europe) Limited
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
N W Smith _______________ Director
Company registration number: 03946170
TM Robotics (Europe) 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 3a The Wenta Business Centre, Colne Way, Watford, Herts, WD24 7ND.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the amounts invoiced for goods supplied during the year.
Taxation
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 recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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
Tangible 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:
Computers
-
30% straight line
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 4 ).
5. Tangible assets
Computer equipment
Equipment
Total
£
£
£
Cost
At 1 April 2022
7,690
14,176
21,866
Additions
1,338
707
2,045
-------
--------
--------
At 31 March 2023
9,028
14,883
23,911
-------
--------
--------
Depreciation
At 1 April 2022
5,351
13,631
18,982
Charge for the year
1,149
150
1,299
-------
--------
--------
At 31 March 2023
6,500
13,781
20,281
-------
--------
--------
Carrying amount
At 31 March 2023
2,528
1,102
3,630
-------
--------
--------
At 31 March 2022
2,339
545
2,884
-------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
347
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
347
----
At 31 March 2022
347
----
The company owns 100% of the issued share capital TM Robotics (Americas) Inc, a company incorporated in the United States of America. Under the provision of sections 398 and 399 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7. Debtors
2023
2022
£
£
Trade debtors
275,433
152,589
Amounts owed by group undertakings
250,411
208,961
Prepayments and accrued income
11,807
5,294
Other debtors
4,978
11,502
---------
---------
542,629
378,346
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
563,652
392,957
Accruals and deferred income
13,356
15,718
Corporation tax
19,803
22,856
Social security and other taxes
54,143
Director loan accounts
2,122
1,125
Other creditors
1,522
1,484
---------
---------
654,598
434,140
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
26,636
Later than 1 year and not later than 5 years
9,818
70,581
--------
--------
36,454
70,581
--------
--------
The total operating lease commitment shown is, on average, over an approximate 1-2 year period.
10. Transactions with directors
Dividends of £21,750 (2022: £21,500) were paid to the director during the year.