Company registration number 05717678 (England and Wales)
TECHWORX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
TECHWORX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
TECHWORX LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
265,980
327,407
Current assets
Stocks
54,000
45,000
Debtors
5
570,838
644,837
Cash at bank and in hand
9,572
114,322
634,410
804,159
Creditors: amounts falling due within one year
6
(222,903)
(431,177)
Net current assets
411,507
372,982
Total assets less current liabilities
677,487
700,389
Creditors: amounts falling due after more than one year
7
(116,222)
(143,920)
Provisions for liabilities
(23,810)
(36,505)
Net assets
537,455
519,964
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
127,726
124,093
Profit and loss reserves
409,629
395,771
Total equity
537,455
519,964

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 28 February 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.

TECHWORX LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Mr S J Hodges
Mr G D Smith
Director
Director
Company registration number 05717678 (England and Wales)
TECHWORX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Techworx Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Brymill Industrial Estate, Brown Lion Street, Tipton, West Midlands, England, DY4 9EG.

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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The 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 transaction with wholly owned subsidiaries within the group.

1.2
Turnover

Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
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:

Leasehold land and buildings
5% on cost
Plant and equipment
15% on cost and 10% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost
Motor vehicles
25% on reducing balance
1.4
Stocks

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

1.5
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 tax

Current or deferred taxation assets and liabilities are not discounted.

 

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

TECHWORX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
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 probable that they will be recovered against the reversal of deferral tax liabilities or other future taxable profits.

1.6
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.

1.7
Government grants

Government grants have been recognised under the accruals model. Grants relating to revenue expenditure are recognised in income on a systematic basis over the periods to which the entity recognises the related costs for which the grant is intended to compensate.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
11
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
42,167
48,463
Tax relating to prior year adjustments recognised in profit or loss
-
0
(48)
Total current tax
42,167
48,415
Deferred tax
Origination and reversal of timing differences
(12,695)
(13,518)
Total tax charge
29,472
34,897
TECHWORX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
3,590
967,173
970,763
Revaluation
-
0
31,806
31,806
At 28 February 2023
3,590
998,979
1,002,569
Depreciation and impairment
At 1 March 2022
540
642,816
643,356
Depreciation charged in the year
180
93,053
93,233
At 28 February 2023
720
735,869
736,589
Carrying amount
At 28 February 2023
2,870
263,110
265,980
At 28 February 2022
3,050
324,357
327,407

The directors have undertaken a review of the entire plant and machinery owned by the company and revalued them in accordance with FRS 102 Section 1A.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
190,944
307,226
Amounts owed by group undertakings
365,469
241,702
Other debtors
14,425
95,909
570,838
644,837
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
20,833
50,000
Trade creditors
122,528
216,390
Taxation and social security
61,570
96,336
Other creditors
17,972
68,451
222,903
431,177
TECHWORX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
20,833
Other creditors
116,222
123,087
116,222
143,920
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
4,125
49,500
In two to five years
-
0
4,125
4,125
53,625

Total operating lease commitments amount to £287,487 (2022: £355,131)

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
23,810
36,505
2023
Movements in the year:
£
Liability at 1 March 2022
36,505
Credit to profit or loss
(12,695)
Liability at 28 February 2023
23,810
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
TECHWORX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
11
Parent company

The company is a wholly owned subsidiary of Techworx Holdings Limited, a company registered in England & Wales. The registered office is Unit 9, Brymill Industrial Estate, Brown Lion Street, Tipton, West Midlands, England, DY4 9EG.

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