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COMPANY REGISTRATION NUMBER: 04323895
TECE Limited
Filleted Financial Statements
For the year ended
31 December 2023
TECE Limited
Director's Responsibilities Statement
Year ended 31 December 2023
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TECE Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
133,198
137,618
Current assets
Stocks
333,692
497,772
Debtors
6
411,830
340,085
Cash at bank and in hand
384,549
253,332
------------
------------
1,130,071
1,091,189
Creditors: amounts falling due within one year
7
485,693
552,301
------------
------------
Net current assets
644,378
538,888
---------
---------
Total assets less current liabilities
777,576
676,506
Creditors: amounts falling due after more than one year
8
379,633
429,024
---------
---------
Net assets
397,943
247,482
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
10
397,843
247,382
---------
---------
Shareholders funds
397,943
247,482
---------
---------
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr R D Herring
Director
Company registration number: 04323895
TECE Limited
Notes to the Financial Statements
Year ended 31 December 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 20 Chamberlain Street, Wells, Somerset, BA5 2PF.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's going concern status has been considered. A major part of the company's working capital required to fund the company's plans for considerable growth have been provided by way of a loan from it's parent company. There is a formal loan agreement in place which contains structured repayment terms and the amount borrowed is not repayable on demand. The director, having considered the above, continue to adopt the going concern basis in preparing the financial statements on the basis that the company will continue in operation for the foreseeable future.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of TECE GmbH which can be obtained from TECE GmbH, Hollefeldstr.57, 48282 Emsdetten, Germany. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Improvements
-
10 Years Straight Line
Plant and Machinery
-
5 Years Straight Line
Fixtures and Fittings
-
10 Years Straight Line
Motor Vehicles
-
5 Years Straight Line
Equipment
-
5 Years Straight Line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
127,802
7,989
10,233
18,410
35,920
200,354
Additions
22,026
5,055
7,598
1,233
35,912
---------
--------
--------
--------
--------
---------
At 31 Dec 2023
149,828
13,044
17,831
18,410
37,153
236,266
---------
--------
--------
--------
--------
---------
Depreciation
At 1 Jan 2023
18,258
5,295
4,473
13,668
21,042
62,736
Charge for the year
24,607
3,325
1,961
3,590
6,849
40,332
---------
--------
--------
--------
--------
---------
At 31 Dec 2023
42,865
8,620
6,434
17,258
27,891
103,068
---------
--------
--------
--------
--------
---------
Carrying amount
At 31 Dec 2023
106,963
4,424
11,397
1,152
9,262
133,198
---------
--------
--------
--------
--------
---------
At 31 Dec 2022
109,544
2,694
5,760
4,742
14,878
137,618
---------
--------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
351,761
315,530
Other debtors
60,069
24,555
---------
---------
411,830
340,085
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
91,966
52,368
Amounts owed to group undertakings and undertakings in which the company has a participating interest
91,475
224,917
Corporation tax
52,809
15,776
Social security and other taxes
111,005
127,975
Pension creditor
2,030
1,822
Other creditors - Loan (see loan note)
63,272
72,979
Other creditors
73,136
56,464
---------
---------
485,693
552,301
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors - Loan (see loan note)
379,633
429,024
---------
---------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
82,180
48,508
Later than 1 year and not later than 5 years
284,364
151,096
Later than 5 years
17,333
53,750
---------
---------
383,877
253,354
---------
---------
12. Operating leases - other commitments
Other commitments under purchase contracts due in less than one year £10,818 (2022-£NIL)
13. Loan note
The company has a loan provided by its parent company TECE GmbH. At the year end the company owed an amount of £442,905 (2022-£502,003) in respect of amounts drawn to date.
Interest on the loan is charged at 5.04% per annum with an amount of £24,203 (2022-£25,196) being paid in the year.
The loan is unsecured and not payable on demand. It is due for repayment in full by 31 December 2030.
14. Ultimate controlling party
The Ultimate Parent Company and Ultimate Controlling Party is TECE GmbH, whose registered office and principal place of business is Hollefeldstr.57, 48282 Emsdetten, Germany.
15. Summary audit opinion
The auditor's report dated 7 March 2024 was unqualified .
The senior statutory auditor was Simon Cunningham (Senior Statutory Auditor) , for and on behalf of Moore .
16. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R D Herring
( 2,104)
13
( 2,091)
-------
----
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R D Herring
2,238
( 4,342)
( 2,104)
-------
-------
-------
17. Related party transactions
During the year the company incurred costs from Riverbed Ltd, amounts totalling £33,640 (2022-£36,817) for the provision of premises, consultancy and management charges. As at the year end no amounts were owed to Riverbed Ltd (2022-£NIL). The company was also owed an amount of £554 (2022-£315) from Riverbed Ltd as at the year end. During the year the company incurred costs from MAC Wizard Ltd, amounts totalling £162,166 (2022-£42,897) for the provision of premises and management charges. As at the year end the company owed MAC Wizard Ltd £16,923 (2022-£NIL). Both Riverbed Ltd and MAC Wizard Ltd are 100% owned by Mr R D Herring . The company has taken advantage of the exemption contained in IAS 24 Related Party Transactions and has therefore not disclosed transactions or balances with wholly owned entities which form part of the group headed by TECE GmbH, and which are included within the consolidated financial statements of that company.