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Company registration number: 12166960
(England and Wales)
TECNO.TEAM UK LIMITED
Unaudited filleted financial statements
for the year ended
31 July 2023
TECNO.TEAM UK LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
TECNO.TEAM UK LIMITED
Directors and other information
Directors Mr M G Scarfe
Mr B J Scherr
Mr P A Tailor
Company number 12166960
Registered office 4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Business address Martells Industrial Estate
Slough Lane
Ardleigh
Colchester,Essex
CO7 7RU
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
TECNO.TEAM UK LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of TECNO.TEAM UK LIMITED
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TECNO.TEAM UK LIMITED for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of TECNO.TEAM UK LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of TECNO.TEAM UK LIMITED and state those matters that we have agreed to state to the board of directors of TECNO.TEAM UK LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TECNO.TEAM UK LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that TECNO.TEAM UK LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of TECNO.TEAM UK LIMITED. You consider that TECNO.TEAM UK LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of TECNO.TEAM UK LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
4 April 2024
TECNO.TEAM UK LIMITED
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 1,077 94
Debtors 5 35,887 33,317
Cash at bank and in hand 1,649 434
_______ _______
38,613 33,845
Creditors: amounts falling due
within one year 6 ( 110,059) ( 77,656)
_______ _______
Net current liabilities ( 71,446) ( 43,811)
_______ _______
Total assets less current liabilities ( 71,446) ( 43,811)
_______ _______
Net liabilities ( 71,446) ( 43,811)
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account ( 71,546) ( 43,911)
_______ _______
Shareholders deficit ( 71,446) ( 43,811)
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 04 April 2024 , and are signed on behalf of the board by:
Mr M G Scarfe
Director
Company registration number: 12166960
TECNO.TEAM UK LIMITED
Notes to the financial statements
Year ended 31 July 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 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR.
The principal activity of the company continues to be that of machine engineering and service.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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
At the balance sheet date the company had net liabilities of £71,446.The accounts have been prepared on a going concern basis on the assumption that there will be continued support from the parent compant and other associated companies. Assurances have been received from the other group companies that they will not demand repayment of their loans to the detriment of other creditors and further funding will be provided to meet the financial liabilities for a minimum of the 12 months from the date the accounts are approved.The company is therefore considered a going concern.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
2023 2022
£ £
Trade debtors 14,857 10,972
Other debtors 21,030 22,345
_______ _______
35,887 33,317
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,759 4,390
Amounts owed to group undertakings and undertakings in which the company has a participating interest 97,500 69,000
Taxation and social security - 2,366
Other creditors 10,800 1,900
_______ _______
110,059 77,656
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary Shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
8. Related party transactions
There was a loan from a fellow subsidiary of £ 97,500 (2022: £ 69,000 ) at the balance sheet date, included in creditors.
9. Controlling party
The company's immediate controlling party is Precision Grinding Technologies Limited, a company incorporated in the UK. The registered office is 4 & 5 The Cedars, Apex 12, Old Ipswich Road, Colchester, Essex, CO7 7QR and the principal place of business is Martells Industrial Estate, Slough Lane, Ardleigh, Essex, CO7 7RU.Scarfe Holdings Limited controls Precision Grinding Technologies Limited so is regarded as the ultimate holding company.