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Company No: 04478615 (England and Wales)

TECHNICAL DIRECT (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

TECHNICAL DIRECT (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

TECHNICAL DIRECT (UK) LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
TECHNICAL DIRECT (UK) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS P J Pakes
T Powell
SECRETARY P J Pakes
REGISTERED OFFICE York Farm Business Centre
Watling Street East
Towcester
NN12 8EU
United Kingdom
COMPANY NUMBER 04478615 (England and Wales)
ACCOUNTANT MHA
Century House
The Lakes
Northampton
NN4 7HD
TECHNICAL DIRECT (UK) LIMITED

BALANCE SHEET

As at 31 January 2024
TECHNICAL DIRECT (UK) LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,987 10,632
Tangible assets 4 10,546 12,293
15,533 22,925
Current assets
Debtors 5 162,569 201,997
Cash at bank and in hand 6 291,912 235,015
454,481 437,012
Creditors: amounts falling due within one year 7 ( 107,241) ( 100,206)
Net current assets 347,240 336,806
Total assets less current liabilities 362,773 359,731
Provision for liabilities 8 ( 688) ( 656)
Net assets 362,085 359,075
Capital and reserves
Called-up share capital 9 108 108
Share premium account 11,991 11,991
Profit and loss account 349,986 346,976
Total shareholder's funds 362,085 359,075

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Technical Direct (UK) Limited (registered number: 04478615) were approved and authorised for issue by the Board of Directors on 05 April 2024. They were signed on its behalf by:

P J Pakes
Director
TECHNICAL DIRECT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
TECHNICAL DIRECT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Technical Direct (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is York Farm Business Centre, Watling Street East, Towcester, NN12 8EU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 13

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 112,900 112,900
At 31 January 2024 112,900 112,900
Accumulated amortisation
At 01 February 2023 102,268 102,268
Charge for the financial year 5,645 5,645
At 31 January 2024 107,913 107,913
Net book value
At 31 January 2024 4,987 4,987
At 31 January 2023 10,632 10,632

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 February 2023 9,105 90,734 17,960 117,799
Additions 0 1,047 0 1,047
At 31 January 2024 9,105 91,781 17,960 118,846
Accumulated depreciation
At 01 February 2023 1,571 85,975 17,960 105,506
Charge for the financial year 456 2,338 0 2,794
At 31 January 2024 2,027 88,313 17,960 108,300
Net book value
At 31 January 2024 7,078 3,468 0 10,546
At 31 January 2023 7,534 4,759 0 12,293

5. Debtors

2024 2023
£ £
Trade debtors 162,010 201,632
Prepayments 559 365
162,569 201,997

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 291,912 235,015

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 234 234
Accruals 3,200 3,200
Corporation tax 61,222 45,410
Other taxation and social security 40,850 49,282
Other creditors 1,735 2,080
107,241 100,206

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 656) ( 320)
Charged to the Statement of Income and Retained Earnings ( 32) ( 336)
At the end of financial year ( 688) ( 656)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,690 Ordinary A shares of £ 0.01 each 107 107
100 Ordinary B shares of £ 0.01 each 1 1
108 108

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - The profit and loss reserve includes all current and prior year retained profits and losses. All amounts are distributable.

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 17,200 17,200

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

As at the balance sheet date there were outstanding employer contributions of £716 ( 2023 -£771)

11. Ultimate controlling party

Woodbourne Bolbeck Limited, a company incorporated in England and Wales, owns a majority shareholding of Technical Direct (UK) Limited.

The ultimate controlling party fir the current and previous year is T Powell, who owns 66% shareholding in Woodbourne Bolbeck Limted.