REGISTERED NUMBER: |
Testo Industrial Services Ltd |
Audited Financial Statements for the Year Ended 31st December 2023 |
REGISTERED NUMBER: |
Testo Industrial Services Ltd |
Audited Financial Statements for the Year Ended 31st December 2023 |
Testo Industrial Services Ltd (Registered number: 12434234) |
Contents of the Financial Statements |
for the Year Ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Testo Industrial Services Ltd |
Company Information |
for the Year Ended 31st December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
Testo Industrial Services Ltd (Registered number: 12434234) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Testo Industrial Services Ltd (Registered number: 12434234) |
Notes to the Financial Statements |
for the Year Ended 31st December 2023 |
1. | STATEMENT OF COMPLIANCE |
Testo Industrial Services Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Stanley House Monk Sherborne Road, Ramsdell, Tadley, Hampshire, RG26 5PR. The registration number is 12434234. |
The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A |
"Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic or Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on the going concern basis due to the ongoing support from the parent company Testo SE & Co. KGaA. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Where assets are acquired second hand then the items are depreciated over their remaining useful life. |
Stocks |
Finished goods have been valued at the lower of moving average price and net realisable value. Moving average price is the total cost incurred in bringing each product to its present location and condition divided by the number of units held. Net realisable value is based on the estimated normal selling price, less further costs expected to be incurred to completion and disposal. |
Testo Industrial Services Ltd (Registered number: 12434234) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. |
Cash and cash equivalents |
These comprise cash at bank and other short term liquid investments. |
Debtors |
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Operating leases |
Operating lease payments are charged to the profit and loss account over a systemic basis in which the benefit is incurred. |
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 or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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 is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Testo Industrial Services Ltd (Registered number: 12434234) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
VAT | 19,206 | 12,121 |
Other creditors |
Accruals and deferred income |
Testo Industrial Services Ltd (Registered number: 12434234) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Included in the amount owing to Group undertakings are unsecured loans from the parent company, at 1% interest accruing on the capital amount of £900,000, 1.8% accruing on another facility of £150,000, and 3.5% accruing on another facility of £550,000. The loans are repaid in quarterly instalments up to 31 December 2032. As at 31st December 2023 the outstanding balance was £1,517,500 (2022: £1,025,000), with £112,500 (2022: £57,500) due within 1 year and £1,405,000 (2022: £967,500) due after more than 1 year. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 50,000 | 50,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1st January 2023 | ( |
) |
Deficit for the year | ( |
) |
At 31st December 2023 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
Testo Industrial Services Ltd (Registered number: 12434234) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2023 |
13. | RELATED PARTY DISCLOSURES |
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 transactions with parent company and wholly owned subsidiaries within the group. |
14. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The Company's immediate parent undertaking is Testo Industrial Services GmbH. The ultimate parent undertaking at 31st December 2023 is Testo SE & Co. KGaA, a company incorporated in Germany. |
Testo Industrial Services Limited are included within the consolidated financial statements of Testo SE & Co. KGaA and these may be requested from the registered office at Testo SE & Co. KGaA, Celsiusstraße 2, 79822, Titisee-Neustadt, Germany. |