Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
COMPANY INFORMATION
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
CONTENTS
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their Strategic Report for the year ended 30 September 2023.
Tetra Tech International Development Projects Limited (“the Company”) is incorporated and domiciled in England and operates as an intermediate holding company. Its immediate parent undertaking is Tetra Tech International Development BV.
During the current and preceding financial year, the company did not trade. The activity reported in the year is principally bank charges and foreign exchange. The company disposed of its investments in Croatia and Turkey during the prior financial year. The results for the Company show an operating loss of £19,000 (2022: £865,000) and a pre-tax loss of £19,000 (2022: £865,000) for the year and revenue of £nil (2022: £nil). The Directors are satisfied with the position reported in the balance sheet. The directors are of the opinion that the company has adequate resources and continued support for the group to continue operational existence for the foreseeable future. The financial statements have, therefore, been prepared on a going concern basis.
The financial risk management objectives and policies of the Company are detailed in note 8 of the financial statements.
The directors ensure investments in subsidiaries are carried at the appropriate values ensuring impairment provisions are applied whenever events or changes in circumstance indicate that the carrying value may not be recoverable.
Details of the company’s investments are provided in note 5. The directors monitor the financial performance of the company’s investments on a regular basis. As a holding company there are no further key performance indicators.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Following the acquisition of WYG by Tetra Tech, the company portfolio has been reviewed and reshaped in line with the combined group priorities.
Financial risk management objectives and policies The directors consider that there is limited exposure to financial risk as the majority of the Company’s financial exposure is to other companies in the Tetra Tech Inc. group. The company’s financial risk management objectives and policies are aligned to those of the Tetra Tech Inc. group of companies which are disclosed in the consolidated financial statements of the company’s ultimate holding company, Tetra Tech Inc. Corporate Social Responsibility As a responsible corporate citizen, the Group is committed to the highest standards of ethics, integrity and compliance in all respects of our business. The Group's corporate social responsibility practices are aligned to those of Tetra Tech, Inc. and the most recent Sustainability Report Card is publicly available at www.tetratech.com. Section 172 (1) Statement Section 172 of the Companies Act 2006 requires each Director of the Company to act in the way he or she considers would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing this, Section 172 requires a Director to have regard to: the likely consequences of any decision in the long term; the interests of the Company's employees; the need to foster the Company's business relationships with customers, suppliers, and others; the impact of the Company's operations on the community and environment; the desirability of the Company maintaining a reputation for high standards of business conduct; and the need to act fairly with members of the Company. The Directors give careful consideration to the factors set out above in discharging their duties under Section 172. The stakeholders considered in this regard are the companies in the UK group and the people who work for them, their branches and subsidiaries, along with their clients. The Directors recognise that building strong relationships with our stakeholders will help the Company deliver its strategy in line with its long-term values and operate the business in a sustainable way. The Directors of the Company seek to understand the interests and views of the Company's stakeholders by engaging with them directly as appropriate. Shareholders The Company is a wholly owned subsidiary of Tetra Tech International Development BV and the ultimate parent company is Tetra Tech Inc. The Company's Directors have day-to-day interaction with both the senior management of Tetra Tech International Development and regular dialogue with the senior executive management of Tetra Tech, Inc. Given this direct dialogue, the Directors have a comprehensive understanding of the needs and targets of its immediate shareholders.
This report was approved by the board and signed on its behalf.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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 directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The loss for the year, after taxation, amounted to £19k (2022 - loss £865k).
Details of future developments can be found in the Strategic Report on page 2 and form part of this report by cross-reference.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group and the Company.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Shareholders: We create value for shareholders with the objective of generating strong and sustainable results. Tetra Tech Inc. and its directors along with the UK directors are responsible for the management of the business. All parties are committed to the long-term development of the group following the same core principles that have been committed to since the first days of the business.
There have been no significant events affecting the Company since the year end.
The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
We have audited the financial statements of Tetra Tech International Development Projects Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
Auditors' responsibilities for the audit of the financial statements
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims;
∙Enquiry of management and those charged with governance to identify any material instances of noncompliance with laws and regulations;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
REGISTERED NUMBER: 03195423
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 16 form part of these financial statements.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Page 10
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Tetra Tech International Projects Limited is a private company limited by shares and is incorporated in the United Kingdom and registered in England & Wales. The address of the registered office is 1 Northfield Road, Reading, RG1 8AH.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements are presented in Sterling (£) and rounded to the nearest whole (£'000).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102:
• the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv); • the requirements of Section 7 Statement of Cash Flows; • the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); • the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); • the requirements of Section 12 Other Financial Instruments paragraph 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; • the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Tetra Tech, Inc. as at 30 September 2023 and these financial statements may be obtained from their website at www.tetratech.com.
The directors have reviewed the activities of the company in conjunction with its balance sheet as at the year end and taken into account the following in their going concern assessment:
∙The company has no liabilities or forecast to have any liabilities in at least the next 12 months from the date of approving the financial statements except for amounts owed to group undertakings.
∙The company is expected to continue as an intermediate holding company during this period.
The financial statements are being prepared on a going concern basis which the directors considered to be appropriate.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company is exposed to several maket risks in the normal course of business including foreign curreny risks, credit risks and liquidity risks.
Foreign currency risk The Company is exposed to foreign currency risk on transactions that are denominated in currencies other than sterling, however, the level of these transactions is not predictable and as a result the Company does not hedge everday foreign currency transactions. Credit risk Credit risk arises from deposits with banks and credit exposure to customers, including outstanding receivables relating to the sale of investments. Fair values The fair values of the financial assets and liabilities of the Company are considered to be materially equivalent to their book value. Liquidity risk Cash flow forecasting is performed by the Company and all of the operating entities in the Group. These are aggregated by Group finance. Established procedures are in place to ensure the operational and working capital requirements of the Company and Group can be met at all times. These include:
∙Regular review, monitoring and forecasting of working capital requirements across Group companies
∙Use of short term, local bank facilities
Profit and loss account
Having reviewed the value of the intercompany balances during the September 2023 audit it was deemed appropriate by management that a £924k reduction was required.
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TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The immediate parent undertaking is
The Company’s ultimate parent undertaking and controlling party is
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