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Registered number: 03195423










TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

COMPANY INFORMATION


Directors
R A Lemmon 
B J Ward 
M J Evans 
A J Murdoch 




Company secretary
A J Murdoch



Registered number
03195423



Registered office
1 Northfield Road

Reading

England

RG1 8AH




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 16


 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
The directors present their Strategic Report for the year ended 30 September 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Page 1

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Future developments
 
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.



M J Evans
Director
Date: 5 March 2024

Page 2

 
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.

Directors

The directors who served during the year were:

R A Lemmon 
B J Ward 
M J Evans 
A J Murdoch 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £19k (2022 - loss £865k).

Political contributions

During the year the company made no political donations (2022: £Nil).

Future developments

Details of future developments can be found in the Strategic Report on page 2 and form part of this report by cross-reference.

Engagement with employees

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.

Page 3

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Engagement with suppliers, customers and others

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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

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.
 





M J Evans
Director
Date: 5 March 2024

Page 4

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
 
Page 6

 
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.


Use of our 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 2006Our 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.


Alexander Peal BSc(Hons) FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

6 March 2024
Page 7

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£000
£000

  

Administrative expenses
  
(19)
(865)

Operating loss
  
(19)
(865)

Loss for the financial year
  
(19)
(865)

There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 11 to 16 form part of these financial statements.

Page 8

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
REGISTERED NUMBER: 03195423

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£000
£000

  

Investments
 5 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 6 
1,483
1,480

Cash at bank and in hand
 7 
5
27

  
1,488
1,507

Total assets less current liabilities
  
 
 
1,488
 
 
1,507

  

Net assets
  
1,488
1,507


Capital and reserves
  

Called up share capital 
 9 
-
-

Profit and loss account
 10 
1,488
1,507

  
1,488
1,507


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Evans
Director
Date: 5 March 2024

The notes on pages 11 to 16 form part of these financial statements.

Page 9

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 October 2022 (as previously stated)
-
2,431
2,431

Prior year adjustment - correction of error
-
(924)
(924)

At 1 October 2022 (as restated)
-
1,507
1,507



Loss for the year
-
(19)
(19)


At 30 September 2023
-
1,488
1,488



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 October 2021
-
2,372
2,372



Loss for the year
-
(865)
(865)


At 30 September 2022
-
1,507
1,507


The notes on pages 11 to 16 form part of these financial statements.

Page 10

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

  
2.2

Financial reporting standard 102 – reduced disclosure exemptions

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.

 
2.3

Going concern

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.

Page 11

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 12

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

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. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors have concluded that there are no significant judgments or key sources of estimation uncertainty made in applying accounting policies.


4.


Employees




The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4

Page 13

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£000



Cost or valuation


At 1 October 2022
2,881



At 30 September 2023

2,881



Impairment


At 1 October 2022
2,881



At 30 September 2023

2,881



Net book value



At 30 September 2023
-



At 30 September 2022
-


6.


Debtors

2023
2022
£000
£000

Due within one year

Trade debtors
-
167

Amounts owed by group undertakings
1,483
1,313

1,483
1,480



7.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
5
27


Page 14

 
TETRA TECH INTERNATIONAL DEVELOPMENT PROJECTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Financial instruments

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

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £2.00
2
2



10.


Reserves

Profit and loss account

Retained earnings represents the cumulative profits generated by the Company.


11.


Prior year adjustment

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

12.


Controlling party

The immediate parent undertaking is Tetra Tech International Development B.V, a company incorporated in the Netherlands.
The Company’s ultimate parent undertaking and controlling party is Tetra Tech Inc., a Company incorporated in the USA and registered on NASDAQ. The largest group in which the results of the Company are consolidated is that headed by Tetra Tech Inc. The financial statements of Tetra Tech Inc are publically available at www.tetratech.com. 

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