Company registration number 02336704 (England and Wales)
TECHNIX RUBBER & PLASTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
TECHNIX RUBBER & PLASTICS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
TECHNIX RUBBER & PLASTICS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs. J Keith
Ms. R Upson
Mr. R Lynch
Company number
02336704
Registered office
Unit 16/17 Bottings Industrial Estate
Curdridge
Hillsons Road
Southampton
Hampshire
SO30 2DY
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
TECHNIX RUBBER & PLASTICS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
524,704
575,913
Investments
5
181,481
181,481
706,185
757,394
Current assets
Stocks
506,405
498,321
Debtors
7
731,190
835,652
Cash at bank and in hand
116,263
158,259
1,353,858
1,492,232
Creditors: amounts falling due within one year
8
(965,854)
(834,584)
Net current assets
388,004
657,648
Total assets less current liabilities
1,094,189
1,415,042
Creditors: amounts falling due after more than one year
9
(198,337)
(272,434)
Provisions for liabilities
(124,660)
(132,235)
Net assets
771,192
1,010,373
Capital and reserves
Called up share capital
11,391
11,391
Share premium account
121,429
121,429
Capital redemption reserve
393,680
393,680
Profit and loss reserves
244,692
483,873
Total equity
771,192
1,010,373
TECHNIX RUBBER & PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
Mrs. J Keith
Director
Company Registration No. 02336704
TECHNIX RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Technix Rubber & Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 16/17 Bottings Industrial Estate, Curdridge, Hillsons Road, Southampton, Hampshire, SO30 2DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and was amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
5 - 20% reducing balance
Office equipment
15% reducing balance
Motor vehicles
25% reducing balance

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.

TECHNIX RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash at bank and in hand

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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

TECHNIX RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
16
18
TECHNIX RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
70,400
Amortisation and impairment
At 1 July 2022 and 30 June 2023
70,400
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
4
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
1,317,120
158,658
10,350
1,486,128
Additions
2,300
11,340
-
0
13,640
At 30 June 2023
1,319,420
169,998
10,350
1,499,768
Depreciation and impairment
At 1 July 2022
778,817
121,048
10,350
910,215
Depreciation charged in the year
58,054
6,795
-
0
64,849
At 30 June 2023
836,871
127,843
10,350
975,064
Carrying amount
At 30 June 2023
482,549
42,155
-
0
524,704
At 30 June 2022
538,303
37,610
-
0
575,913
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
181,481
181,481
TECHNIX RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
6
Associates

Details of the company's associates at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Techplas Inc
United States
Ordinary
49.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
427,206
558,061
Other debtors
186,492
161,924
Prepayments and accrued income
117,492
115,667
731,190
835,652
8
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
81,136
88,812
Trade creditors
520,565
612,957
Taxation and social security
172,941
41,070
Other creditors
187,172
87,135
Accruals and deferred income
4,040
4,610
965,854
834,584

Within other creditors, a balance of £181,640 is secured.

The hire purchase liabilities are secured against the assets to which they relate.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under hire purchase agreements
198,337
272,434

The hire purchase liabilities are secured against the assets to which they relate.

TECHNIX RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
863,462
975,586
11
Related party transactions

At the year end the company was owed £180,903 (2022 - £147,268) from its associate, this amount is disclosed within other debtors.

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