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REGISTERED NUMBER: 13279588 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

T.E.K. MILITARY SEATING LIMITED

T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T.E.K. MILITARY SEATING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P Fleming
Mrs L F Fleming





REGISTERED OFFICE: 14 Decimus Park
Kingstanding Way
Tunbridge Wells
Kent
TN2 3GP





REGISTERED NUMBER: 13279588 (England and Wales)





ACCOUNTANTS: Wells Associates
Ground Floor Oakhurst House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS

T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,769,600 2,023,507
Tangible assets 5 4,530 6,888
1,774,130 2,030,395

CURRENT ASSETS
Stocks 299,400 293,530
Debtors 6 499,732 115,821
Cash at bank 26,901 141,312
826,033 550,663
CREDITORS
Amounts falling due within one year 7 (2,096,316 ) (2,073,579 )
NET CURRENT LIABILITIES (1,270,283 ) (1,522,916 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

503,847

507,479

CREDITORS
Amounts falling due after more than one
year

8

(20,834

)

(83,344

)

PROVISIONS FOR LIABILITIES (861 ) (1,309 )
NET ASSETS 482,152 422,826

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 482,052 422,726
482,152 422,826

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)

BALANCE SHEET - continued
31 DECEMBER 2023


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

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 20 March 2024 and were signed on its behalf by:





P Fleming - Director


T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

T.E.K. Military Seating Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point that the customer has received the goods and the legal title has passed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Goodwill represents the valuation on the acquisition of T.E.K Military Seating LLP

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Intangible assets are being amortised evenly over their estimated useful life of ten years.

Intangible assets represent the valuation of the registered trademarks and designs acquired from T.E.K Military Seating LLP.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 33.33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
The financial statements of the company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the financial statements, the results and financial position are presented in sterling.

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities in foreign currencies that are measured at historic cost are not retranslated. Exchange differences are taken into account in arriving at the operating result.

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 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 946,339 1,584,466 2,530,805
AMORTISATION
At 1 January 2023 189,268 318,030 507,298
Charge for year 94,634 159,273 253,907
At 31 December 2023 283,902 477,303 761,205
NET BOOK VALUE
At 31 December 2023 662,437 1,107,163 1,769,600
At 31 December 2022 757,071 1,266,436 2,023,507

T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 10,737 2,543 13,280
DEPRECIATION
At 1 January 2023 4,697 1,695 6,392
Charge for year 1,510 848 2,358
At 31 December 2023 6,207 2,543 8,750
NET BOOK VALUE
At 31 December 2023 4,530 - 4,530
At 31 December 2022 6,040 848 6,888

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 459,997 109,054
Other debtors 39,735 6,767
499,732 115,821

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 62,503 88,558
Trade creditors 502,210 277,966
Taxation and social security 72,528 95,256
Other creditors 1,459,075 1,611,799
2,096,316 2,073,579

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 20,834 83,344

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 26,062
Bank loans 62,503 62,496
62,503 88,558

Amounts falling due between one and two years:
Bank loans - 1-2 years 20,834 62,496

Amounts falling due between two and five years:
Bank loans - 2-5 years - 20,848

T.E.K. MILITARY SEATING LIMITED (REGISTERED NUMBER: 13279588)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. LOANS - continued

Bank loan represents the Coronovirus Business Interruption Loan as provided by NatWest and guaranteed by the UK Government for 80% of the loan amount.