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REGISTERED NUMBER: 01014225 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

T.E.K SEATING LIMITED

T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


T.E.K SEATING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: P Fleming





REGISTERED OFFICE: 14 Decimus Park
Kingstanding Way
TUNBRIDGE WELLS
Kent
TN2 3GP





REGISTERED NUMBER: 01014225 (England and Wales)





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

T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 272,307 335,708
Investments 5 - 59,869
272,307 395,577

CURRENT ASSETS
Inventories 604,663 600,627
Debtors 6 1,279,290 1,025,892
Cash at bank 125,366 272,317
2,009,319 1,898,836
CREDITORS
Amounts falling due within one year 7 (591,745 ) (578,488 )
NET CURRENT ASSETS 1,417,574 1,320,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,689,881

1,715,925

PROVISIONS FOR LIABILITIES (46,062 ) (55,926 )
NET ASSETS 1,643,819 1,659,999

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 1,543,819 1,559,999
SHAREHOLDERS' FUNDS 1,643,819 1,659,999

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 director acknowledges his 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.

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 director and authorised for issue on 20 March 2024 and were signed by:





P Fleming - Director


T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225)

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

1. STATUTORY INFORMATION

T.E.K 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.

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

Revenue 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.

Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Long leasehold - Straight line over 10 years
Plant and machinery - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on cost

Assets held under hire purchase contracts and finance leases are depreciated in the same way as owned assets.

At each statement of financial position date, the company reviews the carrying amount of its property, plant and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Inventories
Inventories 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225)

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

2. ACCOUNTING POLICIES - continued

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 statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised as property, plant and equipment or motor vehicles. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimate useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of profit or loss and other comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.

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 41 (2022 - 41 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 164,387 393,805 178,993 45,564 782,749
Additions - 52,225 - 4,660 56,885
At 31 December 2023 164,387 446,030 178,993 50,224 839,634
DEPRECIATION
At 1 January 2023 106,340 208,850 87,048 44,803 447,041
Charge for year 16,439 78,830 22,986 2,031 120,286
At 31 December 2023 122,779 287,680 110,034 46,834 567,327
NET BOOK VALUE
At 31 December 2023 41,608 158,350 68,959 3,390 272,307
At 31 December 2022 58,047 184,955 91,945 761 335,708

T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225)

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

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 9,724 20,895 24,649 55,268
Transfer to ownership - (20,895 ) (24,649 ) (45,544 )
At 31 December 2023 9,724 - - 9,724
DEPRECIATION
At 1 January 2023 9,724 9,142 24,649 43,515
Charge for year - 2,938 - 2,938
Transfer to ownership - (12,080 ) (24,649 ) (36,729 )
At 31 December 2023 9,724 - - 9,724
NET BOOK VALUE
At 31 December 2023 - - - -
At 31 December 2022 - 11,753 - 11,753

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 59,869
Disposals (59,869 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 59,869

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 855,602 706,642
Other debtors 402,319 199,843
Amounts due under an invoice finance
agreement

411

86,899
Prepayments 20,958 32,508
1,279,290 1,025,892

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 42,468
Hire purchase contracts (see note 8) - 3,639
Trade creditors 503,256 474,389
Tax 14,439 33,134
Social security and other taxes 66,728 16,963
Other creditors 2,697 3,303
Directors' current accounts 775 17
Accrued expenses 3,850 4,575
591,745 578,488

T.E.K SEATING LIMITED (REGISTERED NUMBER: 01014225)

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

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 3,639

Non-cancellable operating leases
2023 2022
£    £   
Within one year 69,000 69,000
Between one and five years 46,000 115,000
115,000 184,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 3,639