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COMPANY REGISTRATION NUMBER: 10625906
Techneat Holdings Limited
Unaudited financial statements
30 November 2023
Techneat Holdings Limited
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,072,447
3,386,466
Investments
6
1,530,400
1,530,400
-----------
-----------
4,602,847
4,916,866
Current assets
Stocks
172,500
Debtors: due within one year
7
2,418,852
1,638,258
Debtors: due after more than one year
7
1,325,000
1,877,083
Cash at bank and in hand
188,113
240,117
-----------
-----------
4,104,465
3,755,458
Creditors: Amounts falling due within one year
8
( 77,862)
( 116,651)
-----------
-----------
Net current assets
4,026,603
3,638,807
-----------
-----------
Total assets less current liabilities
8,629,450
8,555,673
Provisions
Taxation including deferred tax
( 113,337)
( 100,759)
-----------
-----------
Net assets
8,516,113
8,454,914
-----------
-----------
Capital and reserves
Called up share capital
200
200
Profit and loss account
8,515,913
8,454,714
-----------
-----------
Shareholders funds
8,516,113
8,454,914
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Techneat Holdings Limited
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
T W Neat
Director
Company registration number: 10625906
Techneat Holdings Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The trading address of the company is Unit 2 Henry Crabb Road, Littleport, Ely, Cambridgeshire, CB6 1SE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,over the useful economic life of that asset as follows: Investment property is not depreciated.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Investment property
Total
£
£
£
£
Cost
At 1 December 2022
6,909
29,000
3,353,660
3,389,569
Additions
5,902
5,902
Disposals
( 315,000)
( 315,000)
------
-------
-----------
-----------
At 30 November 2023
6,909
29,000
3,044,562
3,080,471
------
-------
-----------
-----------
Depreciation
At 1 December 2022
565
2,538
3,103
Charge for the year
952
3,969
4,921
------
-------
-----------
-----------
At 30 November 2023
1,517
6,507
8,024
------
-------
-----------
-----------
Carrying amount
At 30 November 2023
5,392
22,493
3,044,562
3,072,447
------
-------
-----------
-----------
At 30 November 2022
6,344
26,462
3,353,660
3,386,466
------
-------
-----------
-----------
The directors consider the investment property held in the accounts to be at fair value.
6. Investments
Shares in group undertakings
£
Cost
At 1 December 2022 and 30 November 2023
1,530,400
-----------
Impairment
At 1 December 2022 and 30 November 2023
-----------
Carrying amount
At 30 November 2023
1,530,400
-----------
At 30 November 2022
1,530,400
-----------
7. Debtors
Debtors falling due within one year are as follows:
2023
2022
£
£
Trade debtors
179,400
Amounts owed by group undertakings and undertakings in which the company has a participating interest
153,598
Other debtors
2,085,854
1,638,258
-----------
-----------
2,418,852
1,638,258
-----------
-----------
Debtors falling due after one year are as follows:
2023
2022
£
£
Other debtors
1,325,000
1,877,083
-----------
-----------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
1,524
Social security and other taxes
74,222
9,870
Other creditors
3,640
105,257
-------
---------
77,862
116,651
-------
---------
9. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £11,224 (2022 - £16,343). The maximum overdrawn balance during the year was £63,195. Interest of £817 was charged at the official rate.