REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Teco Europe Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Teco Europe Ltd |
Teco Europe Ltd (Registered number: 00541543) |
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 |
Teco Europe Ltd |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Unit 2 Foley Works |
Foley Industrial Estate |
Hereford |
Herefordshire |
HR1 2SF |
Teco Europe Ltd (Registered number: 00541543) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Teco Europe Ltd (Registered number: 00541543) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Teco Europe Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company was dormant throughout the current year and previous year. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
Teco Europe Ltd (Registered number: 00541543) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | SECURED DEBTS |
The company has entered into a Composite Accounting Agreement dated 11/01/2012 (The "Agreement"). Each participating company has provided a guarantee to the Bank. Under the terms of the Agreement and the guarantees, the Bank is authorised to allow set-off for interest purposes and in certain circumstances to seize credit balances and apply them in reduction of liabilities including debit balances within the Composite Accounting System. |
Cross guarantee and debenture between BDW Holding Company Limited, KTG Engineering Limited, Teco Europe Limited, Tecoglas Limited and Zedtec Limited dated 28/06/2005. |
Unlimited guarantee given by BDW Holding Company Limited, KTG Engineering Limited, Teco Europe, Tecoglas Limited and Zedtec Limited dated 11/01/2012. |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 14,500 | 14,500 |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | CONTINGENT LIABILITIES |
Contingent liabilities exist for which no provision has been made in the accounts in respect of borrowings of BDW Holding Company Limited, Tecoglas Limited, KTG Engineering Limited and Zedtec Limited. |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
9. | PARENT UNDERTAKING |
Teco Europe Limited is a 100% subsidiary of BDW Holding Company Limited, a company incorporated in the United Kingdom. |
10. | ULTIMATE PARENT COMPANY |
Intertec Corporation (incorporated in United States of America) is the company's ultimate parent company. |