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REGISTERED NUMBER: 03115251 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Tecoglas Limited

Tecoglas Limited (Registered number: 03115251)

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


Tecoglas Limited

Company Information
for the year ended 31 December 2023







Directors: M P Davies
I Westwood
R Emmett
D C Eyles



Secretary: D C Eyles



Registered office: 60 Savile Street East
Sheffield
S4 7UQ



Registered number: 03115251 (England and Wales)



Senior statutory auditor: Robin Graham Mason FCCA



Auditors: Acre Accountancy Limited
Unit 2 Foley Works
Foley Industrial Estate
Hereford
Herefordshire
HR1 2SF

Tecoglas Limited (Registered number: 03115251)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 2 2
2 2

CURRENT ASSETS
Stocks 26,260 26,260
Debtors 6 2,195,409 4,002,221
Cash at bank and in hand 2,326,006 2,042,960
4,547,675 6,071,441
CREDITORS
Amounts falling due within one year 7 (4,602,605 ) (6,796,918 )
NET CURRENT LIABILITIES (54,930 ) (725,477 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(54,928

)

(725,475

)

CAPITAL AND RESERVES
Called up share capital 9 2 2
Share premium 24,998 24,998
Retained earnings (79,928 ) (750,475 )
SHAREHOLDERS' FUNDS (54,928 ) (725,475 )

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2024 and were signed on its behalf by:





D C Eyles - Director


Tecoglas Limited (Registered number: 03115251)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Tecoglas 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.

As at the year-end the liabilities of the company exceeded its assets however the liabilities include amounts owed to group companies. The group companies have indicated their ongoing support for the company. The directors have also considered the likelihood of winning contracts that have been tendered for and consider that the level of activity is such that the company will return to profitability into the foreseeable future. As a result of the foregoing, the company considers itself to be a going concern and have prepared these accounts on that basis.

Preparation of consolidated financial statements
The financial statements contain information about Tecoglas Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, BDW Holding Company Limited, 60 Savile Street East, Sheffield, S4 7UQ.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of business. Turnover is shown, net of Value Added Tax, of goods and services provided to customers and in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contract can be ascertained with reasonable certainty.

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

Plant & Machinery- 20% on cost
Motor Vehicles- 25% on cost in first year, 15% in following years
Equipment- 20% - 25% on cost

Motor vehicles have an estimated residual value of 15% on cost.

Depreciation is based on original cost to the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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.


Tecoglas Limited (Registered number: 03115251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the depreciation policy for that class of asset. Future instalments under such leases, net of finance charges, are included within creditors.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension plan. Contributions payable to the group's pension plan are charged to the profit and loss account in the period to which they relate.

Long term contracts
Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Turnover is ascertained by calculating the appropriate stage of completion of each contract. Long term contracts are disclosed in the balance sheet as follows:
- The amount by which recorded turnover is in excess of payments on account are classified as amounts recoverable on contracts and disclosed within debtors.
- The balance of payments on account not recognised as turnover are classified as such and disclosed within creditors.

Contract costs incurred in advance of a contract becoming active are shown as overhead expenses when incurred. At the point where a contract becomes active these costs are transferred to cost of sales as a contract cost, and accounted for as above.

Tecoglas Limited (Registered number: 03115251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 January 2023
and 31 December 2023 6,854
Depreciation
At 1 January 2023
and 31 December 2023 6,854
Net book value
At 31 December 2023 -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
Cost
At 1 January 2023
and 31 December 2023 2
Net book value
At 31 December 2023 2
At 31 December 2022 2

The company owns 100% of the issued ordinary share capital of the companies listed below:-

2023 2022
£ £
Aggregate capital and reserves
Elemelt Limited (dormant) 2 2
TECO/Elemelt Limited (dormant) 2 2

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 234,629 3,318,241
Amounts owed by group undertakings 833,790 255,533
Amounts recoverable on contract 1,104,876 353,797
Other debtors 22,114 74,650
2,195,409 4,002,221

Tecoglas Limited (Registered number: 03115251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 793,646 1,025,483
Trade creditors 1,310,891 2,404,931
Amounts owed to group undertakings 1,428,762 1,795,589
Taxation and social security 296,496 36,530
Other creditors 772,810 1,534,385
4,602,605 6,796,918

8. 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 Limited, Tecoglas Limited and Zedtec Limited dated 11/01/2012.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robin Graham Mason FCCA (Senior Statutory Auditor)
for and on behalf of Acre Accountancy Limited

11. CONTINGENT LIABILITIES

The company is contingently liable for rectification costs under contracts and for penalty payments on default or late completion. Where foreseeable, such costs are provided in the accounts.

Contingent liabilities exist for which no provision has been made in the accounts in respect of borrowings and contracts of this company, BDW Holding Company Limited, Teco Europe Limited, KTG Engineering Limited and Zedtec Limited.

There are no current claims outstanding in the opinion of the directors.

Tecoglas Limited (Registered number: 03115251)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


12. 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.

During the year the company made sales and incurred purchases and other costs in the ordinary course of its trade at arms length with other group companies.

13. PARENT UNDERTAKING

Tecoglas Limited is a 100% subsidiary of BDW Holding Company Limited, a company incorporated in the United Kingdom.

14. ULTIMATE PARENT COMPANY

Intertec Corporation (incorporated in United States of America) is the company's ultimate parent company.