IRIS Accounts Production v24.1.0.578 04903889 Board of Directors 1.1.23 31.12.23 31.12.23 16/4/2024 false true false false true true true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh049038892022-12-31049038892023-12-31049038892023-01-012023-12-31049038892021-12-31049038892022-01-012022-12-31049038892022-12-3104903889ns15:EnglandWales2023-01-012023-12-3104903889ns14:PoundSterling2023-01-012023-12-3104903889ns10:Director12023-01-012023-12-3104903889ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104903889ns10:SmallEntities2023-01-012023-12-3104903889ns10:Audited2023-01-012023-12-3104903889ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104903889ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104903889ns10:FullAccounts2023-01-012023-12-3104903889ns10:OrdinaryShareClass12023-01-012023-12-3104903889ns10:Director22023-01-012023-12-3104903889ns10:Director32023-01-012023-12-3104903889ns10:CompanySecretary12023-01-012023-12-3104903889ns10:RegisteredOffice2023-01-012023-12-3104903889ns5:CurrentFinancialInstruments2023-12-3104903889ns5:CurrentFinancialInstruments2022-12-3104903889ns5:ShareCapital2023-12-3104903889ns5:ShareCapital2022-12-3104903889ns5:RetainedEarningsAccumulatedLosses2023-12-3104903889ns5:RetainedEarningsAccumulatedLosses2022-12-3104903889ns5:PlantMachinery2022-12-3104903889ns5:PlantMachinery2023-01-012023-12-3104903889ns5:PlantMachinery2023-12-3104903889ns5:PlantMachinery2022-12-3104903889ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104903889ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104903889ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 04903889 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Zedtec Limited

Zedtec Limited (Registered number: 04903889)

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


Zedtec Limited

Company Information
for the year ended 31 December 2023







Directors: M P Davies
I Westwood
D C Eyles



Secretary: D C Eyles



Registered office: 60 Savile Street East
Sheffield
S4 7UQ



Registered number: 04903889 (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

Zedtec Limited (Registered number: 04903889)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 3,844

CURRENT ASSETS
Debtors 5 2,436,978 2,415,798
Cash at bank and in hand 1,234,495 195,884
3,671,473 2,611,682
CREDITORS
Amounts falling due within one year 6 (2,556,529 ) (1,534,998 )
NET CURRENT ASSETS 1,114,944 1,076,684
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,114,944

1,080,528

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,114,844 1,080,428
SHAREHOLDERS' FUNDS 1,114,944 1,080,528

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


Zedtec Limited (Registered number: 04903889)

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


1. STATUTORY INFORMATION

Zedtec 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 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.

Motor Vehicles- 25% on cost in first year, 15% in following years
Equipment - computer- 25% on cost
Equipment - other- 20% on cost

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

Depreciation is based on original cost to the group.

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.

Zedtec Limited (Registered number: 04903889)

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


2. ACCOUNTING POLICIES - continued

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 personal 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

Zedtec Limited (Registered number: 04903889)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 January 2023 26,846
Disposals (25,630 )
At 31 December 2023 1,216
Depreciation
At 1 January 2023 23,002
Eliminated on disposal (21,786 )
At 31 December 2023 1,216
Net book value
At 31 December 2023 -
At 31 December 2022 3,844

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 317,757 1,156,237
Amounts owed by group undertakings 946,623 901,914
Amounts recoverable on contract 709,673 272,121
Other debtors 462,925 85,526
2,436,978 2,415,798

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 652,595 900,624
Trade creditors 1,673,224 440,290
Amounts owed to group undertakings 85,546 180,234
Taxation and social security 145,164 6,341
Other creditors - 7,509
2,556,529 1,534,998

Zedtec Limited (Registered number: 04903889)

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


7. 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.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. 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

10. 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, Tecoglas Limited, Teco Europe Limited and KTG Engineering Limited.

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

11. 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.

12. PARENT UNDERTAKING

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

Zedtec Limited (Registered number: 04903889)

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


13. ULTIMATE PARENT COMPANY

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