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Technology Solutions Limited

Unaudited Abridged Financial Statements

for the Year Ended 31 October 2023

Registration number: 03146250

 

Technology Solutions Limited

Contents

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 4

 

Technology Solutions Limited

Company Information

Directors

Mr S Parry

Mrs S M Parry

Registered office

Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

Accountants

Gortons
Chartered Accountants
Stanmore House
64-68 Blackburn Street
Radcliffe
Manchester
M26 2JS

 

Technology Solutions Limited

(Registration number: 03146250)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

138,423

 

57,767

Current assets

   

 

Stocks

164,793

 

223,911

 

Debtors

636,285

 

434,869

 

Cash at bank and in hand

 

495,782

 

591,801

 

 

1,296,860

 

1,250,581

 

Prepayments and accrued income

 

22,769

 

33,039

 

Creditors: Amounts falling due within one year

(598,249)

 

(503,558)

 

Net current assets

   

721,380

 

780,062

Total assets less current liabilities

   

859,803

 

837,829

Creditors: Amounts falling due after more than one year

 

(33,122)

 

-

Accruals and deferred income

   

(22,706)

 

(23,861)

Net assets

   

803,975

 

813,968

Capital and reserves

   

 

Called up share capital

200

 

200

 

Profit and loss account

803,775

 

813,768

 

Total equity

   

803,975

 

813,968

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial accounts have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr S Parry
Director

 

Technology Solutions Limited

Notes to the Unaudited Abridged Financial Accounts for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, and the company's registration number is 03146250. The business address is Ashgrove House, Ash Grove, Rawtenstall, Lancashire, BB4 8HE, and the registered office address is Stanmore House, 64-68 Blackburn Street, Radcliffe, Manchester, M26 2JS.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention.

Going concern

The financial accounts have been prepared on a going concern basis.

Turnover

Turnover represents the invoiced value of sales of goods and services, net of value added tax, recognised on shipment or provision respectively.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance method

Computer equipment (within plant and machinery)

33.3% reducing balance method

Motor vehicles

25% reducing balance method

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Technology Solutions Limited

Notes to the Unaudited Abridged Financial Accounts for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2022 - 31).

4

Tangible assets

Total
£

Cost or valuation

At 1 November 2022

295,407

Additions

132,430

Disposals

(48,500)

At 31 October 2023

379,337

Depreciation

At 1 November 2022

237,639

Charge for the year

44,577

Eliminated on disposal

(41,302)

At 31 October 2023

240,914

Carrying amount

At 31 October 2023

138,423

At 31 October 2022

57,767

5

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £188,410 (2022 - £120,967).

Amounts disclosed in the balance sheet

Included in the balance sheet are employer pension contributions paid after date of £1,943 (2022 - £2,999).