Company registration number 05735077 (England and Wales)
TOMRA SORTING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TOMRA SORTING LIMITED
COMPANY INFORMATION
Directors
Mr T Eng
Mr F Hoeller
(Appointed 17 June 2024)
Company number
05735077
Registered office
Tomra House
Centurion Way
Meridian Business Park
Leicester
England
LE19 1WH
Auditor
Azets
6th Floor, Bank House
8 Cherry Street
Birmingham
United Kingdom
B2 5AL
TOMRA SORTING LIMITED
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
TOMRA SORTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of TOMRA Sorting Limited ('the company') continued to be that of retailing of sortation machinery including the installation and service of machines and sales of spare parts.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T Eng
Mr B Gist
(Resigned 1 June 2024)
Mr F Hoeller
(Appointed 17 June 2024)
Auditor

The auditor, Azets Audit Services Limited, have indicated their willingness to continue in office and will be proposed for reappointment in accordance with section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed profit and loss forecasts and cash flow forecasts, considering all reasonably foreseeable potential scenarios and uncertainties in relation to revenue and expenditure for a period of at least 12 months from the date these financial statements have been signed. The ultimate parent company Tomra Systems ASA has confirmed it will provide financial support to the business to the extent required to allow the company to meet its liabilities for a period of at least 12 months from the date these financial statements were signed.

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors, which are made during the year and remain in force at the date of this report.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

TOMRA SORTING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
On behalf of the board
Mr T Eng
Director
30 July 2024
TOMRA SORTING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TOMRA SORTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TOMRA SORTING LIMITED
- 4 -
Opinion

We have audited the financial statements of TOMRA Sorting Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

TOMRA SORTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOMRA SORTING LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TOMRA SORTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOMRA SORTING LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

2 August 2024
Tom Mullard ACA
Senior Statutory Auditor
6th Floor, Bank House
For and on behalf of Azets Audit Services
8 Cherry Street
Birmingham
Chartered Accountants
United Kingdom
Statutory Auditor
B2 5AL
TOMRA SORTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
9,583,927
13,098,852
Cost of sales
(5,489,566)
(8,895,209)
Gross profit
4,094,361
4,203,643
Administrative expenses
(3,556,506)
(3,652,055)
Operating profit
537,855
551,588
Interest receivable and similar income
48,871
259
Interest payable and similar expenses
-
0
(490)
Profit before taxation
586,726
551,357
Tax on profit
5
(43,681)
(129,074)
Profit for the financial year
543,045
422,283

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 19 form part of these financial statements.

TOMRA SORTING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
10,728
52,414
Current assets
Stocks
7
522,475
499,725
Debtors
8
3,585,572
5,562,403
Cash at bank and in hand
2,393,934
376,149
6,501,981
6,438,277
Creditors: amounts falling due within one year
9
(3,292,589)
(3,813,616)
Net current assets
3,209,392
2,624,661
Net assets
3,220,120
2,677,075
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
12
3,220,020
2,676,975
Total equity
3,220,120
2,677,075

The notes on pages 10 to 19 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr T Eng
Director
Company Registration No. 05735077
TOMRA SORTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
2,254,692
2,254,792
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
422,283
422,283
Balance at 31 December 2022
100
2,676,975
2,677,075
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
543,045
543,045
Balance at 31 December 2023
100
3,220,020
3,220,120

The notes on pages 10 to 19 form part of these financial statements.

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

TOMRA Sorting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tomra House, Centurion Way, Meridian Business Park, Leicester, England, LE19 1WH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The Company's immediate parent undertaking is Tomra Sorting AS, a company incorporated in Norway. Tomra Sorting AS is a direct subsidiary of Tomra Systems ASA, a company incorporated in Norway. Tomra Systems ASA is the Company's ultimate parent entity and ultimate controlling party. These consolidated financial statements are available from its registered office of Tomra Systems ASA is Drengsrudhagen 2, Asker, Norway.

1.2
Going concern

In assessing the appropriateness of the going concern assumption, the Directors have reviewed detailed profit and loss forecasts and cash flow forecasts, considering all reasonably foreseeable potential scenarios and uncertainties in relation to revenue and expenditure for a period of at least 12 months from the date these financial statements have been signed. The ultimate parent company Tomra Systems ASA has confirmed it will provide financial support to the business to the extent required to allow the company to meet its liabilities for a period of at least 12 months from the date these financial statements were signed.true

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised based on the consideration specified in the contract with the customer. Turnover is recognised when the Company transfers control of a product or service to the customer.

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -

Sale and installation of sorters

Turnover from the sale of goods is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and volume rebates. Turnover is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involved with the goods, and the amount of turnover can be measured reliably.

 

Transfers of risks and rewards vary depending on the individual times of the contract of sale. Transfer usually occurs when the product is received at the customers warehouse; however, for some international shipments transfer occurs upon loading the goods into the relevant container.

Ad-hoc services

For ad-hoc service, turnover is recognised at a point in time when the service is performed,

Service contracts

For service contracts, turnover is recognised over the contract period, since it is considered to be satisfied over time where the customer simultaneously receives and consumes the benefit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20%
Plant and machinery
15-20%
Fixtures, fittings & equipment
10-33%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
36
35
4
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
93,528
88,739
Company pension contributions to defined contribution schemes
8,243
8,060
101,771
96,799

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
53,815
156,918
Adjustments in respect of prior periods
2,735
-
0
Total current tax
56,550
156,918
TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Taxation
2023
2022
£
£
(Continued)
- 15 -
Deferred tax
Origination and reversal of timing differences
(12,869)
(27,844)
Total tax charge
43,681
129,074
6
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2023
159,478
71,629
112,137
343,244
Additions
-
0
-
0
5,926
5,926
Disposals
-
0
(70,162)
-
0
(70,162)
At 31 December 2023
159,478
1,467
118,063
279,008
Depreciation and impairment
At 1 January 2023
122,894
71,629
96,307
290,830
Depreciation charged in the year
36,404
-
0
11,208
47,612
Eliminated in respect of disposals
-
0
(70,162)
-
0
(70,162)
At 31 December 2023
159,298
1,467
107,515
268,280
Carrying amount
At 31 December 2023
180
-
0
10,548
10,728
At 31 December 2022
36,584
-
0
15,830
52,414
7
Stocks
2023
2022
£
£
Stocks
522,475
499,725

The replacement cost of stocks did not differ significantly from the amounts shown. The impairment loss recognised in profit or loss for the year in respect of provisions for obsolescence was £Nil (2022: £Nil).

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
8
Debtors
2023
2022
as restated
Amounts falling due within one year:
£
£
Trade debtors
2,061,324
2,234,129
Corporation tax recoverable
32,190
-
0
Amounts owed by group undertakings
43,746
656,441
Accrued income
949,981
1,390,784
VAT recoverable
337,354
1,125,399
Prepayments
144,901
150,158
3,569,496
5,556,911
Deferred tax asset
16,076
5,492
3,585,572
5,562,403

Trade debtors are stated net of a provision for impairment of £214,707 (2022: £208,647).

 

Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.

9
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Trade creditors
12,746
11,301
Amounts owed to group undertakings
2,256,883
2,643,112
Corporation tax
-
0
229,430
Other taxation and social security
116,443
63,298
Deferred income
571,126
494,876
Accruals
335,391
371,599
3,292,589
3,813,616

Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.

TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
2,014
(8,570)
Short term timing differences
14,062
14,062
16,076
5,492
2023
Movements in the year:
£
Asset at 1 January 2023
(5,492)
Credit to profit or loss
(10,584)
Asset at 31 December 2023
(16,076)
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100

Each share has full rights in the Company with respect to voting, dividends and distributions.

12
Profit and loss reserves

The profit and loss account is the cumulative comprehensive income less items recognised in other equity reserves.

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
258,589
207,968
Between two and five years
627,171
352,170
In over five years
208,500
-
0
1,094,260
560,138
TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
14
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Overstatement of Cash in Hand
-
(95,336)
Understatement of Accruals
-
95,336
Overstatement of Trade Debtors
-
(1,010,732)
Understatement of Accrued income
-
649,385
Understatement of VAT
-
168,455
Overstatement of Deferred income
-
192,892
Total adjustments
-
-
Equity as previously reported
-
2,677,075
Equity as adjusted
-
2,677,075
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Overstatement of Cash in Hand
-
(95,336)
Understatement of Accruals
-
95,336
Overstatement of Trade Debtors
-
(1,010,732)
Understatement of Accrued income
-
649,385
Understatement of VAT
-
168,455
Overstatement of Deferred income
-
192,892
Total adjustments
-
Profit as previously reported
422,283
Profit as adjusted
422,283
The directors have reclassified account balances relating to the employee expense payment cycle, so that the year end position shows the net liability due to employees for business expenses. The directors have also reclassified account balances relating to ongoing sorting equipment installation, so that the year end positions of debtors, accrued and deferred income show an appropriate position for each ongoing installation.
TOMRA SORTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
15
Parent company

The Company's immediate parent undertaking is Tomra Sorting AS, a company incorporated in Norway.

Tomra Sorting AS is a direct subsidiary of Tomra Systems ASA, a company incorporated in Norway. Tomra Systems ASA is the Company's ultimate parent entity and ultimate controlling party. The registered office of Tomra Systems ASA is Drengsrudhagen 2, Asker, Norway.

 

The smallest and largest group for which financial statements are drawn up which incorporates the results of the Company is that headed by Tomra Systems ASA. The consolidated financial statements are available via www.tomra.com/investor-relations.

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