Company registration number 02397735 (England and Wales)
TANDLER PRECISION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TANDLER PRECISION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
TANDLER PRECISION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
115,821
121,271
Current assets
Stocks
96,209
83,084
Debtors
5
316,663
136,536
Cash at bank and in hand
278,857
253,331
691,729
472,951
Creditors: amounts falling due within one year
6
(396,649)
(252,567)
Net current assets
295,080
220,384
Net assets
410,901
341,655
Capital and reserves
Called up share capital
100,000
100,000
Revaluation reserve
8
36,443
36,443
Profit and loss reserves
274,458
205,212
Total equity
410,901
341,655

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 13 August 2024 and are signed on its behalf by:
Mr R Jarvis
Director
Company Registration No. 02397735
TANDLER PRECISION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100,000
36,443
159,087
295,530
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
86,125
86,125
Dividends
-
-
(40,000)
(40,000)
Balance at 31 December 2022
100,000
36,443
205,212
341,655
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
109,246
109,246
Dividends
-
-
(40,000)
(40,000)
Balance at 31 December 2023
100,000
36,443
274,458
410,901
TANDLER PRECISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Tandler Precision Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29 Ross Road, Business Centre, Northampton, England, NN5 5AX.

 

The Company's principal activity is the supply of specialised gearboxes imported from Germany.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred. if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or less during the period in which they are incurred.

 

 

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:

Freehold land and buildings
2% Per annum
Plant and equipment
20-33% per annum

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.

TANDLER PRECISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

 

Revalution reserve

 

The freehold property is carried at deemed cost, having taken the exemption on transition to FRS 102 to use a previous GAAP revaluation as deemed cost.

1.4
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.

1.5
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.

1.6
Financial instruments

 

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

 

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

1.7
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.

TANDLER PRECISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.8
Retirement benefits

The Company operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contribution into a separate entity. Once the contributions have bee paid the Company has no further payment obligations.

 

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.9

Debtors

 

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction cost, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.10

Creditors

 

Short term creditors are measured at the transactions price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.11
Dividends
Equity dividend are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at annual general meeting.
TANDLER PRECISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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.

 

There are no critical judgements made by management that have a significant impact on the amounts recognised in the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
4
4
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
125,000
63,195
188,195
Depreciation and impairment
At 1 January 2023
22,500
44,424
66,924
Depreciation charged in the year
2,500
2,950
5,450
At 31 December 2023
25,000
47,374
72,374
Carrying amount
At 31 December 2023
100,000
15,821
115,821
At 31 December 2022
102,500
18,771
121,271
TANDLER PRECISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
310,287
130,753
Other debtors
6,376
5,783
316,663
136,536
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
79,875
51,908
Amounts owed to group undertakings
167,537
96,140
Corporation tax
33,212
21,464
Other taxation and social security
71,059
47,008
Other creditors
36,160
27,279
Accruals and deferred income
8,806
8,768
396,649
252,567
7
Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the balance sheet date, unpaid contributions of £806 (2022 – £768) were due to the fund. They are included in accruals.

8
Revaluation reserve

 

The revaluation reserve contains unrealised gains on revalued freehold property.

 

Profit and loss account

 

The profit and loss account reserve includes all current and prior period retained profit and losses.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Darren Croucher BSc (Hons) FCCA FCA
Statutory Auditor:
Crouchers Limited
TANDLER PRECISION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Related party transactions

During the year Tandler Precision Limited purchased £467,379 (2022 : £372,651) of goods from its parent undertaking Tandler Zahnrad-U, Getriebefabrik GmbH & Co Kg. At the balance sheet date the amount due to Tandler Zahnrad-U, Getriebefabrik GmbH & Co Kg in respect of trading balances was £167,537 (2022 : £96,140).

 

During the year dividends of £20,000 ( 2022 : £20,000) were paid to Tandler Zahnrad-U, Getriebefabrik GmbH & Co Kg.

 

During the year dividends of £20,000 (2022 : £20,000) were paid to Mr.R Jarvis, a director and shareholder.

 

11
Parent company

The Company's parent undertaking and controlling party at the balance sheet date was Tandler Zahnrad-U. Getriebefabrik GmbH & Co Kg, a Company registered in German. 75% of the Company's ordinary share capital is owned by the parent Company.

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