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REGISTERED NUMBER: 02777518 (England and Wales)















TECHNOLOGY SOLUTIONS (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


TECHNOLOGY SOLUTIONS (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: B E Lidefelt





SECRETARY: Mrs K Higgins





REGISTERED OFFICE: Suite A
Loughborough Technology Centre
Epinal Way
Loughborough
Leicestershire
LE11 3GE





REGISTERED NUMBER: 02777518 (England and Wales)





AUDITORS: NSO Associates LLP
Statutory Auditors
75 Springfield Road
Chelmsford
Essex
CM2 6JB

TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 77,525 64,417
77,525 64,417

CURRENT ASSETS
Stocks 3,362,623 2,814,727
Debtors 6 733,509 545,324
Cash at bank 320,267 391,699
4,416,399 3,751,750
CREDITORS
Amounts falling due within one year 7 4,220,890 688,709
NET CURRENT ASSETS 195,509 3,063,041
TOTAL ASSETS LESS CURRENT
LIABILITIES

273,034

3,127,458

PROVISIONS FOR LIABILITIES 216 10,705
NET ASSETS 272,818 3,116,753

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 271,818 3,115,753
SHAREHOLDERS' FUNDS 272,818 3,116,753

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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 29 August 2024 and were signed by:





B E Lidefelt - Director


TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Technology Solutions (UK) 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 and the principal place of business is at Loughborough Technology Centre, Epinal Way, Loughborough, Leicestershire.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

The company's forecasts and projections, taking into account the possible effect to the business, show that the company has adequate reserves and cash to continue in business for the foreseeable future, despite the uncertain economic outlook. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

Changes in accounting policies
On 20 June 2023 the UK Finance Bill was substantively enacted in the UK, including legislation to implement the OECD Pillar Two income taxes for periods beginning on or after 31 December 2023. The Company has applied the exception in the FRED 83 Draft Amendments to FRS 102 12 issued in April 2023 and endorsed in July 2023 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar Two income taxes as equivalent disclosures are included in the ASSA ABLOY AB financial statements which the Company is consolidated into.

Turnover
Turnover represents net invoiced sale of goods, excluding value added tax.

Revenue is recognised on the sale of goods when the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably. Revenue on goods delivered is recognised when goods have been dispatched to the customer.

Intangible fixed assets
Intangible assets, which comprise of, patents and licenses, are stated at historical cost less accumulated amortisation and impairment loss, if any.

Amortisation of intangible assets with a definite useful life is calculated on a straight-line basis over the expected economic lives of the assets as follows:

- Patents and licenses - 5 years

Expected useful lives are reviewed at each balance sheet date and if they differ significantly from previous estimates, the remaining amortisation periods are adjusted accordingly.

TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 20% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at weighed average historical cost less any provision for obsolete and slow moving items or, if lower, net realisable value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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

TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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 accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 22 ) .

TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 14,979
AMORTISATION
At 1 January 2023
and 31 December 2023 14,979
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 815,410 6,816 40,326 862,552
Additions 50,421 - 4,180 54,601
At 31 December 2023 865,831 6,816 44,506 917,153
DEPRECIATION
At 1 January 2023 758,052 5,097 34,986 798,135
Charge for year 37,537 320 3,636 41,493
At 31 December 2023 795,589 5,417 38,622 839,628
NET BOOK VALUE
At 31 December 2023 70,242 1,399 5,884 77,525
At 31 December 2022 57,358 1,719 5,340 64,417

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 539,202 364,270
Amounts owed by group undertakings 20,474 74,533
Other debtors 173,833 106,521
733,509 545,324

TECHNOLOGY SOLUTIONS (UK) LIMITED (REGISTERED NUMBER: 02777518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,732,010 -
Trade creditors 71,796 291,914
Amounts owed to group undertakings 410 613
Taxation and social security 36,101 39,146
Other creditors 380,573 357,036
4,220,890 688,709

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 21,090 21,090

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

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

The Report of the Auditors was unqualified.

Elaine Anne Oddie (Senior Statutory Auditor)
for and on behalf of NSO Associates LLP

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.

12. ULTIMATE PARENT COMPANY

The company's parent is HID Corporation Ltd (a company incorporated in the United Kingdom). The company's ultimate parent company is Assa Abloy AB, a company incorporated in Sweden and quoted on the Swedish stock exchange.