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REGISTERED NUMBER: 08755480 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TECKENTRUP (HOLDINGS) LIMITED

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


TECKENTRUP (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr J A Rodger





REGISTERED OFFICE: C/O Christian Douglass Accountants Ltd
2 Jordan Street
Knott Mill
Manchester
Greater Manchester
M15 4PY





REGISTERED NUMBER: 08755480 (England and Wales)





AUDITORS: Christian Douglass Accountants Limited
Chartered Accountants
Statutory Auditor
2 Jordan Street
Knott Mill
Manchester
M15 4PY

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group supplies residential and commercial doors (Teckentrup UK) and provides installation services via subsidiary ABC.

Teckentrup UK continued to develop its business in both the Residential garage door market and Commercial Steel door market. Both divisions saw sales growth in the year and also an increase in their respective Gross margins.

Residential volumes ended the year 7% ahead of budget as the group continued to grow its market share. The investment in bringing the paint operation inhouse delivered on its aim of increasing departmental gross margins by 3%.

The Commercial division continued to grow its Data Center business, total sales increased by 11% over 2022. The ongoing pipeline of work remains strong with committed work stretching as far forward as 2026.

ABC's operation is split into two divisions, Service and Projects. The Service division performed to the plan but the Projects side performed badly. Remedial action has been taken to update and streamline the new business generation and quoting processes, the benefits of which are now coming through. A strategic decision was taken to open an additional smaller operating base in Hitchin north of London. From here ten engineers would be based focused on servicing clients in the South East. The set up cost of this new base was £250,000 with the aim of this investment being recouped by the end of 2024.

The group's cash position remained strong, although net cash fell by approx. £700,000 year on year this was entirely due to timing of payments to Teckentrup GmbH. Net assets have risen to £4,284,466 from £3,385,626 at 31 December 2022.

PRINCIPAL RISKS AND UNCERTAINTIES
The Residential door division is likely to face stronger competition going forward, as competitor supply issues are resolved and more aggressive pricing strategies adopted.

After several years of significant growth the Commercial door division is entering a period of consolidation with business levels likely to remain close to current levels for the next two to three years. Recruitment issues remain with key positions taking longer than usual to fill.

Having invested in increasing productive capacity, ABC now needs to grow its sales to improve operating efficiencies and group profitability. Significant new business opportunities are in the pipeline with one major new client contracted to start in the second half of 2024.

Plans are ongoing to try and standardize processes within the group and this includes partnering together in developing joint new business strategies where ever possible. Recruitment issues particularly in the south of England are challenging both in terms of availability of potential employees and also their skill set.

Management of cashflow has been an important focus for local management on the installation side, and this remains the case whilst transitioning back into profitability.

ON BEHALF OF THE BOARD:





Mr J A Rodger - Director


3 July 2024

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
The director has declared interim dividends amounting to £100,000 (2022: £90,910) and does not propose payment of a final dividend.

RESEARCH AND DEVELOPMENT
During the year the group was involved in a number of client projects that required a significant level of innovation and technological advancement in order to meet the clients' requirements.

The Teckentrup group has always pushed the boundaries of the industry in which it operates. Our staff have the expertise and the know-how to ensure that the group remains a leading solution provider to our clients' needs.

FUTURE DEVELOPMENTS
The group continues to build on the strengths of its commercial steel door business and is actively seeking to be involved in major national infrastructure projects such as HS2.

DIRECTOR
Mr J A Rodger held office during the whole of the period from 1 January 2023 to the date of this report.

BRANCHES
At no time during the year did the company or group operate any branches outside of the United Kingdom.

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company and group's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments and financial risk management.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Christian Douglass Accountants Limited, are deemed to be reappointed in accordance with section 487(2) of Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr J A Rodger - Director


3 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECKENTRUP (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of Teckentrup (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECKENTRUP (HOLDINGS) LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The audit, conducted in accordance with the ISAs (UK), required the exercise of professional judgment and the application of professional skepticism throughout. The audit was planned so as to identify and assess the risks of material misstatement of the financial statements, howsoever arising, and we subsequently designed and performed audit procedures responsive to those risks. We obtained an understanding of the company and group's systems of internal control, which management have established as described above, and undertook walkthrough testing to confirm their operation, solely to assist with designing audit procedures that are appropriate in the circumstances. We evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates used by management. We audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business, if any. Further, we reviewed and concluded on the appropriateness of management's use of the going concern basis of accounting.

As a general commercial business, the group does not operate in a heavily regulated environment, however we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statement from our general commercial experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the company and group's regulatory and legal correspondence and we discussed with the directors and other management, the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our audit team and remained alert for any indications of non-compliance throughout the audit.

The company and group are subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with the auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of fraud based irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECKENTRUP (HOLDINGS) LIMITED


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 a Report of the Auditors 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.




Mrs Deborah Burton F.C.A. (Senior Statutory Auditor)
for and on behalf of Christian Douglass Accountants Limited
Chartered Accountants
Statutory Auditor
2 Jordan Street
Knott Mill
Manchester
M15 4PY

5 July 2024

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 24,034,121 17,352,509

Cost of sales 16,284,828 10,997,839
GROSS PROFIT 7,749,293 6,354,670

Administrative expenses 6,309,092 4,480,611
1,440,201 1,874,059

Other operating income 4 - 2,000
OPERATING PROFIT 6 1,440,201 1,876,059


Interest payable and similar expenses 8 59,039 33,289
PROFIT BEFORE TAXATION 1,381,162 1,842,770

Tax on profit 9 382,322 401,818
PROFIT FOR THE FINANCIAL YEAR 998,840 1,440,952
Profit attributable to:
Owners of the parent 998,840 1,440,952

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 998,840 1,440,952


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

998,840
Prior year adjustment 189,613
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

1,630,565

Total comprehensive income attributable to:
Owners of the parent 998,840 1,630,565

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 1,221,760 1,374,480
Tangible assets 13 2,063,062 1,660,403
Investments 14 - -
3,284,822 3,034,883

CURRENT ASSETS
Stocks 15 800,124 822,069
Debtors 16 4,198,249 5,619,972
Cash at bank 1,195,154 1,924,473
6,193,527 8,366,514
CREDITORS
Amounts falling due within one year 17 4,411,846 7,004,754
NET CURRENT ASSETS 1,781,681 1,361,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,066,503

4,396,643

CREDITORS
Amounts falling due after more than one
year

18

(487,729

)

(716,216

)

PROVISIONS FOR LIABILITIES 21 (294,308 ) (294,801 )
NET ASSETS 4,284,466 3,385,626

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 23 4,283,466 3,384,626
SHAREHOLDERS' FUNDS 4,284,466 3,385,626

The financial statements were approved by the director and authorised for issue on 3 July 2024 and were signed by:





Mr J A Rodger - Director


TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 2,759,865 2,759,865
2,759,865 2,759,865

CURRENT ASSETS
Debtors 16 1,768 1,768

CREDITORS
Amounts falling due within one year 17 2,758,318 2,369,529
NET CURRENT LIABILITIES (2,756,550 ) (2,367,761 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,315

392,104

CREDITORS
Amounts falling due after more than one
year

18

-

414,235
NET ASSETS/(LIABILITIES) 3,315 (22,131 )

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 23 2,315 (23,131 )
SHAREHOLDERS' FUNDS 3,315 (22,131 )

Company's profit for the financial year 125,446 67,779

The financial statements were approved by the director and authorised for issue on 3 July 2024 and were signed by:





Mr J A Rodger - Director


TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 1,844,971 1,845,971
Prior year adjustment - 189,613 189,613
As restated 1,000 2,034,584 2,035,584

Changes in equity
Dividends - (90,910 ) (90,910 )
Total comprehensive income - 1,440,952 1,440,952
Balance at 31 December 2022 1,000 3,384,626 3,385,626

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 998,840 998,840
Balance at 31 December 2023 1,000 4,283,466 4,284,466

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 - 1,000

Changes in equity
Dividends - (90,910 ) (90,910 )
Total comprehensive income - 67,779 67,779
Balance at 31 December 2022 1,000 (23,131 ) (22,131 )

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 125,446 125,446
Balance at 31 December 2023 1,000 2,315 3,315

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 682,373 2,450,890
Interest paid (28,166 ) (23,849 )
Interest element of hire purchase and
finance lease rental payments paid

(30,873

)

(9,440

)
Tax paid (476,868 ) (118,225 )
Net cash from operating activities 146,466 2,299,376

Cash flows from investing activities
Purchase of tangible fixed assets (496,267 ) (108,896 )
Sale of tangible fixed assets 79,080 15,800
Subsidiary acquisition (net of cash) - (1,688,061 )
Net cash from investing activities (417,187 ) (1,781,157 )

Cash flows from financing activities
New loans in year - 673,511
Loan repayments in year (312,213 ) -
Invoice discounting facility 242,072 -
Capital repayments in year (200,193 ) (94,841 )
Amount introduced by directors 50,000 45,455
Amount withdrawn by directors (138,264 ) (32,163 )
Equity dividends paid (100,000 ) (90,910 )
Net cash from financing activities (458,598 ) 501,052

(Decrease)/increase in cash and cash equivalents (729,319 ) 1,019,271
Cash and cash equivalents at beginning
of year

2

1,924,473

905,202

Cash and cash equivalents at end of year 2 1,195,154 1,924,473

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 1,381,162 1,842,770
Depreciation charges 594,940 451,046
Profit on disposal of fixed assets (1,832 ) (7,550 )
Finance costs 59,039 33,289
2,033,309 2,319,555
Decrease/(increase) in stocks 21,945 (42,524 )
Decrease/(increase) in trade and other debtors 1,467,434 (1,794,273 )
(Decrease)/increase in trade and other creditors (2,840,315 ) 1,968,132
Cash generated from operations 682,373 2,450,890

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,195,154 1,924,473
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,924,473 905,202


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank 1,924,473 (729,319 ) 1,195,154
1,924,473 (729,319 ) 1,195,154
Debt
Hire purchase and
finance leases (420,340 ) 200,193 (425,860 ) (646,007 )
(420,340 ) 200,193 (425,860 ) (646,007 )
Total 1,504,133 (529,126 ) (425,860 ) 549,147

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

1. STATUTORY INFORMATION

Teckentrup (Holdings) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08755480 and its registered office is at 2 Jordan Street, Knott Mill, Manchester, M15 4PY.

The principal activity of the company is a non-trading holding company and of the group is commercial and residential door solutions.

The financial statements are presented in Sterling, which is also the functional currency of the company and group.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 December 2023. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from, the date control passes. Intra-group sales and profits are eliminated fully on consolidation.

Significant judgements and estimates
In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

In preparing these financial statements the directors have made judgements and estimates:

- in determining whether there are any indicators of impairment of the group's tangible fixed assets. Factors taken into account in reaching such a decision include the economic viability and expected future financial performance of the assets;

- in determining the residual values and useful economic lives of tangible fixed assets. The group depreciates tangible fixed assets over their expected useful lives. The estimation of the useful lives of assets is based upon historic performance as well as expectations about future use. Assumptions are necessary regarding possible technological changes and maintenance programmes which can affect the actual lives of the assets;

- in assessing turnover and arriving at the relevant proportions to be accounted for in any period. The key area of estimation uncertainty involves the determination of the forecast margins expected on the contracts. Factors taken into account in reaching their decision include the actual outturn of previous assignments and job by job appraisal of performance to date, together with future expectations; and

- in determining the recoverability of debtors and stocks. The group establishes a provision for debtors that are estimated to be irrecoverable and for stocks which are not expected to realise at least cost. When assessing recoverability the directors consider factors such as the ageing of items, past experience of recovery and current information regarding the asset.

Turnover
Turnover represents the amount derived from ordinary activities, and is stated after trade discounts, other sales tax and value added tax, being recognised when the group obtains the right to consideration. In respect of the sale of goods, the directors consider that income is earned on despatch of goods. In respect of contracts to supply, turnover represents a proportion of total expected contract revenue, calculated to match the same proportion of total expected costs incurred as at the balance sheet date. The resultant provisions for unbilled income or income billed in advance are included in notes 16 and 17 respectively as amounts recoverable on contracts and deferred income. In respect of services delivered, income is deemed to be earned when that service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

NOTES TO THE CONSOLIDATED 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 20% on cost and 1% per annum on cost
Improvements to property - 20% on cost
Plant and machinery - 10% on cost and 25% on reducing balance and 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on cost and 15% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the group.

At each reporting date an assessment is made as to whether there is any indication that an asset may be impaired. Indicators may be from external, market based, sources or from internal, record based, sources. If any such indication exists, the recoverable amount of the asset is estimated and impairment losses recorded so as to reduce the carrying value to the recoverable amount.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are valued at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs where applicable.

Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation and, where appropriate, the cost of conversion from their existing state to a finished condition. Provision is made where necessary for obsolete, slow-moving and defective stocks.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.

Financial assets, which are measured on a non-discounted basis at transaction price less any necessary impairment, comprise trade debtors and other debtors as detailed in note 16, plus credit bank balances.

Financial liabilities, which are similarly measured on a non-discounted basis at transaction price less any necessary impairment, comprise trade creditors, other creditors and accruals as detailed in note 17.

Income and expenditure generated in respect of these type of financial assets and liabilities, including interest receivable and payable and foreign exchange gains or losses, are recognised in the income statement as they accrue.

Financial liabilities representing financing transactions, comprise group loans and hire purchase as included in notes 17 and 18. Financial liabilities are initially recorded at the present value of expected future cash flows, discounted at a market rate of interest and at each reporting date the liabilities are remeasured at amortised cost using the effective interest method with the resultant interest charge being recognised in the income statement in the period to which it relates.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

2. ACCOUNTING POLICIES - continued
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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments in subsidiaries are stated at cost less any provision for impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 13,549,278 10,951,611
Europe 10,484,843 6,400,898
24,034,121 17,352,509

The group's turnover is derived from its ordinary activities; £19,038,810 (2022: £14,792,672) from the supply of goods and £4,995,311 (2022: £2,559,837) from the provision of services.

4. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Government grants - 2,000

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 5,027,849 3,249,991
Social security costs 498,664 347,295
Other pension costs 267,941 127,346
5,794,454 3,724,632

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales, admin and management 68 64
Manufacturing and installation 61 59
129 123

Other pensions costs represent the group's expense for payments to defined contribution pension schemes. Pensions contributions unpaid at the balance sheet date amounted to £25,715 (2022: £23,269).

31.12.23 31.12.22
£    £   
Director's remuneration 155,861 127,332
Director's pension contributions to money purchase schemes 58,000 39,996

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Directors' emoluments include benefits in kind.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 39,472 31,205
Other operating leases 249,648 144,039
Depreciation - owned assets 286,253 240,441
Depreciation - assets on hire purchase contracts and finance leases 155,967 57,885
Profit on disposal of fixed assets (1,832 ) (7,550 )
Goodwill amortisation 152,720 152,720
Auditors' remuneration 24,898 23,626
Inventories recognised as an expense 12,573,663 9,216,382
Net loss relating to trade debt instruments (68,227 ) 91,633
Gain on foreign exchange (153,035 ) (707 )
Amounts paid to the group auditor for non-audit services 13,738 55,682

7. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Loss of office (60,000 ) -

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 1,223 (494 )
Interest on corporation tax 79 843
Other interest payable 26,864 23,500
Hire purchase 30,873 9,440
59,039 33,289

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 381,406 396,500
Adjustments in respect of prior years 1,409 (5,183 )
Total current tax 382,815 391,317

Deferred tax (493 ) 10,501
Tax on profit 382,322 401,818

UK corporation tax was charged at 19 %) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 1,381,162 1,842,770
Profit multiplied by the standard rate of corporation tax in the UK of 23.500
% (2022 - 19 %)

324,573

350,126

Effects of:
Expenses not deductible for tax purposes 43,994 29,941
Depreciation in excess of capital allowances 6,149 19,558
Adjustments to tax charge in respect of previous periods 1,409 (5,183 )
Other timing differences 6,197 7,376
Total tax charge 382,322 401,818

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 100,000 90,910

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 1,527,200
AMORTISATION
At 1 January 2023 152,720
Amortisation for year 152,720
At 31 December 2023 305,440
NET BOOK VALUE
At 31 December 2023 1,221,760
At 31 December 2022 1,374,480

13. TANGIBLE FIXED ASSETS

Group
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 755,858 161,570 427,821
Additions 89,139 126,641 277,569
Disposals - - (10,400 )
At 31 December 2023 844,997 288,211 694,990
DEPRECIATION
At 1 January 2023 3,848 91,385 158,438
Charge for year 13,681 43,107 217,612
Eliminated on disposal - - (6,356 )
At 31 December 2023 17,529 134,492 369,694
NET BOOK VALUE
At 31 December 2023 827,468 153,719 325,296
At 31 December 2022 752,010 70,185 269,383

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 40,960 654,865 2,041,074
Additions 2,918 425,860 922,127
Disposals (498 ) (165,315 ) (176,213 )
At 31 December 2023 43,380 915,410 2,786,988
DEPRECIATION
At 1 January 2023 19,186 107,814 380,671
Charge for year 7,646 160,174 442,220
Eliminated on disposal (33 ) (92,576 ) (98,965 )
At 31 December 2023 26,799 175,412 723,926
NET BOOK VALUE
At 31 December 2023 16,581 739,998 2,063,062
At 31 December 2022 21,774 547,051 1,660,403

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 562,160
Additions 425,860
Transfer to ownership (136,980 )
At 31 December 2023 851,040
DEPRECIATION
At 1 January 2023 57,885
Charge for year 155,967
Transfer to ownership (72,544 )
At 31 December 2023 141,308
NET BOOK VALUE
At 31 December 2023 709,732
At 31 December 2022 504,275

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2,759,865
NET BOOK VALUE
At 31 December 2023 2,759,865
At 31 December 2022 2,759,865

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Signature Doors Limited
Registered office: C/O Christian Douglass Accountants Limited 2 Jordan Street, Knott Mill, Manchester, England, M15 4PY
Nature of business: Non-trading
%
Class of shares: holding
Ordinary 100.00

Teckentrup UK Limited
Registered office: 2 Jordan Street, Knott Mill, Manchester, M15 4PY
Nature of business: Manufacture and sale of garage doors
%
Class of shares: holding
Ordinary 100.00

ABC Industrial Doors Limited
Registered office: Unit 6, Irlam Wharf Road, Irlam, Manchester, M44 5PN.
Nature of business: Door installations
%
Class of shares: holding
Ordinary 100.00


15. STOCKS

Group
31.12.23 31.12.22
£    £   
Raw materials, parts and consumables 655,177 716,722
Finished goods 14,897 13,470
Goods for resale 130,050 91,877
800,124 822,069

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 3,030,258 4,403,611 - -
Amounts owed by group undertakings - - 768 768
Amounts recoverable on contract 290,922 365,000 - -
Other debtors 471,356 671,193 - -
Directors' loan accounts 30,791 - - -
Tax 14,920 - - -
Called up share capital not paid 1,000 1,000 1,000 1,000
Prepayments and accrued income 359,002 179,168 - -
4,198,249 5,619,972 1,768 1,768

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Hire purchase contracts and finance leases (see note 19)
158,278

118,359

-

-
Trade creditors 1,495,453 2,368,634 - -
Amounts owed to group undertakings 438,777 336,755 2,758,218 1,369,429
Tax 398,734 477,867 - -
Social security and other taxes 221,735 212,042 - -
VAT 327,689 498,100 - -
Other creditors 501,898 1,202,187 100 1,000,100
Directors' loan accounts - 57,473 - -
Accrued expenses 869,282 1,733,337 - -
4,411,846 7,004,754 2,758,318 2,369,529

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Hire purchase contracts and finance leases (see note 19)
487,729

301,981

-

-
Amounts owed to group undertakings - 414,235 - 414,235
487,729 716,216 - 414,235

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts Finance leases
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Net obligations repayable:
Within one year 128,400 118,359 29,878 -
Between one and five years 362,830 301,981 124,899 -
491,230 420,340 154,777 -

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 405,037 260,947
Between one and five years 1,082,288 755,744
In more than five years 13,188 62,484
1,500,513 1,079,175

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts and finance leases 646,007 420,340
Invoice discounting facility 426,774 184,702
1,072,781 605,042

Obligations under hire purchase contracts and finance leases are secured on the assets concerned. Bank borrowings are secured by a fixed and floating charge over the assets of the group.

21. PROVISIONS FOR LIABILITIES

Group
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 224,134 224,627
On revaluation gains 70,174 70,174
294,308 294,801

Group
Deferred
tax
£   
Balance at 1 January 2023 294,801
Credit to Income Statement during year (493 )
Balance at 31 December 2023 294,308

The directors do not expect the reversal of deferred tax to be significant in the next 12 months.

22. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the Company's residual assets.

TECKENTRUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 08755480)

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

23. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 3,384,626
Profit for the year 998,840
Dividends (100,000 )
At 31 December 2023 4,283,466

Company
Retained
earnings
£   

At 1 January 2023 (23,131 )
Profit for the year 125,446
Dividends (100,000 )
At 31 December 2023 2,315


24. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
J A Rodger
Balance outstanding at start of year - -
Amounts advanced 30,791 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,791 -

The balance will be repaid before 30 September 2024.

25. RELATED PARTY DISCLOSURES

During the year the company repaid £312,213 (2022: borrowed £637,511) from connected company Teckentrup GmbH & Co. KG ("GmbH"). Interest was charged on the loan amounting to £24,554 (2022: £23,131).

Purchases from and sales to GmbH amounted to £11,502,402 (2022: £7,411,666) and £52,704 (2022: £5,290) respectively and at the balance sheet date the trade balance owed to GmbH was £893,287 (2022:£1,988,400). All amounts are unsecured.

26. ULTIMATE CONTROLLING PARTY

The director considers there to be no ultimate controlling party.