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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
2 Jordan Street |
Knott Mill |
Manchester |
M15 4PY |
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 |
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 |
CURRENT ASSETS |
Debtors | 16 |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's profit for the financial year | 125,446 | 67,779 |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 |
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 |
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 |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: C/O Christian Douglass Accountants Limited 2 Jordan Street, Knott Mill, Manchester, England, M15 4PY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Jordan Street, Knott Mill, Manchester, M15 4PY |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 6, Irlam Wharf Road, Irlam, Manchester, M44 5PN. |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
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 |
Prepayments and accrued income | 359,002 | 179,168 |
4,198,249 | 5,619,972 |
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 |
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 |
Directors' loan accounts | - | 57,473 | - | - |
Accrued expenses | 869,282 | 1,733,337 |
4,411,846 | 7,004,754 |
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 |
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: | £ | £ |
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 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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. |