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REGISTERED NUMBER: 01153016 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TETTIX TURBO LIMITED

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TETTIX TURBO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr NJ Hammond
Mr DE Friend
Mrs JE Friend
Mrs JM Hammond



SECRETARY: Mr NJ Hammond



REGISTERED OFFICE: Unit 6
Royal Way
Belton Road West Extension
Loughborough
Leicestershire
LE11 5XR



REGISTERED NUMBER: 01153016 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Westleigh Scales FCA FMAAT



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 454,328 411,173

CURRENT ASSETS
Stocks 5 1,066,427 1,037,144
Debtors 6 366,268 372,395
Cash at bank and in hand 212,000 359,168
1,644,695 1,768,707
CREDITORS
Amounts falling due within one year 7 570,100 634,668
NET CURRENT ASSETS 1,074,595 1,134,039
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,528,923

1,545,212

CREDITORS
Amounts falling due after more than one
year

8

(73,365

)

(137,759

)

PROVISIONS FOR LIABILITIES 11 (68,758 ) (87,861 )
NET ASSETS 1,386,800 1,319,592

CAPITAL AND RESERVES
Called up share capital 1,111 1,111
Share premium 147,589 147,589
Capital redemption reserve 500 500
Retained earnings 1,237,600 1,170,392
1,386,800 1,319,592

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2024 and were signed on its behalf by:





Mr NJ Hammond - Director


TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


1. STATUTORY INFORMATION

Tettix Turbo Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


The principal activity of the company during the year is that of fuel injection specialists and distributor of automotive technical parts.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Revenue is recognised at the point of delivery to the customer.

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.
Short leasehold - Straight line over the period of lease
Plant and machinery - 10% and 25% straight line
Motor vehicles - 25% on cost

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

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

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Work in progress exclude labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Current and deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Current or deferred taxation assets and liabilities are not discounted.

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
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non - monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement except when deferred in other comprehensive income qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement.

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


2. ACCOUNTING POLICIES - continued

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

Debtors
Short term debtors are measured at transaction price, less any impairment.

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

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 25 ) .

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


4. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 247,896 2,715,570 32,445 2,995,911
Additions 102,989 47,692 - 150,681
Disposals (3,500 ) - - (3,500 )
At 31 December 2023 347,385 2,763,262 32,445 3,143,092
DEPRECIATION
At 1 January 2023 166,444 2,385,849 32,445 2,584,738
Charge for year 21,023 83,003 - 104,026
At 31 December 2023 187,467 2,468,852 32,445 2,688,764
NET BOOK VALUE
At 31 December 2023 159,918 294,410 - 454,328
At 31 December 2022 81,452 329,721 - 411,173

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 44,192
DEPRECIATION
At 1 January 2023 6,006
Charge for year 4,420
At 31 December 2023 10,426
NET BOOK VALUE
At 31 December 2023 33,766
At 31 December 2022 38,186

5. STOCKS
2023 2022
£    £   
Stocks 1,066,427 1,037,144

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 336,790 320,630
Other debtors 21,925 41,846
Prepayments and accrued income 7,553 9,919
366,268 372,395

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans - less than 1 year 50,000 50,000
Hire purchase contracts (see note 9) 14,395 13,126
Trade creditors 431,218 391,147
Paye/Ni payable 14,680 13,096
VAT 15,595 20,247
Other creditors 2,993 16
Directors' current accounts 23,254 117,101
Accruals and deferred income 17,965 29,935
570,100 634,668

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 50,000 50,000
Other loans - 2-5 years 20,834 70,833
Hire purchase contracts (see note 9) 2,531 16,926
73,365 137,759

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 14,395 13,126
Between one and five years 2,531 16,926
16,926 30,052

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 12,083 72,500
Between one and five years - 12,083
12,083 84,583

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 16,926 30,052

Obligations under hire purchase contracts are secured on plant and motor vehicles to which they relate.

The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 68,758 87,861

Deferred
tax
£   
Balance at 1 January 2023 87,861
Movement during year (19,103 )
Balance at 31 December 2023 68,758

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

The Report of the Auditors was unqualified.

Mr Westleigh Scales FCA FMAAT (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

13. RELATED PARTY DISCLOSURES

The freehold property is owned by a related party, during the year property rent was paid amounting to £96,624 (2022: £96,624).

Amounts owed to the Directors on their Directors loan account at the year end amounted to £23,254 (2022: £117,101).

TETTIX TURBO LIMITED (REGISTERED NUMBER: 01153016)

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


14. PENSION COMMITMENTS

The company operates a defined contribution pension scheme, The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions made by the company during the period to the scheme amounted to £13,657 (2022: £14,052).