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Registration number: 04182285

Tigges OE Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Tigges OE Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tigges OE Solutions Ltd

Company Information

Directors

Mr S J Davies

Mr O P Haynes

Company secretary

Mrs A M Price

Registered office

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

Tigges OE Solutions Ltd

(Registration number: 04182285)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

36,807

42,456

Investments

5

125,100

125,100

 

161,907

167,556

Current assets

 

Stocks

6

332,580

284,802

Debtors

7

1,616,102

1,430,905

Cash at bank and in hand

 

90,227

24,857

 

2,038,909

1,740,564

Creditors: Amounts falling due within one year

8

(414,084)

(436,362)

Net current assets

 

1,624,825

1,304,202

Total assets less current liabilities

 

1,786,732

1,471,758

Provisions for liabilities

(8,628)

(7,465)

Net assets

 

1,778,104

1,464,293

Capital and reserves

 

Called up share capital

9

619

619

Capital redemption reserve

30

30

Retained earnings

1,777,455

1,463,644

Shareholders' funds

 

1,778,104

1,464,293

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Tigges OE Solutions Ltd

(Registration number: 04182285)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

Mr S J Davies
Director

Mr O P Haynes
Director

 
     
 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

The principal place of business is:
Unit 56
Atcham Business Park
Atcham
Shrewsbury
Shropshire
SY4 4UG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15-20% reducing balance

Motor vehicles

25% reducing balance

Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully written down

 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

120,529

42,956

163,485

Additions

1,121

-

1,121

At 31 December 2023

121,650

42,956

164,606

Depreciation

At 1 January 2023

79,595

41,434

121,029

Charge for the year

6,541

229

6,770

At 31 December 2023

86,136

41,663

127,799

Carrying amount

At 31 December 2023

35,514

1,293

36,807

At 31 December 2022

40,934

1,522

42,456

 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

125,100

125,100

Subsidiaries

£

Cost or valuation

At 1 January 2023

125,100

At 31 December 2023

125,100

Carrying amount

At 31 December 2023

125,100

At 31 December 2022

125,100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Tigges Limited

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
SY2 6LG

England and Wales

Ordinary

100%

100%

Joint ventures

TIGGES s.r.o.

Holandska 878/2
63900 Brno

Ordinary

50%

50%

 

Czech Republic

     

Subsidiary undertakings

Tigges Limited

The principal activity of Tigges Limited is dormant.

 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Other inventories

332,580

284,802

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

393,596

404,931

Amounts owed by related parties

11

1,206,430

1,009,010

Prepayments

 

14,056

11,454

Other debtors

 

2,020

5,510

   

1,616,102

1,430,905

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

128,106

187,935

Amounts owed to group undertakings and undertakings in which the company has a participating interest

125,100

125,100

Taxation and social security

123,248

83,214

Accruals and deferred income

28,980

30,739

Other creditors

8,650

9,374

414,084

436,362

 

Tigges OE Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

578

578

578

578

Ordinary B of £1 each

21

21

21

21

Ordinary C of £1 each

20

20

20

20

 

619

619

619

619

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £111,042 (2022 - £143,540).

11

Related party transactions

The company is controlled by OHSD Ltd.

The company has taken the exemption of FRS 102 paragraph 33.1A to not disclose related party transactions with wholly owned group members.