Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05946228 Mr C H Griffin Mrs S A Griffin Mr T Griffin iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05946228 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-12-31 05946228 2022-12-31 05946228 2023-12-31 05946228 2023-01-01 2023-12-31 05946228 frs-core:CurrentFinancialInstruments 2023-12-31 05946228 frs-core:Non-currentFinancialInstruments 2023-12-31 05946228 frs-core:BetweenOneFiveYears 2023-12-31 05946228 frs-core:FurnitureFittings 2023-12-31 05946228 frs-core:FurnitureFittings 2023-01-01 2023-12-31 05946228 frs-core:FurnitureFittings 2022-12-31 05946228 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 05946228 frs-core:InvestmentPropertyIncludedWithinPPE 2023-01-01 2023-12-31 05946228 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 05946228 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 05946228 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05946228 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 05946228 frs-core:MotorVehicles 2023-12-31 05946228 frs-core:MotorVehicles 2023-01-01 2023-12-31 05946228 frs-core:MotorVehicles 2022-12-31 05946228 frs-core:PlantMachinery 2023-12-31 05946228 frs-core:PlantMachinery 2023-01-01 2023-12-31 05946228 frs-core:PlantMachinery 2022-12-31 05946228 frs-core:WithinOneYear 2023-12-31 05946228 frs-core:ShareCapital 2023-12-31 05946228 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05946228 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05946228 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05946228 frs-bus:SmallEntities 2023-01-01 2023-12-31 05946228 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05946228 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05946228 frs-core:CostValuation 2022-12-31 05946228 frs-core:CostValuation 2023-12-31 05946228 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 05946228 frs-core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2023-12-31 05946228 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 05946228 frs-bus:Director1 2023-01-01 2023-12-31 05946228 frs-bus:Director2 2023-01-01 2023-12-31 05946228 frs-bus:Director3 2023-01-01 2023-12-31 05946228 frs-countries:EnglandWales 2023-01-01 2023-12-31 05946228 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2022-12-31 05946228 2021-12-31 05946228 2022-12-31 05946228 2022-01-01 2022-12-31 05946228 frs-core:CurrentFinancialInstruments 2022-12-31 05946228 frs-core:Non-currentFinancialInstruments 2022-12-31 05946228 frs-core:BetweenOneFiveYears 2022-12-31 05946228 frs-core:WithinOneYear 2022-12-31 05946228 frs-core:ShareCapital 2022-12-31 05946228 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 05946228
Tec Reports Group Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
WAC (Whale & Company) Limited
Chartered Accountants & Business Advisors
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 05946228
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 792,535 816,344
Investments 5 500 700
793,035 817,044
CURRENT ASSETS
Debtors 6 242,611 313,440
Cash at bank and in hand 80,435 166,847
323,046 480,287
Creditors: Amounts Falling Due Within One Year 7 (363,286 ) (387,935 )
NET CURRENT ASSETS (LIABILITIES) (40,240 ) 92,352
TOTAL ASSETS LESS CURRENT LIABILITIES 752,795 909,396
Creditors: Amounts Falling Due After More Than One Year 8 (166,006 ) (177,142 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 - (25,950 )
NET ASSETS 586,789 706,304
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 586,689 706,204
SHAREHOLDERS' FUNDS 586,789 706,304
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr C H Griffin
Director
21st September 2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tec Reports Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05946228 . The registered office is Griffin House, 2 Rawdon Road, Moira, Swadlincote, DE12 6DQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The reporting currency is GBP with the figures stated to the nearest pound.
2.2. Going Concern Disclosure
Whilst, in the short term, the level of losses sustained in subsidiary companies will impact on the liquid funds of the company they are not considered to have a long term effect on the ability of the company to continue operating. The financial statements have therefore been prepared on a going concern basis.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, for the provision of services in the ordinary course of the comapny's activities. It is stated net of discounts, returns, rebates and value added taxes. The company recognises turnover when the amount 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.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets are stated in the statement of financial position 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 is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
Freehold 4%
Plant & Machinery 10% to 33%
Motor Vehicles 25%
Fixtures & Fittings 10% to 33%
2.5. Investment Properties
A material proportion of the property owned by the company is rented out and accordingly is classed as as an investment property, which is carried at that proportion of cost less accumulated depreciation having regard to any accumulated impairment losses.  
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
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.
2.9. Pensions
The company operates a defined pension contribution scheme, a 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.
2.10. Group Accounts
The group qualifies as a small group and is thus exempt from the requirement to prepare consolidated financial statements.
2.11. Investment in Subsidiary Companies
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.  Dividends on equity securities are recognised in income when receivable.
2.12. Financial Instruments
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.13. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 43 (2022: 33)
43 33
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4. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 January 2023 412,873 504,623 84,974 74,025
Additions 20,000 - 800 -
Disposals - - - (26,135 )
Transfers (245,374 ) 245,374 - -
As at 31 December 2023 187,499 749,997 85,774 47,890
Depreciation
As at 1 January 2023 35,847 84,675 73,676 68,233
Provided during the period 6,890 27,561 5,170 4,344
Disposals - - - (26,135 )
Transfers (11,743 ) 11,743 - -
As at 31 December 2023 30,994 123,979 78,846 46,442
Net Book Value
As at 31 December 2023 156,505 626,018 6,928 1,448
As at 1 January 2023 377,026 419,948 11,298 5,792
Fixtures & Fittings Total
£ £
Cost
As at 1 January 2023 10,712 1,087,207
Additions - 20,800
Disposals - (26,135 )
Transfers - -
As at 31 December 2023 10,712 1,081,872
Depreciation
As at 1 January 2023 8,432 270,863
Provided during the period 644 44,609
Disposals - (26,135 )
Transfers - -
As at 31 December 2023 9,076 289,337
Net Book Value
As at 31 December 2023 1,636 792,535
As at 1 January 2023 2,280 816,344
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5. Investments
Subsidiaries
£
Cost
As at 1 January 2023 700
As at 31 December 2023 700
Provision
As at 1 January 2023 -
Added in period 200
As at 31 December 2023 200
Net Book Value
As at 31 December 2023 500
As at 1 January 2023 700
The value represents the company's 100% ownership of seven subsidiary companies, formed to protect their name. Five of them do not trade - Tec Academy Ltd - Tec Engineers Ltd - Tec Parts Ltd - Tec Reports Limited - Tec Salvage Limited.
Eden Bistro Limited
The company is in the process of being liquidated.
Tec Property Management Limited
The principal activity of Tec Property Management Limited is property management. The loss for the financial period of Tec Property Management Limited was £14,596 and the aggregate amount of Capital and reserves at the end of the period was £(37,364).
All subsidiary companies have their registered office at Griffin House, 2 Rawdon Road, Moira, Swadlincote, DE12 6DQ.
6. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors 184,639 245,839
Prepayments and accrued income 42,874 39,164
Other debtors 555 4,510
Pension scheme prepayments - 866
Deferred tax current asset 6,750 -
Amounts owed by group undertakings 7,793 23,061
242,611 313,440
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 154,135 152,067
Bank loans and overdrafts 12,357 14,461
Corporation tax - 12,000
Other taxes and social security 18,704 19,947
VAT 89,174 92,002
Other creditors 13,699 -
Accruals and deferred income 75,217 88,310
Directors' loan accounts - 9,148
363,286 387,935
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Bank loans 166,006 177,142
Of the creditors falling due after more than one year the following amount is due after more than five years.
2023 2022
as restated
£ £
Bank loans 123,005 113,877
9. Secured Creditors
The bank debenture, described as a loan, is denominated in GB pounds with a nominal interest rate of 3.15% over bank base rate; the final instalment is due on 31 December 2032. The lender has a fixed and floating charge over the assets of the company.
2023 2022
as restated
£ £
Bank loans and overdrafts 178,363 191,603
10. Deferred Taxation
Tax losses exceed the value of accelerated capital allowances resulting in a deferred tax asset this year.
2023 2022
as restated
£ £
Other timing differences - 25,950
11. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases, not included on the balance sheet are as follows:
2023 2022
as restated
£ £
Not later than one year 60,327 61,102
Later than one year and not later than five years 70,147 66,565
130,474 127,667
The company leases and pays for maintenance on motor vehicles over a 39 month period at a cost that is less than the cost of acquiring the vehicles.
13. Dividends
2023 2022
as restated
£ £
On equity shares:
Interim dividend paid - 12,100
Dividends paid were made to the shareholders, who are also directors of the company.
14. Related Party Transactions
Included within debtors is the sum of £555 paid to a director in advance of expenses being claimed. No interest is chargeable on this amount.
Expenses were incurred, charged by a subsidiary company, to the value of £4,100.
Bad debts were incurred during the financial year with a subsidiary company to the value of £40,170 together with a provision against monies owed from another subsidiary to the value of £14,600.
The sum of £7,793 still considered to be recoverable was owed to this company at the end of the financial year.
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