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REGISTERED NUMBER: 03442807 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TECKNO DEVELOPMENTS LIMITED

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TECKNO DEVELOPMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: E B Langley
A Langley
W H Langley





REGISTERED OFFICE: Waterside Road
Beverley
East Yorkshire
HU17 0ST





REGISTERED NUMBER: 03442807 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 384,161 480,772
Investments 6 180,000 180,000
564,161 660,772

CURRENT ASSETS
Stocks 170,038 176,389
Debtors 7 1,599,842 1,673,736
Cash at bank 15,125 36,380
1,785,005 1,886,505
CREDITORS
Amounts falling due within one year 8 807,489 635,790
NET CURRENT ASSETS 977,516 1,250,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,541,677

1,911,487

CREDITORS
Amounts falling due after more than one year 9 (112,871 ) (215,343 )

PROVISIONS FOR LIABILITIES (93,098 ) (117,021 )
NET ASSETS 1,335,708 1,579,123

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

BALANCE SHEET - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 643,539 643,539
Retained earnings 692,169 935,584
SHAREHOLDERS' FUNDS 1,335,708 1,579,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 21 May 2024 and were signed on its behalf by:





A Langley - Director


TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Teckno Developments Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Waterside Road, Beverley, HU17 0ST

The financial statements are presented in Sterling, which is the functional currency of the company and cover the individual entity only.

The principal activity of the company is manufacturing.

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.

Having regard to liquidity risk, current market conditions and other factors affecting the company including the current economic environment, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997 has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.3% on cost, 20% on cost and 10% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.


TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

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.

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.

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.

Investments
Investments held as fixed assets are stated at fair value.

Ultimate parent undertaking
The company's ultimate parent undertaking at the balance sheet date was Teckno (Group) Limited, a company registered in England and Wales.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 50 ) .

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 344,378
AMORTISATION
At 1 January 2023
and 31 December 2023 344,378
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 2,060,574
Additions 2,958
Disposals (32,529 )
At 31 December 2023 2,031,003
DEPRECIATION
At 1 January 2023 1,579,802
Charge for year 88,048
Eliminated on disposal (21,008 )
At 31 December 2023 1,646,842
NET BOOK VALUE
At 31 December 2023 384,161
At 31 December 2022 480,772

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 119,686
Disposals (32,529 )
At 31 December 2023 87,157
DEPRECIATION
At 1 January 2023 34,638
Charge for year 24,499
Eliminated on disposal (21,008 )
At 31 December 2023 38,129
NET BOOK VALUE
At 31 December 2023 49,028
At 31 December 2022 85,048

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 180,000
NET BOOK VALUE
At 31 December 2023 180,000
At 31 December 2022 180,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 341,137 302,194
Amounts owed by group undertakings 630,110 700,110
Other debtors 628,595 671,432
1,599,842 1,673,736

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 12,000
Hire purchase contracts 86,480 74,567
Trade creditors 255,480 250,089
Taxation and social security 215,250 165,836
Other creditors 230,279 133,298
807,489 635,790

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 16,000
Hire purchase contracts 112,871 199,343
112,871 215,343

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 20,000 28,000
Hire purchase contracts 199,351 273,910
219,351 301,910

Hire purchase purchase liabilities are secured on the related asset financed.

The factoring creditor is secured by trade debtors as quantified in note 10.

11. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

As at 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £31,086 (2022; £16,247).

As at 31 December 2023, the company was also party to a bank cross guarantee and debenture with a related company.

This guarantee is secured by fixed and floating charges over the assets of the company.

TECKNO DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03442807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
A Langley
Balance outstanding at start of year 113,985 113,985
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 113,985 113,985

E B Langley
Balance outstanding at start of year 1,333 1,333
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,333 1,333