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REGISTERED NUMBER: 02224439 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TOOLROOM TECHNOLOGY LIMITED

TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


TOOLROOM TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Pope
S Pittet



SECRETARY: P Whistance



REGISTERED OFFICE: 1A/B Haddenham Business Park
Thame Road
Haddenham
Aylesbury
Buckinghamshire
HP17 8LJ



REGISTERED NUMBER: 02224439 (England and Wales)



AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ



BANKERS: Barclays Bank Plc
Oxford City Office
Old Bank
Oxford
OX1 3HS

TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 182,572 207,339
182,573 207,340

CURRENT ASSETS
Debtors 6 1,927,554 1,466,739
Cash at bank and in hand 1,607,160 1,519,069
3,534,714 2,985,808
CREDITORS
Amounts falling due within one year 7 1,152,898 1,169,131
NET CURRENT ASSETS 2,381,816 1,816,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,564,389

2,024,017

PROVISIONS FOR LIABILITIES 45,026 50,849
NET ASSETS 2,519,363 1,973,168

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Share premium 18,000 18,000
Retained earnings 2,481,363 1,935,168
SHAREHOLDERS' FUNDS 2,519,363 1,973,168

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 18 September 2024 and were signed on its behalf by:





R Pope - Director


TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

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


1. STATUTORY INFORMATION

Toolroom Technology 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 (£).


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.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Turnover
Turnover represents the amounts receivable for goods sold and services provided during the course of the year and is stated exclusive of value added tax.

In respect of the provision of goods and services under long term contractual arrangements, revenue is recognised on the basis of the value of work performed to date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold premises - over the life of the lease
Plant and machinery - 15% on reducing balance and 10% - 20% on cost
Fixtures and fittings - 20% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.


TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred with the exception of expenditure on the development of certain major new projects where the outcome of those projects is assessed as being reasonably certain as regards viability and technical feasibility. Such expenditure, net of relevant grants receivable, is treated as an intangible fixed asset as permitted by FRS 102 and amortised over its useful life, not exceeding 10 years.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
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.

Patents
Patents are valued at cost less accumulated amortisation. Amortisation has been calculated to write off the cost in equal annual instalments over their estimated useful lives.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as the progress payments on account. Excess progress payments are included in creditors as payments on account.

TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 93,322
AMORTISATION
At 1 January 2023
and 31 December 2023 93,321
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

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


5. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold Plant and and
premises machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 131,806 814,935 234,294 1,181,035
Additions - - 12,107 12,107
Disposals - (80,000 ) - (80,000 )
At 31 December 2023 131,806 734,935 246,401 1,113,142
DEPRECIATION
At 1 January 2023 131,805 624,047 217,844 973,696
Charge for year - 28,620 8,254 36,874
Eliminated on disposal - (80,000 ) - (80,000 )
At 31 December 2023 131,805 572,667 226,098 930,570
NET BOOK VALUE
At 31 December 2023 1 162,268 20,303 182,572
At 31 December 2022 1 190,888 16,450 207,339

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 542,756 293,651
Provision for doubtful debts (19,486 ) (15,232 )
Amounts owed by group undertakings 85,137 92,701
Amounts recoverable on long
term contracts 622,337 571,566
Tax - 43,296
VAT 32,988 -
Prepayments and accrued income 663,822 480,757
1,927,554 1,466,739

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Deferred income 186,535 249,919
Trade creditors 161,630 63,250
Amounts owed to group undertakings 185,000 185,000
Tax 130,146 40,385
Social security and other taxes 30,531 27,215
VAT - 30,699
Other creditors 6,608 6,228
Accruals 185,229 200,153
Costs to complete long term
contracts 267,219 366,282
1,152,898 1,169,131

TOOLROOM TECHNOLOGY LIMITED (REGISTERED NUMBER: 02224439)

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


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 89,708 73,098
Between one and five years 208,877 219,833
298,585 292,931

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

The Report of the Auditors was unqualified.

Robyn Liddell (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited

10. CONTINGENT LIABILITIES

A guarantee of £29,285 has been provided by Barclays Bank to a third party and in respect of the company's obligations under a commercial contract with that third party. In the event that these contractual obligations are not fulfilled and the guarantee is called then the Bank have an equivalent right of redress against the company.

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 437,580 -

This relates to the purchase of two new machines ordered in 2023 however not due to be delivered until 2024.

12. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Starrag Group Holdings Limited, a company registered in the United Kingdom.

The company's ultimate parent company is Starrag Group Holding AG, a company registered in Switzerland.

The largest and smallest group in to which the company's results are consolidated is Starrag Group Holding AG. A copy of the group accounts can be obtained from Starrag Group Holding AG, whose registered office is Seebleichestrasse 6, 9404 Rorschacherberg, Switzerland.