Company registration number 03027198 (England and Wales)
TECHNOTURN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TECHNOTURN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TECHNOTURN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
276,951
306,663
Current assets
Stocks
495,261
408,776
Debtors
6
588,792
695,261
Cash at bank and in hand
457,929
1,710,141
1,541,982
2,814,178
Creditors: amounts falling due within one year
7
(438,282)
(474,597)
Net current assets
1,103,700
2,339,581
Total assets less current liabilities
1,380,651
2,646,244
Provisions for liabilities
(59,817)
(19,144)
Net assets
1,320,834
2,627,100
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
14,000
14,000
Profit and loss reserves
1,305,834
2,612,100
Total equity
1,320,834
2,627,100

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr J P Hawkins
Director
Company registration number 03027198 (England and Wales)
TECHNOTURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Technoturn Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Brunel Road, Churchfield Industrial Estate, St. Leonards-on-Sea, East Sussex, United Kingdom, TN38 9RT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Techno Group Limited. These consolidated financial statements are available from its registered office, Unit 3a Roman Way, Glebe Farm Industrial Estate, Rugby, Warwickshire, CV21 1DB.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable from the sale of goods and from the rendering of services in the year, net of returns and value added tax.

 

The company recognises turnover when the risks and rewards of ownership have transferred to the buyer, usually on the completion of an order, when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.

1.4
Research and development expenditure

Expenditure on research and development is written off in the year in which it is incurred.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

TECHNOTURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the period of the lease
Plant and equipment
20% on reducing balance and 10% on cost
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and 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 and finished goods include 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 estimated selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.8
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss, 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

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

TECHNOTURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.10
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.

1.11
Leases

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

 

The interest element of these obligations is charged to the profit and loss account at a constant rate based on the outstanding capital sum. The capital element of the future payments are treated as a liability.

 

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the life of the lease.

1.12
Government grants

Revenue grants to assist general activities are recognised in profit and loss in the period in which they are received.

 

Government grants whose primary condition is that the company should purchase non-current assets are recognised as deferred income in the balance sheet and transferred to the profit and loss over the useful lives of the related assets.

1.13
Foreign exchange

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.

1.14

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

1.15

Creditors

Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

TECHNOTURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

 

- The annual depreciation charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

 

- The company considers the recoverability of the cost of its stock holdings and work in progress and the associated provisioning required. When calculating the stock impairment provision management considers the nature and condition of the stock as well as applying assumptions around future saleability.

 

- The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
52,426
67,157
Profit or loss on sale of tangible assets
(11,781)
(5,538)
Auditors' remuneration
13,625
11,750
Operating lease rentals
89,400
89,400
Profit or loss on foreign exchange
-
1,010
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
38
34
TECHNOTURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
21,043
2,652,948
39,250
75,866
2,789,107
Additions
-
0
34,550
-
0
10,106
44,656
Disposals
-
0
(289,245)
-
0
-
0
(289,245)
At 31 December 2023
21,043
2,398,253
39,250
85,972
2,544,518
Depreciation and impairment
At 1 January 2023
21,043
2,371,747
26,372
63,282
2,482,444
Depreciation charged in the year
-
0
47,350
1,932
3,144
52,426
Eliminated in respect of disposals
-
0
(267,303)
-
0
-
0
(267,303)
At 31 December 2023
21,043
2,151,794
28,304
66,426
2,267,567
Carrying amount
At 31 December 2023
-
0
246,459
10,946
19,546
276,951
At 31 December 2022
-
0
281,201
12,878
12,584
306,663
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
555,470
675,140
Amounts owed by group undertakings
5,226
-
0
Other debtors
4,286
-
0
Prepayments and accrued income
23,810
20,121
588,792
695,261
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
263,169
218,766
Amounts owed to group undertakings
80,809
74,758
Corporation tax
13,863
-
0
Other taxation and social security
22,815
74,679
Accruals and deferred income
57,626
106,394
438,282
474,597
TECHNOTURN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
59,817
62,655
Tax losses
-
(43,511)
59,817
19,144
2023
Movements in the year:
£
Liability at 1 January 2023
19,144
Charge to profit or loss
40,673
Liability at 31 December 2023
59,817
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Neil Jones
Statutory Auditor:
Henton & Co LLP
Date of audit report:
19 September 2024
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
171,352
260,752
11
Ultimate controlling party

The company has been controlled by its parent undertaking Techno Group Limited during the current and the previous year.

 

The ultimate controlling party throughout the current and the previous year has been F J Moser by virtue of his shareholding in Techno Group Limited.

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