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REGISTERED NUMBER: 07409746 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Facit Testing Limited

Facit Testing Limited (Registered number: 07409746)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Facit Testing Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Barry
B A Impleton
R L Rostas





SECRETARY: T Gray





REGISTERED OFFICE: Boundary House
225 Yarmouth Road
Norwich
NR7 0SW





REGISTERED NUMBER: 07409746 (England and Wales)

Facit Testing Limited (Registered number: 07409746)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 5,168 5,668
Tangible assets 4 84,813 111,409
89,981 117,077

CURRENT ASSETS
Stocks 10,250 9,450
Debtors 5 1,134,772 1,199,498
Cash at bank and in hand 499,891 422,201
1,644,913 1,631,149
CREDITORS
Amounts falling due within one year 6 248,684 488,057
NET CURRENT ASSETS 1,396,229 1,143,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,486,210

1,260,169

CREDITORS
Amounts falling due after more than one
year

7

(39,792

)

(46,103

)

PROVISIONS FOR LIABILITIES (1,939 ) (6,083 )
NET ASSETS 1,444,479 1,207,983

CAPITAL AND RESERVES
Called up share capital 53 53
Other reserves 50 50
Retained earnings 1,444,376 1,207,880
1,444,479 1,207,983

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





B A Impleton - Director


Facit Testing Limited (Registered number: 07409746)

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

1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful life of the goodwill of 25 years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off 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 - 20% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance and 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Facit Testing Limited (Registered number: 07409746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES - continued

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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 19 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 12,504
AMORTISATION
At 1 January 2023 6,836
Charge for year 500
At 31 December 2023 7,336
NET BOOK VALUE
At 31 December 2023 5,168
At 31 December 2022 5,668

Facit Testing Limited (Registered number: 07409746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 16,398 13,509 211,989 44,692 286,588
Additions 4,560 - - 6,218 10,778
Disposals (15,238 ) (11,082 ) (29,215 ) (41,572 ) (97,107 )
At 31 December 2023 5,720 2,427 182,774 9,338 200,259
DEPRECIATION
At 1 January 2023 14,208 10,174 111,667 39,130 175,179
Charge for year 672 2,229 22,346 4,161 29,408
Eliminated on disposal (14,164 ) (9,999 ) (24,242 ) (40,736 ) (89,141 )
At 31 December 2023 716 2,404 109,771 2,555 115,446
NET BOOK VALUE
At 31 December 2023 5,004 23 73,003 6,783 84,813
At 31 December 2022 2,190 3,335 100,322 5,562 111,409

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 60,053
DEPRECIATION
At 1 January 2023 3,753
Charge for year 14,075
At 31 December 2023 17,828
NET BOOK VALUE
At 31 December 2023 42,225
At 31 December 2022 56,300

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 341,134 375,804
Amounts owed by group undertakings 780,363 780,363
Other debtors 13,275 43,331
1,134,772 1,199,498

Facit Testing Limited (Registered number: 07409746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 6,311 6,311
Trade creditors 35,162 178,720
Amounts owed to group undertakings 6,000 12,000
Taxation and social security 69,919 172,313
Other creditors 131,292 118,713
248,684 488,057

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 39,792 46,103

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,311 6,311
Between one and five years 39,792 46,103
46,103 52,414

Non-cancellable operating leases
2023 2022
£    £   
Within one year 25,250 25,250
Between one and five years 7,365 32,615
32,615 57,865

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 46,103 52,414

Hire purchase liabilities are secured on the relevant asset.

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

The Report of the Auditors was unqualified.

Andrew Botham ACA (Senior Statutory Auditor)
for and on behalf of Botham Accounting Limited

Facit Testing Limited (Registered number: 07409746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. CONTINGENT LIABILITIES

As at 31 December 2023, the total liabilities of other group members secured by a fixed charge over the assets of the company was £686,315,118 (2022 £509,807,481).

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
B A Impleton
Balance outstanding at start of year - 13,083
Amounts advanced - 3,152
Amounts repaid - (16,235 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest has been charged at the HMRC official rate of interest.

13. RELATED PARTY DISCLOSURES

During the year, the company paid management charges to group undertakings totalling £60,000 (2022 - £60,000). The balance outstanding at the year end was £6,000 (2022 - £12,000).

The outstanding balance due from group undertakings at the year end was £780,363 (2022 - £780,363). The balance is repayable on demand and is interest free.

14. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Facit Bidco Limited, a company incorporated in England and Wales. Copies of the parent company's financial statements can be obtained from Companies House.

The ultimate parent undertaking and controlling party is TIC Holdco Limited, a company registered in England and Wales. Copies of the ultimate parent company's financial statements can be obtained from Companies House. The directors are of the opinion that Mr Peter Dubens is qualified as the ultimate controlling party of TIC Holdco Limited exercising his control through voting rights with a controlling percentage of >50%.