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Registered number: 02895556









TRANSACT TECHNOLOGIES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRANSACT TECHNOLOGIES LIMITED
 
 
COMPANY INFORMATION


Director
S Demartino 




Company secretary
N J Fish



Registered number
02895556



Registered office
Units 5&6 Bullrush Grove

Balby

Doncaster

England

DN4 8SL




Independent auditors
Ecovis Wingrave Yeats LLP
Chartered Accountants & Statutory Auditors

3rd Floor, Waverley House

7-12 Noel Street

London

W1F 8GQ





 
TRANSACT TECHNOLOGIES LIMITED
 

CONTENTS



Page
Balance Sheet
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 11


 
TRANSACT TECHNOLOGIES LIMITED
REGISTERED NUMBER: 02895556

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
36,497
48,161

  
36,497
48,161

Current assets
  

Stocks
 6 
2,626,641
265,638

Debtors: amounts falling due within one year
 7 
1,408,461
1,823,197

Bank and cash balances
  
91,162
180,632

  
4,126,264
2,269,467

Creditors: amounts falling due within one year
 8 
(3,882,247)
(2,436,625)

Net current assets/(liabilities)
  
 
 
244,017
 
 
(167,158)

Total assets less current liabilities
  
280,514
(118,997)

  

Net assets/(liabilities)
  
280,514
(118,997)


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
  
279,514
(119,997)

  
280,514
(118,997)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




S Demartino
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 1

 
TRANSACT TECHNOLOGIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
(519,360)
(518,360)


Comprehensive income for the year

Profit for the year
-
399,363
399,363



At 1 January 2023
1,000
(119,997)
(118,997)


Comprehensive income for the year

Profit for the year
-
399,511
399,511


At 31 December 2023
1,000
279,514
280,514


The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Transact Technologies Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02895556. The registered office is Units 5&6 Bullrush Grove, Balby, Doncaster, England, DN4 8SL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company reported a profit for the year of £399,511 (2022 - £399,363) and had net assets of £280,514 (2022 - net liabilities of £118,997) as at the balance sheet date.
Management’s belief that the Company will be able to fund its planned operations over the 12 months following the date on which the financial statements were issued is based on assumptions which involve significant judgement and estimates of future revenues, capital spend and other operating costs. In forming their opinion as to going concern, the Directors have also considered the reliance the Company places on the ability of the Ultimate Parent Company, Transact Technologies Incorporated, to provide financial support. Based on receiving the letter of support and making the appropriate inquiries, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.


 
Page 3

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Revenue (continued)


Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
Office equipment
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.


 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgements in applying the entity’s accounting policies
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 6 for the carrying amount of the property plant and equipment, and note 2.4 for the useful economic lives for each class of assets.

(ii) Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing 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. See note 8 for the net carrying amount of the debtors and associated impairment provision.
(iii) Impairment of stock
Management continually use judgement to ascertain whether there are indicators of impairment of the Company's stock. Factors taken into consideration in reaching such a decision include the economic viability of stock held.
 

Page 7

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
91,477
5,899
63,130
160,506



At 31 December 2023

91,477
5,899
63,130
160,506



Depreciation


At 1 January 2023
50,812
4,690
56,843
112,345


Charge for the year on owned assets
9,082
302
2,280
11,664



At 31 December 2023

59,894
4,992
59,123
124,009



Net book value



At 31 December 2023
31,583
907
4,007
36,497



At 31 December 2022
40,665
1,209
6,287
48,161


6.


Stocks

2023
2022
£
£

Raw materials and consumables
263,366
165,422

Finished goods and goods for resale
2,363,275
100,216

2,626,641
265,638


Page 8

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
1,185,409
1,628,424

Other debtors
202,354
123,152

Prepayments and accrued income
20,698
20,174

Deferred taxation
-
51,447

1,408,461
1,823,197



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
15,328
10,123

Amounts owed to group undertakings
3,706,069
2,292,402

Corporation tax
80,954
-

Other creditors
2,137
1,987

Accruals and deferred income
77,759
132,113

3,882,247
2,436,625


The amounts owed to group companies are interest free, unsecured and repayable on demand.


9.


Deferred taxation




2023


£






At beginning of year
51,447


Losses utilised
(51,447)



At end of year
-

Page 9

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
-
51,447

-
51,447


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,088 (2022 - £15,044). Contributions totalling £2,137 (2022 £1,987) were payable to the fund at the Balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
37,884
37,884

Later than 1 year and not later than 5 years
70,754
120,138

108,638
158,022


13.


Related party transactions

The Company have taken the exemption under FRS 102, section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned group undertakings.

Page 10

 
TRANSACT TECHNOLOGIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The immediate and ultimate parent undertaking and ultimate controlling party is TransAct Technologies Inc. a company registered in the United States of America, which is the smallest group to consolidate these financial statements. Copies of the consolidated financial statements of TransAct Technologies Inc can be obtained from the company secretary at One Hamden Centre, 2319 Whitney Avenue, CT06518-3509, USA.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Sally Casson (Senior Statutory Auditor) on behalf of Ecovis Wingrave Yeats LLP.

 
Page 11