Technological Engineering Productions Limited 01279007 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the distribution of industrial fasteners under the trading name "Spa Fasteners" Digita Accounts Production Advanced 6.30.9574.0 true true 01279007 2023-01-01 2023-12-31 01279007 2023-12-31 01279007 bus:OrdinaryShareClass1 2023-12-31 01279007 core:CurrentFinancialInstruments 2023-12-31 01279007 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 01279007 core:Non-currentFinancialInstruments 2023-12-31 01279007 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 01279007 core:AdditionsToInvestments 2023-12-31 01279007 core:CostValuation 2023-12-31 01279007 core:LandBuildings 2023-12-31 01279007 core:MotorVehicles 2023-12-31 01279007 core:OtherPropertyPlantEquipment 2023-12-31 01279007 bus:SmallEntities 2023-01-01 2023-12-31 01279007 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01279007 bus:FilletedAccounts 2023-01-01 2023-12-31 01279007 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 01279007 bus:RegisteredOffice 2023-01-01 2023-12-31 01279007 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 01279007 bus:Director1 2023-01-01 2023-12-31 01279007 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 01279007 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01279007 core:LandBuildings 2023-01-01 2023-12-31 01279007 core:MotorVehicles 2023-01-01 2023-12-31 01279007 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01279007 core:VehiclesPlantMachinery 2023-01-01 2023-12-31 01279007 core:AllAssociates 2023-01-01 2023-12-31 01279007 countries:EnglandWales 2023-01-01 2023-12-31 01279007 2022-12-31 01279007 core:CostValuation 2022-12-31 01279007 core:LandBuildings 2022-12-31 01279007 core:MotorVehicles 2022-12-31 01279007 core:OtherPropertyPlantEquipment 2022-12-31 01279007 2022-01-01 2022-12-31 01279007 2022-12-31 01279007 bus:OrdinaryShareClass1 2022-12-31 01279007 core:CurrentFinancialInstruments 2022-12-31 01279007 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 01279007 core:Non-currentFinancialInstruments 2022-12-31 01279007 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 01279007 core:LandBuildings 2022-12-31 01279007 core:MotorVehicles 2022-12-31 01279007 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01279007

Technological Engineering Productions Limited

trading as Spa Fasteners

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Technological Engineering Productions Limited

trading as Spa Fasteners

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Technological Engineering Productions Limited

trading as Spa Fasteners

Company Information

Directors

K J New

D Turrall

Company secretary

D Turrall

Registered office

26 Hurlbutt Road
Heathcote Industrial Estate
Warwick
Warwickshire
CV34 6TD

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Technological Engineering Productions Limited

trading as Spa Fasteners

(Registration number: 01279007)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

53,718

51,449

Investments

5

20,015

15

 

73,733

51,464

Current assets

 

Stocks

31,351

43,340

Debtors

6

24,657

23,898

Cash at bank and in hand

 

24,394

145,951

 

80,402

213,189

Creditors: Amounts falling due within one year

7

(61,549)

(83,074)

Net current assets

 

18,853

130,115

Total assets less current liabilities

 

92,586

181,579

Creditors: Amounts falling due after more than one year

7

(15,833)

(25,833)

Provisions for liabilities

(1,169)

(535)

Net assets

 

75,584

155,211

Capital and reserves

 

Called up share capital

8

150

200

Capital redemption reserve

50

-

Retained earnings

75,384

155,011

Shareholders' funds

 

75,584

155,211

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Technological Engineering Productions Limited

trading as Spa Fasteners

(Registration number: 01279007)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
D Turrall
Company secretary and director

 

Technological Engineering Productions Limited

trading as Spa Fasteners

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26 Hurlbutt Road
Heathcote Industrial Estate
Warwick
Warwickshire
CV34 6TD

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Technological Engineering Productions Limited

trading as Spa Fasteners

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10-50 years straight line

Vehicles, plant and equipment

10-20% straight line

Investments

Investments in associated companies are measured at cost less any accumulated impairment losses. Dividends and other distributions received from associated companies are recognised as income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell; the impairment loss is recognised immediately in profit or loss.

 

Technological Engineering Productions Limited

trading as Spa Fasteners

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

Technological Engineering Productions Limited

trading as Spa Fasteners

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

66,011

8,691

7,162

81,864

Additions

4,500

-

-

4,500

At 31 December 2023

70,511

8,691

7,162

86,364

Depreciation

At 1 January 2023

17,383

8,691

4,341

30,415

Charge for the year

1,138

-

1,093

2,231

At 31 December 2023

18,521

8,691

5,434

32,646

Carrying amount

At 31 December 2023

51,990

-

1,728

53,718

At 31 December 2022

48,628

-

2,821

51,449

Included within the net book value of land and buildings above is £51,990 (2022 - £48,628) in respect of freehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in group undertakings and participating interests

20,015

15

Unlisted companies

£

Cost

At 1 January 2023

15

Additions

20,000

At 31 December 2023

20,015

Provision

Carrying amount

At 31 December 2023

20,015

At 31 December 2022

15

 

Technological Engineering Productions Limited

trading as Spa Fasteners

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

20,413

18,501

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

-

1,213

Prepayments

 

4,244

4,184

 

24,657

23,898

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

25,283

48,451

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

6,568

-

Taxation and social security

 

12,542

11,613

Accruals and deferred income

 

6,531

12,618

Other creditors

 

625

392

 

61,549

83,074

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,833

25,833

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

150

150

200

200

       
 

Technological Engineering Productions Limited

trading as Spa Fasteners

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,833

25,833

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

10

Related party transactions

Summary of transactions with associates

At the year end the company owed £6,568 to a company in which it has a participating interest and in the previous year the company was owed £1,213. No interest was charged on the amounts owed/owing and the balance is payable/receivable on demand.