Silverfin false false 31/03/2024 01/04/2023 31/03/2024 A R Hardacre 14/03/2013 H E Rosbottom 03/10/2023 04 October 2024 The principal activity of the company during the financial year was designing electrical systems. 08445903 2024-03-31 08445903 bus:Director1 2024-03-31 08445903 bus:Director2 2024-03-31 08445903 2023-03-31 08445903 core:CurrentFinancialInstruments 2024-03-31 08445903 core:CurrentFinancialInstruments 2023-03-31 08445903 core:Non-currentFinancialInstruments 2024-03-31 08445903 core:Non-currentFinancialInstruments 2023-03-31 08445903 core:ShareCapital 2024-03-31 08445903 core:ShareCapital 2023-03-31 08445903 core:CapitalRedemptionReserve 2024-03-31 08445903 core:CapitalRedemptionReserve 2023-03-31 08445903 core:RetainedEarningsAccumulatedLosses 2024-03-31 08445903 core:RetainedEarningsAccumulatedLosses 2023-03-31 08445903 core:Goodwill 2023-03-31 08445903 core:Goodwill 2024-03-31 08445903 core:PlantMachinery 2023-03-31 08445903 core:Vehicles 2023-03-31 08445903 core:FurnitureFittings 2023-03-31 08445903 core:OfficeEquipment 2023-03-31 08445903 core:PlantMachinery 2024-03-31 08445903 core:Vehicles 2024-03-31 08445903 core:FurnitureFittings 2024-03-31 08445903 core:OfficeEquipment 2024-03-31 08445903 2023-04-01 2024-03-31 08445903 bus:FilletedAccounts 2023-04-01 2024-03-31 08445903 bus:SmallEntities 2023-04-01 2024-03-31 08445903 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08445903 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08445903 bus:Director1 2023-04-01 2024-03-31 08445903 bus:Director2 2023-04-01 2024-03-31 08445903 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 08445903 core:PlantMachinery 2023-04-01 2024-03-31 08445903 core:Vehicles 2023-04-01 2024-03-31 08445903 core:FurnitureFittings 2023-04-01 2024-03-31 08445903 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 08445903 2022-04-01 2023-03-31 08445903 core:OfficeEquipment 2023-04-01 2024-03-31 08445903 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 08445903 (England and Wales)

TIAC TECHNICAL LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

TIAC TECHNICAL LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

TIAC TECHNICAL LTD

BALANCE SHEET

As at 31 March 2024
TIAC TECHNICAL LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 71,789 18,874
71,789 18,874
Current assets
Stocks 5 155,020 110,415
Debtors 6 74,572 10,299
Cash at bank and in hand 36,517 113,378
266,109 234,092
Creditors: amounts falling due within one year 7 ( 96,209) ( 96,465)
Net current assets 169,900 137,627
Total assets less current liabilities 241,689 156,501
Creditors: amounts falling due after more than one year 8 ( 15,000) ( 25,000)
Net assets 226,689 131,501
Capital and reserves
Called-up share capital 51 51
Capital redemption reserve ( 24,951 ) ( 24,951 )
Profit and loss account 251,589 156,401
Total shareholder's funds 226,689 131,501

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of TIAC Technical Ltd (registered number: 08445903) were approved and authorised for issue by the Board of Directors on 04 October 2024. They were signed on its behalf by:

A R Hardacre
Director
TIAC TECHNICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
TIAC TECHNICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

TIAC Technical Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Unit A29, Aerodrome Studios, 2-8 Airfield Road, Christchurch, Dorset, BH23 3TS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 350,000 350,000
At 31 March 2024 350,000 350,000
Accumulated amortisation
At 01 April 2023 350,000 350,000
At 31 March 2024 350,000 350,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 12,090 40,794 859 1,500 55,243
Additions 0 74,950 0 187 75,137
At 31 March 2024 12,090 115,744 859 1,687 130,380
Accumulated depreciation
At 01 April 2023 11,253 23,584 800 732 36,369
Charge for the financial year 426 21,478 15 303 22,222
At 31 March 2024 11,679 45,062 815 1,035 58,591
Net book value
At 31 March 2024 411 70,682 44 652 71,789
At 31 March 2023 837 17,210 59 768 18,874

5. Stocks

2024 2023
£ £
Work in progress 155,020 110,415

6. Debtors

2024 2023
£ £
Trade debtors 66,306 0
Prepayments 440 2,955
Other debtors 7,826 7,344
74,572 10,299

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Amounts owed to directors 3,559 9,230
Accruals 3,716 6,076
Corporation tax 64,362 43,473
Other taxation and social security 13,951 27,361
Other creditors 621 325
96,209 96,465

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 15,000 25,000

There are no amounts included above in respect of which any security has been given by the small entity.