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REGISTERED NUMBER: 02054645 (England and Wales)















TEKNOMEK LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






TEKNOMEK LIMITED (REGISTERED NUMBER: 02054645)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


TEKNOMEK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S T Worth
M J O'Driscoll
Mrs S E Worth





REGISTERED OFFICE: 1 Brunel Way
Sweet Briar Road Industrial Estate
Norwich
Norfolk
NR3 2BD





REGISTERED NUMBER: 02054645 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

TEKNOMEK LIMITED (REGISTERED NUMBER: 02054645)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 78,062 128,286
Investments 6 100 100
78,162 128,386

CURRENT ASSETS
Stocks 349,851 446,626
Debtors 7 7,668,472 7,655,137
Cash at bank and in hand 776,516 336,173
8,794,839 8,437,936
CREDITORS
Amounts falling due within one year 8 1,000,006 866,121
NET CURRENT ASSETS 7,794,833 7,571,815
TOTAL ASSETS LESS CURRENT LIABILITIES 7,872,995 7,700,201

DEFERRED TAX LIABILITY 15,703 22,428
NET ASSETS 7,857,292 7,677,773

CAPITAL AND RESERVES
Called up share capital 10 100 100
Capital redemption reserve 11 50 50
Retained earnings 11 7,857,142 7,677,623
SHAREHOLDERS' FUNDS 7,857,292 7,677,773

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





S T Worth - Director


TEKNOMEK LIMITED (REGISTERED NUMBER: 02054645)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Teknomek Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Revenue is recognised on despatch.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1998, is being amortised evenly over its estimated useful life of twenty 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.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Stocks are stated at the lower of cost and net realisable values, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average 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 cost to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

TEKNOMEK LIMITED (REGISTERED NUMBER: 02054645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. 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.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 47 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 35,000
AMORTISATION
At 1 June 2023
and 31 May 2024 35,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

TEKNOMEK LIMITED (REGISTERED NUMBER: 02054645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023 37,369 886,420 923,789
Additions - 37,014 37,014
Disposals - (447,168 ) (447,168 )
At 31 May 2024 37,369 476,266 513,635
DEPRECIATION
At 1 June 2023 17,592 777,911 795,503
Charge for year 8,519 68,146 76,665
Eliminated on disposal - (436,595 ) (436,595 )
At 31 May 2024 26,111 409,462 435,573
NET BOOK VALUE
At 31 May 2024 11,258 66,804 78,062
At 31 May 2023 19,777 108,509 128,286

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 125,000
PROVISIONS
At 1 June 2023
and 31 May 2024 124,900
NET BOOK VALUE
At 31 May 2024 100
At 31 May 2023 100

The company holds 100% of the share capital of Kubik Limited (a dormant company registered in England and Wales), which consists of both A and B shares.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 550,300 722,690
Amounts owed by group undertakings 6,967,788 6,763,591
Other debtors 150,384 168,856
7,668,472 7,655,137

TEKNOMEK LIMITED (REGISTERED NUMBER: 02054645)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 20,833
Trade creditors 706,053 560,294
Taxation and social security 196,874 238,239
Other creditors 97,079 46,755
1,000,006 866,121

9. LEASING AGREEMENTS
At the date of the financial statements the company has future operating lease commitments of £758,021.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number: Class: Nominal 2024 2023
Value: £ £
85 Ordinary A Shares £1 85 85
5 Ordinary B Shares £1 5 5
5 Ordinary C Shares £1 5 5
5 Ordinary D Shares £1 5 5
100 100

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2023 7,677,623 50 7,677,673
Profit for the year 179,519 - 179,519
At 31 May 2024 7,857,142 50 7,857,192

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

The Report of the Auditors was unqualified.

Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

13. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 12,000