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REGISTERED NUMBER: 05394680 (England and Wales)















Test Meter Group Limited

Financial Statements for the Year Ended 31 March 2024






Test Meter Group Limited (Registered number: 05394680)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Test Meter Group Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: N R Turnbull
L Tonnesen





SECRETARY: Mrs C Jemmeson





REGISTERED OFFICE: 1 Aston Court
Town End Close
Leeds
West Yorkshire
LS13 2AF





REGISTERED NUMBER: 05394680 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Test Meter Group Limited (Registered number: 05394680)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,100 16,758
Tangible assets 5 851,126 702,454
852,226 719,212

CURRENT ASSETS
Stocks 1,764,102 1,455,874
Debtors 6 743,601 625,098
Cash at bank and in hand 936,913 1,365,755
3,444,616 3,446,727
CREDITORS
Amounts falling due within one year 7 2,247,378 2,040,450
NET CURRENT ASSETS 1,197,238 1,406,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,049,464

2,125,489

PROVISIONS FOR LIABILITIES 59,990 28,197
NET ASSETS 1,989,474 2,097,292

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,989,374 2,097,192
1,989,474 2,097,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Test Meter Group Limited (Registered number: 05394680)

Balance Sheet - continued
31 March 2024


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 30 September 2024 and were signed on its behalf by:




N R Turnbull - Director



L Tonnesen - Director


Test Meter Group Limited (Registered number: 05394680)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Test Meter Group 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005 has been written off.

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.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Hire equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Financial instruments
Basic financial instruments are recognised at amortised cost, derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.


Test Meter Group Limited (Registered number: 05394680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 27 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 8,000 89,245 97,245
AMORTISATION
At 1 April 2023 8,000 72,487 80,487
Amortisation for year - 15,658 15,658
At 31 March 2024 8,000 88,145 96,145
NET BOOK VALUE
At 31 March 2024 - 1,100 1,100
At 31 March 2023 - 16,758 16,758

Test Meter Group Limited (Registered number: 05394680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Hire and
property equipment fittings
£    £    £   
COST
At 1 April 2023 536,662 105,235 219,040
Additions - 73,166 54,097
Disposals - (45,020 ) -
At 31 March 2024 536,662 133,381 273,137
DEPRECIATION
At 1 April 2023 - 74,805 167,881
Charge for year - 21,962 26,324
Eliminated on disposal - (29,217 ) -
At 31 March 2024 - 67,550 194,205
NET BOOK VALUE
At 31 March 2024 536,662 65,831 78,932
At 31 March 2023 536,662 30,430 51,159

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 118,204 137,695 1,116,836
Additions 124,700 17,370 269,333
Disposals - - (45,020 )
At 31 March 2024 242,904 155,065 1,341,149
DEPRECIATION
At 1 April 2023 66,304 105,392 414,382
Charge for year 44,150 12,422 104,858
Eliminated on disposal - - (29,217 )
At 31 March 2024 110,454 117,814 490,023
NET BOOK VALUE
At 31 March 2024 132,450 37,251 851,126
At 31 March 2023 51,900 32,303 702,454

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 711,586 582,316
Other debtors 32,015 42,782
743,601 625,098

Test Meter Group Limited (Registered number: 05394680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 1,526,654 1,398,475
Taxation and social security 360,831 330,174
Other creditors 359,893 311,801
2,247,378 2,040,450

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 47,778 47,778
Between one and five years 191,112 191,112
In more than five years 47,778 95,556
286,668 334,446