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REGISTERED NUMBER: 05000780 (England and Wales)




GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

TECHEMET LIMITED

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 7

Report of the Independent Auditors 9

Consolidated Statement of Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


TECHEMET LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: A S Prentice
M V Ward
B Ward
B J Mills





REGISTERED OFFICE: 1 Vanguard
Ninian Way
Tame Valley Industrial Estate
Tamworth
Staffordshire
B77 5DY





REGISTERED NUMBER: 05000780 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

GROUP STRATEGIC REPORT
for the year ended 31 January 2024

The directors present their strategic report of the company and the group for the year ended 31 January 2024.

The Group's core activity is the recycling of precious and scrap metals, specifically focusing on Platinum Group Metals (PGMs) in a global market that is highly sensitive to economic trends and commodity price fluctuations. Our operations are aligned with global sustainability initiatives, aiming to reduce waste by efficiently recovering and refining valuable metals.


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

GROUP STRATEGIC REPORT
for the year ended 31 January 2024

REVIEW OF BUSINESS
The Group has demonstrated resilience amidst a year marked by significant market challenges. For the fiscal year ending 31 January 2024, performance was satisfactory despite pronounced declines in PGM prices and constrained supply chains. External macroeconomic conditions, including persistent global economic uncertainty, elevated inflation, and historically high interest rates, created a difficult backdrop for the catalyst recycling industry. However, the Group maintained a strong operational footing, leveraging its global footprint and industry partnerships.
As a key branch office within one of the world's largest and most dynamic industrial and autocatalyst smelter/refiners based in the United States, the Group benefits from access to significant expertise, advanced technology, and robust supply chain infrastructure. Nevertheless, reduced material availability throughout the year-largely due to post-pandemic supply chain normalization and strategic stockpiling by market participants-affected the overall volume of global recyclable metals entering the market. This was further exacerbated by the dramatic fall in PGM prices (Platinum: -1.2%, Palladium: -38.7%, Rhodium: -61.7% year-on-year). As a result, the global recycling industry faced tighter margins and increased competition for available materials.
Despite these challenges, the Group successfully increased the volume of materials processed by 15.6% year-on-year, a testament to its operational efficiency and ability to source new streams of recyclable material. This growth was achieved through strategic supplier relationships, improvements in logistical processes, and an enhanced focus on automation and technology.
However, the Groups strategic shift towards a closed-loop recycling model-returning significantly more refined metal back to suppliers rather than selling PGMs on the open market-resulted in a planned turnover decline year-on-year. This pivot reflects our long-term commitment to sustainable practices and reducing market volatility risk by minimizing exposure to fluctuating PGM prices. Despite the reduction in turnover, our gross profit margin significantly improved to 7.79% from 3.84% in 2023 as a result of the success of our cost management initiatives and value-added services in the refining process.

Human Capital and Operational Excellence
The Group's greatest asset is its workforce. We recognize that the knowledge, skills, and dedication of our staff are crucial to our success, particularly in navigating complex market environments. Accordingly, we continue to make significant investments in training and professional development, focusing on areas such as quality control, process innovation, and Health & Safety standards.
During the year, we achieved multiple ISO certifications, reflecting our commitment to operational excellence, sustainability, and continual improvement. Further accreditations are in the final stages of assessment, positioning the Group as a leader in quality and environmental management. Our proactive approach to industry best practices is further enhanced by active participation in various national and international federations, associations, and standards bodies. These affiliations not only help us stay abreast of regulatory changes but also ensure we are contributing to the shaping of industry standards.

Community Engagement and Sustainability
The Group is deeply committed to corporate social responsibility, extending beyond operational performance. We engage with local communities through sponsorship programs that promote responsible recycling practices, environmental sustainability, and educational initiatives. These sponsorships are complemented by broader industry-wide support initiatives aimed at promoting a more circular economy and enhancing the long-term sustainability of the precious metals sector.

International Operations and Expansion
Internationally, the Republic of Ireland remains a critical market, serviced by our wholly-owned subsidiary. This subsidiary plays a pivotal role in driving local market engagement and supporting our recycling and refining activities. Additionally, the Group maintains a significant stake in its sister office in Italy, fostering collaboration and synergy across European markets. This close partnership has allowed for increased efficiency, shared technological advancements, and joint market expansion initiatives.
Looking forward, the Group is actively planning the establishment of new branch offices in strategically
important markets. These expansions are designed to enhance our geographic footprint and provide the Group with access to key raw material supplies, particularly in regions where PGM recycling is underdeveloped. This growth strategy will be critical in ensuring the Group's medium to long-term success, providing new opportunities for revenue generation and operational scalability.


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

GROUP STRATEGIC REPORT
for the year ended 31 January 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The most significant risks to the Group continue to be the volatility of PGM prices and foreign exchange fluctuations. Market unpredictability in precious metals, influenced by geopolitical factors, economic policy changes, and evolving demand dynamics, presents a persistent challenge.
To mitigate these risks, the Group maintains a conservative and disciplined approach to pricing and inventory management. The Directors have implemented a comprehensive hedging strategy to protect against significant price volatility. Purchased materials are consistently hedged, allowing the Group to secure pricing stability. Additionally, currency risk is mitigated through the use of short-term forward foreign exchange contracts, which reduce exposure to fluctuations between the US dollar, euro, and other relevant currencies.
Operational efficiency remains a key focus. The Directors and Management team conduct regular reviews of overheads and other cost areas to identify potential savings without compromising the quality or safety of our operations. This approach has allowed the Group to remain competitive while protecting its margins during periods of market instability.

.

SECTION 172(1) STATEMENT
The directors recognise the importance of key stakeholder relationships for the business, and as required by section 172 (1) of the Companies Act, they consider these relationships wherever necessary. They ensure that the relevant information is identified and gathered through the use of an Interested Parties register which is constantly reviewed, and there is a formal process within its management systems for understanding both internal and external stakeholder interests, and how they could impact on the delivery of group objectives. Regular meetings with shareholders consider the implications of key business decisions on customers, suppliers and employees, and these meetings inform and influence processes across the Group.


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

GROUP STRATEGIC REPORT
for the year ended 31 January 2024

ENERGY AND CARBON REPORT
The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (the 2018 Regulations) implement the government's policy on Streamlined Energy and Carbon Reporting (SECR). This section provides Techemet's disclosures of energy and carbon emissions in accordance with these requirements.

Scope

This energy and carbon report applies to the UK operations of Techemet Ltd.

For the purpose of this report, Techemet's material energy consumption and carbon emission sources are as set out below.

1. Natural gas for forklift trucks and domestic/process heating.
2. Electricity to power lighting and machinery.
3. Diesel for freighting in own vehicles.


Consumption & Emissions

Litres kWh Tonnes CO2e
Scope 1 Natural Gas N/A 137,378 25

Scope 1
Vehicle Fuel
(Diesel)

50,811

502,338

128
Scope 2 Electricity N/A 484,701 100
TOTAL = 253

Emissions have been calculated using UK Government GHG Conversion Factors for Company Reporting (Version 1.1, 2023)

Diesel

- Litres:kWh (9.8864)
- kWh TCO2e (0.00251206)

Natural Gas

- kWh TCO2e (0.00018)

Electricity

- kWh TCO2e (0.000207)

Intensity Ratio

The intensity ration for Techemet's greenhouse gas emissions is calculated by dividing its total scope 1 and 2 greenhouse gas emissions by its turnover:

- Tonnes CO2e / £Million Turnover
- =253 / 61
- = 4 Tonnes CO2e per £Million Turnover


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

GROUP STRATEGIC REPORT
for the year ended 31 January 2024

RESEARCH AND DEVELOPMENT
The Parent company aims to make continuous improvement and innovation by developing safer and more
efficient working practices and equipment. Significant investment is made in research across a multitude of
technological, information, machinery other factors within the business. The Parent company makes use of
the Government approved patent box scheme.

ON BEHALF OF THE BOARD:





B J Mills - Director


31 October 2024

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

REPORT OF THE DIRECTORS
for the year ended 31 January 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary A £1 - £2697.6483
Ordinary B £1 - £8551.7313
Ordinary D £1 - £2697.6483

The total distribution of dividends for the year ended 31 January 2024 will be £ 1,969,834 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

A S Prentice
M V Ward
B Ward
B J Mills

DISCLOSURE IN THE STRATEGIC REPORT
Items required to be included in the Report of the Directors under Schedule 7 to the Large and Medium-Sized Company and Groups (Accounts & Reports Regulations) 2008 are set out in the strategic report in accordance with S414c (11) CA 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

REPORT OF THE DIRECTORS
for the year ended 31 January 2024


AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B J Mills - Director


31 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECHEMET LIMITED

Opinion
We have audited the financial statements of Techemet Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECHEMET LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECHEMET LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- reference to past history and experience of the Group,
- enquiry of management, including obtaining and reviewing supporting documentation concerning
the Groups procedures relating to:

-identifying and complying with laws and regulations and whether they were aware of any
instances of non-compliance;

-detection and response to risk of fraud and whether they were aware of any actual or suspected
instances of fraud.
- assessment of the controls and processes that the Group has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:

- Management override of control; and
- Revenue recognition - specifically the recognition according to date of shipment, or sale of metals,
as applicable, and manipulation of revenue through management override of journals.

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:


- We critically assessed the appropriateness and tested the application of the revenue and cost
recognition policies.
- We tested the appropriateness of accounting journals and other adjustments made in the
preparation of the financial statements.
- We reviewed the Group's accounting policies for non-compliance with relevant standards.
- We made enquiries of management and reviewed correspondence with the relevant authorities to
identify any irregularities or instances of non-compliance with laws and regulations.

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain professional scepticism throughout the audit process.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We undertook detailed discussions with component auditors, focussing on any potential instances of non-compliance with laws and regulations, sharing our knowledge and experience of the company and group with the component auditors. As part of this process the Responsible Individual has determined that the engagement team collectively has the appropriate competence and capabilities to identify and recognise should we have become aware of non-compliance with laws and regulations.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TECHEMET LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Spafford FCCA FCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

31 October 2024

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER
Group and share of associates 71,187,347 330,831,294
Less:
Share of associates' turnover (10,096,268 ) (20,871,845 )
GROUP TURNOVER 61,091,079 309,959,449

Cost of sales 56,330,691 298,051,815
GROSS PROFIT 4,760,388 11,907,634

Administrative expenses 4,182,899 4,337,575
577,489 7,570,059

Other operating income 36,138 958,710
GROUP OPERATING PROFIT 4 613,627 8,528,769

Share of operating profit in
Associates 70,260 1,220,442

Interest receivable and similar income 42,413 50,827
726,300 9,800,038

Interest payable and similar expenses 5 26 379
PROFIT BEFORE TAXATION 726,274 9,799,659

Tax on profit 6 213,453 1,813,373
PROFIT FOR THE FINANCIAL YEAR 512,821 7,986,286

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

512,821

7,986,286

Profit attributable to:
Owners of the parent 512,821 7,986,286

Total comprehensive income attributable to:
Owners of the parent 512,821 7,986,286

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

CONSOLIDATED BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,085 1,085
Tangible assets 10 1,510,944 1,396,329
Investments 11
Interest in associate 1,380,715 1,359,450
Other investments 315,969 315,969
Investment property 12 1,160,030 1,160,030
4,368,743 4,232,863

CURRENT ASSETS
Stocks 13 13,216,790 7,649,621
Debtors 14 19,713,575 26,025,504
Cash at bank and in hand 2,621,227 7,035,606
35,551,592 40,710,731
CREDITORS
Amounts falling due within one year 15 20,889,040 24,473,944
NET CURRENT ASSETS 14,662,552 16,236,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,031,295

20,469,650

PROVISIONS FOR LIABILITIES 17 75,735 57,077
NET ASSETS 18,955,560 20,412,573

CAPITAL AND RESERVES
Called up share capital 18 600 600
Capital redemption reserve 19 440 440
Retained earnings 19 18,954,520 20,411,533
SHAREHOLDERS' FUNDS 18,955,560 20,412,573

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





B J Mills - Director


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

COMPANY BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,085 1,085
Tangible assets 10 1,510,944 1,396,329
Investments 11 1,734,527 1,734,527
Investment property 12 1,160,030 1,160,030
4,406,586 4,291,971

CURRENT ASSETS
Stocks 13 12,177,199 6,559,628
Debtors 14 20,438,002 26,752,098
Cash at bank and in hand 2,615,193 6,804,603
35,230,394 40,116,329
CREDITORS
Amounts falling due within one year 15 20,854,906 24,425,967
NET CURRENT ASSETS 14,375,488 15,690,362
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,782,074

19,982,333

PROVISIONS FOR LIABILITIES 17 75,735 57,077
NET ASSETS 18,706,339 19,925,256

CAPITAL AND RESERVES
Called up share capital 18 600 600
Capital redemption reserve 440 440
Retained earnings 18,705,299 19,924,216
SHAREHOLDERS' FUNDS 18,706,339 19,925,256

Company's profit for the financial year 750,917 8,009,764

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





B J Mills - Director


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 600 14,436,444 440 14,437,484

Changes in equity
Dividends - (2,011,197 ) - (2,011,197 )
Total comprehensive income - 7,986,286 - 7,986,286
Balance at 31 January 2023 600 20,411,533 440 20,412,573

Changes in equity
Dividends - (1,969,834 ) - (1,969,834 )
Total comprehensive income - 512,821 - 512,821
Balance at 31 January 2024 600 18,954,520 440 18,955,560

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 600 13,925,649 440 13,926,689

Changes in equity
Profit for the year - 8,009,764 - 8,009,764
Total comprehensive income - 8,009,764 - 8,009,764
Dividends - (2,011,197 ) - (2,011,197 )
Balance at 31 January 2023 600 19,924,216 440 19,925,256

Changes in equity
Profit for the year - 750,917 - 750,917
Total comprehensive income - 750,917 - 750,917
Dividends - (1,969,834 ) - (1,969,834 )
Balance at 31 January 2024 600 18,705,299 440 18,706,339

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,193,294 ) 11,384,723
Interest paid (26 ) (379 )
Tax paid (963,504 ) (2,303,874 )
Net cash from operating activities (2,156,824 ) 9,080,470

Cash flows from investing activities
Purchase of tangible fixed assets (330,529 ) (1,270,450 )
Purchase of investment property - (1,160,030 )
Sale of tangible fixed assets 395 30,000
Interest received 42,413 50,827
Net cash from investing activities (287,721 ) (2,349,653 )

Cash flows from financing activities
Equity dividends paid (1,969,834 ) (2,011,197 )
Net cash from financing activities (1,969,834 ) (2,011,197 )

(Decrease)/increase in cash and cash equivalents (4,414,379 ) 4,719,620
Cash and cash equivalents at
beginning of year

2

7,035,606

2,315,986

Cash and cash equivalents at end of
year

2

2,621,227

7,035,606

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 726,274 9,799,659
Depreciation charges 215,914 373,784
Profit on disposal of fixed assets (395 ) (22,617 )
Share of associate profits (70,260 ) (1,220,442 )
Finance costs 26 379
Finance income (42,413 ) (50,827 )
829,146 8,879,936
Increase in stocks (5,567,169 ) (4,124,365 )
Decrease in trade and other debtors 6,494,172 49,164,680
Decrease in trade and other creditors (2,949,443 ) (42,535,528 )
Cash generated from operations (1,193,294 ) 11,384,723

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 2,621,227 7,035,606
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 7,035,606 2,315,986


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 7,035,606 (4,414,379 ) 2,621,227
7,035,606 (4,414,379 ) 2,621,227
Total 7,035,606 (4,414,379 ) 2,621,227

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Techemet 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements have been prepared in accordance with the acquisition method set out in Section 9 of FRS 102.
The financial statements consolidate the results of the company and it's subsidiary for the year ended 31st January 2024 and show the results of the group for the year to 31st January 2024.

Associates are accounted for using the equity method as per paragraph 14.8 and Section 15 of FRS 102.

Turnover
Turnover represents the sale of goods and services, excluding value added tax. Income is recognised according to the contractual terms at either the point of despatch or at the date of ultimate metal sale.

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.

Patents and licences are being amortised evenly over their estimated useful life of four 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 - in accordance with the property
Improvements to property - Equal instalments over period of lease and Over 10 years
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25 - 33% Straight line

Investments in associates
Investments in associate undertakings are recognised at cost less any provision for impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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


TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments
Rentals paid under operating leases are charged as incurred.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,123,786 2,375,354
Social security costs 228,574 267,662
Other pension costs 182,050 176,306
2,534,410 2,819,322

The average number of employees during the year was as follows:
2024 2023

Production 20 23
Administration 33 30
53 53

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 53 (2023 - 53 ) .

2024 2023
£    £   
Directors' remuneration 143,500 163,500
Directors' pension contributions to money purchase schemes 19,680 39,680

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 215,914 373,784
Profit on disposal of fixed assets (395 ) (22,617 )
Auditors' remuneration 33,000 44,425
Foreign exchange differences 358,238 (951,171 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 26 379

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 145,801 1,504,323
Associates corporation tax 48,994 343,470
Total current tax 194,795 1,847,793

Deferred tax 18,658 (34,420 )
Tax on profit 213,453 1,813,373

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 726,274 9,799,659
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

181,569

1,861,935

Effects of:
Expenses not deductible for tax purposes 23,852 13,649
Capital allowances in excess of depreciation - (17,109 )
Depreciation in excess of capital allowances 3,352 -
Deferred tax - 28,894
R&D deductions (76,296 ) (91,067 )
Patent box deduction (9,408 ) (66,433 )
Lower tax rate in subsidiary - (28,082 )
Share of associate tax 31,429 111,586
Marginal rate of tax application (5,885 ) -
Loss in subsidiary 64,840 -
Total tax charge 213,453 1,813,373

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 971,153 950,047
Ordinary B shares of £1 each
Interim 513,105 586,127
Ordinary D shares of £1 each
Interim 485,576 475,023
1,969,834 2,011,197

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

9. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 February 2023
and 31 January 2024 2,170
AMORTISATION
At 1 February 2023
and 31 January 2024 1,085
NET BOOK VALUE
At 31 January 2024 1,085
At 31 January 2023 1,085

Company
Patents
and
licences
£   
COST
At 1 February 2023
and 31 January 2024 2,170
AMORTISATION
At 1 February 2023
and 31 January 2024 1,085
NET BOOK VALUE
At 31 January 2024 1,085
At 31 January 2023 1,085

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 1,084,283 911,902 1,513,474
Additions - 54,764 221,534
At 31 January 2024 1,084,283 966,666 1,735,008
DEPRECIATION
At 1 February 2023 - 828,159 1,339,468
Charge for year - 14,781 136,088
At 31 January 2024 - 842,940 1,475,556
NET BOOK VALUE
At 31 January 2024 1,084,283 123,726 259,452
At 31 January 2023 1,084,283 83,743 174,006

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 49,250 398,279 3,957,188
Additions 54,231 - 330,529
At 31 January 2024 103,481 398,279 4,287,717
DEPRECIATION
At 1 February 2023 44,406 348,826 2,560,859
Charge for year 15,592 49,453 215,914
At 31 January 2024 59,998 398,279 2,776,773
NET BOOK VALUE
At 31 January 2024 43,483 - 1,510,944
At 31 January 2023 4,844 49,453 1,396,329

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 1,084,283 911,902 1,513,474
Additions - 54,764 221,534
At 31 January 2024 1,084,283 966,666 1,735,008
DEPRECIATION
At 1 February 2023 - 828,159 1,339,468
Charge for year - 14,781 136,088
At 31 January 2024 - 842,940 1,475,556
NET BOOK VALUE
At 31 January 2024 1,084,283 123,726 259,452
At 31 January 2023 1,084,283 83,743 174,006

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 49,250 398,279 3,957,188
Additions 54,231 - 330,529
At 31 January 2024 103,481 398,279 4,287,717
DEPRECIATION
At 1 February 2023 44,406 348,826 2,560,859
Charge for year 15,592 49,453 215,914
At 31 January 2024 59,998 398,279 2,776,773
NET BOOK VALUE
At 31 January 2024 43,483 - 1,510,944
At 31 January 2023 4,844 49,453 1,396,329

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

11. FIXED ASSET INVESTMENTS

Group
Interest
Interest in other
in participating
associate interests Totals
£    £    £   
COST
At 1 February 2023 1,608,202 315,969 1,924,171
Share of profit/(loss) 21,265 - 21,265
At 31 January 2024 1,629,467 315,969 1,945,436
PROVISIONS
At 1 February 2023
and 31 January 2024 248,752 - 248,752
NET BOOK VALUE
At 31 January 2024 1,380,715 315,969 1,696,684
At 31 January 2023 1,359,450 315,969 1,675,419

Interest in associate

Share of
net
assets Goodwill
£    £   
COST
At 1 February 2023 1,359,450 248,752
Share of profit/(loss) 21,265 -
At 31 January 2024 1,380,715 248,752
PROVISIONS
At 1 February 2023
and 31 January 2024 - 248,752
NET BOOK VALUE
At 31 January 2024 1,380,715 -
At 31 January 2023 1,359,450 -
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 85 1,734,442 1,734,527
NET BOOK VALUE
At 31 January 2024 85 1,734,442 1,734,527
At 31 January 2023 85 1,734,442 1,734,527

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Technical Chemical & Metallurgical Group Ltd
Registered office: Republic of Ireland
Nature of business: Purchase and sale of catalytic converters
%
Class of shares: holding
Ordinary 100.00

Associated company

Investo Srl
Registered office: Italy
Nature of business: Purchase and sale of catalytic converters
%
Class of shares: holding
Ordinary 50.00


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 1,160,030
NET BOOK VALUE
At 31 January 2024 1,160,030
At 31 January 2023 1,160,030

Company
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 1,160,030
NET BOOK VALUE
At 31 January 2024 1,160,030
At 31 January 2023 1,160,030

13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 13,216,790 7,649,621 12,177,199 6,559,628

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,543,806 5,474,017 3,543,806 5,474,017
Amounts owed by group undertakings - - 778,548 726,667
Amounts owed by associates 444,500 1,273,376 444,500 1,273,376
Other debtors 1,233,841 2,671,700 1,232,668 2,671,627
Tax 182,243 - 129,295 -
Prepayments 14,309,185 16,606,411 14,309,185 16,606,411
19,713,575 26,025,504 20,438,002 26,752,098

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Payments on account 18,875,957 19,298,602 18,875,957 19,298,602
Trade creditors 1,874,564 2,221,272 1,840,430 2,197,240
Tax - 635,460 - 611,516
Social security and other taxes 47,019 44,836 47,019 44,836
Other creditors - 2,088,308 - 2,088,307
Accrued expenses 91,500 185,466 91,500 185,466
20,889,040 24,473,944 20,854,906 24,425,967

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

OPERATING LEASES-LESSOR

2024 2023
£ £
Within one year 50,000 -
Between one and five years 200,000 -
In more than five years 214,583 -
464,583 -


17. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 75,735 57,077 75,735 57,077

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

17. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 February 2023 57,077
Charge to Statement of Comprehensive Income during year 18,658
Balance at 31 January 2024 75,735

Company
Deferred
tax
£   
Balance at 1 February 2023 57,077
Charge to Statement of Comprehensive Income during year 18,658
Balance at 31 January 2024 75,735

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
360 Ordinary A £1 360 360
60 Ordinary B £1 60 60
180 Ordinary D £1 180 180
600 600

The Ordinary A and B shares rank pari passu in all regards. Ordinary D shares have no voting rights, no right to a return of capital or otherwise, and no right to receive a dividend.

19. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 20,411,533 440 20,411,973
Profit for the year 512,821 512,821
Dividends (1,969,834 ) (1,969,834 )
At 31 January 2024 18,954,520 440 18,954,960

TECHEMET LIMITED (REGISTERED NUMBER: 05000780)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

19. RESERVES - continued

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 19,924,216 440 19,924,656
Profit for the year 750,917 750,917
Dividends (1,969,834 ) (1,969,834 )
At 31 January 2024 18,705,299 440 18,705,739


20. OTHER FINANCIAL COMMITMENTS

Bank guarantees have been given as follows:
29/8/2023 £14,095 and 29/1/2024 £14,095 to cover cost of any potential shipment costs for return of material to suppliers.

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Sales 57,298,218 304,356,597
Rent paid 144,000 144,000
Amount due to related party 11,604,458 10,689,174