IRIS Accounts Production v24.2.0.383 10373070 director 31.3.24 1.4.23 31.3.24 31.3.24 The principal activity of the group in the year under review was that of engineering design activities. true true false true true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh103730702023-03-31103730702024-03-31103730702023-04-012024-03-31103730702022-03-31103730702022-04-012023-03-31103730702023-03-3110373070ns15:EnglandWales2023-04-012024-03-3110373070ns14:PoundSterling2023-04-012024-03-3110373070ns10:Director12023-04-012024-03-3110373070ns10:Consolidated2024-03-3110373070ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3110373070ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3110373070ns10:Consolidatedns10:FRS1022023-04-012024-03-3110373070ns10:Consolidatedns10:Audited2023-04-012024-03-3110373070ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3110373070ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3110373070ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3110373070ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3110373070ns10:FullAccounts2023-04-012024-03-311037307012023-04-012024-03-3110373070ns10:Consolidated2023-04-012024-03-3110373070ns10:RegisteredOffice2023-04-012024-03-3110373070ns10:Consolidated2022-04-012023-03-3110373070ns5:CurrentFinancialInstruments2024-03-3110373070ns5:CurrentFinancialInstruments2023-03-3110373070ns5:ShareCapital2024-03-3110373070ns5:ShareCapital2023-03-3110373070ns5:RetainedEarningsAccumulatedLosses2024-03-3110373070ns5:RetainedEarningsAccumulatedLosses2023-03-3110373070ns5:ShareCapital2022-03-3110373070ns5:RetainedEarningsAccumulatedLosses2022-03-3110373070ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3110373070ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3110373070ns5:NetGoodwill2023-04-012024-03-3110373070ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3110373070ns5:FurnitureFittings2023-04-012024-03-3110373070ns5:MotorVehicles2023-04-012024-03-3110373070ns5:CostValuation2023-03-3110373070ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3110373070ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3110373070ns5:RetainedEarningsAccumulatedLosses2023-03-31
REGISTERED NUMBER: 10373070 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Technica Holdings Limited

Technica Holdings Limited (Registered number: 10373070)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Technica Holdings Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr J D Davison





REGISTERED OFFICE: Cherry Tree Business Park
Estate Road No.5
Grimsby
N E Lincolnshire
DN31 2TX





REGISTERED NUMBER: 10373070 (England and Wales)





AUDITORS: Underwood Green Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

Technica Holdings Limited (Registered number: 10373070)

Group Strategic Report
for the Year Ended 31 March 2024

The director presents his strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The principal activity of the business during the year was that of engineering design activities for industrial process and production.

The group's turnover decreased in the year to £9.2 million from £21.4 million, an decrease of 57% (2023: Increase of 71%).

The operating loss of the group in the year was £127,504 compared to a profit of £680,485 in the previous year.

The directors are disappointed with the overall results for the year, and have taken steps to return the group to profitability next year.

Cash projections are prepared frequently and reviewed by management to ensure that adequate financial resources exist for the company. The board has continued to maintain adequate funding capital within the company and no changes in facilities are envisaged in the foreseeable future.

Although the financial results in 2024 were disappointing, the group is well placed to improve its position in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The trading performance of the group to the year ended 31st March 2024 fell below the directors' expectations. Action has been taken to return the group to profitability next year.

The general uncertainty of the worldwide economy, inflation pressure and global armed conflict, and the particular sensitivity of the worldwide energy markets to these factors, are considered to be a major risk to the business going forward. The directors and their management team are keeping all margins and costs under review.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors use turnover and operating profit as key performance indicators for the business.

ON BEHALF OF THE BOARD:





Mr J D Davison - Director


31 October 2024

Technica Holdings Limited (Registered number: 10373070)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
During the year the company paid dividends of £174,500 (2023: £320,695).

FUTURE DEVELOPMENTS
The trading performance to date in the year to 31 March 2024 had been in line with the directors expectations.

DIRECTOR
Mr J D Davison held office during the whole of the period from 1 April 2023 to the date of this report.

FINANCIAL INSTRUMENTS
Treasury operations
The company operates a centralised treasury function which is responsible for managing the liquidity and interest rate risks associated with the company's activities. The company's principal instruments are a bank loan and bank and cash balances. In addition the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from the operations of the business.

Liquidity risk
The company manages its cash requirements centrally to maximise interest income and minimise interest expense, whilst ensuring the the company has sufficient liquid resources to meet the operating needs of its business.

Interest rate risk
The company is exposed to fair value interest rate risk on its bank loan facility and overdraft facility.

Foreign currency risk
The company does have foreign currency risk as some sales and purchases are made outside of the UK.

Credit risk
Investments of cash surpluses are made with the company's main bankers. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have chosen to disclose the Review of the Business and Principal Risks and Uncertainties of the business within the the company's Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Technica Holdings Limited (Registered number: 10373070)

Report of the Director
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he 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.

AUDITORS
The auditors, Underwood Green Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J D Davison - Director


31 October 2024

Report of the Independent Auditors to the Members of
Technica Holdings Limited

Opinion
We have audited the financial statements of Technica Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 March 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 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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Technica Holdings 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Technica Holdings 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:

Identifying and assessing potential risks related to irregularities
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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, we considered the following;
- The nature of the industry and sector, control environment and business performance
- The company's own assessment of the risks that irregularities may occur either as a result of fraud or error that was approved by the board
- Any matters identified having reviewed the company's procedures
- Matters discussed among our audit engagement team and other members of Underwood Green regarding how fraud might occur in the financial statements.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risks of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered included UK companies Act and tax legislation.

We also considered adherence to anti bribery laws, data protection employment law and health and safety regulations.

Audit response to risks identified
As a result of performing the above, we identified the disclosure of adjusting items in the financial statements.

In addition to the above, our procedures to respond to risks identified included;
- Reviewing the financial statement disclosures
- Enquiring of management concerning actual and potential litigation and claims
- Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journals and assessing whether judgements made in making accounting estimates are indicative of potential bias.

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.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Report of the Independent Auditors to the Members of
Technica Holdings Limited


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.




Gary Underwood (Senior Statutory Auditor)
for and on behalf of Underwood Green Limited, Statutory Auditor
Pinnacle House
1 Pinnacle Way
Derby
Derbyshire
DE24 8ZS

31 October 2024

Technica Holdings Limited (Registered number: 10373070)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 4 9,200,257 21,446,279

Cost of sales 7,533,286 18,859,655
GROSS PROFIT 1,666,971 2,586,624

Administrative expenses 1,835,714 1,940,685
(168,743 ) 645,939

Other operating income 41,239 34,546
OPERATING (LOSS)/PROFIT 7 (127,504 ) 680,485

Interest receivable and similar income 5,939 4,520
(121,565 ) 685,005

Interest payable and similar expenses 9 40,090 6,872
(LOSS)/PROFIT BEFORE TAXATION (161,655 ) 678,133

Tax on (loss)/profit 10 (188,666 ) (124,954 )
PROFIT FOR THE FINANCIAL YEAR 27,011 803,087
Profit attributable to:
Owners of the parent 27,011 803,087

Technica Holdings Limited (Registered number: 10373070)

Consolidated
Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 27,011 803,087


OTHER COMPREHENSIVE INCOME
Property revaluation - 190,338
Income tax relating to other comprehensive
income

-

(47,585

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

142,753
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

27,011

945,840

Total comprehensive income attributable to:
Owners of the parent 27,011 945,840

Technica Holdings Limited (Registered number: 10373070)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 14 76,992 102,656
Tangible assets 15 880,540 874,541
Investments 16 - -
957,532 977,197

CURRENT ASSETS
Debtors 17 2,889,746 2,900,920
Cash at bank 139,656 692,669
3,029,402 3,593,589
CREDITORS
Amounts falling due within one year 18 2,945,713 3,439,515
NET CURRENT ASSETS 83,689 154,074
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,041,221

1,131,271

CREDITORS
Amounts falling due after more than one
year

19

(678,440

)

(619,504

)

PROVISIONS FOR LIABILITIES 23 (66,007 ) (67,504 )
NET ASSETS 296,774 444,263

CAPITAL AND RESERVES
Called up share capital 24 106 106
Capital redemption reserve 25 100 100
Non-distributable reserve 25 142,753 142,753
Retained earnings 25 153,815 301,304
SHAREHOLDERS' FUNDS 296,774 444,263

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mr J D Davison - Director


Technica Holdings Limited (Registered number: 10373070)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 14 - -
Tangible assets 15 - -
Investments 16 1,140,167 1,140,167
1,140,167 1,140,167

CURRENT ASSETS
Debtors 17 233,483 174,432
Cash at bank 1,595 12,797
235,078 187,229
CREDITORS
Amounts falling due within one year 18 1,369,741 1,149,419
NET CURRENT LIABILITIES (1,134,663 ) (962,190 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,504

177,977

CAPITAL AND RESERVES
Called up share capital 24 106 106
Retained earnings 25 5,398 177,871
SHAREHOLDERS' FUNDS 5,504 177,977

Company's profit for the financial year 2,027 498,447

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





Mr J D Davison - Director


Technica Holdings Limited (Registered number: 10373070)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Non-distributable Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 April 2022 106 (181,088 ) 100 - (180,882 )

Changes in equity
Dividends - (320,695 ) - - (320,695 )
Total comprehensive income - 803,087 - 142,753 945,840
Balance at 31 March 2023 106 301,304 100 142,753 444,263

Changes in equity
Dividends - (174,500 ) - - (174,500 )
Total comprehensive income - 27,011 - - 27,011
Balance at 31 March 2024 106 153,815 100 142,753 296,774

Technica Holdings Limited (Registered number: 10373070)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 106 119 225

Changes in equity
Dividends - (320,695 ) (320,695 )
Total comprehensive income - 498,447 498,447
Balance at 31 March 2023 106 177,871 177,977

Changes in equity
Dividends - (174,500 ) (174,500 )
Total comprehensive income - 2,027 2,027
Balance at 31 March 2024 106 5,398 5,504

Technica Holdings Limited (Registered number: 10373070)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (615,743 ) (406,772 )
Interest paid (40,090 ) (6,872 )
Tax paid 187,169 144,873
Net cash from operating activities (468,664 ) (268,771 )

Cash flows from investing activities
Purchase of tangible fixed assets (61,497 ) (162,833 )
Interest received 5,939 4,520
Net cash from investing activities (55,558 ) (158,313 )

Cash flows from financing activities
New loans in year 250,000 -
Loan repayments in year (54,233 ) (22,489 )
Capital repayments in year 8,970 24,746
Amount withdrawn by directors (59,028 ) (174,778 )
Equity dividends paid (174,500 ) (320,695 )
Net cash from financing activities (28,791 ) (493,216 )

Decrease in cash and cash equivalents (553,013 ) (920,300 )
Cash and cash equivalents at beginning of
year

2

692,669

1,612,969

Cash and cash equivalents at end of year 2 139,656 692,669

Technica Holdings Limited (Registered number: 10373070)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
(Loss)/profit before taxation (161,655 ) 678,133
Depreciation charges 81,163 67,572
Finance costs 40,090 6,872
Finance income (5,939 ) (4,520 )
(46,341 ) 748,057
Decrease in trade and other debtors 70,202 303,749
Decrease in trade and other creditors (639,604 ) (1,458,578 )
Cash generated from operations (615,743 ) (406,772 )

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 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 139,656 692,669
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 692,669 1,612,969


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 692,669 (553,013 ) 139,656
692,669 (553,013 ) 139,656
Debt
Finance leases (24,746 ) (8,970 ) (33,716 )
Debts falling due within 1 year (23,571 ) (82,109 ) (105,680 )
Debts falling due after 1 year (80,073 ) (113,658 ) (193,731 )
(128,390 ) (204,737 ) (333,127 )
Total 564,279 (757,750 ) (193,471 )

Technica Holdings Limited (Registered number: 10373070)

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

1. STATUTORY INFORMATION

Technica Holdings 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.

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 as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the group's only subsidiary being; Technica Limited.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits can be reliably measured, and it is probable that future economic benefits will flow to the entity. Revenue consists of services and is recognised in the accounting periods in which the services are rendered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 33% on cost and 25% on cost
Motor vehicles - 25% on cost

Tangible assets are initially measured at cost. After initial recognition, tangible assets are measured at cost less any accumulated depreciation.

Leasehold Property
Leasehold properties are revalued annually and any surplus or deficit is dealt with via the non-distributable reserve. No depreciation is provided in respect of leasehold properties.

Government grants
The company receives government grants in respect of apprenticeships. The grants are recognised based on the amount received or receivable when there is a reasonable assurance that the company will comply with conditions attaching to them.


Technica Holdings Limited (Registered number: 10373070)

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

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments
The limited company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from and to related parties and bank loans.

Technica Holdings Limited (Registered number: 10373070)

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

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and bank deposits.

Trade debtors
Trade debtors are amounts due for goods sold or services rendered in the ordinary course of business.

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

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities of the company does not have an unconditional right, at the end of the reporting date, 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Technica Holdings Limited (Registered number: 10373070)

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

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The Company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have an increased risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements, the directors have made the following judgements:

Goodwill, intangible assets and amortisation
The Company establishes a reliable estimate of the useful life of intangible assets. The directors assess carrying value and impairment of intangible assets subject to amortisation, whenever events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation and residual values
The directors have reviewed the asset lives and associated residual values of all tangible fixed asset classes and have concluded that asset lives and residual values are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Recoverability of trade debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is considered to be uncertain.

Management makes allowance for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Management specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the charge in the profit and loss account.

Taxation
There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognises liabilities for anticipated tax issues based on estimates of whether additional taxes will be due.

Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Provisions
A provision is recognised when the Company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

Technica Holdings Limited (Registered number: 10373070)

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

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 7,385,242 20,823,069
Non UK Sales 1,815,015 623,210
9,200,257 21,446,279

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,012,369 3,100,942
Social security costs 312,774 342,550
Other pension costs 87,074 89,114
3,412,217 3,532,606

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

Cost of sales 39 41
Admin 18 14
Directors 2 2
59 57

The average number of employees by undertakings that were proportionately consolidated during the year was 59 (2023 - 57 ) .

6. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Director's remuneration 147,483 139,247
Director's pension contributions to money purchase schemes 4,015 3,800

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

Money purchase schemes 1 1

Technica Holdings Limited (Registered number: 10373070)

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

7. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 359,449 570,208
Other operating leases 13,252 12,636
Depreciation - owned assets 47,115 36,638
Depreciation - assets on hire purchase contracts 8,383 5,270
Goodwill amortisation 25,664 25,664
Foreign exchange differences 2,008 3,459

8. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

18,200

17,500

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 16,219 5,697
Hire purchase interest 3,235 1,175
Other interest 20,636 -
40,090 6,872

10. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (187,169 ) (144,873 )

Deferred tax (1,497 ) 19,919
Tax on (loss)/profit (188,666 ) (124,954 )

UK corporation tax was charged at 19 %) in 2023.

Technica Holdings Limited (Registered number: 10373070)

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

10. TAXATION - continued

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

2024 2023
£    £   
(Loss)/profit before tax (161,655 ) 678,133
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(40,414

)

128,845

Effects of:
Expenses not deductible for tax purposes 33,716 22,734
Capital allowances in excess of depreciation - (8,515 )
Depreciation in excess of capital allowances 8,920 -
Utilisation of tax losses (2,222 ) -
Deferred taxation (1,497 ) 19,919
Enhanced research and development expenditure (187,169 ) (287,937 )
Total tax credit (188,666 ) (124,954 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.

2023
Gross Tax Net
£    £    £   
Property revaluation 190,338 (47,585 ) 142,753

11. INDIVIDUAL INCOME STATEMENT

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


12. DIVIDENDS
2024 2023
£    £   
Ordinary shares shares of 1 each
Interim 174,500 320,695

13. GOVERNMENT GRANTS

During the year the company received income in regard to the apprenticeship grants of £15,380 (2023: £13,200). The amounts received are included in government grants.

Technica Holdings Limited (Registered number: 10373070)

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

14. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 256,640
AMORTISATION
At 1 April 2023 153,984
Amortisation for year 25,664
At 31 March 2024 179,648
NET BOOK VALUE
At 31 March 2024 76,992
At 31 March 2023 102,656

Goodwill arises on the consolidation of the group accounts following the purchase of Technica Limited in previous years and is being amortised over 10 years. In the opinion of the director this represents a prudent estimate of the period over which the company will derive economic benefit from the reputation and customer loyalty acquired as part of that business.

15. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 700,000 111,016 130,967 941,983
Additions - 35,002 26,495 61,497
Disposals - - (16,814 ) (16,814 )
At 31 March 2024 700,000 146,018 140,648 986,666
DEPRECIATION
At 1 April 2023 - 37,301 30,141 67,442
Charge for year - 37,575 17,923 55,498
Eliminated on disposal - - (16,814 ) (16,814 )
At 31 March 2024 - 74,876 31,250 106,126
NET BOOK VALUE
At 31 March 2024 700,000 71,142 109,398 880,540
At 31 March 2023 700,000 73,715 100,826 874,541

Technica Holdings Limited (Registered number: 10373070)

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

15. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Leasehold and Motor
property fittings vehicles Totals
£    £    £    £   
Valuation in 2024 190,338 - - 190,338
Cost 509,662 146,018 140,648 796,328
700,000 146,018 140,648 986,666

If leasehold property had not been revalued 2023 would have been included at the following historical cost:

2024 2023
£    £   
Cost 509,662 509,662

Leasehold property was valued on open market basis basis on 31 March 2023 by Pygott Crone .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 April 2023 32,995
Additions 26,495
At 31 March 2024 59,490
DEPRECIATION
At 1 April 2023 5,270
Charge for year 8,383
At 31 March 2024 13,653
NET BOOK VALUE
At 31 March 2024 45,837
At 31 March 2023 27,725

Technica Holdings Limited (Registered number: 10373070)

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

16. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1,140,167
NET BOOK VALUE
At 31 March 2024 1,140,167
At 31 March 2023 1,140,167


17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,717,255 1,039,185 - -
Other debtors 187,169 320,444 - -
Directors' current accounts 233,483 174,455 233,483 174,432
Prepayments and accrued income 751,839 1,366,836 - -
2,889,746 2,900,920 233,483 174,432

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 20) 105,680 23,571 - -
Hire purchase contracts (see note 21) 16,627 8,249 - -
Trade creditors 716,188 1,757,729 - -
Amounts owed to group undertakings - - 1,180,963 952,809
Social security and other taxes 81,453 87,876 - -
VAT 112,336 122,887 - -
Other creditors 383,186 330,093 188,171 196,003
Deferred income 1,136,927 683,186 607 607
Accruals 393,316 425,924 - -
2,945,713 3,439,515 1,369,741 1,149,419

Technica Holdings Limited (Registered number: 10373070)

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

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 20) 193,731 80,073
Hire purchase contracts (see note 21) 17,089 16,497
Other creditors 467,620 522,934
678,440 619,504

Other creditors are payable by installments and are due within 5 years

20. LOANS

An analysis of the maturity of loans is given below:
2024 2023
£ £

Amounts payable by instalments and falling due within one year:
Bank loans 105,680 23,571

Amounts payable by instalments and due between one and five years:
Bank loans 193,731 80,073

Amount payable by instalments and due after more than five years
Bank loans - -


21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 16,627 8,249
Between one and five years 17,089 16,497
33,716 24,746

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 27,461 40,134
Between one and five years 33,156 60,617
60,617 100,751

Technica Holdings Limited (Registered number: 10373070)

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

22. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 80,660 103,644

The bank loan is secured by way of the bank's standard Debenture and charge over the company's leasehold property.

23. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 18,422 19,919
Deferred tax 47,585 47,585
66,007 67,504

Group
Deferred
tax
£   
Balance at 1 April 2023 67,504
Credit to Income Statement during year (1,497 )
Property revaluation in year
Balance at 31 March 2024 66,007

24. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   

100 Ordinary shares of £1 each 1 100 100
2 Ordinary "A" shares of £1 each 1 2 2
3 Ordinary "B" shares of £1 each 1 3 3
1 Ordinary "C" shares of £1 each 1 1 1
106 106
The Ordinary shares above have full voting, dividend and capital distribution rights, they do not confer any rights of redemption. The Ordinary A, B & C shares have no voting rights or rights to assets on a distribution, other than repayment of capital paid. The shares have a right to dividends only as decided at the discretion of the directors.

Technica Holdings Limited (Registered number: 10373070)

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

25. RESERVES

Group
Capital
Retained redemption Non-distributable
earnings reserve reserve Totals
£    £    £    £   

At 1 April 2023 301,304 100 142,753 444,157
Profit for the year 27,011 27,011
Dividends (174,500 ) (174,500 )
At 31 March 2024 153,815 100 142,753 296,668

Company
Retained
earnings
£   

At 1 April 2023 177,871
Profit for the year 2,027
Dividends (174,500 )
At 31 March 2024 5,398


26. PENSION COMMITMENTS

The entity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The amount charged against profits represent the contributions payable to the scheme in respect of the accounts accounting period and amounts to £87,074 (2023: £89,114.) There were £16,272 (2023: £489) of outstanding contributions payable at the year end.

27. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J D Davison
Balance outstanding at start of year 174,432 -
Amounts advanced 240,551 496,027
Amounts repaid (181,500 ) (321,595 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 233,483 174,432

Interest has been charged on the overdrawn directors loan account balance at the HMRC official rate of interest during the year, being 2% to 5th April 2023 and 2.25% thereafter.

The overdrawn directors loan account balance was repaid with nine months of the year end.

28. RELATED PARTY DISCLOSURES

At the year end the company owed £1,180,963 (2023: 952,809).

Technica Holdings Limited (Registered number: 10373070)

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

During the year, a total of key management personnel compensation of £ 541,100 (2023 - £ 589,753 ) was paid.

29. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J D Davison.