Company registration number 01089958 (England and Wales)
Tritech Precision Products (Barnstaple) Limited
financial statements
For the year ended 31 March 2024
Tritech Precision Products (Barnstaple) Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
Tritech Precision Products (Barnstaple) Limited
Statement of financial position
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
383,724
443,226
Current assets
Stocks
2,187,002
1,868,154
Debtors
6
1,208,884
1,594,210
Cash at bank and in hand
80,130
2,999
3,476,016
3,465,363
Creditors: amounts falling due within one year
7
(1,879,113)
(1,811,336)
Net current assets
1,596,903
1,654,027
Total assets less current liabilities
1,980,627
2,097,253
Provisions for liabilities
(50,926)
(72,120)
Net assets
1,929,701
2,025,133
Capital and reserves
Called up share capital
50,000
50,000
Unrealised retained earnings
-
0
32,173
Distributable profit and loss reserves
9
1,879,701
1,942,960
Total equity
1,929,701
2,025,133

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
Mr S J Goodier
Director
Company Registration No. 01089958
Tritech Precision Products (Barnstaple) Limited
Statement of changes in equity
For the year ended 31 March 2024
- 2 -
Share capital
Unrealised retained earnings
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2022
50,000
39,221
2,334,812
2,424,033
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(398,900)
(398,900)
Transfers
-
(7,048)
7,048
-
Balance at 31 March 2023
50,000
32,173
1,942,960
2,025,133
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(95,432)
(95,432)
Transfers
-
(32,173)
32,173
-
Balance at 31 March 2024
50,000
-
0
1,879,701
1,929,701
Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Tritech Precision Products (Barnstaple) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge Road North, Wrexham Industrial Estate, Wrexham, Clwyd, Wales, LL13 9PS. The principal place of business is Castle Park Road, Whidden Valley Industrial Estate, Devon, Barnstaple, EX32 8PA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, after discounts and rebates excluding value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

 

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

1.4
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of ten years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10 and 25 years straight line
Plant and machinery
3 - 20 years straight line
Computer equipment
3 years straight line
Motor vehicles
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks include items purchased and exclude items sold, subject to reservation of title.

 

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete, slow moving or defective items. The cost of stock includes all expenditure in bringing stocks to their present location and condition, as follows:

 

                              

                               

 

Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, amounts drawn down on an invoice finance facility and bank overdrafts. Amounts drawn down on an invoice finance facility and bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

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 entities within the group.

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

In the directors' opinion there are no critical judgements, apart from those involving estimations (dealt with separately below), that they have been made aware in applying company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The estimated cost of individual stock items from their selling price

The company has adopted the retail method for valuing work in progress and manufactured finished goods. This requires the directors to estimate the profit margin percentage used to reduce selling price to the estimated cost. This estimated profit margin percentage is based on the average results for the current and previous two years and is calculated as gross profit less an estimated portion of production overheads attributed to direct costs, as a percentage of turnover.

The estimate of the provision necessary for slow moving stocks

Management have estimated the provision required for stocks that have been manufactured, but currently have no orders allocated against them.  A provision is made against finished goods that are not part of a kit, have no orders against them and have not moved in the last 12 months.

Stage of completion of work in progress

Management estimate the stage of completion for products in work in progress, based on their expertise and knowledge of the production process. Different stages of production are documented and a percentage stage of completion applied depending on the part of the process that the product is currently in. Uncertainties in the stage of completion of work in progress relate to the actual amount of work completed on a product at the year end, compared to the estimated percentage stage of completion applied.

The economic useful life of tangible fixed assets

Management review the useful economic lives of depreciable assets at each reporting date as to allocate the cost of assets, less their residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 8 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
68
62
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
70,479
Amortisation and impairment
At 1 April 2023 and 31 March 2024
70,479
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
5
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
130,320
1,899,494
80,199
8,590
2,118,603
Additions
7,986
10,547
10,998
-
0
29,531
Disposals
-
0
(2,192)
-
0
-
0
(2,192)
At 31 March 2024
138,306
1,907,849
91,197
8,590
2,145,942
Depreciation and impairment
At 1 April 2023
103,054
1,484,431
79,302
8,590
1,675,377
Depreciation charged in the year
4,490
79,780
3,554
-
0
87,824
Eliminated in respect of disposals
-
0
(983)
-
0
-
0
(983)
At 31 March 2024
107,544
1,563,228
82,856
8,590
1,762,218
Carrying amount
At 31 March 2024
30,762
344,621
8,341
-
0
383,724
At 31 March 2023
27,266
415,063
897
-
0
443,226

The NBV of assets held under finance lease is £Nil (2023 - £14,688).

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
Tangible fixed assets
(Continued)
- 9 -

On transition to FRS 102 the company elected to revalue some of its plant and machinery and adopt this valuation as deemed cost. If plant and machinery had not been revalued it would have been included at cost as follows:

Plant and machinery
2024
2023
£
£
Cost
2,495,818
2,487,463
Accumulated depreciation
(2,151,197)
(2,107,585)
Carrying value
344,621
379,878
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
801,934
823,607
Amounts owed by group undertakings
271,704
668,168
Other debtors
135,246
102,435
1,208,884
1,594,210
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
469,599
745,717
Trade creditors
918,444
449,861
Amounts owed to group undertakings
202,744
424,841
Taxation and social security
67,282
102,483
Other creditors
221,044
88,434
1,879,113
1,811,336

Included within bank loans and overdrafts is an invoice finance facility of £469,599 (2023 - £745,717), which is secured by a legal mortgage and fixed and floating charges over all assets of the company and a group company cross-guarantee.

 

Included within other creditors are finance lease and hire purchase arrangements, which have been secured against the assets to which they relate. These amounted to £Nil (2023 - £5,074). See "Finance Lease Obligations" for further information.

Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 10 -
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
5,074

Amounts due under finance leases and hire purchase contracts are secured against the assets to which they relate.

9
Profit and loss reserves

Retained earnings

Retained earnings comprises accumulated profits less any losses and distributions which have been retained within the company. This is a distributable reserve.

 

Unrealised retained earnings

Unrealised retained earnings is the increase on revaluation of plant & machinery performed under the transition to FRS 102. The transfer to the unrealised retained earnings is the excess depreciation charge on the revalued assets.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nicola Johnson
Statutory Auditor:
DJH Audit Limited
Date of audit report:
21 October 2024
11
Financial commitments, guarantees and contingent liabilities

The company has charges over its assets, in the form of an all assets debenture, as security for the borrowings of fellow group undertakings. At 31 March 2024 these borrowings amounted to £17,857,192 (2023 - £17,486,484). As at the date of approval of these financial statements the directors do not anticipate that the charges will be called upon.

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
966,000
1,135,200
Tritech Precision Products (Barnstaple) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 11 -
13
Parent company

The immediate parent company and parent company of the smallest group where group accounts are drawn up is Neterson Holdings Limited which is incorporated in the UK. Copies of the group accounts of Neterson Holdings Limited are available from Bridge Road North, Wrexham Industrial Estate, Wrexham, Clwyd, LL13 9PS.

 

The ultimate parent company and parent company of the largest group for which group accounts are drawn up is Chemical and Ferro Alloys Private Limited, a company incorporated in India. Copies of the group accounts of Chemical and Ferro Alloys Private Limited are available from Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai, MH 400020 IN.

The ultimate controlling party is F.D.Neterwala due to his controlling interest in the company's ultimate holding company, Chemical and Ferro Alloys Private Limited.

2024-03-312023-04-01false21 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr Ian James WalkerMr Mark Richard LangfordMr A F NeterwalaMr F D NeterwalaMr S E GoodfellowMr A R WhiteMr S J GoodierMr C J MorrisMr P Whitefalsefalse010899582023-04-012024-03-31010899582024-03-31010899582023-03-3101089958core:LeaseholdImprovements2024-03-3101089958core:PlantMachinery2024-03-3101089958core:ComputerEquipment2024-03-3101089958core:MotorVehicles2024-03-3101089958core:LeaseholdImprovements2023-03-3101089958core:PlantMachinery2023-03-3101089958core:ComputerEquipment2023-03-3101089958core:MotorVehicles2023-03-3101089958core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3101089958core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101089958core:CurrentFinancialInstruments2024-03-3101089958core:CurrentFinancialInstruments2023-03-3101089958core:ShareCapital2024-03-3101089958core:ShareCapital2023-03-3101089958core:RevaluationReserve2024-03-3101089958core:RevaluationReserve2023-03-3101089958core:RetainedEarningsAccumulatedLosses2024-03-3101089958core:RetainedEarningsAccumulatedLosses2023-03-3101089958core:ShareCapital2022-03-3101089958core:RevaluationReserve2022-03-3101089958core:RetainedEarningsAccumulatedLosses2022-03-3101089958bus:Director72023-04-012024-03-3101089958core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31010899582022-04-012023-03-3101089958core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101089958core:RevaluationReserve2022-04-012023-03-3101089958core:RevaluationReserve2023-04-012024-03-3101089958core:Goodwill2023-04-012024-03-3101089958core:LeaseholdImprovements2023-04-012024-03-3101089958core:PlantMachinery2023-04-012024-03-3101089958core:ComputerEquipment2023-04-012024-03-3101089958core:MotorVehicles2023-04-012024-03-3101089958core:Goodwill2023-03-3101089958core:Goodwill2024-03-3101089958core:Goodwill2023-03-3101089958core:LeaseholdImprovements2023-03-3101089958core:PlantMachinery2023-03-3101089958core:ComputerEquipment2023-03-3101089958core:MotorVehicles2023-03-31010899582023-03-3101089958core:WithinOneYear2024-03-3101089958core:WithinOneYear2023-03-3101089958bus:PrivateLimitedCompanyLtd2023-04-012024-03-3101089958bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3101089958bus:FRS1022023-04-012024-03-3101089958bus:Audited2023-04-012024-03-3101089958bus:Director12023-04-012024-03-3101089958bus:Director22023-04-012024-03-3101089958bus:Director32023-04-012024-03-3101089958bus:Director42023-04-012024-03-3101089958bus:Director52023-04-012024-03-3101089958bus:Director62023-04-012024-03-3101089958bus:Director82023-04-012024-03-3101089958bus:CompanySecretary12023-04-012024-03-3101089958bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP