Company registration number 10196846 (England and Wales)
TEK FOUNDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TEK FOUNDERS LIMITED
COMPANY INFORMATION
Director
Mr D A Graesser
Company number
10196846
Registered office
Chamberlain House
Hanbury Chase
Hanbury Road
Hanbury
Worcestershire
B60 4BY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank plc
19-21 Mill Lane
Solihull
B91 3AR
TEK FOUNDERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
TEK FOUNDERS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TEK FOUNDERS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tek Founders Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Tek Founders Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tek Founders Limited and state those matters that we have agreed to state to the board of directors of Tek Founders Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tek Founders Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Tek Founders Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Tek Founders Limited. You consider that Tek Founders Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Tek Founders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
27 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TEK FOUNDERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
812,383
1,841,603
Current assets
Debtors
4
5,265
8,701
Cash at bank and in hand
154,817
293,834
160,082
302,535
Creditors: amounts falling due within one year
5
(36,144)
(697)
Net current assets
123,938
301,838
Total assets less current liabilities
936,321
2,143,441
Provisions for liabilities
6
(3,812)
-
0
Net assets
932,509
2,143,441
Capital and reserves
Called up share capital
7
510
510
Share premium account
8
-
0
1,197,990
Profit and loss reserves
931,999
944,941
Total equity
932,509
2,143,441

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 27 September 2024
Mr D A Graesser
Director
Company registration number 10196846 (England and Wales)
TEK FOUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Tek Founders Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chamberlain House, Hanbury Chase, Hanbury Road, Hanbury, Worcestershire, England, B60 4BY.

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

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
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 profit and loss account 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.

TEK FOUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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 profit and loss account, 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.

1.5
Employee benefits

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

2
Employees

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

2024
2023
Number
Number
Total
1
1
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
1,198,500
Other investments other than loans
812,383
643,103
812,383
1,841,603
TEK FOUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
1,198,500
643,103
1,841,603
Additions
-
154,250
154,250
Valuation changes
-
50,706
50,706
Impairment
(1,198,500)
-
(1,198,500)
Disposals
-
(35,676)
(35,676)
At 31 March 2024
-
812,383
812,383
Carrying amount
At 31 March 2024
-
812,383
812,383
At 31 March 2023
1,198,500
643,103
1,841,603
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,265
5,738
Deferred tax asset
-
0
2,963
5,265
8,701
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
36,144
697
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
3,812
-
0
TEK FOUNDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 10p each
2,550
2,550
255
255
Ordinary B of 10p each
2,550
2,550
255
255
5,100
5,100
510
510
8
Share premium account
2024
2023
£
£
At the beginning of the year
1,197,990
1,197,990
Share capital reduction
(1,197,990)
-
0
At the end of the year
-
0
1,197,990

On 21 September 2023, the company passed a special resolution to reduce its share premium by cancelling and extinguishing £1,197,990 to the profit and loss reserve.

9
Ultimate controlling party

The ultimate controlling party is Mr D A Graesser.

 

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