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Registration number: 00508651

Technical Exponents Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Technical Exponents Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Technical Exponents Limited

(Registration number: 00508651)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

43,198

2,909

Current assets

 

Stocks

5

950

950

Debtors

6

148,042

64,877

Cash at bank and in hand

 

5,303

23,937

 

154,295

89,764

Creditors: Amounts falling due within one year

7

(28,334)

(31,471)

Net current assets

 

125,961

58,293

Total assets less current liabilities

 

169,159

61,202

Creditors: Amounts falling due after more than one year

7

(13,333)

(23,333)

Provisions for liabilities

(200)

(553)

Net assets

 

155,626

37,316

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

155,526

37,216

Shareholders' funds

 

155,626

37,316

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

 

Technical Exponents Limited

(Registration number: 00508651)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 21 November 2024 and signed on its behalf by:
 

.........................................

Mr T C Bennett

Director

 

Technical Exponents Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Deepwood House, Farnham Lane, Farnham Royal, Buckinghamshire, SL2 3SD.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Technical Exponents Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Plant and machinery

20% straight line

Fittings, fixtures and equipment

25% reducing balance

Motor vehicles

25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Technical Exponents Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor
vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

20,327

3,478

23,315

8,538

55,658

Additions

43,902

-

-

-

43,902

Disposals

(400)

(2,276)

(2,514)

-

(5,190)

At 31 March 2024

63,829

1,202

20,801

8,538

94,370

Depreciation

At 1 April 2023

20,323

3,130

20,759

8,537

52,749

Charge for the year

1,756

82

1,753

-

3,591

Eliminated on disposal

(398)

(2,257)

(2,513)

-

(5,168)

At 31 March 2024

21,681

955

19,999

8,537

51,172

Carrying amount

At 31 March 2024

42,148

247

802

1

43,198

At 31 March 2023

4

348

2,556

1

2,909

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

950

950

 

Technical Exponents Limited

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

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

7,027

6,904

Amounts owed by related parties

137,117

54,212

Prepayments

 

3,898

3,761

 

148,042

64,877

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

10,000

10,000

Trade creditors

 

490

1,203

Taxation and social security

 

3,623

3,547

Accruals and deferred income

 

8,354

10,271

Other creditors

 

5,867

6,450

 

28,334

31,471

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

13,333

23,333

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,333

23,333

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

9

Parent and ultimate parent undertaking

The company's immediate parent is Xirot Productions Limited, incorporated in England and Wales. The registered office of this company is Deepwood, Farnham Lane, Farnham Royal, Buckinghamshire SL2 3SD.