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Company No: 11617682 (England and Wales)

TRANSEC ELECTRIC LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TRANSEC ELECTRIC LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TRANSEC ELECTRIC LIMITED

BALANCE SHEET

As at 31 December 2023
TRANSEC ELECTRIC LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 6,911 18,676
Tangible assets 4 17,038 1,154
23,949 19,830
Current assets
Stocks 211,632 217,507
Debtors 5 152,342 29,595
Cash at bank and in hand 38,905 7,099
402,879 254,201
Creditors: amounts falling due within one year 6 ( 318,302) ( 185,611)
Net current assets 84,577 68,590
Total assets less current liabilities 108,526 88,420
Creditors: amounts falling due after more than one year 7 ( 130,082) ( 139,938)
Net liabilities ( 21,556) ( 51,518)
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account ( 22,556 ) ( 52,518 )
Total shareholder's deficit ( 21,556) ( 51,518)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Transec Electric Limited (registered number: 11617682) were approved and authorised for issue by the Director on 25 November 2024. They were signed on its behalf by:

J Zahnbrecher
Director
TRANSEC ELECTRIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TRANSEC ELECTRIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Transec Electric Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 40 High West Street, Dorchester, DT1 1UR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The parent company, Streamer Electric AG, and Ehot Energy Holding & Trading Ltd, a company controlled by the majority beneficial owners of Streamer Electric AG, have provided the company with £114,743 of long term funding. Taking into account the long term funding available to the company, the director has prepared the accounts on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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 sales/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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Other intangible assets 5 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 5 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 50,000 8,823 58,823
At 31 December 2023 50,000 8,823 58,823
Accumulated amortisation
At 01 January 2023 40,000 147 40,147
Charge for the financial year 10,000 1,765 11,765
At 31 December 2023 50,000 1,912 51,912
Net book value
At 31 December 2023 0 6,911 6,911
At 31 December 2022 10,000 8,676 18,676

4. Tangible assets

Vehicles Office equipment Total
£ £ £
Cost
At 01 January 2023 0 3,543 3,543
Additions 17,995 577 18,572
At 31 December 2023 17,995 4,120 22,115
Accumulated depreciation
At 01 January 2023 0 2,389 2,389
Charge for the financial year 2,099 589 2,688
At 31 December 2023 2,099 2,978 5,077
Net book value
At 31 December 2023 15,896 1,142 17,038
At 31 December 2022 0 1,154 1,154

5. Debtors

2023 2022
£ £
Trade debtors 144,158 14,609
Other debtors 8,184 14,986
152,342 29,595

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 95,953 39,115
Amounts owed to Parent undertakings 180,881 89,881
Other taxation and social security 5,587 2,711
Other creditors 25,881 43,904
318,302 185,611

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,339 25,195
Amounts owed to Parent undertakings 27,546 27,546
Other creditors 87,197 87,197
130,082 139,938

There are no amounts included above in respect of which any security has been given by the small entity.