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Registration number: 00477701

Todd Research Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Todd Research Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

Todd Research Limited

(Registration number: 00477701)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

55,464

70,254

Tangible assets

5

40,928

53,511

 

96,392

123,765

Current assets

 

Stocks

6

293,195

405,680

Debtors

7

1,734,944

1,561,018

Cash at bank and in hand

 

886,892

298,483

 

2,915,031

2,265,181

Creditors: Amounts falling due within one year

8

(867,112)

(568,459)

Net current assets

 

2,047,919

1,696,722

Total assets less current liabilities

 

2,144,311

1,820,487

Creditors: Amounts falling due after more than one year

8

(183,940)

(191,258)

Provisions for liabilities

(24,098)

(23,515)

Net assets

 

1,936,273

1,605,714

Capital and reserves

 

Called up share capital

13,500

13,500

Retained earnings

1,922,773

1,592,214

Shareholders' funds

 

1,936,273

1,605,714

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
M Boshell
Director

 

Todd Research Limited

Notes to the 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:
9C Trafalgar Way
Bar Hill
Cambridge
Cambridgeshire
CB23 8SQ
England

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 (£) and rounded to the nearest pound.

Summary of disclosure exemptions

The company is exempt from preparing a Statement of Cashflows as it is small.

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, Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 29 November 2024 was Caroline Webster FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of maintenance services is recognised on a straight line over the term of the contract.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset
received or receivable. Grants relating to revenue are recognised in income over the period in which the
related costs are recognised.

 

Todd Research Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

Between 2 and 5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

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

Borrowings

 

Todd Research Limited

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

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 Profit and Loss Account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Todd Research Limited

Notes to the 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 14 (2023 - 16).

 

Todd Research Limited

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

4

Intangible assets

Research & development costs
 £

Total
£

Cost or valuation

At 1 April 2023

73,952

73,952

At 31 March 2024

73,952

73,952

Amortisation

At 1 April 2023

3,698

3,698

Amortisation charge

14,790

14,790

At 31 March 2024

18,488

18,488

Carrying amount

At 31 March 2024

55,464

55,464

At 31 March 2023

70,254

70,254

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

100,445

100,445

Additions

2,828

2,828

At 31 March 2024

103,273

103,273

Depreciation

At 1 April 2023

46,934

46,934

Charge for the year

15,411

15,411

At 31 March 2024

62,345

62,345

Carrying amount

At 31 March 2024

40,928

40,928

At 31 March 2023

53,511

53,511

 

Todd Research Limited

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

6

Stocks

2024
£

2023
£

Other inventories

293,195

405,680

7

Debtors

Current

2024
£

2023
£

Trade debtors

433,064

425,443

Amounts owed by related parties

1,192,123

1,035,619

Prepayments

41,552

60,911

Other debtors

68,205

39,045

 

1,734,944

1,561,018

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

50,000

50,000

Trade creditors

 

30,349

22,282

Taxation and social security

 

133,668

59,550

Other creditors

 

653,095

436,627

 

867,112

568,459

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

58,333

108,333

Other non-current financial liabilities

 

125,607

82,925

 

183,940

191,258

 

Todd Research Limited

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

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

944

The amount of non-cancellable operating lease payments recognised as an expense during the year was £944 (2023 - £15,106).

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

50,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

58,333

108,333

The company took out a CBILS loan on 21 May 2020. The loan is due for repayment over 60 months with the first repayment due on 21 June 2021. The interest rate is 2.69% per annum.

11

Parent and ultimate parent undertaking

The company's immediate parent is Seebeck 163 Limited, incorporated in England & Wales.

 The ultimate controlling party is John Hudson.