Technology Resources Limited 04893255 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is retail and repair of computers and peripheral equipment. Digita Accounts Production Advanced 6.30.9574.0 true true true 04893255 2023-06-01 2024-05-31 04893255 2024-05-31 04893255 bus:OrdinaryShareClass1 2024-05-31 04893255 core:CurrentFinancialInstruments 2024-05-31 04893255 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 04893255 core:FurnitureFittings 2024-05-31 04893255 core:MotorVehicles 2024-05-31 04893255 core:OfficeEquipment 2024-05-31 04893255 core:ParentEntities 2024-05-31 04893255 bus:SmallEntities 2023-06-01 2024-05-31 04893255 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04893255 bus:FilletedAccounts 2023-06-01 2024-05-31 04893255 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04893255 bus:RegisteredOffice 2023-06-01 2024-05-31 04893255 bus:Director5 2023-06-01 2024-05-31 04893255 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 04893255 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04893255 core:FurnitureFittings 2023-06-01 2024-05-31 04893255 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 04893255 core:MotorVehicles 2023-06-01 2024-05-31 04893255 core:OfficeEquipment 2023-06-01 2024-05-31 04893255 core:ParentEntities 2023-06-01 2024-05-31 04893255 1 2023-06-01 2024-05-31 04893255 countries:EnglandWales 2023-06-01 2024-05-31 04893255 2023-05-31 04893255 core:FurnitureFittings 2023-05-31 04893255 core:MotorVehicles 2023-05-31 04893255 core:OfficeEquipment 2023-05-31 04893255 core:ParentEntities 2023-05-31 04893255 2022-06-01 2023-05-31 04893255 2023-05-31 04893255 bus:OrdinaryShareClass1 2023-05-31 04893255 core:CurrentFinancialInstruments 2023-05-31 04893255 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04893255 core:FurnitureFittings 2023-05-31 04893255 core:MotorVehicles 2023-05-31 04893255 core:OfficeEquipment 2023-05-31 04893255 core:ParentEntities 2023-05-31 04893255 core:ParentEntities 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04893255

Technology Resources Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Technology Resources Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Technology Resources Limited

(Registration number: 04893255)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,334

988

Current assets

 

Stocks

5

51,577

58,210

Debtors

66,765

60,676

Cash at bank and in hand

 

103,964

82,241

 

222,306

201,127

Creditors: Amounts falling due within one year

(132,075)

(90,467)

Net current assets

 

90,231

110,660

Total assets less current liabilities

 

95,565

111,648

Provisions for liabilities

(1,334)

(247)

Net assets

 

94,231

111,401

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

84,231

101,401

Shareholders' funds

 

94,231

111,401

For the financial year ending 31 May 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.

 

Technology Resources Limited

(Registration number: 04893255)
Balance Sheet as at 31 May 2024

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 3 December 2024 and signed on its behalf by:
 

.........................................
Melissa Watters
Director

 

Technology Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
14 North Street
Leatherhead
Surrey
KT22 7AW
United Kingdom

These financial statements were authorised for issue by the Board on 3 December 2024.

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.

Going concern

The directors have reviewed the company's plans for a period of 12 months from the date of the signing of the accounts and are satisfied that they can continue to adopt the going concern basis in preparing these financial statements.

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 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.

Tax

The tax expense for the period comprises current and 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.

 

Technology Resources Limited

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

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.

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.

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

Fixtures, fittings & equipment

33.33% Straight line basis

Motor vehicles

25% Straight line basis

Office equipment

33.33% Straight line basis

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Technology Resources Limited

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

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

 

Technology Resources Limited

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

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

20,081

1,252

9,065

30,398

Additions

-

5,865

-

5,865

At 31 May 2024

20,081

7,117

9,065

36,263

Depreciation

At 1 June 2023

20,080

266

9,064

29,410

Charge for the year

-

1,519

-

1,519

At 31 May 2024

20,080

1,785

9,064

30,929

Carrying amount

At 31 May 2024

1

5,332

1

5,334

At 31 May 2023

1

986

1

988

5

Stocks

2024
£

2023
£

Other inventories

51,577

58,210

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

65,332

51,606

Amounts owed by group undertakings

9

-

7,951

Prepayments

 

1,433

1,119

 

66,765

60,676

 

Technology Resources Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

37,108

34,171

Amounts owed to associates

9

7,802

-

PAYE and NIC

 

7,524

2,885

VAT

 

17,816

16,597

Accruals and deferred income

 

29,546

270

Corporation tax

 

30,887

33,532

Other creditors

 

1,392

3,012

 

132,075

90,467

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

10,000

10,000

10,000

10,000

       
 

Technology Resources Limited

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

9

Related party transactions

Loans to related parties

2024

Parent
£

Total
£

At start of period

7,951

7,951

Advanced

106,638

106,638

Repaid

(122,391)

(122,391)

At end of period

(7,802)

(7,802)

2023

Parent
£

Total
£

Advanced

90,141

90,141

Repaid

(82,190)

(82,190)

At end of period

7,951

7,951

Terms of loans to related parties

The balance due to the parent company is non interest bearing and repayable on demand.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Technology Resources Holdings Ltd, incorporated in England and Wales.