REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Techinservice Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Techinservice Limited |
Techinservice Limited (Registered number: 07899275) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
Techinservice Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Techinservice Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2024 set out on pages four to nine and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
Techinservice Limited (Registered number: 07899275) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Foreign Currency Translation |
Reserve | 10 | ( |
) | ( |
) |
Retained earnings | 10 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Techinservice Limited (Registered number: 07899275) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Techinservice Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Directors have elected to change company's presentational currency from Euro to USD. The change in presentational currency is a voluntary change which is accounted for retrospectively and differences resulting from the re-translation on the opening net assets and the results for the year have been taken to the foreign currency translation reserve. Comparatives are re-presented in USD. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The financial statements have been prepared on a going concern basis and at the balance sheet date the company had net current assets amounting to $40,136,655 (2023: $40,788,753 ). |
The director, therefore, has a reasonable expectation that with his support as shareholder the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, he continues to adopt the going concern basis in preparing the accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Techinservice Limited (Registered number: 07899275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
$ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
$ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The company owns 49% of Karpaty Chemical B.V., a company registered in The Netherlands. |
6. | STOCKS |
31.1.24 | 31.1.23 |
$ | $ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
$ | $ |
Trade debtors |
Prepayments |
8. | CURRENT ASSET INVESTMENTS |
31.1.24 | 31.1.23 |
$ | $ |
Unlisted investments | 10,183,362 | - |
Techinservice Limited (Registered number: 07899275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
$ | $ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Loan from BF Capital | 1,982,215 | 1,982,215 |
Deferred income |
At the end of the year the company owed $1,982,214 of unpaid loan interest to BF Capital, the principal amount of $59,995,751 was repaid in 2022. |
10. | RESERVES |
Foreign |
Currency |
Retained | Translation |
earnings | Reserve | Totals |
$ | $ | $ |
At 1 February 2023 | ( |
) | 40,788,752 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 January 2024 | ( |
) | 40,136,654 |
11. | RELATED PARTY DISCLOSURES |
As at 31 January 2024, included in creditors is an amount of €398,464 owed to Boomsa Limited (2023:€398,464) and €2,690,768 owed to PJSC "Grebinkiv Machinery Plant" (2023: €2,690,768). |
As at 31 January 2024, included in debtors is an amount of €593,995 owed by Boomsa Limited (2023: €593,995). |
These companies are related parties by virtue of common control. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |