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Registered number: 02797409
TEK TRONIKS LIMITED
Financial Statements
For The Year Ended 31 December 2024
Girlings & Co
Chartered Certified Accountants
11 High Street
Ruddington
Nottingham
NG11 6DT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 02797409
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 248,482 175,735
248,482 175,735
CURRENT ASSETS
Stocks 6 164,839 182,784
Debtors 7 125,174 160,974
Cash at bank and in hand 477,618 397,914
767,631 741,672
Creditors: Amounts Falling Due Within One Year 8 (157,385 ) (132,250 )
NET CURRENT ASSETS (LIABILITIES) 610,246 609,422
TOTAL ASSETS LESS CURRENT LIABILITIES 858,728 785,157
Creditors: Amounts Falling Due After More Than One Year 9 (4,400 ) (14,399 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (62,121 ) (42,585 )
NET ASSETS 792,207 728,173
CAPITAL AND RESERVES
Called up share capital 11 1,010 1,010
Profit and Loss Account 791,197 727,163
SHAREHOLDERS' FUNDS 792,207 728,173
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Smith
Director
20th February 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TEK TRONIKS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 02797409 . The registered office is Unit 21 Manvers Bus Park, Cotgrave, Nottingham, NG12 3GZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
Page 4
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4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2024 79,895
As at 31 December 2024 79,895
Amortisation
As at 1 January 2024 79,895
As at 31 December 2024 79,895
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 3,000 25,857 84,144 57,265
Additions - - 70,218 749
Disposals - - (35,302 ) -
As at 31 December 2024 3,000 25,857 119,060 58,014
Depreciation
As at 1 January 2024 3,000 20,460 54,209 50,478
Provided during the period - 1,349 14,796 1,415
Disposals - - (21,681 ) -
As at 31 December 2024 3,000 21,809 47,324 51,893
Net Book Value
As at 31 December 2024 - 4,048 71,736 6,121
As at 1 January 2024 - 5,397 29,935 6,787
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Page 6
Computer Equipment Total
£ £
Cost
As at 1 January 2024 230,165 400,431
Additions 78,262 149,229
Disposals - (35,302 )
As at 31 December 2024 308,427 514,358
Depreciation
As at 1 January 2024 96,549 224,696
Provided during the period 45,301 62,861
Disposals - (21,681 )
As at 31 December 2024 141,850 265,876
Net Book Value
As at 31 December 2024 166,577 248,482
As at 1 January 2024 133,616 175,735
6. Stocks
2024 2023
£ £
Stock 164,839 182,784
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 108,647 145,771
Other debtors 16,527 15,203
125,174 160,974
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 2,251
Trade creditors 48,190 45,293
Bank loans and overdrafts 10,000 10,000
Other creditors 3,806 3,806
Taxation and social security 95,389 70,900
157,385 132,250
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,400 14,399
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 2,251
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,010 1,010
Page 7