Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01falseThe manufacture and installation of vehicle mounted access platforms, through importation and distribution of lifts.falsefalsefalse 10560981 2023-01-01 2023-12-31 10560981 2022-01-01 2022-12-31 10560981 2023-12-31 10560981 2022-12-31 10560981 2022-01-01 10560981 c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 10560981 d:Director1 2023-01-01 2023-12-31 10560981 d:Director1 2023-12-31 10560981 d:Director2 2023-01-01 2023-12-31 10560981 d:Director2 2023-12-31 10560981 d:Director3 2023-01-01 2023-12-31 10560981 d:Director3 2023-12-31 10560981 d:Director4 2023-01-01 2023-12-31 10560981 d:Director5 2023-01-01 2023-12-31 10560981 d:Director5 2023-12-31 10560981 d:Director6 2023-01-01 2023-12-31 10560981 d:Director6 2023-12-31 10560981 d:RegisteredOffice 2023-01-01 2023-12-31 10560981 c:PlantMachinery 2023-01-01 2023-12-31 10560981 c:MotorVehicles 2023-01-01 2023-12-31 10560981 c:FurnitureFittings 2023-01-01 2023-12-31 10560981 c:ComputerEquipment 2023-01-01 2023-12-31 10560981 c:CurrentFinancialInstruments 2023-12-31 10560981 c:CurrentFinancialInstruments 2022-12-31 10560981 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 10560981 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 10560981 c:ShareCapital 2023-12-31 10560981 c:ShareCapital 2022-12-31 10560981 c:ShareCapital 2022-01-01 10560981 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10560981 c:RetainedEarningsAccumulatedLosses 2023-12-31 10560981 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 10560981 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10560981 c:RetainedEarningsAccumulatedLosses 2022-12-31 10560981 c:RetainedEarningsAccumulatedLosses 2022-01-01 10560981 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 10560981 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 10560981 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2023-12-31 10560981 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:UnlistedNon-exchangeTraded 2022-12-31 10560981 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10560981 d:OrdinaryShareClass1 2023-12-31 10560981 d:OrdinaryShareClass1 2022-12-31 10560981 d:FRS102 2023-01-01 2023-12-31 10560981 d:Audited 2023-01-01 2023-12-31 10560981 d:FullAccounts 2023-01-01 2023-12-31 10560981 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10560981 c:Subsidiary1 2023-01-01 2023-12-31 10560981 c:Subsidiary1 1 2023-01-01 2023-12-31 10560981 c:Subsidiary2 2023-01-01 2023-12-31 10560981 c:Subsidiary2 1 2023-01-01 2023-12-31 10560981 d:Consolidated 2023-12-31 10560981 d:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 10560981 2 2023-01-01 2023-12-31 10560981 6 2023-01-01 2023-12-31 10560981 e:PoundSterling 2023-01-01 2023-12-31 10560981 c:RetainedEarningsAccumulatedLosses c:PreviouslyStatedAmount 2022-12-31 10560981 c:PreviouslyStatedAmount 2022-12-31 10560981 c:ShareCapital c:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10560981










TIME MANUFACTURING ACQUISITION (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
Mr J Jeffrey 
Mr L Reinhard (resigned 27 February 2023)
Mr C Haines (appointed 27 February 2023)
Mr C Howell (resigned 2 January 2024)
Mr RV Rariy (appointed 2 January 2024)
Mr D Burden (appointed 3 July 2024)




Registered number
10560981



Registered office
1 Altendiez Way
Burton Latimer


Kettering

Northamptonshire

NN15 5YZ




Independent auditors
MHA
Statutory Auditor

6th Floor

2 London Wall Place


London


EC2Y 5AU





 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 11
Consolidated Statement of Comprehensive Income
12
Consolidated Balance Sheet
13
Company Balance Sheet
14
Consolidated Statement of Changes in Equity
15
Company Statement of Changes in Equity
16
Consolidated Statement of Cash Flows
17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 42

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report of the Company and the Group for the year ended 31 December 2023.
Principal activity
The principal activity of the Group is the manufacture and installation of vehicle mounted access platforms, through importation and distribution of its lifts. The Group prides itself on offering effective product support, with a quality service that synergises with the premium quality of its platforms.
The principal activity of the Company is that of a holding company.
The directors expect the general level and scope of the Group's activity to increase in future years in line with the Group's growth plan. This includes increasing the Group's presence in the after sales and service markets for Versalift products in the UK and Ireland.

Business review
 
The loss for the year, after taxation, amounted to £2,509,600 (2022 - profit £669,771).
The Group’s key performance indicators are set out in the table below:


2023
2022
Gross Margin
7.37%
15.48%
Employee numbers
144
113

The financial year ending 31 December 2023 was marked by significant challenges and opportunities. Despite a substantial increase in turnover to £39,813,475 from £28,408,526 in 2022, the Group faced increased cost pressures, resulting in a gross profit of £2,934,225, down from £4,631,309 in the previous year. Administrative expenses rose to £5,288,323, reflecting investments in infrastructure.

Page 1

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Market risk
The Group has majority market share in the importation, manufacture, distribution and provision of associated services relating to the sale of aerial lifts across the UK and Ireland.
There is a clearly defined, established customer base, with a market that is largely influenced by the requirements of the larger customers in the telecoms, electric utilities, highways, municipal and rental sectors. As such, the risk to the Group is that customer demand declines due to lack of investment in critical infrastructure.
The Group's exposure here is mitigated by having a strong order backlog, and growing sales revenues generated through several strategic acquisitions at group level, giving access to a broadening range of products, with wider market penetration. Following the addition of Ruthman Steiger and Ecoline to the Group's portfolio in 2022; 2023 has seen the introduction of a Ruthman Bluelift, an established brand of Spider Lifts, required when the most challenging work at height/access solution is necessary; and another opportunity to leverage growth potential. The increased product portfolio and the Group's reputation for strong customer service across a multi-brand operation also creates an after-sales revenue stream, with increased necessity for parts, service and contracts for a broadening portfolio. The Group continues to innovate with the introduction of new product lines and remain focused on growing both sales revenues and profitability with the ongoing development in these areas. 
The Group's continued investment in these new working-at-height solutions is a fundamental part of its ongoing growth strategy. The Group's established product support, parts and training proposition, provides support to a market of around 8,500 Versalift & Ruthman platforms. Continued focus in this important area will ensure customer retention and deliver alignment to the premium Versalift and Ruthman brands to a premium product support offering.

Page 2

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
Business Performance
Turnover and Profitability
: The Group achieved a turnover of £39,813,475, a 40% increase from the previous year. However, the cost of sales rose significantly to £36,879,250, resulting in a reduced gross profit margin. The operating loss for the year was £2,348,131, compared to a profit of £1,079,738 in 2022.
Administrative Expenses: Administrative expenses increased by 45% to £5,288,323. This rise was primarily due to strategic investments in expansion of the workforce to enhance operational capabilities.
Interest and Taxation: Interest receivable and similar income amounted to £20,105, compared to an income of
£9,153 in 2022. There was an interest expense this year of £162,405 related to financing interest which was new
in the year with no interest expense in 2022. The tax charge for the year was £19,169, resulting in a net loss of
£2,509,600.
Looking ahead, the Group remains committed to its strategic goals of growth and sustainability through: 
1. 
Innovation: Continued investment in research and development to drive product innovation and maintain competitive advantage.
2. 
Operational Efficiency: Enhancing operational efficiency through process improvements and cost management initiatives.
3. 
Customer Focus: Strengthening customer relationships and expanding service offerings to meet evolving market needs.
The directors are confident that these strategic initiatives, along with the opening of the new site in Ireland and the expected sales growth in 2024, will enable the Group to overcome current challenges and achieve long-term success. 


Page 3

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
The directors of the Group are committed to fulfilling their duty under section 172 of the Companies Act 2006 to promote the success of the Group for the benefit of its members. In doing so, the directors have regard to the following matters:
1. 
Long-Term Decision Making: The directors ensure that all decisions are made with a long-term perspective, considering the sustainable growth and success of the Group. Strategic initiatives and investments are evaluated based on their potential to deliver long-term value.
2. 
Interests of Employees: The Group recognizes that its employees are its most valuable asset. The directors are committed to providing a safe, inclusive, and supportive working environment. Regular training and development programs are conducted to enhance employee skills and career growth.
3. 
Fostering Business Relationships: The directors prioritise maintaining strong relationships with customers, suppliers, and other key stakeholders. By fostering trust and collaboration, the Group aims to create mutually beneficial partnerships that drive business success.
4. 
Community and Environment: The Group is dedicated to operating in a socially responsible manner. The directors actively support community initiatives and are committed to reducing the environmental impact of the Group’s operations through sustainable practices and initiatives.
5. 
High Standards of Business Conduct: The directors uphold the highest standards of business conduct and corporate governance. Ethical behaviour and compliance with legal and regulatory requirements are integral to the Group’s operations.
6. 
Fair Treatment of Shareholders: The directors ensure that the interests of all shareholders are considered and that they are treated fairly. Transparent communication and regular updates are provided to keep shareholders informed about the Group’s performance and strategic direction.
By adhering to these principles, the directors aim to promote the success of the Group, ensuring its long-term sustainability and delivering value to all stakeholders.


This report was approved by the board and signed on its behalf.



Mr D Burden
Director

Date: 26 February 2025
Page 4

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £2,509,600 (2022 - profit £669,771).

The directors do not recommend the payment of a dividend (2022 - £NIL).

Directors

The directors who served during the year were:

Mr L Reinhard (resigned 27 February 2023)
Mr C Howell (resigned 2 January 2024)
Mr J Jeffrey 
Mr C Haines (appointed 27 February 2023)

Future developments

The directors expect the business to continue operating for the foreseeable future.

Page 5

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Streamlined Energy and Carbon Reporting (“SECR”) disclosure presents the Group’s carbon footprint within the UK across Scope 1, 2 and Scope 3 mandatory business travel emissions, an appropriate intensity metric and the total energy use of electricity, gas and transport fuel.
The table below shows the Group’s energy use and associated Greenhouse Gas (“GHG”) emissions aligned to the Greenhouse Gas Protocol.


Note
2023
Energy consumption used to calculate emissions (kWh)

701,221



Emissions from combustion of gas (Scope 1) CO2e
1
85.16
Emissions from combustion of fuel for transport purposes (Scope 1) CO2e
1 & 2
145.18
Emissions from business travel in rental in cars or employee-owned vehicles where company is responsible for purchasing fuel (Scope 3) CO2e
1 & 3
538.77
Emissions from purchased electricity (Scope 2, Location-based) CO2e
1
44.11
Total gross CO2e based on the above (Location-based)

813.22



Intensity ratio (CO2e/FTE)  (Location-based)

9.89

Notes
1.Operational approach has been used. GHG Emissions reporting is in line with the GHG Protocol Corporate Accounting and Reporting Standard.  All emissions and conversion factors are sourced from Defra, 2022 (https://www.gov.uk/government /publications /greenhouse-gas-reporting -conversion -factors-2022). The calculation method is - Activity Data x Emission Factor = GHG Emissions. Activity Data x Conversion Factor = kWh consumption.  Minor difference between actual and reported GHG emissions might occur due to rounding (not more than 1%).
2.Electric consumption for electric vehicles is included within Scope 2 emissions when they are charged on site.
3.Transport data was calculated from litres to kWh and GHG emissions using the method above.
4.Based on the nature of our business, as well as following the recommendations of the SECR legislation the Company chose the following intensity metric; Full time employees (“FTE”) average. Through future comparisons, this will show the trend in the Group’s energy efficiency.
5.No comparative data has been presented as this is the first year that the company is in scope for disclosure of Streamlined Energy and Carbon Reporting disclosures. 
6.During the year, the Board reviewed energy efficiency practices for implementation in 2024 including                transition to hydrid and electric vehicles and improved tracking measures for recycling
 


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 6

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr D Burden
Director

Date: 26 February 2025
Page 7

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

Opinion


We have audited the financial statements of Time Manufacturing Acquisition (UK) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME MANUFACTURING ACQUISITION (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 9

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME MANUFACTURING ACQUISITION (UK) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiry of management and those charged with governance around actual and potential litigation and claims;
performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
reviewing minutes of meetings of those charged with governance; and
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 10

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIME MANUFACTURING ACQUISITION (UK) LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

Date: 
 
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
27 February 2025
Page 11

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022 as restated
Note
£
£

  

Turnover
 4 
39,813,475
28,408,526

Cost of sales
  
(36,879,250)
(23,777,217)

Gross profit
  
2,934,225
4,631,309

Administrative expenses
  
(5,288,323)
(3,642,590)

Other operating income
 5 
5,967
91,019

Operating (loss)/profit
 6 
(2,348,131)
1,079,738

Interest receivable and similar income
 10 
20,105
9,153

Interest payable and similar expenses
 11 
(162,405)
-

(Loss)/profit before taxation
  
(2,490,431)
1,088,891

Tax on (loss)/profit
 12 
(19,169)
(419,120)

(Loss)/profit for the financial year
  
(2,509,600)
669,771

  

Currency translation differences
  
(51,979)
-

Total comprehensive income for the year
  
(2,561,579)
669,771

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(2,509,600)
669,771

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(2,561,579)
669,771

The notes on pages 19 to 42 form part of these financial statements.
Page 12

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
REGISTERED NUMBER: 10560981

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022 as restated
Note
£
£

Fixed assets
  

Tangible assets
 14 
208,143
221,545

Investments
 15 
997,218
997,218

  
1,205,361
1,218,763

Current assets
  

Stocks
 16 
11,563,880
9,063,515

Debtors: amounts falling due within one year
 17 
12,887,688
9,757,523

Cash at bank and in hand
 18 
1,067,553
1,000,369

  
25,519,121
19,821,407

Creditors: amounts falling due within one year
 19 
(16,749,721)
(12,916,471)

Net current assets
  
 
 
8,769,400
 
 
6,904,936

Total assets less current liabilities
  
9,974,761
8,123,699

Creditors: amounts falling due after more than one year
 20 
(5,827,779)
(1,434,315)

Provisions for liabilities
  

Deferred taxation
 22 
(51,460)
(32,283)

  
 
 
(51,460)
 
 
(32,283)

Net assets
  
4,095,522
6,657,101


Capital and reserves
  

Called up share capital 
 23 
100
100

Foreign exchange reserve
  
(51,979)
-

Profit and loss account
  
4,147,401
6,657,001

Equity attributable to owners of the parent Company
  
4,095,522
6,657,101


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr D Burden
Director

Date: 26 February 2025

The notes on pages 19 to 42 form part of these financial statements.
Page 13

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
REGISTERED NUMBER: 10560981

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022 as restated
Note
£
£

Fixed assets
  

Investments
 15 
1,300,089
1,300,089

  

Creditors: amounts falling due within one year
 19 
(1,301,798)
(1,301,798)

Net current liabilities
  
 
 
(1,301,798)
 
 
(1,301,798)

Total assets less current liabilities
  
(1,709)
(1,709)

  

  

Net liabilities
  
(1,709)
(1,709)


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
  
(1,809)
(1,809)

  
(1,709)
(1,709)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by by: 




Mr D Burden
Director

Date: 26 February 2025

The notes on pages 19 to 42 form part of these financial statements.
Page 14

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2022 (as previously stated)
100
-
7,287,129
7,287,229
7,287,229

Prior year adjustment - correction of error (See note 24)
-
-
(1,299,899)
(1,299,899)
(1,299,899)


At 1 January 2022 (as restated)
100
-
5,987,230
5,987,330
5,987,330


Comprehensive income for the year

Profit for the year as restated
-
-
669,771
669,771
669,771



At 1 January 2023 (as previously stated)
100
-
8,942,125
8,942,225
8,942,225

Prior year adjustment - correction of error (see note 24)
-
-
(2,285,124)
(2,285,124)
(2,285,124)


At 1 January 2023 (as restated)
100
-
6,657,001
6,657,101
6,657,101


Comprehensive income for the year

Loss for the year
-
-
(2,509,600)
(2,509,600)
(2,509,600)

Currency translation differences
-
(51,979)
-
(51,979)
(51,979)
Total comprehensive income for the year
-
(51,979)
(2,509,600)
(2,561,579)
(2,561,579)


At 31 December 2023
100
(51,979)
4,147,401
4,095,522
4,095,522


The notes on pages 19 to 42 form part of these financial statements.
Page 15

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
(1,809)
(1,709)


Comprehensive income for the year

Profit for the year
-
-
-



At 1 January 2023 (as previously stated)
100
244,297
244,397

Prior year adjustment - correction of error (see note 24)
-
(246,106)
(246,106)


At 1 January 2023 (as restated)
100
(1,809)
(1,709)


Comprehensive income for the year

Profit for the year
-
-
-


At 31 December 2023
100
(1,809)
(1,709)


The notes on pages 19 to 42 form part of these financial statements.

Page 16

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022 as restated
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(2,509,600)
669,771

Adjustments for:

Depreciation of tangible assets
74,141
77,092

Interest paid
162,405
-

Interest receivable
(20,105)
(9,153)

Taxation charge
19,169
472,810

Increase in stocks
(2,500,365)
(3,159,315)

Increase in debtors
(975,007)
(2,787,008)

Increase in amounts owed by groups
(2,155,067)
(78,555)

Increase in creditors
4,415,180
396,302

Increase in amounts owed to groups
4,222,084
4,236,708

Corporation tax paid
(410,632)
(369,406)

Foreign exchange
(51,979)
-

Net cash generated from operating activities

270,224
(550,754)


Cash flows from investing activities

Purchase of tangible fixed assets
(67,054)
(97,752)

Sale of tangible fixed assets
6,314
-

Interest received
20,105
9,153

Net cash from investing activities

(40,635)
(88,599)

Cash flows from financing activities

Interest paid
(162,405)
-

Net cash used in financing activities
(162,405)
-

Net increase/(decrease) in cash and cash equivalents
67,184
(639,353)

Cash and cash equivalents at beginning of year
1,000,369
1,639,722

Cash and cash equivalents at the end of year
1,067,553
1,000,369


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,067,553
1,000,369

Page 17

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,000,369

67,184

1,067,553

Debt due within 1 year

(174,976)

3,072

(171,904)


825,393
70,256
895,649

The notes on pages 19 to 42 form part of these financial statements.
Page 18

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Time Manufacturing Acquisition (UK) Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number is 10560981, the registered office address is 1 Altendiez Way, Burton Latimer, Kettering, Northamptonshire, NN15 5YZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The Company has also taken advantage of the requirements of Section 7 Statement of Cash Flows, as its results have been reported in the Consolidated Statement of Cash Flows presented in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The directors confirm that, having reviewed the Group's cash requirements for the next 12 months from the date of signing the financial statements, they have formed a judgement that the Group has reasonable expectations that adequate resources will be available to continue operations for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis. In forming this judgement, the directors have reviewed forecasts for 2025, cashflow projections from the date of approval of these financial statements, contingency planning and the sufficiency of banking facilities. The directors will continue to monitor developments closely and adjust their forecasting as required.

Page 19

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

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 shall be 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 on a straight-line basis over their useful economic lives, which range from 3 to 6 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.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 21

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Development costs

Development costs are accounted for in accordance with Section 18 of FRS 102 on Intangible Assets other than Goodwill. Development expenditure is capitalised as an intangible asset if, and only if, all of the following conditions are met:
Technical Feasibility: The technical feasibility of completing the intangible asset so that it will be available for use or sale is established.
Intention to Complete: The Group has the intention to complete the intangible asset and use or sell it.
Ability to Use or Sell: The Group has the ability to use or sell the intangible asset.
Future Economic Benefits: The Group can demonstrate how the intangible asset will generate probable future economic benefits. Among other factors, the Group may demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself.
Availability of Resources: The Group has adequate technical, financial, and other resources available to complete the development and to use or sell the intangible asset.
Reliable Measurement: The expenditure attributable to the intangible asset during its development can be measured reliably.

Development costs meeting all the criteria above are capitalised and amortised over the estimated useful life of the intangible asset, which is reviewed annually.
Capitalised development costs are initially measured at cost, including all directly attributable costs necessary to prepare the asset for its intended use.
Amortisation begins when the asset is available for use and is charged on a systematic basis over the asset’s estimated useful life, which is determined based on the expected pattern of economic benefits generated from the asset.

At each reporting date, the carrying amount of capitalised development costs is reviewed for indicators of impairment. If such indicators exist, the recoverable amount is estimated, and an impairment loss is recognized in the income statement if the carrying amount exceeds the recoverable amount.

Expenditure incurred on development projects that do not meet the criteria for capitalisation is recognised as an expense when it is incurred.

Research costs, defined as costs incurred in the early phase of a project to obtain new scientific or technical knowledge, are expensed as incurred and not capitalised.
Page 23

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Fixtures and fittings
-
10% straight line
Computer equipment
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

The site project is not depreciated.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

In the consolidated accounts, interests in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the joint venture. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in joint ventures are shown as the Group's share of the identifiable net assets.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 24

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash
Page 25

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Page 26

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, which are described, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The directors have made the following policies in regards to income on service contracts and the capitalisation of development costs.
Income on service contracts
The income on service contracts is recognised on a straight line basis over the life of the contract.
Capitalisation of development costs
The development costs in relation to new product ranges and specialist work for specific contracts are amortised over the useful economic life of the product or the expected length of the related contract.
Prepayment of UKCA costs
The costs of obtaining the certification are prepaid over the length of which the certification is given, this is 3 years and released evenly over the period of certification.

Page 27

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
38,809,466
27,584,736

Service income associated with goods sold
1,004,009
823,790

39,813,475
28,408,526


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
39,743,061
28,408,526

Rest of Europe
70,414
-

39,813,475
28,408,526



5.


Other operating income

2023
2022 as restated
£
£

Sundry income
5,967
91,019



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022 as restated
£
£

Depreciation charged in the period
74,141
77,092

Foreign exchange differences
234,770
(56,893)

Other operating lease rentals
629,511
497,342

Research & develoment charged as an expense (see note 24)
-
821,294

Page 28

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Group's auditors and their associates for the audit of the consolidated and parent Group's financial statements
90,000
54,880

Fees payable to the Group's auditors and their associates in respect of:

Taxation compliance services
7,000
-

Preparation of financial statements
10,000
-


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
5,025,559
3,613,095
-
-

Social security costs
525,500
452,794
-
-

Cost of defined contribution scheme
109,990
97,787
-
-

5,661,049
4,163,676
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management
7
3



Sales
11
4



Administration
18
8



Production
79
68



Servicing
22
24



Engineering
7
6

144
113

Page 29

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
221,111
382,176

Group contributions to defined contribution pension schemes
10,366
10,387

231,477
392,563


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £221,111 (2022 - £382,176).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,366 (2022 - £10,387).

The remuneration listed above is for one director. The remaining directors are remunerated through another group entity.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
20,105
9,153


11.


Interest payable and similar expenses

2023
2022
£
£


Finance interest payable
162,405
-

Page 30

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022 as restated
£
£

Corporation tax


Current tax on profits for the year
(9)
410,544


(9)
410,544


Total current tax
(9)
410,544

Deferred tax


Origination and reversal of timing differences
19,178
8,576

Total deferred tax
19,178
8,576


Tax on (loss)/profit
19,169
419,120
Page 31

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of Corporation Tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022 as restated
£
£


(Loss)/profit on ordinary activities before tax
(2,490,431)
1,088,891


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(585,749)
206,889

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
29,104
529

Capital allowances for year in excess of depreciation
14,730
44

Utilisation of tax losses
4,729
-

Adjustments to tax charge in respect of prior periods
203,486
49,577

Adjustments in respect of temporary timing differences
19,177
8,576

Unrelieved tax losses carried forward
246,982
-

Other differences leading to an increase (decrease) in the tax charge
-
13,072

Prior year adjustment
86,710
140,433

Total tax charge for the year
19,169
419,120


Factors that may affect future tax charges

The rate of Corporate Tax of 19% has been effective from 1 April 2017. The rate increased to 25% in April 2023.
The group anticipates to have in the region of £1m of losses carried forward at the reporting date. No deferred tax asset has been recognised due to the uncertainty of the timing of future profits.

Page 32

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group and Company





Development expenditure

£





At 1 January 2023 (as previously stated)
(821,294)


Prior year adjustment
821,294


At 1 January 2023 (as restated)
-






Net book value



At 31 December 2023
-



At 31 December 2022 (as restated)
-

Detail regarding the prior year adjustment can be found in note 24.



Page 33

 


 
TIME MANUFACTURING ACQUISITION (UK) LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


14.


Tangible fixed assets


Group







Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Site project
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
441,907
36,701
151,778
530,240
13,903
1,174,529


Additions
5,002
-
27,925
23,129
10,998
67,054


Disposals
(197,391)
(36,701)
(105,345)
(213,384)
(3,776)
(556,597)



At 31 December 2023

249,518
-
74,358
339,985
21,125
684,986



Depreciation


At 1 January 2023
387,293
36,701
115,295
413,695
-
952,984


Charge for the year on owned assets
11,107
-
5,410
57,624
-
74,141


Disposals
(197,342)
(36,701)
(102,855)
(213,384)
-
(550,282)



At 31 December 2023

201,058
-
17,850
257,935
-
476,843



Net book value



At 31 December 2023
48,460
-
56,508
82,050
21,125
208,143



At 31 December 2022
54,614
-
36,483
116,545
13,903
221,545
Page 34

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Group





Investment in joint ventures

£



Cost or valuation


At 1 January 2023
997,218



At 31 December 2023
997,218




The subsidiary, Versalift United Kingdom Limited, holds a 45% interest in XJ Group Corporation, a jointly controlled entity. This investment is accounted for using the equity method.

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1,300,089



At 31 December 2023
1,300,089





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Versalift Ireland Limited
Unit 55, Broomhill Drive, Broomhill Industrial Estate, Dublin 24, Dublin, D24 XT25, Republic of Ireland
Ordinary
100%
Versalift United Kingdom Limited
1 Altendiez Way, Burton Latimer, Kettering, Northamptonshire, NN15 5YT, England
Ordinary
100%

Page 35

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Fixed asset investments (continued)

Subsidiary undertakings (continued)

The Group incorporated a new subsidiary, Versalift Ireland Limited, on 24 October 2022. This entity has been consolidated into the Group’s financial statements from the date of incorporation in line with the Group’s accounting policy.
Versalift Ireland Limited and Versalift United Kingdom Limited are included in this consolidation.

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Versalift Ireland Limited
(51,979)
(280,529)

Versalift United Kingdom Limited
5,838,017
(2,120,794)


16.


Stocks

Group
Group
2023
2022
£
£

Hydraulic access platforms
3,065,577
3,600,558

Spare parts and sundry stock
7,934,954
4,381,626

Stock in transit
563,349
1,081,331

11,563,880
9,063,515


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 36

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
2023
2022 as restated
£
£


Trade debtors
10,156,834
7,999,597

Amounts owed by group undertakings
2,155,067
-

Other debtors
30,892
-

Prepayments and accrued income
544,895
542,094

Amounts recoverable on contracts
-
1,215,832

12,887,688
9,757,523



18.


Cash and cash equivalents

Group
Group
2023
2022
£
£


Cash at bank and in hand
1,067,553
1,000,369



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022 as restated
2023
2022 as restated
£
£
£
£

Trade creditors
4,068,014
1,406,756
-
-

Social security and other taxes
171,904
117,573
-
-

Amounts owed to group undertakings
9,596,395
9,767,775
1,301,798
1,301,798

Corporation tax
-
410,553
-
-

Other taxation and social security
1,159,801
291,378
-
-

Other creditors
97,913
83,336
-
-

Accruals and deferred income
1,655,694
839,100
-
-

16,749,721
12,916,471
1,301,798
1,301,798


Deferred income of £604,652 was previously presented in other creditors and has been reclassified to
'Accruals and deferred income' in the current year.

Page 37

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022 as restated
£
£

Amounts owed to group undertakings
5,827,779
1,434,315


In 2017 the Group received a loan from Time Manufacturing LLC, an intermediate parent company, for the financing of cash flows and investment. This is an interest-free loan.


21.


Financial instruments

Group
Group
Company
Company
2023
2022 as restated
2023
2022 as restated
£
£
£
£

Financial assets

Financial assets measured at amortised cost
13,379,454
8,999,966
-
-


Financial liabilities

Financial liabilities measured at amortised cost
19,492,188
12,608,846
1,301,798
1,301,798


Financial assets measured at amortised cost comprise; cash and cash equivalents, trade debtors, and amounts owed to group undertakings.
Financial liabilities measured at amortised cost comprimise; trade creditors, amounts owed to group undertakings due within one year, and amounts owed to group undertakings due after one year.


22.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(32,283)
(23,707)


Charged to profit or loss
(19,177)
(8,576)



At end of year
(51,460)
(32,283)

Company deferred taxation at the end of the year was Nil (2022: Nil).
Page 38

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
22.Deferred taxation (continued)






Group
Group
2023
2022
£
£

Accelerated capital allowances
(51,460)
(32,283)

(51,460)
(32,283)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

The holders of the ordinary shares shall have the right (i) to receive notice of, attend, speak and vote at general meetings of the company, (ii) to receive dividends as the directors in their discretion shall determine and (iii) on winding up of the company, shall be entitled to receive all surplus assets of the company.


24.


Prior year adjustment

Prior period adjustment carried out during the 2023 accounts preparation:
Development costs were previously capitalised as an intangible asset relating to certain projects undertaken by the Company. A prior year adjustment was processed to removed £821,294 from the balance sheet, with the corresponding entry being recognised as an expense in the profit and loss account as it was concluded that none of the projects met the definition of being an internally generated identifiable asset. As a result, the profit for the year to 31 December 2022 decreased from £1,491,066 to £669,722.
Various reclassifications have also taken place within the same financial statement areas as a result of a cleanse of the chart of accounts, as indicated throughout the financial statements. This includes reclassifications of salaries of £330,515 between cost of sales and administrative expenses to appropriately reflect the category of roles of individuals these costs are associated with.
With regards to the company restatement, this relates to foreign exchange movements on an investment in joint venture erroneously recognised in the incorrect legal entity within the Group. This is now recognised in Versalift United Kingdom Limited which is also included in the consolidation and as such does not impact the Group position. This error results in a reversal of £246,106 to company retained earnings. 

Page 39

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £109,990 (2022 - £97,787). Contributions totaling £41,540 (2022 - £11,627) were payable to the fund at the reporting date and are held within other creditors. 


26.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
544,307
5,634

Later than 1 year and not later than 5 years
1,644,038
292,013

Later than 5 years
4,496,806
5,669,245

6,685,151
5,966,892

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 40

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Related party transactions

The Group has availed of the exemptions under Section 33 1A of FRS 102 - Related Party Disclosures not to provide details of related party transactions as it is a wholly owned subsidiary of Time Manufacturing Acquisition LLC which is preparing consolidated financial statements which include this Group. These financial statements can be obtained from 7601 Imperial Drive, PO Box 20368, Waco, Texas, 76702-0368, United States of America.
As at 31 December 2023 the Group owed £1,629,627 (2022: £1,683,956) in other payables due to Time Manufacturing Company Inc. This amount is interest free with £332,819 not repayable on demand and the remainder being repayable on demand. 
As at 31 December 2023 the Group owed £12,851,981 (2022: £Nil) and was owed £54,756 (2022: £Nil) by Time Export. This amount is interest free with £192,770 not repayable on demand and the remainder being repayable on demand.
As at 31 December 2023 the Group owed £8,068,864 (2022: £6,793,755) and was owed £Nil (2022: £196,980) by Versalift Denmark A/S.
As at 31 December 2023 there was £2,285,387 (2022: £788,070) owed to Time Manufacturing Company Inc, in relation to a working capital loan. This amount is interest free and not repayable on demand.
As at 31 December 2023 there was £646,245 (2022: £646,245) owed to Versalift Denmark A/S, in relation to a working capital loan. This amount is interest free and not repayable on demand.
As at 31 December 2023 the Group owed £1,959,895 (2022: £nil) to Time Manufacturing Acquisition Ltd in terms of an offset agreement in place with Ruthman Holdings GmbH, Ruthman Italia S.R.L. This consists of a total loan payable of £522,697, other payables of £1,430,451, and interest £6,747. This amount is interest free and not repayable on demand.
As at 31 December 2023 the Group included £7,498 (2022: £Nil) in other receivables due from Ruthman Holdings GmbH. This amount is interest free and repayable on demand.
As at 31 December 2023 the Group owed £403,457 (2022: £Nil) to Time Manufacturing Company Inc, in relation to a loan. This amount is interest free and not repayable on demand.
As at 31 December 2023 the Group owed £7,206 (2022: £Nil) to Time Manufacturing Holdings Ltd, the group parent company, in relation to a loan. This amount is interest free and not repayable on demand.
As at 31 December 2023 there was £1,131,002 (2022: £1,131,002) owed to Time Manufacturing Company Inc, in relation to a loan for investment purposes.
As at 31 December 2023 the Group included £32,851 (2022: £Nil) in other payables due to France Elevateur. This amount is interest free and repayable on demand.
As at 31 December 2023 the Group included £38,877 (2022: £nil) in other receivables due from Versalift Ireland Limited, a group company. This amount is interest free and repayable on demand.
 

Page 41

 
TIME MANUFACTURING ACQUISITION (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Group undertakings and controlling entity

Time Manufacturing Acquisitions (UK) Ltd is itself a subsidiary of Time Manufacturing Acquisition LLC.
Time Manufacturing Acquisitions LLC is a business registered and operating in the United States of America. It's registered office address is 7601 Imperial Drive, PO Box 20368, Waco, Texas, 76702-0368, United States of America. The whole group was purchased in December 2021 by the H.I.G. Capital of which the Group is a member, who's address is 1271 Avenue of the Americas, 22nd Floor, New York, NY10020, United States. The ultimate parent entity is H.I.G Time Manufacturing Holdings, L.P. and there is no ultimate controlling party.
Versalift United Kingdom Limited is a wholly owned subsidiary of Time Manufacturing Acquisitions (UK) Ltd and its financial statements are incorporated in the consolidated financial statements. The registered office is 1 Altendiez Way, Burton Latimer, Kettering, Northamptonshire, United Kingdom, NN15 5YZ.
Versalift Ireland Limited is a wholly owned subsidiary of Time Manufacturing Acquisitions (UK) Ltd and its financial statements are incorporated in the consolidated financial statements. The registered office is Unit 55 Broomhill Drive, Broomhill Industrial Estate, Dublin, Ireland, D24 XT25.


29.


Guarantees

The subsidiary, Versalift United Kingdom Limited's bank has guaranteed the Customs and Excise authorities for amounts up to £80,000 (2022 - £80,000). The Group has indemnified the bank against any losses under this guarantee.


30.


Other commitments

As at 31 December 2023, the subsidiary held two forward contracts to manage foreign currency risk related to anticipated sales denominated in US dollars. These contracts are not designated as hedging instruments under FRS 102.
Contract details:
1. Trade and effective date 2 November 2023, maturity date 7 May 2024 for a notional amount of $1m at a contract rate of £0.820563/USD.
2. Trade and effective date 27 December 2023, maturity date 28 March 2024 for a notional amount of $260k at a contract rate of £0.785100/USD. 
The fair values of the forward contracts at the reporting date, based on prevailing forward exchange rates, result in an unrealised loss of £10,513 which is not recognised in the Statement of Comprehensive Income.
Unrealised exchange movements are only disclosed as part of the financial statement notes to provide information on the foreign currency risk managed by the subsidiary.

Page 42