REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JANUARY 2024 |
FOR |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JANUARY 2024 |
FOR |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JANUARY 2024 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 8 |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
STATEMENT OF FINANCIAL POSITION |
29 JANUARY 2024 |
29.1.24 | 29.1.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
STATEMENT OF FINANCIAL POSITION - continued |
29 JANUARY 2024 |
The financial statements were approved by the director and authorised for issue on |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Technical Solutions 24 Seven Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(i) Estimated useful lives and residual values of fixed assets |
Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods. |
REVENUE RECOGNITION |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the rendering of services is recognised by reference to the stage of completion at the balance sheet date; the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
INTANGIBLE ASSETS |
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. |
Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
STOCKS |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred 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 statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year of expenditure through the profit and loss account in those circumstances where the outcome of those projects are assessed as not being reasonably certain as regards viability and technical feasibility. |
Development expenditure is written off in the year of expenditure, except in the following circumstances when it is deferred to future periods: |
(a) there is a clearly defined project, and |
(b) the related expenditure is separately identifiable, and |
(c) the outcome of such project has been assessed with reasonable certainty as to: |
(i) its technical feasibility, and |
(ii) its ultimate commercial viability considered in the light of such factors as likely market conditions (including competing products), public opinion, consumer and environmental legislation, and |
(d) the aggregate of the deferred development costs, any further developments costs, and related production, selling and administration costs is reasonably expected to be exceeded by related future sales or other revenue, and |
(e) adequate resources exist, or are reasonably expected to be available, to enable the project to be completed and to provide any consequential increases in working capital. |
Research and development costs that are deferred to future periods are amortised straight line over the estimated period of sale for which these units are expected to be sold as. The amortisation commences with the commercial production or application of the product, service, process or system. |
Deferred development expenditure for each project is reviewed at the end of each accounting period and where the circumstances which have justified the deferral of the expenditure no longer apply, or are considered doubtful, the expenditure, to the extent to which it is considered to be irrecoverable, is written off immediately project by project. |
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. |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
PROVISIONS |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
At 30 January 2023 |
and 29 January 2024 |
AMORTISATION |
At 30 January 2023 |
Amortisation for year |
At 29 January 2024 |
NET BOOK VALUE |
At 29 January 2024 |
At 29 January 2023 |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JANUARY 2024 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 30 January 2023 |
and 29 January 2024 |
DEPRECIATION |
At 30 January 2023 |
Charge for year |
At 29 January 2024 |
NET BOOK VALUE |
At 29 January 2024 |
At 29 January 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.1.24 | 29.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.1.24 | 29.1.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
TECHNICAL SOLUTIONS 24 SEVEN LIMITED (REGISTERED NUMBER: 04391518) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JANUARY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.1.24 | 29.1.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | SECURED DEBTS |
The assets held under hire purchase are secured on the related assets. |
10. | OTHER FINANCIAL COMMITMENTS |
The company had total guarantees commitments at the balance sheet date of £18,943 (2023 £27,539). |
11. | RELATED PARTY DISCLOSURES |
All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material. |
The company has taken advantage of the exemption from the disclosures according to FRS 102 Section 33.1A, regarding the transactions between fellow group companies. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the company's parent undertaking, Technical Solutions 24 Seven Group Limited, a company registered in England & Wales. The parent undertaking's registered office is Stone House, Stone Road Business Park, Stone Road, Stoke on Trent, ST4 6SR. The address of the principal place of business is Oldfield Business Park, Fenton, Stoke on Trent, Staffs. ST4 3PE. |