Registered number
05437712
TISICS Limited
Filleted Accounts
31 March 2024
TISICS Limited
Registered number: 05437712
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,254,870 1,275,616
Tangible assets 4 703,089 791,379
1,957,959 2,066,995
Current assets
Stocks 301,062 295,107
Debtors 5 599,370 724,483
Cash at bank and in hand 72,351 214,104
972,783 1,233,694
Creditors: amounts falling due within one year 6 (499,818) (383,917)
Net current assets 472,965 849,777
Total assets less current liabilities 2,430,924 2,916,772
Creditors: amounts falling due after more than one year 7 (1,564,884) (1,423,036)
Net assets 866,040 1,493,736
Capital and reserves
Called up share capital 275,203 275,203
Share premium 1,247,018 1,247,018
Profit and loss account (656,181) (28,485)
Shareholders' funds 866,040 1,493,736
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ayantika Mitra Stephen John Kyle-Henney
Director Director
Approved by the board on 28 March 2025 Approved by the board on 28 March 2025
TISICS Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 12.5% straight line
Second-hand plant and machinery 20% straight line
Fixtures, fittings, tools and equipment 12.5% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 20
3 Intangible fixed assets £
Intellectual Property, Research & Development and Patents:
Cost
At 1 April 2023 1,501,827
At 31 March 2024 1,501,827
Amortisation
At 1 April 2023 226,211
Provided during the year 20,746
At 31 March 2024 246,957
Net book value
At 31 March 2024 1,254,870
At 31 March 2023 1,275,616
Patents & Intellectual Property is being written off in equal annual instalments over its estimated economic life of 10 years and Research & Development in equal annual instalments over its estimated economic life of 15 years. Capitalised development projects are amortised once the project starts to deliver commercial benefits, unamortised projects are reviewed annually.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 532,623 1,395,385 1,928,008
Additions - 6,350 6,350
At 31 March 2024 532,623 1,401,735 1,934,358
Depreciation
At 1 April 2023 512,686 623,943 1,136,629
Charge for the year 5,505 89,135 94,640
At 31 March 2024 518,191 713,078 1,231,269
Net book value
At 31 March 2024 14,432 688,657 703,089
At 31 March 2023 19,937 771,442 791,379
5 Debtors 2024 2023
£ £
Trade debtors 170,823 318,377
Other debtors 428,547 406,106
599,370 724,483
6 Creditors: amounts falling due within one year 2024 2023
£ £
SKH - Directors Loan Account 50,000 -
AM - Directors Loan Account 15,000 -
Bank loans and overdrafts 62,364 74,814
Obligations under finance lease and hire purchase contracts 15,490 19,305
Trade creditors 277,555 156,572
Taxation and social security costs 48,849 (27,420)
Other creditors 30,560 160,646
499,818 383,917
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 992,852 930,177
Obligations under finance lease and hire purchase contracts 81,108 13,738
Deferred income liability 261,803 250,000
SKH - Directors Loan Account 229,121 229,121
1,564,884 1,423,036
8 Related party transactions
During the year the company entered into the following transactions with related parties:
2024 2023
£ £
Mr S Kyle-Henney - DLA Payable (Long Term) (229,121) (229,121)
Mr S Kyle-Henney - DLA Payable (Short term) (50,000) -
Ayantika Mitra - DLA Payable (Short term) (15,000) -
9 Other information
TISICS Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Invincible Road
Farnborough
Hampshire
GU14 7QU
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