| Tech Optics Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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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: |
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Short leasehold |
Period of the lease |
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Plant and machinery |
15-33% straight line |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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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. |
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Taxation |
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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. |
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Foreign currency translation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Kerry Lawrance FCA |
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Firm: |
Compass Accountants Ltd |
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Date of audit report: |
07 April 2025 |
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| 3 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
14 |
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11 |
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| 4 |
Intangible fixed assets |
£ |
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Goodwill: |
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Cost |
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At 1 January 2024 |
313,029 |
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At 31 December 2024 |
313,029 |
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Amortisation |
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At 1 January 2024 |
243,978 |
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Provided during the year |
18,408 |
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At 31 December 2024 |
262,386 |
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Net book value |
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At 31 December 2024 |
50,643 |
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At 31 December 2023 |
69,051 |
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Goodwill arising on the acquisition of Tech Optics First Company Ltd is being amortised in equal annual instalments over its estimated economic life of 18 years. |
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| 5 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery |
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Total |
| £ |
£ |
£ |
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Cost |
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At 1 January 2024 |
41,918 |
|
419,682 |
|
461,600 |
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Additions |
24,713 |
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18,479 |
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43,192 |
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At 31 December 2024 |
66,631 |
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438,161 |
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504,792 |
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Depreciation |
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At 1 January 2024 |
24,819 |
|
377,810 |
|
402,629 |
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Charge for the year |
5,957 |
|
13,789 |
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19,746 |
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At 31 December 2024 |
30,776 |
|
391,599 |
|
422,375 |
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Net book value |
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At 31 December 2024 |
35,855 |
|
46,562 |
|
82,417 |
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At 31 December 2023 |
17,099 |
|
41,872 |
|
58,971 |
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| 6 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
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Cost |
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At 1 January 2024 |
100,000 |
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Disposals |
(100,000) |
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At 31 December 2024 |
- |
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| 7 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Trade debtors |
323,975 |
|
237,249 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
4,634 |
|
37,129 |
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Other debtors |
50,910 |
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76,958 |
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379,519 |
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351,336 |
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| 8 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
200,088 |
|
150,032 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
104,995 |
|
2,974 |
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Taxation and social security costs |
53,741 |
|
69,582 |
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Other creditors |
106,330 |
|
164,580 |
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465,154 |
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387,168 |
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| 9 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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100,000 |
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| 10 |
Other reserve |
2024 |
|
2023 |
| £ |
£ |
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At 1 January 2024 |
2,871 |
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- |
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Share option reserve |
10,619 |
|
2,871 |
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At 31 December 2024 |
13,490 |
|
2,871 |
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| 11 |
Other financial commitments |
2024 |
|
2023 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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234,976 |
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305,469 |
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| 12 |
Controlling party |
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The company is ultimately controlled by Hexatronic Group AB. The company's registered office is: |
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Sofierogatan 3A |
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SE-412 51 Gothenburg |
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Sweden |
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| 13 |
Other information |
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Tech Optics Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Unit 6 |
|
Tannery Road |
|
Tonbridge |
|
Kent |
|
TN9 1RF |