Registration number:
3T Additive Manufacturing Limited
for the Year Ended 31 December 2023
3T Additive Manufacturing Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
3T Additive Manufacturing Limited
(Registration number: 03333366)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,546,696 |
2,546,696 |
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Share premium reserve |
387,287 |
387,287 |
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Capital contribution reserve |
2,215,778 |
949,817 |
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Retained earnings |
(2,648,916) |
(814,902) |
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Shareholders' funds |
2,500,845 |
3,068,898 |
3T Additive Manufacturing Limited
(Registration number: 03333366)
Balance Sheet as at 31 December 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has historically relied on the support of its parent company. However, the parent company is currently subject to an administration process in Italy which involves the divesting of the parent company’s investments and this includes the investment in 3T Additive Manufacturing Limited (hereafter “3T”).
As part of this process the terms of sale of 3T have been agreed with a potential buyer, although the transaction has not completed at the date of signing of this report. Subject to completion of the sale, the buyer has stated their intention to provide additional funding to 3T, if required, to support the going concern basis.
Whilst the directors believe it would be appropriate for the company to continue to adopt the going concern basis due to its existing financing facilities and expectation of improvement in the company’s overall financial performance, it remains possible that additional support may be required.
In the absence of the sale of the company being completed resulting in additional funding being provided and the existing parent company being unable to provide financial support, there remains a material uncertainty surrounding the going concern basis.
Audit report
It is noted the financial statements for the year ended 31 December 2022 also had a qualification for the work in progress balance of £1,615,888. We have not be able to obtain sufficient appropriate audit evidence as to whether this opening balance was properly recorded and accounted for. Any adjustments that might have been found necessary in respect of the above would have a consequential significant effect on the financial positions of the company as at 31 December 2023 as well as impacting the profit for the year and the related disclosures in the financial statements.
3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Prior period adjustments
The prior period has been restated as follows:
1) The addition of £464,359 to prior period provisions to account for dilapidations previously omitted from the financial statements, with a corresponding reduction in opening retained earnings.
2) The removal of £189,650 from the prior period deferred tax provision to reflect available tax losses with a reduction of £103,279 opening retained earnings and reduction of £86,371 to prior year taxation expense.
3) Reclassification of £807,269 from loans and borrowings to trade creditors to reflect a trade creditor balance incorrectly presented in the prior year. Loans and borrowings were also reclassified by £5,793 regarding the split between due less than one year and due more than one year.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rabtes, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sales of goods
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retaines neither cotinuing mangerial involvement to the degree ususally assoicated with ownership nor effective control over the goods sold;
- the amount of reevenue can be measure reliably;
- it is probable that the Company 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 stafe 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 Company 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 cost incurred and the costs to complete the contract can be measured reliably.
Government grants
Grants are accounted under the accruals model as perfmitted by FRS 102 Section 1A. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to property |
10% straight line |
Plant and machinery |
10% straight line |
Motor vehicles |
20% straight line |
Fixtures and fittings |
20% straight line |
Computer equipment |
20% straight line |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Other intangible assets |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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 first in, first out 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.
3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Trademarks, patents and licenses |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
- |
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Impairment |
- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
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At 31 December 2022 |
- |
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3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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- |
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Disposals |
( |
- |
( |
- |
- |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
- |
( |
Impairment |
- |
- |
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- |
- |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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- |
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At 31 December 2022 |
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- |
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3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Included within the net book value of land and buildings above is £119,324 (2022 - £126,927) in respect of long leasehold land and buildings.
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Work in progress |
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Other inventories |
- |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to related parties |
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- |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
- |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2022 - £Nil).
3T Additive Manufacturing Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
Current loans and borrowings
2023 |
(As restated) |
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Bank overdrafts |
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Hire purchase contracts |
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Non-current loans and borrowings
2023 |
(As restated) |
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Hire purchase contracts |
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Provisions for liabilities |
Dilapidations |
Total |
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At 1 January 2023 |
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At 31 December 2023 |
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Related party transactions |
The company is exempt under paragraph 33.1A of FRS 102 from disclosing related party transactions with group companies where 100% of the voting rights are controlled within the group.
Other transactions with directors |
During the year, a total of £109,061 (2022: £83,130) was paid to a director for management/consultancy services, rent, general travel and legal fees.
Parent and ultimate parent undertaking |
The company's immediate parent is