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Registration number: 03333366

3T Additive Manufacturing Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

3T Additive Manufacturing Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 11

 

3T Additive Manufacturing Limited

(Registration number: 03333366)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

106,521

212,816

Tangible assets

5

2,450,160

2,808,714

 

2,556,681

3,021,530

Current assets

 

Stocks

6

758,377

2,046,682

Debtors

7

1,776,056

1,753,520

Cash at bank and in hand

 

249,224

93,326

 

2,783,657

3,893,528

Creditors: Amounts falling due within one year

8

(2,192,056)

(2,740,884)

Net current assets

 

591,601

1,152,644

Total assets less current liabilities

 

3,148,282

4,174,174

Creditors: Amounts falling due after more than one year

8

(183,078)

(640,917)

Provisions for liabilities

11

(464,359)

(464,359)

Net assets

 

2,500,845

3,068,898

Capital and reserves

 

Called up share capital

2,546,696

2,546,696

Share premium reserve

387,287

387,287

Capital contribution reserve

2,215,778

949,817

Retained earnings

(2,648,916)

(814,902)

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 Board on 17 April 2025 and signed on its behalf by:
 

.........................................
D M Johns
Director

 

3T Additive Manufacturing Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fulton Court Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HD

2

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

The Independent Auditor's Report was qualified. Included within stock as at 31 December 2023 is £500,000 relating to work in progress. We are unable to corroborate the accuracy of the valuation and existence of this figure. Given the lack of sufficient audit evidence, our audit opinion is qualified in respect of work in progress.

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.
The name of the Senior Statutory Auditor who signed the audit report on 17 April 2025 was , who signed for and on behalf of UHY Ross Brooke.

 

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2022 - 34).

 

3T Additive Manufacturing Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

12,505

530,850

543,355

At 31 December 2023

12,505

530,850

543,355

Amortisation

At 1 January 2023

12,505

318,034

330,539

Amortisation charge

-

92,877

92,877

Impairment

-

13,418

13,418

At 31 December 2023

12,505

424,329

436,834

Carrying amount

At 31 December 2023

-

106,521

106,521

At 31 December 2022

-

212,816

212,816

 

3T Additive Manufacturing Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

495,261

32,323

6,556,369

227,174

1,995

7,313,122

Additions

29,571

15,180

222,114

9,297

-

276,162

Disposals

(1,206)

-

(152,001)

-

-

(153,207)

At 31 December 2023

523,626

47,503

6,626,482

236,471

1,995

7,436,077

Depreciation

At 1 January 2023

368,334

27,114

3,888,756

218,209

1,995

4,504,408

Charge for the year

35,968

5,063

456,686

8,139

-

505,856

Eliminated on disposal

-

-

(68,407)

-

-

(68,407)

Impairment

-

-

44,060

-

-

44,060

At 31 December 2023

404,302

32,177

4,321,095

226,348

1,995

4,985,917

Carrying amount

At 31 December 2023

119,324

15,326

2,305,387

10,123

-

2,450,160

At 31 December 2022

126,927

5,209

2,667,613

8,965

-

2,808,714

 

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.
 

6

Stocks

2023
£

2022
£

Raw materials and consumables

258,377

430,794

Work in progress

500,000

1,615,887

Other inventories

-

1

758,377

2,046,682

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,359,974

1,413,855

Prepayments

204,081

187,535

Other debtors

212,001

152,130

 

1,776,056

1,753,520

 

3T Additive Manufacturing Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

10

804,535

751,685

Trade creditors

 

771,588

1,851,092

Amounts owed to related parties

12

432,608

-

Taxation and social security

 

99,184

32,634

Other creditors

 

84,141

105,473

 

2,192,056

2,740,884

Creditors: amounts falling due after more than one year

Note

2023
£

(As restated)

2022
£

Due after one year

 

Loans and borrowings

10

183,078

197,350

Other non-current financial liabilities

 

-

443,567

 

183,078

640,917

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

418,655

342,002

Later than one year and not later than five years

303,547

157,180

722,202

499,182

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

10

Loans and borrowings

Current loans and borrowings

2023
£

(As restated)

2022
£

Bank overdrafts

736,237

570,657

Hire purchase contracts

68,298

181,028

804,535

751,685

Non-current loans and borrowings

2023
£

(As restated)

2022
£

Hire purchase contracts

183,078

197,350

11

Provisions for liabilities

Dilapidations
£

Total
£

At 1 January 2023

464,359

464,359

At 31 December 2023

464,359

464,359

12

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.

13

Parent and ultimate parent undertaking

The parent of both the largest and smallest group for which group accounts including this company are drawn up is BEAMIT S.p.A. Copies of these accounts are not available to the public.

 The company's immediate parent is BEAMIT S.p.A, incorporated in Italy.