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COMPANY REGISTRATION NUMBER: 02048176
TechPoint Fast Track Solutions Limited
Financial Statements
For the year ended
30 July 2024
TechPoint Fast Track Solutions Limited
Financial Statements
Year ended 30 July 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Directors' responsibilities statement
4
Independent auditor's report to the member
5
Income statement
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13
TechPoint Fast Track Solutions Limited
Officers and Professional Advisers
The board of directors
D A Croft
M G Negus (Resigned 8 January 2024)
G Mitchell (Resigned 9 April 2024)
G Wearing
J Drake (Appointed 8 January 2024)
P Duffill (Appointed 8 May 2024)
Registered office
12-14 Brooklands
Kempston
MK42 7UH
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
TechPoint Fast Track Solutions Limited
Directors' Report
Year ended 30 July 2024
The directors present their report and the financial statements of the company for the year ended 30 July 2024 .
Principal activities
The principal activity of the company continued to be that of electronics designers and manufacturers.
Directors
The directors who served the company during the year were as follows:
D A Croft
G Wearing
J Drake
(Appointed 8 January 2024)
P Duffill
(Appointed 8 May 2024)
M G Negus
(Resigned 8 January 2024)
G Mitchell
(Resigned 9 April 2024)
Events after the end of the reporting period
On 3 February 2025, the company changed its name from Bela Electronic Designs Limited to TechPoint Fast Track Solutions Limited
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 April 2025 and signed on behalf of the board by:
J Drake
Director
TechPoint Fast Track Solutions Limited
Directors' Responsibilities Statement
Year ended 30 July 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TechPoint Fast Track Solutions Limited
Independent Auditor's Report to the Member of TechPoint Fast Track Solutions Limited
Year ended 30 July 2024
Opinion
We have audited the financial statements of TechPoint Fast Track Solutions Limited (the 'company') for the year ended 30 July 2024 which comprise the income statement, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 July 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's member, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Day
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
28 April 2025
TechPoint Fast Track Solutions Limited
Income Statement
Year ended 30 July 2024
2024
2023
(restated)
Note
£
£
Turnover
4
4,692,806
5,698,081
Cost of sales
( 3,161,632)
( 4,390,566)
-------------
-------------
Gross profit
1,531,174
1,307,515
Administrative expenses
( 1,035,874)
( 1,160,956)
-------------
-------------
Operating profit
5
495,300
146,559
Interest payable and similar expenses
9
( 13,108)
-------------
-------------
Profit before taxation
482,192
146,559
Tax on profit
10
17,165
( 60,592)
----------
----------
Profit for the financial year
499,357
85,967
----------
----------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
TechPoint Fast Track Solutions Limited
Statement of Financial Position
30 July 2024
2024
2023
(restated)
Note
£
£
Fixed assets
Tangible assets
11
307,723
307,545
Current assets
Stocks
12
608,970
929,276
Debtors
13
2,901,079
1,663,455
Cash at bank and in hand
233,913
257,380
-------------
-------------
3,743,962
2,850,111
Creditors: amounts falling due within one year
14
1,488,218
1,082,764
-------------
-------------
Net current assets
2,255,744
1,767,347
-------------
-------------
Total assets less current liabilities
2,563,467
2,074,892
Provisions
15
231,516
242,298
-------------
-------------
Net assets
2,331,951
1,832,594
-------------
-------------
Capital and reserves
Called up share capital
19
200
200
Profit and loss account
20
2,331,751
1,832,394
-------------
-------------
Shareholder funds
2,331,951
1,832,594
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
J Drake
Director
Company registration number: 02048176
TechPoint Fast Track Solutions Limited
Statement of Changes in Equity
Year ended 30 July 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 August 2022
200
1,746,427
1,746,627
Profit for the year
85,967
85,967
----
-------------
-------------
Total comprehensive income for the year
85,967
85,967
At 31 July 2023
200
1,832,394
1,832,594
Profit for the year
499,357
499,357
----
-------------
-------------
Total comprehensive income for the year
499,357
499,357
----
-------------
-------------
At 30 July 2024
200
2,331,751
2,331,951
----
-------------
-------------
TechPoint Fast Track Solutions Limited
Notes to the Financial Statements
Year ended 30 July 2024
1. General information
Bela Electronic Designs Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12-14 Brooklands, Kempston, MK42 7UH.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Techpoint Group Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised where the revision affects any that year, or in the year of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Depreciation charge The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. Stock provision The company sells products which are subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provision required. When calculating the provision, management considers the nature and age of the stock as well as applying assumptions around anticipated saleability of stock. Dilapidation provision A provision for dilapidation costs has been included based on the best estimate of costs to be incurred at the end of the lease to reinstate the condition of the company's leased premises. This has been based on third party surveyor reports and discounting to amortised cost applying an appropriate rate. Warranty provision A warranty provision for finished goods is included in the financial statements based on expected returns.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line and 25% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25 % straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
Turnover arises from:
2024
2023
(restated)
£
£
Sale of goods
4,692,806
5,698,081
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
(restated)
£
£
United Kingdom
4,679,762
5,543,436
Overseas sales
13,044
154,645
-------------
-------------
4,692,806
5,698,081
-------------
-------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
(restated)
£
£
Depreciation of tangible assets
95,921
98,554
Gains on disposal of tangible assets
( 1,178)
Impairment of trade debtors
(19,612)
22,801
Foreign exchange differences
( 822)
( 6,052)
Operating lease charges
74,508
74,100
---------
---------
6. Auditor's remuneration
2024
2023
(restated)
£
£
Fees payable for the audit of the financial statements
7,725
10,000
-------
---------
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
19
22
Administrative staff
10
8
----
----
29
30
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
1,070,235
965,433
Social security costs
109,817
83,037
Other pension costs
42,770
30,458
-------------
-------------
1,222,822
1,078,928
-------------
-------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
(restated)
£
£
Remuneration
101,493
50,235
Company contributions to defined contribution pension plans
15,995
----------
---------
117,488
50,235
----------
---------
9. Interest payable and similar expenses
2024
2023
(restated)
£
£
Other interest payable and similar charges
13,108
---------
----
10. Tax on profit
Major components of tax (income)/expense
2024
2023
(restated)
£
£
Current tax:
UK current tax expense
29,824
Adjustments in respect of prior periods
( 7,552)
-------
---------
Total current tax
( 7,552)
29,824
-------
---------
Deferred tax:
Origination and reversal of timing differences
( 9,613)
30,768
---------
---------
Tax on profit
( 17,165)
60,592
---------
---------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21 %).
2024
2023
(restated)
£
£
Profit on ordinary activities before taxation
482,192
146,559
----------
----------
Profit on ordinary activities by rate of tax
120,548
30,785
Adjustment to tax charge in respect of prior periods
( 7,552)
Effect of expenses not deductible for tax purposes
26
1,555
Effect of capital allowances and depreciation
3,792
Effect of different UK tax rates on some earnings
2,280
Utilisation of tax losses
( 117,399)
Other tax adjustment
(12,788)
16,498
Transfer pricing adjustments
5,682
----------
----------
Tax on profit
( 17,165)
60,592
----------
----------
11. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2023 (as restated)
1,381,102
83,980
147,500
1,612,582
Additions
52,065
26,176
17,858
96,099
-------------
----------
----------
-------------
At 30 July 2024
1,433,167
110,156
165,358
1,708,681
-------------
----------
----------
-------------
Depreciation
At 1 August 2023
1,126,530
77,209
101,298
1,305,037
Charge for the year
76,006
5,123
14,792
95,921
-------------
----------
----------
-------------
At 30 July 2024
1,202,536
82,332
116,090
1,400,958
-------------
----------
----------
-------------
Carrying amount
At 30 July 2024
230,631
27,824
49,268
307,723
-------------
----------
----------
-------------
At 31 July 2023
254,572
6,771
46,202
307,545
-------------
----------
----------
-------------
12. Stocks
2024
2023
(restated)
£
£
Work in progress
390,468
512,745
Finished goods and goods for resale
218,502
416,531
----------
----------
608,970
929,276
----------
----------
13. Debtors
2024
2023
(restated)
£
£
Trade debtors
546,614
546,622
Amounts owed by group undertakings
2,211,297
1,026,311
Prepayments and accrued income
37,414
17,320
Corporation tax repayable
105,754
73,202
-------------
-------------
2,901,079
1,663,455
-------------
-------------
Included in trade debtors are debts of £546,614 (2023 - £546,622) which are subject to a financing facility with Investec Bank Limited.
14. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Bank loans and overdrafts
449,696
146,684
Trade creditors
381,083
427,082
Amounts owed to group undertakings
368,403
406,610
Accruals and deferred income
165,450
58,791
Social security and other taxes
123,586
43,597
-------------
-------------
1,488,218
1,082,764
-------------
-------------
Bank loans relate to invoice factoring which is secured over trade debtors of the company.
15. Provisions
Warranties
Deferred tax (note 16)
Dilapidation
Total
£
£
£
£
At 1 August 2023 (as restated)
47,799
65,768
128,731
242,298
Additions
7,408
7,408
Charge against provision
( 8,577)
( 9,613)
( 18,190)
---------
---------
----------
----------
At 30 July 2024
39,222
56,155
136,139
231,516
---------
---------
----------
----------
Within provisions is an amount for dilapidations for leasehold premises which has been calculated at the present value by third party chartered surveyors. The current lease has a break date in 2025, and expires in 2026.
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
(restated)
£
£
Included in provisions (note 15)
56,155
65,768
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
(restated)
£
£
Accelerated capital allowances
56,764
65,768
Pension plan obligations
( 609)
---------
---------
56,155
65,768
---------
---------
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances, retirement benefits and other provisions that are expected to mature within the same period.
17. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 42,770 (2023: £ 30,458 ).
18. Prior period adjustments
Prior period adjustments have been made totalling £290,966 less corporation tax of £55,284 for dilapidation, warranty and stock provisions.
19. Called up share capital
Issued, called up and fully paid
2024
2023
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
20. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
21. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
(restated)
£
£
Not later than 1 year
34,475
34,475
---------
---------
22. Financial commitments,guarantees and contingent liabilities
The company together with the following fellow group member Pod Bidco Limited, TechPoint Supply Chain Solutions Ltd, Golledge Electronics Limited, TechPoint Manufacturing Solutions (Melksham) Limited and Gemini Tec Ltd entered a cross guarantee with Investec Bank in respect of a fixed and floating charge over the assets of the companies. At 30 July 2024 the total amount covered by the cross guarantee amounted to £11,667,394 (2023 - £13,683,644).
23. Related party transactions
The company has taken advantage of the exemption available under FRS102 from reporting transactions with members of the group that are wholly owned.
24. Controlling party
The immediate parent company is considered to be Pod Bidco Limited, a company registered in England and Wales. The ultimate parent company is considered to be Literacy Capital PLC a company incorporated in England and Wales. TechPoint Group Limited is the smallest company in the group that produces group consolidated accounts.