58 false false false false true false false false false false false true false false true false true true No description of principal activity 2024-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 985,400 2,575,387 xbrli:pure xbrli:shares iso4217:GBP 06064546 2024-04-01 2024-07-30 06064546 2024-07-30 06064546 2024-03-31 06064546 2023-01-01 2024-03-31 06064546 2024-03-31 06064546 2022-12-31 06064546 core:PlantMachinery 2024-04-01 2024-07-30 06064546 core:MotorVehicles 2024-04-01 2024-07-30 06064546 bus:RegisteredOffice 2024-04-01 2024-07-30 06064546 bus:OrdinaryShareClass1 2024-04-01 2024-07-30 06064546 bus:LeadAgentIfApplicable 2024-04-01 2024-07-30 06064546 bus:Director3 2024-04-01 2024-07-30 06064546 bus:Director4 2024-04-01 2024-07-30 06064546 bus:Director5 2024-04-01 2024-07-30 06064546 bus:Director6 2024-04-01 2024-07-30 06064546 bus:Director7 2024-04-01 2024-07-30 06064546 bus:Director2 2024-04-01 2024-07-30 06064546 bus:Director7 2024-07-30 06064546 bus:Director2 2024-07-30 06064546 core:WithinOneYear 2024-07-30 06064546 core:WithinOneYear 2024-03-31 06064546 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 06064546 core:PlantMachinery 2024-03-31 06064546 core:MotorVehicles 2024-03-31 06064546 core:LandBuildings core:ShortLeaseholdAssets 2024-07-30 06064546 core:PlantMachinery 2024-07-30 06064546 core:MotorVehicles 2024-07-30 06064546 core:LandBuildings core:ShortLeaseholdAssets 2024-04-01 2024-07-30 06064546 core:UKTax 2024-04-01 2024-07-30 06064546 core:UKTax 2023-01-01 2024-03-31 06064546 core:RetainedEarningsAccumulatedLosses 2023-01-01 2024-03-31 06064546 bus:AllOrdinaryShares 2023-01-01 2024-03-31 06064546 core:RetainedEarningsAccumulatedLosses 2024-03-31 06064546 core:RetainedEarningsAccumulatedLosses 2022-12-31 06064546 core:RetainedEarningsAccumulatedLosses 2024-07-30 06064546 core:RetainedEarningsAccumulatedLosses 2024-03-31 06064546 core:ShareCapital 2024-07-30 06064546 core:ShareCapital 2024-03-31 06064546 core:BetweenOneFiveYears 2024-07-30 06064546 core:BetweenOneFiveYears 2024-03-31 06064546 core:DeferredTaxation 2024-04-01 2024-07-30 06064546 core:AcceleratedTaxDepreciationDeferredTax 2024-07-30 06064546 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06064546 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 06064546 core:PlantMachinery 2024-03-31 06064546 core:MotorVehicles 2024-03-31 06064546 core:Warranties 2024-03-31 06064546 core:DeferredTaxation 2024-03-31 06064546 core:Warranties 2024-07-30 06064546 core:DeferredTaxation 2024-07-30 06064546 countries:UnitedKingdom 2024-04-01 2024-07-30 06064546 countries:UnitedKingdom 2023-01-01 2024-03-31 06064546 countries:RestWorldOutsideUK 2024-04-01 2024-07-30 06064546 countries:RestWorldOutsideUK 2023-01-01 2024-03-31 06064546 bus:LeadAgentIfApplicable 2023-01-01 2024-03-31 06064546 bus:Director1 2024-04-01 2024-07-30 06064546 bus:MediumEntities 2024-04-01 2024-07-30 06064546 bus:Audited 2024-04-01 2024-07-30 06064546 bus:Medium-sizedCompaniesRegimeForAccounts 2024-04-01 2024-07-30 06064546 bus:PrivateLimitedCompanyLtd 2024-04-01 2024-07-30 06064546 bus:FullAccounts 2024-04-01 2024-07-30 06064546 bus:OrdinaryShareClass1 2024-07-30 06064546 bus:OrdinaryShareClass1 2024-03-31
COMPANY REGISTRATION NUMBER: 06064546
Gemini Tec Ltd
Financial Statements
For the period ended
30 July 2024
Gemini Tec Ltd
Financial Statements
Period from 1 April 2024 to 30 July 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the member
5
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11
Gemini Tec Ltd
Officers and Professional Advisers
The board of directors
G Hughes-Keast
A Harsant
J Drake
C Brown
P Duffill
Registered office
5 The Brook Trading Estate
Deadbrook Lane
Aldershot
England
GU12 4XB
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Enterprise House
38 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
PE2 6LR
Gemini Tec Ltd
Strategic Report
Period from 1 April 2024 to 30 July 2024
The company has performed well for the period with results in line with expectations. The Directors are pleased with this notwithstanding they are alive to ensuring the business continues to grow and overcome any challenges they are faced with. The company considers turnover, operating profit and net assets to be the main KPI's of the business. The results for the period were turnover of £3.1m (year ended 31 March 2024 - £11.3m), operating profit of £1.1m (year ended 31 March 2024 - £3.4m) and net assets of £3m (year ended 31 March 2024 - £2.2m). Principal risks and uncertainties Inflation has pushed up a number of operating expenses, including energy and raw materials. The Directors have managed this risk through reducing non-core expenditure and fixing or renegotiating with suppliers where possible and from a commercial perspective requoting where appropriate to mitigate price rises. Profit for the period reflects that this strategy has been effective and the risk continues to be monitored and managed through procurement and commercial controls. Liquidity Risk The funding requirements of the company are monitored regularly to ensure the group has appropriate levels of funding for on-going operations whilst minimising any borrowing in the business. Foreign Currency Risk The company primarily operates in the UK, however, the exposure to foreign currency risk is often short term and where possible foreign currency inflows and outflows are matched. However, sales prices are constantly reviewed so if any marked movements in exchange rates occurs the business can react to limit any potential loss. Credit Risk Credit risk arises principally on trade receivable balances. The company has a number of policies and procedures in place to mitigate this risk including, but not limited to, using credit insurance.
This report was approved by the board of directors on 25 April 2025 and signed on behalf of the board by:
J Drake
Director
Registered office:
5 The Brook Trading Estate
Deadbrook Lane
Aldershot
England
GU12 4XB
Gemini Tec Ltd
Directors' Report
Period from 1 April 2024 to 30 July 2024
The directors present their report and the financial statements of the company for the period ended 30 July 2024 .
Directors
The directors who served the company during the period were as follows:
G Hughes-Keast
A Harsant
J Drake
C Brown
P Duffill
(Appointed 8 May 2024)
G Mitchell
(Resigned 9 April 2024)
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 period. 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. 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.
This report was approved by the board of directors on 25 April 2025 and signed on behalf of the board by:
J Drake
Director
Registered office:
5 The Brook Trading Estate
Deadbrook Lane
Aldershot
England
GU12 4XB
Gemini Tec Ltd
Independent Auditor's Report to the Member of Gemini Tec Ltd
Period from 1 April 2024 to 30 July 2024
Opinion
We have audited the financial statements of Gemini Tec Ltd (the 'company') for the period ended 30 July 2024 which comprise the statement of income and retained earnings, statement of financial position 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 period 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have 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 strategic report or 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.
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
Gemini Tec Ltd
Statement of Income and Retained Earnings
Period from 1 April 2024 to 30 July 2024
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
Note
£
£
Turnover
4
3,113,454
14,588,815
Cost of sales
1,272,121
8,777,259
------------
-------------
Gross profit
1,841,333
5,811,556
Administrative expenses
688,402
2,423,068
------------
------------
Operating profit
5
1,152,931
3,388,488
Other interest receivable and similar income
9
7,637
33,884
Interest payable and similar expenses
10
5,370
------------
------------
Profit before taxation
1,155,198
3,422,372
Tax on profit
11
169,798
846,985
------------
------------
Profit for the financial period and total comprehensive income
985,400
2,575,387
------------
------------
Dividends paid and payable
12
( 3,163,946)
Retained earnings at the start of the period
2,031,411
2,619,970
------------
------------
Retained earnings at the end of the period
3,016,811
2,031,411
------------
------------
All the activities of the company are from continuing operations.
Gemini Tec Ltd
Statement of Financial Position
30 July 2024
30 Jul 24
31 Mar 24
(restated)
Note
£
£
£
Fixed assets
Tangible assets
13
175,163
172,815
Current assets
Stocks
14
202,366
234,424
Debtors
15
3,116,874
3,112,522
Cash at bank and in hand
2,217,748
1,393,047
------------
------------
5,536,988
4,739,993
Creditors: amounts falling due within one year
16
2,199,190
2,355,781
------------
------------
Net current assets
3,337,798
2,384,212
------------
------------
Total assets less current liabilities
3,512,961
2,557,027
Provisions
17
496,149
525,615
------------
------------
Net assets
3,016,812
2,031,412
------------
------------
Capital and reserves
Called up share capital
21
1
1
Profit and loss account
22
3,016,811
2,031,411
------------
------------
Shareholder funds
3,016,812
2,031,412
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium 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: 06064546
Gemini Tec Ltd
Notes to the Financial Statements
Period from 1 April 2024 to 30 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 The Brook Trading Estate, Deadbrook Lane, Aldershot, GU12 4XB, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In considering the appropriateness of the going concern basis the directors have reviewed the current trading position of the business, the order book and sales and cashflow forecasts. These all indicate the company has the ability to operate within agreed funding facilities and has adequate resources to continue in operational existence for the foreseeable future. As such the company continues to adopt the going concern basis in preparing its financial statements.
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. 1) 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. 2) Stock provision The company sells products which are very delicate in nature and often are sold in large denominations. As such, the directors include a general provision in the accounts based upon percentage breakage and unused product. 3) 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. 4) 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Short leasehold property
-
to breakpoint in the lease
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Sale of goods
3,113,454
14,588,815
------------
-------------
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:
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
United Kingdom
3,051,905
13,639,023
Overseas
61,549
949,792
------------
-------------
3,113,454
14,588,815
------------
-------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Depreciation of tangible assets
56,187
146,173
Gains on disposal of tangible assets
( 980)
Impairment of trade debtors
13,112
(2,180)
Foreign exchange differences
( 1,798)
( 30,447)
Operating lease costs
62,886
234,609
--------
---------
6. Auditor's remuneration
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Fees payable for the audit of the financial statements
6,500
18,500
-------
--------
7. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
30 Jul 24
31 Mar 24
No.
No.
Production staff
39
40
Administrative staff
19
21
----
----
58
61
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Wages and salaries
672,198
2,351,515
Social security costs
72,112
225,289
Other pension costs
24,841
75,646
---------
------------
769,151
2,652,450
---------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Remuneration
110,346
158,712
Company contributions to defined contribution pension plans
6,500
8,717
---------
---------
116,846
167,429
---------
---------
9. Other interest receivable and similar income
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Interest on cash and cash equivalents
7,637
33,884
-------
--------
10. Interest payable and similar expenses
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Other interest payable and similar charges
5,370
-------
----
11. Tax on profit
Major components of tax expense
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Current tax:
UK current tax expense
216,427
836,384
Adjustments in respect of prior periods
(17,163)
---------
---------
Total current tax
199,264
836,384
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 29,466)
10,601
---------
---------
Tax on profit
169,798
846,985
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 23.82 %).
Period from
Period from
1 Apr 24 to
1 Jan 23 to
30 Jul 24
31 Mar 24
(restated)
£
£
Profit on ordinary activities before taxation
1,155,198
3,422,372
------------
------------
Profit on ordinary activities by rate of tax
288,800
815,209
Adjustment to tax charge in respect of prior periods
( 53,163)
Effect of expenses not deductible for tax purposes
239
Effect of capital allowances and depreciation
6,664
10,601
Utilisation of tax losses
( 66,828)
Rounding on tax charge
21,175
Transfer pricing adjustments
(5,914)
------------
------------
Tax on profit
169,798
846,985
------------
------------
12. Dividends
30 Jul 24
31 Mar 24
(restated)
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
3,163,946
----
------------
13. Tangible assets
Short leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024 (as restated)
444,796
558,279
12,500
1,015,575
Additions
58,535
58,535
---------
---------
--------
------------
At 30 July 2024
444,796
616,814
12,500
1,074,110
---------
---------
--------
------------
Depreciation
At 1 April 2024
388,970
441,811
11,979
842,760
Charge for the period
26,657
29,009
521
56,187
---------
---------
--------
------------
At 30 July 2024
415,627
470,820
12,500
898,947
---------
---------
--------
------------
Carrying amount
At 30 July 2024
29,169
145,994
175,163
---------
---------
--------
------------
At 31 March 2024
55,826
116,468
521
172,815
---------
---------
--------
------------
Capital commitments
30 Jul 24
31 Mar 24
£
£
Contracted for but not provided for in the financial statements
55,370
----
--------
14. Stocks
30 Jul 24
31 Mar 24
(restated)
£
£
Finished goods and goods for resale
202,366
234,424
---------
---------
15. Debtors
30 Jul 24
31 Mar 24
(restated)
£
£
Trade debtors
1,433,296
2,515,950
Amounts owed by group undertakings
969,000
Prepayments and accrued income
61,644
87,996
Other debtors
652,934
508,576
------------
------------
3,116,874
3,112,522
------------
------------
Included in trade debtors are debts of £1,433,296 (March 24: £2,515,950) with which are subject to a financing facility with Investec Bank Limited (March 24 facility was with Novuna).
16. Creditors: amounts falling due within one year
30 Jul 24
31 Mar 24
(restated)
£
£
Trade creditors
459,883
403,065
Amounts owed to group undertakings
32,478
35,371
Accruals and deferred income
538,557
690,345
Social security and other taxes
1,033,911
1,216,554
Other creditors
134,361
10,446
------------
------------
2,199,190
2,355,781
------------
------------
17. Provisions
Warranties
Deferred tax (note 18)
Dilapidation provision
Total
£
£
£
£
At 1 April 2024 (as restated)
47,370
37,245
441,000
525,615
Charge against provision
( 29,466)
( 29,466)
--------
--------
---------
---------
At 30 July 2024
47,370
7,779
441,000
496,149
--------
--------
---------
---------
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 2030.
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30 Jul 24
31 Mar 24
(restated)
£
£
Included in provisions (note 17)
7,779
37,245
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
30 Jul 24
31 Mar 24
(restated)
£
£
Accelerated capital allowances
34,897
37,245
Deferred tax - short term timing differences
(27,118)
--------
--------
7,779
37,245
--------
--------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 24,841 (2024: £ 75,646 ).
20. Prior period adjustments
During the period, the directors reviewed the warranty provided to customers and determined that a provision existed at 31 March 2024, therefore a prior period adjustment of £47,370 has been made to the accounts.
21. Called up share capital
Issued and called up
30 Jul 24
31 Mar 24
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
Shares issued and partly paid
30 Jul 24
31 Mar 24
(restated)
No.
£
No.
£
Ordinary shares - £– paid of £ 1 each
1
1
----
----
----
----
22. Reserves
The profit and loss account includes all current and prior period retained profit and losses.
23. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Jul 24
31 Mar 24
(restated)
£
£
Not later than 1 year
110,302
144,406
Later than 1 year and not later than 5 years
279,302
303,063
---------
---------
389,604
447,469
---------
---------
24. Other financial commitments
The company together with the following fellow group members Pod Bidco Limited, TechPoint Supply Chain Solutions Limited, TechPoint Manufacturing Solutions (Melksham) Limited, TechPoint Fast Track Solutions Limited, Golledge Electronics Limited and Bela Electronic Design Holdings Limited have 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).
25. 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.
26. Controlling party
The immediate parent company is considered to be Silverbulb 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.