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REGISTERED NUMBER: 02672148 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TEKNOS (UK) LIMITED

TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TEKNOS (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M Hubbert
M Makkonen
P K Salastie



SECRETARY: M Day



REGISTERED OFFICE: 7 Longlands Road
Bicester
Oxfordshire
OX26 5AH



REGISTERED NUMBER: 02672148 (England and Wales)



INDEPENDENT AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX



BANKERS: Danske Bank A/S
75 King William Street
London
EC4N 7DT

TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,317,536 5,538,028
Investments 5 2 2
5,317,538 5,538,030

CURRENT ASSETS
Stocks 693,687 636,212
Debtors 6 2,398,582 3,230,683
3,092,269 3,866,895
CREDITORS
Amounts falling due within one year 7 704,236 1,171,231
NET CURRENT ASSETS 2,388,033 2,695,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,705,571

8,233,694

PROVISIONS FOR LIABILITIES 146,910 162,007
NET ASSETS 7,558,661 8,071,687

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 9 7,558,657 8,071,683
SHAREHOLDERS' FUNDS 7,558,661 8,071,687

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2025 and were signed on its behalf by:





M Hubbert - Director


TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Teknos (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The directors monitor the company's performance and its cash requirements on a regular basis. On this basis, the directors are of the opinion that the Company has adequate facilities available to meet its liabilities as and when they fall due,

The directors have looked ahead for a period in excess of 12 months from the date the financial statements are authorised in forming their assessment that the Company is a going concern.

The directors have assessed the Company's ability to operate as a going concern. The uncertainty as to the future impact on the Company of recent macro-economic events such as Russia/Ukraine war and Brexit have been considered as part of the Company's adoption of the going concern.

Preparation of consolidated financial statements
The financial statements contain information about Teknos (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Teknos Group OY, Takkatie 3 PO BOX 107, Helsinki, Finland.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the risks and rewards of the inventory are passed to the customer. This is the point when goods are dispatched for delivery.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully amortised in the current year.

TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost (only on Buildings)
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 and loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

The Company is in a cash pool agreement with the group. This arrangement allows for all participant accounts to be swept to a specific account named under Teknos Group OY. This account is fully accessible by the Company

Creditors
Short term creditors are measured at the transaction price. Other Financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effect interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 27 ) .

TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 5,210,779 1,478,143 -
Additions - 16,357 -
Disposals - (12,633 ) -
Reclassification/transfer - - 126,800
At 31 December 2024 5,210,779 1,481,867 126,800
DEPRECIATION
At 1 January 2024 455,326 845,518 -
Charge for year 104,463 95,107 -
Eliminated on disposal - (5,875 ) -
Reclassification/transfer - - 80,673
At 31 December 2024 559,789 934,750 80,673
NET BOOK VALUE
At 31 December 2024 4,650,990 547,117 46,127
At 31 December 2023 4,755,453 632,625 -

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 29,198 434,479 7,152,599
Additions - 10,841 27,198
Disposals - (47,747 ) (60,380 )
Reclassification/transfer - (126,800 ) -
At 31 December 2024 29,198 270,773 7,119,417
DEPRECIATION
At 1 January 2024 13,879 299,848 1,614,571
Charge for year 3,003 27,372 229,945
Eliminated on disposal - (36,760 ) (42,635 )
Reclassification/transfer - (80,673 ) -
At 31 December 2024 16,882 209,787 1,801,881
NET BOOK VALUE
At 31 December 2024 12,316 60,986 5,317,536
At 31 December 2023 15,319 134,631 5,538,028

TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 2
NET BOOK VALUE
At 31 December 2024 2
At 31 December 2023 2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Nuko 74 Limited
Registered office: 7 Longlands Road, Bicester, United Kingdom, OX26 5AH
Nature of business: Manufacture of paints, varnishes and similar
%
Class of shares: holding
Ordinary 100.00

Teknos (UK) Limited owns 100% of the share capital of Nuko 74 Limited, a company incorporated in England. The company was dormant in the current and preceding year.

Teknos Ireland Limited *
Registered office: 54 Ballymoghan Road, Magherafelt,Northern Ireland, BT45 6HN
Nature of business: Manufacture of paints, varnishes and similar
%
Class of shares: holding
Ordinary 100.00

*Denotes an indirect holding. Nuko 74 Limited owns 100% of the share capital of Teknos Ireland Limited, a company incorporated in Northern Ireland.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,035,651 949,912
Amounts owed by group undertakings 1,289,600 2,215,515
Other debtors 73,331 65,256
2,398,582 3,230,683

Amounts owed by group undertakings are interest free, unsecured and are repayable on demand.Current year balance mainly relates to the group cash pooling arrangement. The Company has access to intra-group funding from the ultimate parent, the extent of which is deemed sufficient for its purposes.

TEKNOS (UK) LIMITED (REGISTERED NUMBER: 02672148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 119,388 134,211
Taxation and social security 478,688 954,340
Other creditors 106,160 82,680
704,236 1,171,231

Amounts owed to group undertakings are interest free, unsecured and are repayable on demand.Current year balance mainly relates to the group cash pooling arrangement. The Company has access to intra-group funding from the ultimate parent, the extent of which is deemed sufficient for its purposes.

Obligations under finance leases and hire purchase contracts are secured against the asset to which they relate.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 56,363 32,273
Between one and five years 86,561 31,240
142,924 63,513

9. RESERVES
Retained
earnings
£   

At 1 January 2024 8,071,683
Profit for the year 1,486,974
Dividends (2,000,000 )
At 31 December 2024 7,558,657

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd

11. ULTIMATE CONTROLLING PARTY

The Company's immediate controlling party is Teknos Group OY, a company incorporated in Finland.

The Company's ultimate controlling party is considered to be Paula Salastie based on her 95% holding of Teknos Group OY.