Company registration number 10379795 (England and Wales)
TECHNICAL COMPOSITE SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
TECHNICAL COMPOSITE SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TECHNICAL COMPOSITE SYSTEMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,284
9,903
Tangible assets
4
153,575
147,576
163,859
157,479
Current assets
Stocks
41,400
185,735
Debtors
5
104,221
44,383
Cash at bank and in hand
71,686
103,533
217,307
333,651
Creditors: amounts falling due within one year
6
(302,038)
(543,720)
Net current liabilities
(84,731)
(210,069)
Total assets less current liabilities
79,128
(52,590)
Creditors: amounts falling due after more than one year
7
(23,462)
(35,997)
Provisions for liabilities
(14,858)
-
0
Net assets/(liabilities)
40,808
(88,587)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
40,708
(88,687)
Total equity
40,808
(88,587)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
Mr E J Head
Mr M R Sloan
Director
Director
Company registration number 10379795 (England and Wales)
TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Technical Composite Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Systems House, 1 Claylands Way, Paignton, Devon, TQ4 7TY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Investment Casting Systems Limited. These consolidated financial statements are available from its registered office. The contact details are listed above.

1.2
Going concern

The company was supported during its early years by its parent company, Investment Casting Systems Limited and fellow subsidiary company, Casting Support Systems Limited. At the balance sheet date the loan balances owed to those companies totalled £true252k. In the period since the year end, the company has reduced its financial reliance on the group companies and repaid £125k of the intercompany loans from trading cash flow.

 

The directors have prepared profit and loss account and cash flow projections demonstrating the company’s ability to continue to trade profitably and with positive cash flow. Those forecasts are supported by major contracts already secured and being delivered by the company. On the basis of the projections and the company’s financial position, the directors are satisfied that the company is a going concern and have prepared the financial statements on that basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Patents & licences
over the length of the economic life, being 10% per annum on a straight-line basis
TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% per annum on a straight-line basis
Computers
33% per annum on a straight-line basis

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.

1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
5
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 May 2023
12,111
Additions
1,645
At 30 April 2024
13,756
Amortisation and impairment
At 1 May 2023
2,208
Amortisation charged for the year
1,264
At 30 April 2024
3,472
Carrying amount
At 30 April 2024
10,284
At 30 April 2023
9,903
TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
163,315
Additions
22,690
At 30 April 2024
186,005
Depreciation and impairment
At 1 May 2023
15,739
Depreciation charged in the year
16,691
At 30 April 2024
32,430
Carrying amount
At 30 April 2024
153,575
At 30 April 2023
147,576
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
98,978
22,145
Other debtors
5,243
22,238
104,221
44,383
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
12,437
11,380
Trade creditors
23,829
64,772
Amounts owed to group undertakings
252,137
314,769
Taxation and social security
4,581
12,491
Other creditors
336
255
Accruals and deferred income
8,718
140,053
302,038
543,720

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

 

Hire purchase liabilities are secured against the assets to which they relate.

TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
23,462
35,997

Hire purchase liabilities are secured against the assets to which they relate.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Jonathan Williams BSc FCA CTA
Statutory Auditor:
Simpkins Edwards Audit LLP
Date of audit report:
22 July 2025
9
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

Parent company debt of £328K (2023: £428K) is secured on all assets of the group, including the assets of this company.

10
Parent company

The ultimate parent company is Investment Casting Systems Limited, a company incorporated in England & Wales. Consolidated accounts can be obtained from the common registered office of this company and the parent.

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