Company Registration No. 00786933 (England and Wales)
TEKTURA LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TEKTURA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TEKTURA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
24,300
-
0
Tangible assets
5
46,811
65,328
71,111
65,328
Current assets
Stocks
84,468
100,093
Debtors
6
1,350,049
1,844,638
Cash at bank and in hand
889,564
811,746
2,324,081
2,756,477
Creditors: amounts falling due within one year
7
(1,699,074)
(1,318,625)
Net current assets
625,007
1,437,852
Total assets less current liabilities
696,118
1,503,180
Capital and reserves
Called up share capital
88,000
88,000
Capital redemption reserve
22,000
22,000
Profit and loss reserves
586,118
1,393,180
Total equity
696,118
1,503,180

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

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

The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
A Dimaria
Director
Company Registration No. 00786933
TEKTURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Tektura Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 1.03 Harbour Island, 34 Harbour Exchange Square, Docklands, London, E14 9GE.

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.

1.2
Going concern

In assessing the appropriateness of applying the going concern basis in the preparation of the financial statements, the directors have considered the business liquidity trueby preparing cashflow forecasts and believe there is sufficient resources to continue in operational existence for the foreseeable future.

 

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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:

Software
20% straight line basis

Amortisation for Software currently under development will commence once the asset is ready for use.

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.

TEKTURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

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

Fixtures and fittings
20% Straight line
Motor vehicles
10% to 20% 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their 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.

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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

TEKTURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

TEKTURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
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 period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Stock provision

The stock provision is reviewed by management on a regular basis, and in their judgement based on past experience and knowledge of the types of goods, they feel that a provision, based on a line by line analysis of movement over a period, is a reasonable judgement. The stock provision at the year end is £26,000 (2023: £120,000).

 

Provision for bad debts

Debtors are stated at transaction price less provisions for any bad debts that are not deemed recoverable.

Calculations of these provisions require judgement to be made, which include the likelihood of receiving the monies owed, the situation of the customer and any other external factors which may affect the ability to pay.

 

3
Employees

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

2024
2023
Number
Number
Total
40
46
4
Intangible fixed assets
Software
£
Cost
At 1 January 2024
-
0
Additions
24,300
At 31 December 2024
24,300
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
24,300
At 31 December 2023
-
0
TEKTURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
98,452
52,520
150,972
Additions
22,228
-
0
22,228
Disposals
-
0
(52,520)
(52,520)
At 31 December 2024
120,680
-
0
120,680
Depreciation and impairment
At 1 January 2024
45,274
40,370
85,644
Depreciation charged in the year
28,595
676
29,271
Eliminated in respect of disposals
-
0
(41,046)
(41,046)
At 31 December 2024
73,869
-
0
73,869
Carrying amount
At 31 December 2024
46,811
-
0
46,811
At 31 December 2023
53,178
12,150
65,328
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
481,746
433,942
Amounts owed by group undertakings
730,402
1,252,464
Other debtors
82,725
102,589
Prepayments and accrued income
55,176
55,643
1,350,049
1,844,638

Included within Other debtors is an amount of £70,000 (2023: £70,000) that the company paid into an account controlled by Barclays as a guarantee for HMRC duty deferment.

 

7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
406,887
411,549
Corporation tax
111,357
66,973
Other taxation and social security
279,207
247,555
Other creditors
439,914
276,099
Accruals and deferred income
461,709
316,449
1,699,074
1,318,625
TEKTURA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
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 was unqualified.

The senior statutory auditor was Gilles Siow.
The auditor was HW Fisher Audit.
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
478,791
221,338
10
Controlling party

Vescom Groep BV, a company incorporated in The Netherlands, is the company's immediate parent company.

 

Michelangelo International B.V., a company incorporated in The Netherland, is the company’s ultimate parent and controlling party.

 

Michelangelo International B.V. is the parent undertaking of the largest and smallest group for which group accounts are drawn up and of which the company is a member. The registered office address of Michelangelo International B.V. is Deurne, Sint Jozefstraat 20, 5753AV, Netherlands. The group accounts are publicly available from the Secretary at the registered office.

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