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COMPANY REGISTRATION NUMBER: NI029892
Technical Metals Limited
Filleted Unaudited Financial Statements
30 August 2024
Technical Metals Limited
Financial Statements
Year ended 30 August 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Technical Metals Limited
Officers and Professional Advisers
The board of directors
Mrs A M Callaghan
Mr K Kent
Mr C Jordan
Ms U Magee
Company secretary
Mr K Kent
Registered office
Unit 3 Kiltonga Industrial Estate
Belfast Road
Newtownards
Northern Ireland
United Kingdom
BT23 4TF
Accountants
FEB Chartered Accountants
Chartered accountants
Linenhall Exchange
1st Floor,
26 Linenhall Street
Belfast
Northern Ireland
BT2 8BG
Bankers
Bank of Ireland
13 Market Street
Lurgan
BT66 6AR
Solicitors
MKB Law
11-18 Great Victoria Street
Belfast
BT2 7BA
Technical Metals Limited
Statement of Financial Position
30 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
521,029
576,784
Investments
6
1,331,070
1,331,070
------------
------------
1,852,099
1,907,854
Current assets
Stocks
1,693,895
1,259,164
Debtors
7
577,184
620,888
Cash at bank and in hand
7,427
39,550
------------
------------
2,278,506
1,919,602
Creditors: amounts falling due within one year
8
2,943,519
2,350,303
------------
------------
Net current liabilities
665,013
430,701
------------
------------
Total assets less current liabilities
1,187,086
1,477,153
Creditors: amounts falling due after more than one year
9
283,639
294,994
Provisions
Taxation including deferred tax
57,619
57,619
------------
------------
Net assets
845,828
1,124,540
------------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
11
845,728
1,124,440
---------
------------
Shareholders funds
845,828
1,124,540
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Technical Metals Limited
Statement of Financial Position (continued)
30 August 2024
These financial statements were approved by the board of directors and authorised for issue on 14 April 2025 , and are signed on behalf of the board by:
Mr K Kent
Director
Company registration number: NI029892
Technical Metals Limited
Notes to the Financial Statements
Year ended 30 August 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 3 Kiltonga Industrial Estate, Belfast Road, Newtownards, Northern Ireland, BT23 4TF, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied 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.
Taxation
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 provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property
-
10% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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. Work in progress Work in progress is valued on the basis of direct costs based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 24 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 August 2023
904,411
560,888
208,640
18,639
1,692,578
Additions
8,156
34,185
8,070
50,411
---------
---------
---------
--------
------------
At 30 August 2024
912,567
595,073
216,710
18,639
1,742,989
---------
---------
---------
--------
------------
Depreciation
At 31 August 2023
431,642
493,602
178,168
12,382
1,115,794
Charge for the year
74,798
17,097
12,707
1,564
106,166
---------
---------
---------
--------
------------
At 30 August 2024
506,440
510,699
190,875
13,946
1,221,960
---------
---------
---------
--------
------------
Carrying amount
At 30 August 2024
406,127
84,374
25,835
4,693
521,029
---------
---------
---------
--------
------------
At 30 August 2023
472,769
67,286
30,472
6,257
576,784
---------
---------
---------
--------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 August 2024
4,693
-------
At 30 August 2023
6,257
-------
6. Investments
Shares in group undertakings
£
Cost
At 31 August 2023 and 30 August 2024
1,739,967
------------
Impairment
At 31 August 2023 and 30 August 2024
408,897
------------
Carrying amount
At 30 August 2024
1,331,070
------------
At 30 August 2023
1,331,070
------------
7. Debtors
2024
2023
£
£
Trade debtors
552,854
588,180
Other debtors
24,330
32,708
---------
---------
577,184
620,888
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
808,959
371,663
Trade creditors
247,421
195,687
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,745,135
1,633,390
Corporation tax
4,689
51,235
Social security and other taxes
97,247
58,440
Other creditors
40,068
39,888
------------
------------
2,943,519
2,350,303
------------
------------
Bank loans, overdrafts and debtor financing facilities are secured by fixed and floating charges over the company's assets and those of its subsidiaries companies and intercompany cross guarantees.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
283,639
294,994
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
40
40
40
40
Ordinary B shares of £ 1 each
60
60
60
60
----
----
----
----
100
100
100
100
----
----
----
----
11. Reserves
Profit and loss account reserve records retained earnings and accumulated losses.
12. Contingencies
Government grants Under the terms of an Invest Northern Ireland letter of offer, there is a contingent liability to repay a proportion of capital and revenue grants on the occurrence of certain events. Bank guarantee The company has guaranteed borrowings of its subsidiary companies, Springco (NI) Limited and Abbicoil Springs Limited, which are supported by fixed and floating charges over the assets of the company. At 31 August 2024, the total amount of bank loans and overdrafts, which were subject to this arrangement was £356,144 (2023: £380,511).
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs A M Callaghan
( 1,145)
70,645
( 70,000)
( 500)
-------
--------
--------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs A M Callaghan
( 969)
69,824
( 70,000)
( 1,145)
----
--------
--------
-------
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Coric Developments Limited
(13)
13
Springco (N.I.) Limited
(111,745)
(110,567)
( 1,745,135)
( 1,633,390)
---------
---------
------------
------------
The company was under the control of Mrs AM Callghan, a director and the sole shareholder of the company.