Company No: 04345821 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

J Singleton

SECRETARY

Ms K Dunn

REGISTERED OFFICE	14 Henley Business Park Pirbright Road
	Normandy
	Guildford
	GU3 2DX
	United Kingdom

COMPANY NUMBER

04345821 (England and Wales)

ACCOUNTANT	Gravita II LLP
	Aldgate Tower
	2 Leman Street
	London
	E1 8FA
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	3,600		7,200
Tangible assets	4	54,325		50,849
		57,925		58,049
Current assets
Debtors	5	672,475		1,144,549
Cash at bank and in hand		228,000		188,321
		900,475		1,332,870
Creditors: amounts falling due within one year	6	( 798,380)		( 944,029)
Net current assets		102,095		388,841
Total assets less current liabilities		160,020		446,890
Creditors: amounts falling due after more than one year	7	( 25,000)		( 30,555)
Net assets		135,020		416,335
Capital and reserves
Called-up share capital	8	60		60
Capital redemption reserve		40		40
Profit and loss account	11	134,920		416,235
Total shareholders' funds		135,020		416,335

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of The Technical Department Limited (registered number: 04345821) were approved and authorised for issue by the Director on 21 August 2025. They were signed on its behalf by:

J Singleton Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Technical Department Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 14 Henley Business Park Pirbright Road, Normandy, Guildford, GU3 2DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

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

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Employee Ownership Trust

The company established an Employee Ownership Trust with the objective of ensuring that shares in the trading company The Technical Department Limited are held by the trustees for the benefit of TTD's employees, and so that those employees shall have an interest in TTD's business.

On 29 October 2024, the company entered into an agreement with The Technical Department EOT Limited ("Trust"), whereby the company agreed to make available funds for the acquisition by the Trust of the founder shares in The Technical department Ltd. The acquisition was funded by deferred consideration and contributions made by the company. During the period, the company made contributions amounting to £100,000 (2023: £Nil) to the Trust.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

4 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	4 years straight line
Fixtures and fittings	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	12		12

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost/Valuation
At 01 January 2024	14,400		14,400
At 31 December 2024	14,400		14,400
Accumulated amortisation
At 01 January 2024	7,200		7,200
Charge for the financial year	3,600		3,600
At 31 December 2024	10,800		10,800
Net book value
At 31 December 2024	3,600		3,600
At 31 December 2023	7,200		7,200

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 January 2024	33,191		41,736		40,120		115,047
Additions	0		8,779		10,840		19,619
Disposals	0		0		( 285)		( 285)
At 31 December 2024	33,191		50,515		50,675		134,381
Accumulated depreciation
At 01 January 2024	4,385		31,864		27,949		64,198
Charge for the financial year	3,324		5,654		7,165		16,143
Disposals	0		0		( 285)		( 285)
At 31 December 2024	7,709		37,518		34,829		80,056
Net book value
At 31 December 2024	25,482		12,997		15,846		54,325
At 31 December 2023	28,806		9,872		12,171		50,849

5. Debtors

	2024		2023
	£		£
Trade debtors	103,727		603,975
Amounts owed by connected companies	58,023		0
Other debtors	510,725		540,574
	672,475		1,144,549

Included in other debtors is a balance of £241,464 (2023: £233,735) owed by the director, which is unsecured and repayable on demand. Interest is charged at 2.25% rate.

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	5,556		5,556
Trade creditors	168,747		267,559
Taxation and social security	141,697		132,913
Other creditors	482,380		538,001
	798,380		944,029

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets and undertaking of the company.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	25,000		30,555

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets and undertaking of the company.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each (2023: 45 shares of £ 1.00 each)	60		45
Nil Ordinary A shares (2023: 15 shares of £ 1.00 each)	0		15
	60		60

15 ordinary A shares, each with a nominal value of £1, have been converted into ordinary shares

9. Related party transactions

Other related party transactions

	2024		2023
	£		£
Amount due to related parties	0		148,896
Amount due from related parties	58,023		4,780

10. Operating lease commitments

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

	2024		2023
	£		£
	1,384,408		1,543,924

11. Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid