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Technicon Design Limited
Registered number: 01392917
Annual Report
For the year ended 31 December 2024
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TECHNICON DESIGN LIMITED
COMPANY INFORMATION
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R Chevalier (appointed 8 January 2024)
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F R J Fabre
S Le Core (resigned 8 January 2024)
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Chartered Accountants & Statutory Auditor
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TECHNICON DESIGN LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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TECHNICON DESIGN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the Strategic Report of Technicon Design Limited (the 'Company') for the year ended 31 December 2024.
During 2024 the activities of the Company has remained consistent with 2023. Our activities in Europe continue to be done through our entities in Sweden and Germany. In 2025 we expect to see a similar level of turnover and profitability. We expect to see increased collaborations as well with projects in other countries supported from the UK.
Principal risks and uncertainties
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The Company faces certain risks to its business which have been identified. These risks are subject to monitoring and periodic discussion between the directors and key management.
Competitive risks
Technicon Design Limited has six major customers globally with marketing and sales resources being devoted to developing new Original Equipment Manufacturer (OEM) and new transport sectors with electrical energy.
Financial risks
The Company's principal financial instruments are bank balances, trade creditors and trade debtors. The existence of these financial instruments exposes the Company to a number of financial risks. The directors review and agree policies for managing each of these risks and they are summarised below.
Credit risk
The Company seeks to manage its credit risk by dealing with established customers and by identifying and addressing any credit issues in a timely manner.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The Segula Group (to which the Company belong) including its subsidiaries are supporting Technicon in its need for liquidity when required.
Currency risk
The exposure to fluctuations in foreign exchange are minimised by ensuring most contract staff are paid in the currency of the contract.
Interest rate risk
The exposure to interest rate risk on borrowings is considered low and no derivatives were used during the year. The director monitors movements in interest rates and take action as appropriate.
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TECHNICON DESIGN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Financial key performance indicators
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The Company's key financial and performance indicators during the year were as follows:
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Operating (loss)/profit (£'000)
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Average number of employees
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Turnover per employee (£'000)
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Gross profit as a percentage of turnover (%)
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Our subsidiaries in the US, Germany and Sweden continue to perform strongly, and are expected to continue to grow throughout 2025.
This report was approved by the board and signed on its behalf by:
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TECHNICON DESIGN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Annual Report and the audited financial statements of Technicon Design Limited (the 'Company') for the year ended 31 December 2024.
The principal activities of the Company during the year were the global supply of design expertise, project management of the design process and specialised training, primarily to the automotive industry. The Company also provides management support to other group entities.
The loss for the year, after taxation, amounted to £392,645 (2023: profit of £464,040).
The directors do not recommend the payment of a dividend for the year (2023: £nil).
The directors who served during the year and to the date of this report were:
R Chevalier (appointed 8 January 2024)
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S Le Core (resigned 8 January 2024)
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Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TECHNICON DESIGN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Automotive industry trends continue to evolve and regular group planning reviews enable the adjustment of long term goals in the light of key market sector changes.
New customers in automotive business are targeted in the Swedish and German market, while the design activity is slowly getting back in China for the Technicon brand.
The directors do not anticipate any significant developments for the Company during the year.
Qualifying third party indemnity provisions
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The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the period.
The financial statements are prepared on a going concern basis. The Company sits in a net current liability position however, it remains assured of the financial support by the subsidiaries. The directors have received confirmation that the subsidiaries will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for at least 12 months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Matters covered in the Strategic Report
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The Company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Strategic Report information required by Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. Certain matters which are required to be disclosed in the Directors’ Report, including financial instrument risks, have been omitted as they are included in the Strategic Report.
Provision of information to the auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the Company since the year end.
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TECHNICON DESIGN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, Forvis Mazars was appointed as auditor.
The auditor, Forvis Mazars, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf by:
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TECHNICON DESIGN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TECHNICON DESIGN LIMITED
Opinion
We have audited the financial statements of Technicon Design Limited (the ‘Company’) for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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TECHNICON DESIGN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TECHNICON DESIGN LIMITED
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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TECHNICON DESIGN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TECHNICON DESIGN LIMITED
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.
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TECHNICON DESIGN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TECHNICON DESIGN LIMITED
In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Austin Sammon (Senior statutory auditor)
For and on behalf of Forvis Mazars
Chartered Accountants and Statutory Auditor
Mayoralty House
Flood Street
Galway
Ireland
H91 P8PR
26 September 2025
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TECHNICON DESIGN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest payable and similar expenses
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Impairment of investment in subsidiaries
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Tax credit on (loss)/profit
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(Loss)/profit for the financial year
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Other comprehensive income
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Total comprehensive (loss)/income for the year
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The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
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The notes on pages 13 to 30 form part of these financial statements.
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TECHNICON DESIGN LIMITED
REGISTERED NUMBER: 01392917
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Investments in subsidiaries
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Debtors: Amounts falling due within one year
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 30 form part of these financial statements.
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TECHNICON DESIGN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive loss for the year
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Other comprehensive income for the year
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Total comprehensive loss for the year
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The notes on pages 13 to 30 form part of these financial statements.
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Technicon Design Limited is a private company limited by shares and incorporated in England and Wales. The registered number of the Company is 01392917. The address of its registered office is Technicon House, 905 Capability Green, Luton, LU1 3LU.
The principal activities of the Company during the year were the global supply of design expertise, project management of the design process and specialised training, primarily to the automotive industry. The Company also provides management support to other group entities.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Segula Holding Sarl as at 31 December 2024 and these financial statements may be obtained from 17-23 Rue d'Arras Nanterre Cedex, 92022 France.
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements are prepared on a going concern basis. The Company sits in a net current liability position however, it remains assured of the financial support by the subsidiaries. The directors have received confirmation that the subsidiaries will continue to support the Company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due for at least 12 months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentation currency is Pounds Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.
Turnover is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration receivable, excluding discounts, rebates and value added tax.
Turnover in respect of the supply of contract personnel is recognised on the basis of hours supplied.
Turnover from the provision of design services is recognised by reference to the stage of completion. Stage of completion is measured by reference to labour hours incurred to date as a percentage of total estimated labour hours for each contract. Where the contract outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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Interest payable and similar expenses
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Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in 'administrative expenses' within the Statement of Comprehensive Income.
Depreciation is charged to 'administrative expenses' within the Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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Debtors: Amounts falling due within one year
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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.
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Cash and cash equivalents
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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.
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Creditors: Amounts falling due within one year
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Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial assets have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the assets original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
- 18 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 19 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company’s accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
3.1 Critical estimates in applying the Company's accounting policies
The critical estimates that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment of subsidiaries
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability.
(ii) Recoverability of debtors
The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.
3.2 Key sources of estimation uncertainty
The directors do not consider there to be any material key sources of estimation uncertainty.
- 20 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to the principal activity of the business.
Analysis of turnover by country of destination:
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The operating profit is stated after (crediting)/charging:
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Depreciation on tangible fixed assets
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During the year, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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- 21 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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During the current year none of the directors received any emoluments (2023: £nil).
The directors are considered to be key management personnel.
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Interest payable and similar expenses
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Interest payable on loans from group undertakings
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- 22 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Tax credit on (loss)/profit
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Current tax credit on (loss)/profits for the year
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Origination and reversal of timing differences
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Adjustment in respect of prior periods
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Total tax charge/(credit) on (loss)/profit
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Factors affecting tax charge/(credit) for the year
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The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of25% (2023: 23.52%). The differences are explained below:
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(Loss)/profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
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Expenses not deductible for tax purposes
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Deferred tax not recognised
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Remeasurement of deferred tax for changes in tax rates
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Adjustments to tax charge in respect of previous periods - deferred tax
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Total tax charge/(credit) for the year
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- 23 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Tax credit on (loss)/profit (continued)
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Factors that may affect future tax charges
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From 1 April 2023, the rate of corporation tax in the UK increased from 19% to 25%, resulting in a 'standard rate' of corporation tax in the above reconciliation of 23.52% for 2023. Deferred tax in the current and prior year is calculated at 25%.
- 24 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiaries
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Investments in subsidiary companies
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During the year, the Company conducted an impairment review of its investment in its Swedish subsidiary (TD Svensk AB), in accordance with FRS 102 Section 27 – Impairment of Assets. Based on the latest audited financial statements of the subsidiary, management determined that the recoverable amount of the investment was lower than its carrying amount and an impairment loss of £207,874 was recognised for the year.
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- 25 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following were subsidiary undertakings of the Company:
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Technicon Design Corporation
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26522 La Alameda, Suite 150, Mission Viejo, CA 92691, USA
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Technicon Design Corporation Automotive Consulting Limited Shanghai
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RmBOI, F3, Building B, No. 1582 Gu Mei Road Xuhui District, 200233 Shanghai, P.R. China
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Technicon Design Deutschland GmbH
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München Geschäftsanschrift, Hufelandstraße 7, 80939, München, Germany
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Lindholmspiren 9, 417, 56 Göteborg, Sweden
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Debtors: Amounts falling due within one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Trade debtors are stated after a provision for bad debts of £nil (2023: £nil).
Amounts owed by group undertakings are unsecured, interest free and payable on demand.
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Cash and cash equivalents
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- 26 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, bearing an interest rate of EUR STR + 2.95% and repayable on demand.
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(Charged)/credited to profit or loss
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Fixed asset timing differences
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Short term timing differences
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Losses and other deductions
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- 27 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Allotted, called up and fully paid
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25,002 (2023: 25,002) Ordinary A shares of £1 each
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25,002 (2023: 25,002) Ordinary B shares of £1 each
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All of the above classes of shares rank pari passu, save that each class is regarded as a different class in respect of dividend rights.
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Share premium account
This reserve records the amount above the nominal value received for shares issued, less transaction costs.
Profit and loss account
This reserve includes all current and prior period retained profits and losses. Dividends are paid from this reserve.
The Company operates defined contribution retirement benefit schemes for all qualifying employees. The assets of the scheme are held separately from those of the Company in funds under the control of trustees. The total expense charged in the year end was £22,836 (2023: £21,156). Contributions outstanding at the year end were £6,844 (2023: £4,891) and are included in other creditors.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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- 28 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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During the year the Company sold services/(incurred expenses) to/(from) fellow group subsidiaries as follows:
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Segula Tecnologías España SA
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Segula Technologies Wuhan Co. Ltd
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Segula Technologies India
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Segula Technologies Limited
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As at 31 December 2024, an amount of £7,508 (2023: £3,309) was owed from Segula Matra Automotive and is included in amounts owed from group undertakings within one year.
As at 31 December 2024, an amount of £5,177 (2023: £3,772) was owed from Segula Technologies Wuhan Co. Ltd and is included in amounts owed from group undertakings within one year.
As at 31 December 2024, an amount of £4,122 (2023: £613) was owed from Segula Technologies Limited and is included in amounts owed from group undertakings within one year.
As at 31 December 2024, an amount of £3,465 (2023: £3,465) was owed from Segula Technologies GmbH and is included in amounts owed from group undertakings within one year.
As at 31 December 2024, an amount of 7,068 (2023: £nil) was owed from Segula Technologies AB and is included in amounts owed from group undertakings within one year.
As at 31 December 2024, an amount of 37,930 (2023: £nil) was owed from Segula Technologies India and is included in amounts owed from group undertakings within one year.
As at 31 December 2024, an amount of £127,061 (2023: £166,140) was owed to Hardware Infogérance and is included in amounts owed to group undertakings within one year.
As at 31 December 2024, an amount of £944,807 (2023: £350,983) was owed to Segula Holding Sarl and is included in amounts owed to group undertakings within one year.
As at 31 December 2024, an amount of £124,612 (2023: £11,464) was owed to Segula Tecnologías España SA and is included in amounts owed to group undertakings within one year.
As at 31 December 2024, an amount of £21,757 (2023: £nil) was owed to Segula Technologies China and is included in amounts owed to group undertakings within one year.
As at 31 December 2024, an amount of £46,411 (2023: £nil) was owed to Segula Technologies France and is included in amounts owed to group undertakings within one year.
The Company is exempt from disclosing related party transactions undertaken with other wholly owned members of the Group that have been concluded under normal market conditions.
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- 29 -
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TECHNICON DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Post balance sheet events
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There have been no significant events affecting the Company since the year end.
The immediate parent company is Segula Tecnologías España SA, a company registered in Spain.
The ultimate holding company at 31 December 2024 is Segula Holding Sarl, a company registered in France.
Segula Holding Sarl is the parent undertaking and the parent of the smallest and largest group in which the Company's results are consolidated. The consolidated financial statements of this group are available to the public may be obtained from 17-23 Rue d'Arras Nanterre Cedex, 92022 France.
- 30 -
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