Registration number:
for the
Year Ended 31 January 2025
Techtest Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Techtest Limited
Company Information
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Directors |
Mr R E L Smith Miss S F Smith Mrs L M M Sharp-Smith |
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Company secretary |
Miss S F Smith |
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Registered office |
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Principal place of business |
Unit 416 |
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Auditors |
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Techtest Limited
Strategic Report for the Year Ended 31 January 2025
The directors present their strategic report for the year ended 31 January 2025.
Principal activity
The principal activity of the company is that of the manufacture of test and search and rescue equipment.
Fair review of the business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.
In 2025 the company saw an increase in turnover of 7% (2024: increase 22%). Gross profit percentage has slightly increased to 61% in 2025 compared to 60% in 2024.
At 31 January 2025 the company had net assets of £23,539,321 (2024: £14,562,079).
Research and development
The company continues to invest in the important area of research and development for the defence and civil aviation markets’ product needs.
Future developments
The order book remained strong at 31 January 2025. The directors are confident that 2025-26 will show a consistent performance, and will continue to monitor closely.
Principal risks and uncertainties
The company's financial instruments comprise of cash at bank and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise adequate finance for the company's operations.
The main risk arising from the company's financial instruments is exchange rate risk. Foreign currency risk arises from the sale of goods to customers outside the UK. These sales are priced in Sterling but invoiced in Euros and US dollars.
Approved by the
Director
Techtest Limited
Directors' Report for the Year Ended 31 January 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £nil (2024 - £25,000,000). The directors do not recommend payment of a further dividend.
Directors of the company
The directors who held office during the year were as follows:
Going concern
The directors' have considered the future trading position of the company, and based on actual results since the year end, are confident that a going concern principle can be applied in the financial statements.
Information included in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risks and uncertainties.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
Director
Techtest Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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.
Techtest Limited
Independent Auditor's Report to the Members of Techtest Limited
Opinion
We have audited the financial statements of Techtest Limited (the 'company') for the year ended 31 January 2025, which comprise the Profit and Loss Account, Balance Sheet, 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 Financial Reporting Standard 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 January 2025 and of its profit 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 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
Techtest Limited
Independent Auditor's Report to the Members of Techtest Limited
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, 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 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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We considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
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We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
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We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
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In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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In addition to the above, our procedures to respond to the risks identified included the following: |
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
Techtest Limited
Independent Auditor's Report to the Members of Techtest Limited
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Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one as resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusions. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this 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.
For and on behalf of
Staverton Court
Staverton
GL51 0UX
Techtest Limited
Profit and Loss Account for the Year Ended 31 January 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest receivable and similar income |
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Interest payable and similar expenses |
( |
- |
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(10,856) |
1,928 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no other comprehensive income for the year.
Techtest Limited
(Registration number: 01363570)
Balance Sheet as at 31 January 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
Director
Techtest Limited
Statement of Changes in Equity for the Year Ended 31 January 2025
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 February 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 31 January 2024 |
880 |
120 |
14,561,079 |
14,562,079 |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 February 2024 |
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Profit for the year |
- |
- |
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At 31 January 2025 |
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Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 416
Tarsmill Court
Rotherwas Industrial Estate
Hereford
HR2 6JZ
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions available to qualifying entities in preparing its separate financial statements, as permitted by FRS 102:
- the requirements of Section 7 'Statement of Cash Flows';
- the requirements of Section 3 'Financial Statement Presentation' paragraph 3.17(d);
- the requirements of certain paragraphs within Sections 11 and 12 relating to Financial Instruments';
- the requirements of Section 26 'Share-based Payment';
- the requirements of Section 33 'Related Party Disclosures' paragraph 33.7
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Name of parent of group
These financial statements are consolidated in the financial statements of H. R. Smith Group Limited.
The financial statements of H. R. Smith Group Limited may be obtained from the company's registered office Street Court, Kingsland, Leominster, Herefordshire, HR6 9QA.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Accounting policies (continued) |
Critical accounting 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 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 period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Stock provision
The company manufactures and sells search and rescue equipment and is subject to changing consumer demands and market trends. As a result, it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the age, nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. The appropriateness of this stock provision is regularly assessed in light of subsequent performance.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue 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.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold land and buildings |
2% on cost |
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Plant and equipment |
15% on cost |
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Fixtures and fittings |
15% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Finished goods cost is defined as discounted average selling price, which takes account of a margin reduction.
Raw materials cost is defined as the last purchase price.
Finished goods and raw materials are subject to stock provisions as noted in the critical accounting policy.
Work in progress is valued by reference to the stage of completion of a part at the balance sheet date, and is based on a discounted average selling price, which takes account of a margin reduction.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Accounting policies (continued) |
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Accounting policies (continued) |
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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Turnover |
The turnover and profit before tax are attributable to the one principal activity of the company. A geographical analysis of turnover has not been provided due to the commercial sensitivity of the information.
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2025 |
2024 |
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Other operating income |
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Other operating income primarily comprises rental income receivable in the year.
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Operating profit |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Foreign exchange (gains)/losses |
( |
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Research and development expenditure |
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Other interest receivable and similar income |
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2025 |
2024 |
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Other interest receivable |
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- |
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Interest income on bank deposits |
- |
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Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2025 |
2024 |
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Wages and salaries |
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Social security costs |
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Pension costs |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2025 |
2024 |
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Production |
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Quality assurance |
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Engineering |
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Sales |
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Directors |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2025 |
2024 |
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Remuneration |
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In respect of the highest paid director:
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2025 |
2024 |
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Remuneration |
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Auditors' remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
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( |
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Group relief payable |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense in the profit and loss account |
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The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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- |
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Effect of revenues exempt from taxation |
( |
- |
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Effect of expense not deductible in determining taxable profit (tax loss) |
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Group relief |
- |
|
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Increase/(Decrease) in tax charge in respect of previous periods |
|
( |
|
Other adjustments, including effect of change in tax rate |
( |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Accelerated capital allowances |
|
|
Other short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Other short term timing differences |
( |
|
|
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Tangible assets |
|
Freehold land and buildings |
Assets under construction |
Plant and equipment |
Fixtures and fittings |
Total |
|
|
Cost or valuation |
|||||
|
At 1 February 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Reclassification |
|
( |
- |
- |
- |
|
Disposals |
- |
- |
( |
( |
( |
|
At 31 January 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 February 2024 |
|
- |
|
|
|
|
Charge for the year |
|
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
|
At 31 January 2025 |
|
- |
|
|
|
|
Carrying amount |
|||||
|
At 31 January 2025 |
|
|
|
|
|
|
At 31 January 2024 |
|
|
|
|
|
Included within the cost of freehold land and buildings is freehold land of £679,736 (2024: £286,105) which is not depreciated.
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
Stock provisions, as detailed in note 2, have been recognised of £4,840,081 (2024: £5,976,992).
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
VAT |
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and have no fixed date of repayment and are repayable on demand.
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
|
|
|
|
|
|
Amounts due to related undertakings, connected by common control and as included in other creditors, of £1,220,841 (2024 - £1,220,841), are unsecured, interest free and have no fixed date of repayment and are repayable on demand.
Amounts owed to group undertakings are unsecured, interest free and have no fixed date of repayment and are repayable on demand.
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
880 |
|
880 |
Called-up share capital represents the nominal value of shares that have been issued.
Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or other distributions. Each share is also entitled pari passu to participate in a distribution arising from the winding up of the company.
|
Capital redemption reserve |
|
2025
|
2024
|
||
|
At the beginning and end of the year |
120 |
120 |
The capital redemption includes amounts transferred following the purchase of own shares.
|
Profit and loss account |
|
2025 |
2024 |
||
|
At the beginning of the year |
14,561,079 |
32,236,031 |
|
|
Profit for the year |
8,977,242 |
7,325,048 |
|
|
Dividends declared and paid in the year |
- |
(25,000,000) |
|
|
At the end of the year |
23,538,321 |
14,561,079 |
Retained earnings include all current and prior period retained profits and losses.
|
Dividends |
|
2025 |
2024 |
|
|
Dividends paid |
- |
|
Techtest Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
|
Financial commitments, guarantees and contingent liabilities |
Capital commitments
The company had total guarantees, contingencies and commitments of £
Guarantees
All assets are pledged as security to the bank under a fixed and floating charge and by way of cross guarantee involving other group companies. The maximum extent of this guarantee at the balance sheet date is £Nil (2024 - £Nil).
|
Related party transactions |
During the year the company entered into transactions with companies connected via common control. This related to income of £47,874 (2024 - £36,562).
Amounts outstanding at the reporting end date and held within trade debtors, other debtors and prepayments are £24,544 (2024 - £12,505).
Amounts outstanding at the reporting end date and held within trade creditors, other creditors and accruals are £1,221,386 (2024 - £1,223,100).
|
Ultimate controlling party |
The largest group of which is Techtest Limited is a member and for which group accounts are prepared is headed by H.R. Smith Group Limited, a company registered in England and Wales, with its registered office of Street Court, Kingsland, Leominster, Herefordshire, HR6 9QA.