Company registration number 10379795 (England and Wales)
TECHNICAL COMPOSITE SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
TECHNICAL COMPOSITE SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TECHNICAL COMPOSITE SYSTEMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,438
10,284
Tangible assets
4
174,858
153,575
184,296
163,859
Current assets
Stocks
153,016
41,400
Debtors
5
65,376
104,221
Cash at bank and in hand
55,888
71,686
274,280
217,307
Creditors: amounts falling due within one year
6
(533,820)
(302,038)
Net current liabilities
(259,540)
(84,731)
Total assets less current liabilities
(75,244)
79,128
Creditors: amounts falling due after more than one year
7
(9,770)
(23,462)
Provisions for liabilities
-
(14,858)
Net (liabilities)/assets
(85,014)
40,808
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(85,114)
40,708
Total equity
(85,014)
40,808

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

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

The financial statements were approved by the board of directors and authorised for issue on 23 April 2026 and are signed on its behalf by:
Mr E J Head
Mr J Head
Director
Director
Company registration number 10379795 (England and Wales)
TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
1
Accounting policies
Company information

Technical Composite Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Systems House, 1 Claylands Way, Paignton, Devon, TQ4 7TY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Investment Casting Systems Limited. These consolidated financial statements are available from its registered office. The contact details are listed above.

1.2
Going concern

The company suffered a loss for the year due to a reduction in turnover and gross profit relative to its fixed costs. Cash flow was supported by group companies and amounts received in advance from customers for work that was in progress and reflected in stock at the end of the year. The company had substantial sales orders at year end, which are expected to allow a return to profitability in the 2025/26 year. true

The net liabilities position of £85k at the year end included £165k owed to parent company, Investment Casting Systems Limited and fellow subsidiary company, Casting Support Systems Limited. Those companies have faced challenges in terms of trading performance and cash flow, as described in their respective financial statements. However, the group as a whole is considered to be a going concern

The directors have prepared profit and loss account and cash flow projections demonstrating the company’s ability to continue to trade profitably and with positive cash flow. Those forecasts are supported by major contracts already secured and being delivered by the company. On the basis of the projections and the company’s current financial position – allowing for results since the year end - the directors are satisfied that the company is a going concern and have prepared the financial statements on that basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 3 -

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

Patents & licences
over the length of the economic life, being 10% per annum on a straight-line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

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

Plant and equipment
10% per annum on a straight-line basis
Computers
33% per annum on a straight-line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2025
2024
Number
Number
Total
7
6
TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 5 -
3
Intangible fixed assets
Patents & licences
£
Cost
At 1 May 2024
13,756
Additions
560
At 30 April 2025
14,316
Amortisation and impairment
At 1 May 2024
3,472
Amortisation charged for the year
1,406
At 30 April 2025
4,878
Carrying amount
At 30 April 2025
9,438
At 30 April 2024
10,284
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2024
186,005
Additions
38,422
At 30 April 2025
224,427
Depreciation and impairment
At 1 May 2024
32,430
Depreciation charged in the year
17,139
At 30 April 2025
49,569
Carrying amount
At 30 April 2025
174,858
At 30 April 2024
153,575
TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
39,758
98,978
Other debtors
25,618
5,243
65,376
104,221
6
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases
13,593
12,437
Trade creditors
74,210
23,829
Amounts owed to group undertakings
164,581
252,137
Taxation and social security
2,368
4,581
Other creditors
353
336
Accruals and deferred income
278,715
8,718
533,820
302,038

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Hire purchase liabilities are secured against the assets to which they relate.

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Obligations under finance leases
9,770
23,462

Hire purchase liabilities are secured against the assets to which they relate.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 April 2025 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.

TECHNICAL COMPOSITE SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Jonathan Williams BSc FCA CTA
Statutory Auditor:
Simpkins Edwards Audit LLP
Date of audit report:
23 April 2026
9
Financial commitments, guarantees and contingent liabilities

Amounts not provided for in the balance sheet

Parent company debt of £270 K (202 4: £328 K) is secured on all assets of the group, including the assets of this company.

10
Parent company

The ultimate parent company from 30 May 2025 is Investment Casting Plastics Limited, a company incorporated in England & Wales. That company acquired 100% of immediate parent company, Investment Casting Systems Limited by share for share exchange. For the year ended 30 April 2025, the consolidated accounts for the group have been prepared by Investment Casting Systems Limited. Those accounts can be obtained from the common registered office of this company and the parent.

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