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Registered number: 01276951 TECNON ORBICHEM LTD DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
TECNON ORBICHEM LTD Company Information
Directors | P J Stewart
| M Stone
| R D Tabors
| J L Welu (resigned 1 May 2025)
| J T Loftin (appointed 9 February 2024, resigned 1 September 2025)
Company secretary | Oakwood Corporate Secretary Limited
Registered number | 01276951
Registered office | 3rd Floor
| 1 Ashley Road
| Altrincham
| Cheshire
| WA14 2DT
TECNON ORBICHEM LTD Registered number: 01276951 Balance sheet As at 31 December 2024
|  |  |  | Unaudited As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 41,456 |  | 66,328
Tangible assets | 5 |  | 2,290 |  | 9,471
|  |  | 43,746 |  | 75,799
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 3,387,429 |  | 3,221,626 |
Cash at bank and in hand | 8 | 118,976 |  | 179,283 |
|  | 3,506,405 |  | 3,400,909 |
Creditors: amounts falling due within one year | 9 | (1,786,292) |  | (2,141,596) |
Net current assets |  |  | 1,720,113 |  | 1,259,313
Total assets less current liabilities |  |  | 1,763,859 |  | 1,335,112
Net assets |  |  | 1,763,859 |  | 1,335,112
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 1,000 |  | 1,000
Profit and loss account |  |  | 1,762,859 |  | 1,334,112
|  |  | 1,763,859 |  | 1,335,112
Page 1
TECNON ORBICHEM LTD Registered number: 01276951 Balance sheet (continued) As at 31 December 2024 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2026.
P J Stewart
Director
The notes on pages 3 to 11 form part of these financial statements. Page 2
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024
1. | General information
Tecnon Orbichem Ltd is a private limited company limited by shares, registered in England and Wales. The company's registered office is 3rd Floor, 1 Ashley Road. Altrincham, Cheshire, WA14 2DT. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Exemption from preparing consolidated financial statements
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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. 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. Page 3
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. Amortisation is provided on the following bases:
|  |  |  | Computer software | - | 20% | straight line
| 2.7 | Tangible fixed assets
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. Page 4
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
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:
|  |  |  | Fixtures & fittings | - | 10% | on cost
|  |  |  | Computer equipment | - | 20% | on cost
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 profit or loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Page 5
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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. 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, bank loans 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 14 (2023 - 11).
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TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024
4. | Intangible assets
|  | Computer software
|  | £
| Cost |
| At 1 January 2024 (as previously stated) | 262,052
| Prior Year Adjustment | (137,689)
| At 1 January 2024 (as restated) | 124,363
| At 31 December 2024 | 124,363
| Amortisation |
| At 1 January 2024 (as previously stated) | 176,058
| Prior Year Adjustment | (118,023)
| At 1 January 2024 (as restated) | 58,035
| Charge for the year on owned assets | 24,872
| At 31 December 2024 | 82,907
| Net book value |
| At 31 December 2024 | 41,456
| At 31 December 2023 (as restated) | 66,328
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TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024
5. | Tangible fixed assets
|  | Other fixed assets
|  | £
| Cost or valuation |
| At 1 January 2024 | 56,906
| At 31 December 2024 | 56,906
| Depreciation |
| At 1 January 2024 | 47,435
| Charge for the year on owned assets | 7,181
| At 31 December 2024 | 54,616
| Net book value |
| At 31 December 2024 | 2,290
| At 31 December 2023 | 9,471
Page 8
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024
6. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| Prior Year Adjustment | 77,295
| At 1 January 2024 (as restated) | 77,295
| At 31 December 2024 | 77,295
| Impairment |
| Prior Year Adjustment | 77,295
| At 1 January 2024 (as restated) | 77,295
| At 31 December 2024 | 77,295
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 (as restated) | -
7. | Debtors
|  |  |  |  |  | Unaudited As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 717,167 | 334,136
| Amounts owed by group undertakings | 2,634,647 | 2,864,222
| Other debtors | - | 1,740
| Prepayments and accrued income | 35,615 | 21,528
|  | 3,387,429 | 3,221,626
Page 9
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024
8. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 118,976 | 179,283
|  | 118,976 | 179,283
9. | Creditors: Amounts falling due within one year
|  |  |  |  |  | Unaudited As restated
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 88,441 | 86,758
| Amounts owed to group undertakings | 71,495 | 587,932
| Other taxation and social security | 22,421 | 31,003
| Accruals and deferred income | 1,603,935 | 1,435,903
|  | 1,786,292 | 2,141,596
10. | Share capital
|  |  |  |  | 2024 | Unaudited 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2023 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
Page 10
TECNON ORBICHEM LTD Notes to the financial statements For the Year Ended 31 December 2024
11. | Prior year adjustment
The following adjustments have been made in the comparative period for the year ended 31 December 2023: Intangible assets of £262,052 and amortisation of £176,058 were incorrectly recognised in these financial statements. This has resulted in £19,667 net book value of intangible assets being removed and a decrease in the profit for the year of £19,667. Intercompany balances were reconciled and agreed, resulting in the reclassification of a balance to investments and impairment thereon, differences in foreign exchange being recognised and balances which had previously been offset separated out. As a result, the net impact on investments was £nil, intercompany debtors decreased by £1,256,561, intercompany creditors increased by £752,166 and profit increased by £2,014,255. A debtor balance was provided as it was not recoverable, resulting in a decrease in other debtors of £5,528 and a decrease in profit and loss of the same. The effect of the above transactions is to increase net assets by £1,989,061 at 31 December 2023. 12.Other financial commitments The company has provided a fixed and floating charge, including a negative pledge, in respect of financing within the wider group.
13. | Related party transactions
| The company has adopted the exemption permitted by paragraph 33.1A of FRS102 and has not disclosed transactions with other group members, where the group members are wholly owned.
14. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 15 July 2026 by Hannah Clegg (Senior statutory auditor) on behalf of Sayers Butterworth LLP.
Page 11