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Sage Accounts Production Advanced 2021 - FRS102_2021
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xbrli:shares
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01826948
2021-12-01
2022-11-30
01826948
2022-11-30
01826948
2021-11-30
01826948
2020-12-01
2021-11-30
01826948
2021-11-30
01826948
core:LandBuildings
core:LongLeaseholdAssets
2021-12-01
2022-11-30
01826948
core:PlantMachinery
2021-12-01
2022-11-30
01826948
core:MotorVehicles
2021-12-01
2022-11-30
01826948
bus:Director3
2021-12-01
2022-11-30
01826948
core:LandBuildings
2021-11-30
01826948
core:PlantMachinery
2021-11-30
01826948
core:MotorVehicles
2021-11-30
01826948
core:LandBuildings
2022-11-30
01826948
core:PlantMachinery
2022-11-30
01826948
core:MotorVehicles
2022-11-30
01826948
core:LandBuildings
2021-12-01
2022-11-30
01826948
core:WithinOneYear
2022-11-30
01826948
core:WithinOneYear
2021-11-30
01826948
core:AfterOneYear
2022-11-30
01826948
core:AfterOneYear
2021-11-30
01826948
core:ShareCapital
2022-11-30
01826948
core:ShareCapital
2021-11-30
01826948
core:RetainedEarningsAccumulatedLosses
2022-11-30
01826948
core:RetainedEarningsAccumulatedLosses
2021-11-30
01826948
core:LandBuildings
2021-11-30
01826948
core:PlantMachinery
2021-11-30
01826948
core:MotorVehicles
2021-11-30
01826948
bus:SmallEntities
2021-12-01
2022-11-30
01826948
bus:AuditExemptWithAccountantsReport
2021-12-01
2022-11-30
01826948
bus:FullAccounts
2021-12-01
2022-11-30
01826948
bus:SmallCompaniesRegimeForAccounts
2021-12-01
2022-11-30
01826948
bus:PrivateLimitedCompanyLtd
2021-12-01
2022-11-30
01826948
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2021-12-01
2022-11-30
01826948
core:ImmediateParent
2022-11-30
COMPANY REGISTRATION NUMBER:
01826948
Techneat Engineering Limited |
|
Unaudited financial statements |
|
Techneat Engineering Limited |
|
Statement of financial position |
|
30 November 2022
Fixed assets
Tangible assets |
5 |
|
1,190,687 |
|
675,241 |
|
|
|
|
|
|
Current assets
Stocks |
1,199,043 |
|
868,464 |
|
Debtors |
6 |
654,888 |
|
978,791 |
|
Cash at bank and in hand |
554,037 |
|
1,599,227 |
|
|
----------- |
|
----------- |
|
|
2,407,968 |
|
3,446,482 |
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year |
7 |
(
1,379,749) |
|
(
668,542) |
|
|
----------- |
|
----------- |
|
Net current assets |
|
1,028,219 |
|
2,777,940 |
|
|
----------- |
|
----------- |
Total assets less current liabilities |
|
2,218,906 |
|
3,453,181 |
|
|
|
|
|
|
Creditors: Amounts falling due after more than one year |
8 |
|
(
281,578) |
|
(
35,833) |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
149,273) |
|
(
119,197) |
|
|
----------- |
|
----------- |
Net assets |
|
1,788,055 |
|
3,298,151 |
|
|
----------- |
|
----------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
|
200 |
Profit and loss account |
|
1,787,855 |
|
3,297,951 |
|
|
----------- |
|
----------- |
Shareholders funds |
|
1,788,055 |
|
3,298,151 |
|
|
----------- |
|
----------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Techneat Engineering Limited |
|
Statement of financial position (continued) |
|
30 November 2022
These financial statements were approved by the
board of directors
and authorised for issue on
31 July 2023
, and are signed on behalf of the board by:
Company registration number:
01826948
Techneat Engineering Limited |
|
Notes to the financial statements |
|
Year ended 30 November 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Lynn Road, Ely, Cambridgeshire, CB7 4EG. The trading address of the company is Unit 2 Henry Crabb Road, Littleport, Ely, Cambridgeshire, CB6 1SE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and buildings |
- |
10% straight line |
|
Plant and machinery |
- |
25% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Investment property is not depreciated.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of employees during the year was
26
(2021:
27
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 December 2021 |
60,491 |
2,219,576 |
167,133 |
2,447,200 |
Additions |
114,620 |
613,528 |
– |
728,148 |
Disposals |
– |
(
232,644) |
(
36,408) |
(
269,052) |
|
--------- |
----------- |
--------- |
----------- |
At 30 November 2022 |
175,111 |
2,600,460 |
130,725 |
2,906,296 |
|
--------- |
----------- |
--------- |
----------- |
Depreciation |
|
|
|
|
At 1 December 2021 |
38,815 |
1,631,432 |
101,712 |
1,771,959 |
Charge for the year |
17,511 |
161,528 |
13,890 |
192,929 |
Disposals |
– |
(
216,689) |
(
32,590) |
(
249,279) |
|
--------- |
----------- |
--------- |
----------- |
At 30 November 2022 |
56,326 |
1,576,271 |
83,012 |
1,715,609 |
|
--------- |
----------- |
--------- |
----------- |
Carrying amount |
|
|
|
|
At 30 November 2022 |
118,785 |
1,024,189 |
47,713 |
1,190,687 |
|
--------- |
----------- |
--------- |
----------- |
At 30 November 2021 |
21,676 |
588,144 |
65,421 |
675,241 |
|
--------- |
----------- |
--------- |
----------- |
|
|
|
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
528,859 |
482,988 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
410,159 |
Other debtors |
126,029 |
85,644 |
|
--------- |
--------- |
|
654,888 |
978,791 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
Amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
10,000 |
Trade creditors |
395,604 |
372,141 |
Social security and other taxes |
16,494 |
141,698 |
Other creditors |
957,651 |
144,703 |
|
----------- |
--------- |
|
1,379,749 |
668,542 |
|
----------- |
--------- |
|
|
|
The following liabilities disclosed under creditors falling due within one year are secured by the company: Hire purchase agreements - £41,006 (2021 - £19,350). Bank loan - £10,000 (2021 - £10,000).
8.
Creditors:
Amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
25,833 |
35,833 |
Other creditors |
255,745 |
– |
|
--------- |
------- |
|
281,578 |
35,833 |
|
--------- |
------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £54,504 (2021: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The liability is secured on a specific asset owned by the company. The creditor is due for repayment in October 2028. The creditor has an average interest rate of 3.77%. The following liabilities disclosed under creditors falling due after one year are secured by the company: Hire purchase agreements - £255,745 (2021 - £Nil). Bank loan - £25,833 (2021 - £35,833).
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
70,334 |
70,334 |
|
------- |
------- |
|
|
|
10.
Contingent liability
The company has guaranteed a loan made to the parent company, Rocket AG Limited. At 30 November 2022 the liability amounted to £
2,650,000
(2021: £Nil).