REGISTERED NUMBER:
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Tema Engineering Limited |
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Audited Financial Statements for the Year Ended 31 March 2021 |
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REGISTERED NUMBER:
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Tema Engineering Limited |
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Audited Financial Statements for the Year Ended 31 March 2021 |
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Tema Engineering Limited (Registered number: 05458142) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Tema Engineering Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Tema Engineering Limited (Registered number: 05458142) |
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Balance Sheet |
31 March 2021 |
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2021 | 2020 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Provisions for liabilities | 10 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings | 12 |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Tema Engineering Limited (Registered number: 05458142) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | Statutory information |
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Tema Engineering Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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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 amount 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. |
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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. |
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The Directors consider that there are no key sources of estimate uncertainty. |
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Turnover |
Turnover represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax. |
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Revenue is recognised to the extent that is it probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue represents income recognised in respect of services provided during the period. |
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Goodwill |
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
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Goodwill is being amortised evenly over its estimated useful life of 1 year. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Government grants |
Government grants relate to COVID-19 Job Retention Scheme income received from the UK Government to support the business during the COVID-19 pandemic and an award of funding in relation to Economic Resilience Fund - SME Business. |
Tema Engineering Limited (Registered number: 05458142) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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2. | Accounting policies - continued |
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Work in progress and long-term contracts |
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
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When the outcome of a transaction involving long-term contracts can be estimated reliably, revenue is recognised by reference to the stage of completion of the transaction at the end of the reporting period.Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. |
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When the outcome of a long-term contract cannot be estimated reliably, revenue has been recognised equal to the costs incurred as it is probable that the costs will be recovered. Recoverable costs are recognised as a debtor on the balance sheet.Full provision is made for losses on contracts in the year in which they are foreseen. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
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The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was
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Tema Engineering Limited (Registered number: 05458142) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | Intangible fixed assets |
Goodwill |
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Cost |
At 1 April 2020 |
and 31 March 2021 |
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Amortisation |
At 1 April 2020 |
and 31 March 2021 |
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Net book value |
At 31 March 2021 |
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At 31 March 2020 |
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5. | Tangible fixed assets |
Improvements |
to | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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Net book value |
At 31 March 2021 |
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At 31 March 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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Cost |
At 1 April 2020 |
and 31 March 2021 |
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Depreciation |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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Net book value |
At 31 March 2021 |
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At 31 March 2020 |
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Tema Engineering Limited (Registered number: 05458142) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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6. | Debtors |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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Prepayments |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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VAT | 336,302 | 250,575 |
Other creditors |
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Wages & salaries control | 101,813 | 88,286 |
Directors' current accounts | 2,366 | 200 |
Accrued expenses and deferred |
income |
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8. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 1,667 | - |
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9. | Secured debts |
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The bank facility is secured by an unlimited Debenture dated 07/07/2009 incorporating a fixed and floating charge. |
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Hire Purchase creditors are secured against the assets to which they relate. |
Tema Engineering Limited (Registered number: 05458142) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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10. | Provisions for liabilities |
2021 | 2020 |
£ | £ |
Deferred tax | 24,251 | 28,427 |
Other provisions | 15,223 | 116,660 |
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Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2020 |
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Utilised during year | ( |
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Balance at 31 March 2021 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary Share Capital | £1 | 1 | 1 |
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12. | Reserves |
Retained |
earnings |
£ |
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At 1 April 2020 |
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Profit for the year |
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At 31 March 2021 |
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13. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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The impact of uncertainties on our audit owing to COVID -19 |
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The Directors' view on the impact of COVID-19 is disclosed within the basis of preparation paragraph. |
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Uncertainties related to the effects of COVID-19 are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, such as recoverability and valuation of assets, appropriateness of the going concern basis of preparation of the financial statements and associated disclosures. All of these depend on assessments of the future economic environment and the company's future prospects and performance. |
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The COVID-19 viral pandemic is one of the most significant economic events for the UK, and at the date of this report, its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We have applied a standardised approach in response to that uncertainty when assessing the company's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to the COVID-19 pandemic. |
Tema Engineering Limited (Registered number: 05458142) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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14. | Directors' advances, credits and guarantees |
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The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020: |
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2021 | 2020 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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15. | Related party disclosures |
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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. |
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Companies under common control |
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During the year the company made recharges of £99,172 (2020: £134,831). The company also made sales of £109,725 (2020: £1,369,820), purchases of £137,552 (2020: £374,160) and incurred rental costs of £130,000 (2020: £131,483). |
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2021 | 2020 |
£ | £ |
Amount due to/(from) related party at the balance sheet date | (125,520) | 177,421 |
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16. | Ultimate controlling party |
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The ultimate controlling party is
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The company is controlled by Penarth Industrial Services Limited who hold 100% of the issued share capital. |
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The registered office of the ultimate controlling party is Coleridge Road, Leckwith Industrial Estate, Cardiff, CF11 8BT. The consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ. |