REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
Techinservice Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 January 2023 |
for |
Techinservice Limited |
Techinservice Limited (Registered number: 07899275) |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Accountants | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 6 |
Notes to the Financial Statements | 7 |
Techinservice Limited |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
Techinservice Limited (Registered number: 07899275) |
Report of the Directors |
for the Year Ended 31 January 2023 |
The directors present their report with the financial statements of the company for the year ended 31 January 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of supply of engineering services, plant and equipment for the sugar refining industry. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Techinservice Limited |
Report of the Accountants to the Directors of |
Techinservice Limited |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2023 set out on pages four to nine and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
Techinservice Limited (Registered number: 07899275) |
Income Statement |
for the Year Ended 31 January 2023 |
31.1.23 | 31.1.22 |
Notes | $ | $ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
193,717 | 389,736 |
Other operating income | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Income from shares in group undertakings |
39,983 | 70,158,838 |
Amounts written off investments | (25,000,000 | ) | - |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 5 | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
Techinservice Limited (Registered number: 07899275) |
Balance Sheet |
31 January 2023 |
31.1.23 | 31.1.22 |
Notes | $ | $ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Foreign Currency Translation |
Reserve | 11 | ( |
) | ( |
) |
Retained earnings | 11 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Techinservice Limited (Registered number: 07899275) |
Statement of Changes in Equity |
for the Year Ended 31 January 2023 |
Foreign |
Called up | Currency |
share | Retained | Translation | Total |
capital | earnings | Reserve | equity |
$ | $ | $ | $ |
Balance at 1 February 2021 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2022 | 1 | 69,843,727 | (3,713,363 | ) | 66,130,365 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 January 2023 | (3,713,363 | ) |
Techinservice Limited (Registered number: 07899275) |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Techinservice Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Directors have elected to change company's presentational currency from Euro to USD. The change in presentational currency is a voluntary change which is accounted for retrospectively and differences resulting from the re-translation on the opening net assets and the results for the year have been taken to the foreign currency translation reserve. Comparatives are re-presented in USD. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current 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. |
Current taxation assets and liabilities are not discounted. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The financial statements have been prepared on a going concern basis and at the balance sheet date the company had net current assets amounting to $40,788,753 (2022: $66,130,365). |
The director, therefore, has a reasonable expectation that with his support as shareholder the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, he continues to adopt the going concern basis |
in preparing the accounts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
31.1.23 | 31.1.22 |
$ | $ |
Directors' remuneration |
Techinservice Limited (Registered number: 07899275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.1.23 | 31.1.22 |
$ | $ |
Depreciation - owned assets |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
31.1.23 | 31.1.22 |
$ | $ |
Current tax: |
UK corporation tax |
Tax on (loss)/profit |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
$ |
COST |
At 1 February 2022 |
and 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
7. | FIXED ASSET INVESTMENTS |
Other |
investments |
$ |
COST |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
The company owns 49% of Karpaty Chemical B.V., a company registered in The Netherlands. |
Techinservice Limited (Registered number: 07899275) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
8. | STOCKS |
31.1.23 | 31.1.22 |
$ | $ |
Finished goods |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
$ | $ |
Trade debtors |
Bad debt provision | - | (19,652 | ) |
Other debtors |
Prepayments |
The prepayment for shares in Karpaty Chemical B. V. paid to Xedrian Holdings Ltd amounting $25,000,000 has been written off during the year. |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
$ | $ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Loan from BF Capital | 1,982,215 | 61,977,966 |
Deferred income |
At the end of the year the company owed $1,982,214 of unpaid loan interest to BF Capital, the principal amount of $59,995,751 was repaid in 2022. |
11. | RESERVES |
Foreign |
Currency |
Retained | Translation |
earnings | Reserve | Totals |
$ | $ | $ |
At 1 February 2022 | ( |
) | 66,130,364 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 31 January 2023 | ( |
) | 40,788,752 |
12. | RELATED PARTY DISCLOSURES |
As at 31 January 2023 the company was owed $720,872 by Boomsa Limited (2022: $720,872). |
Boomsa Limited is a related party by virtue of common control. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |