REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 30 September 2022 |
for |
Thermal Transfer Technology Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 30 September 2022 |
for |
Thermal Transfer Technology Limited |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Contents of the Financial Statements |
for the year ended 30 September 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Thermal Transfer Technology Limited |
Company Information |
for the year ended 30 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
3-5 Grange Terrace |
Stockton Road |
Sunderland |
Tyne & Wear |
SR2 7DG |
BANKERS: |
Market Street Branch |
7 Market Street |
Newcastle |
NE1 4GL |
SOLICITORS: |
1 St James' Gate |
Newcastle Upon Tyne |
NE99 1YQ |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Statement of Financial Position |
30 September 2022 |
2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Notes to the Financial Statements |
for the year ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Thermal Transfer Technology Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. |
Preparation of consolidated financial statements |
The financial statements contain information about Thermal Transfer Technology Ltd as an individual company and do not contain consolidated financial information. The company have not prepared group financial statements on the grounds that it's subsidiary undertakings have not traded and are immaterial to the group. |
Related party exemption |
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. |
Significant judgements and estimates |
The preparation of the Company's financial statements requires management to make judgements estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the period. |
However, the nature of the estimation means that actual outcomes could differ from those estimates. |
None of the judgements or estimates have a significant effect on the financial statements. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Freehold land is not subject to depreciation. |
The carrying values of fixed assets are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. The directors do not consider that there are any indicators of impairment in any of the company's tangible fixed assets in the current year. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition as follows: |
Raw materials and goods for resale - Purchase cost on a first-in, first-out basis |
Work in progress - cost of direct materials and labour plus attributable overheads based on a normal level of activity. |
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal. |
Financial instruments |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value. |
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. |
Current or deferred 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company contributes to private pension schemes for its directors and employees. Contributions are charged to the income statement as they become payable in accordance with the rules of the schemes. |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Warranty provision |
The company makes a provision where necessary in respect of expected warranty costs on products sold during the past year. It is expected that most of these costs will be incurred in the next financial year. |
Cash and cash equivalents |
Cash and cash equivalents in the statement of financial position comprise of cash at bank and in hand and short term deposits with an original maturity date of three months or less. |
Short term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2021 |
Additions |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Included in cost of land and buildings is freehold land of £ 64,494 (2021 - £ 64,494 ) which is not depreciated. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
The company owns 100% of the issued share capital of Stylecall Limited, 3T Coils Limited, and Thermal Transfer Limited, all unquoted dormant companies registered in England and Wales. |
6. | STOCKS |
2022 | 2021 |
as restated |
£ | £ |
Stocks |
Work-in-progress |
The company held stock on a consignment basis at 30 September 2022 with a cost of £118,455 (2021: £177,104) which is not included in the balance sheet and not invoiced by the supplier until brought into use. |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
7. | DEBTORS |
2022 | 2021 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' loan accounts |
Prepayments |
Amounts falling due after more than one year: |
Tax |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
as restated |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
as restated |
£ | £ |
Tadora Holdings Ltd | 900,000 | 600,000 |
The loan amount of £900,000 from Tadora Holdings has been secured against freehold land. |
Thermal Transfer Technology Limited (Registered number: 02754482) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 September 2022 and 30 September 2021: |
2022 | 2021 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
S J Barnes |
Balance outstanding at start of year | - | 1,133 |
Amounts repaid | - | (1,133 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
There are no terms agreed in respect of interest or repayment on these loans. |
13. | AUDITOR LIABILITY LIMITATION AGREEMENT |
The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in our terms of engagement letter dated 1 October 2020. |
14. | ULTIMATE CONTROLLING PARTY |
The parent company by virtue of its interest in the share capital of the company, is Three-T Jersey Limited, a company incorporated in Jersey. The ultimate parent company and controlling interest by virtue of its interest in the share capital of the parent company, is RBC Trust Company (International) Limited, a Jersey resident trust. |