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Tenos Limited |
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Financial Statements |
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For The Year Ended 30 June 2021 |
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REGISTERED NUMBER:
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Tenos Limited |
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Financial Statements |
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For The Year Ended 30 June 2021 |
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Tenos Limited (Registered number: 03277817) |
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Contents of the Financial Statements |
For The Year Ended 30 June 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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Tenos Limited |
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Company Information |
For The Year Ended 30 June 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
St George's House |
56 Peter Street |
Manchester |
M2 3NQ |
Tenos Limited (Registered number: 03277817) |
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Balance Sheet |
30 June 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 |
Debtors | 6 |
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Cash at bank |
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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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Share option reserve |
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Retained earnings |
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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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Tenos Limited (Registered number: 03277817) |
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Notes to the Financial Statements |
For The Year Ended 30 June 2021 |
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1. | STATUTORY INFORMATION |
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Tenos Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors are satisfied that the company is a going concern and in making this assessment they have considered a period of time of a minimum of 12 months from the date of signing. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
Services rendered are recognised when the economic benefit associated transfer to the customer by reference to the stage of completion of the transaction at the end of the reporting period and they can be measured reliably exclusive of Value Added Tax and trade discounts. |
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Amounts uninvoiced at the year end are recorded as amount recoverable on contracts which are held at selling price. |
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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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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Short leasehold is being depreciated over the lease term. |
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Financial instruments |
The following assets and liabilities are classed as financial instruments - trade debtors and trade creditors. They are all measured at the undiscounted amount of cash or other consideration expected to be paid or received. |
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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. |
Tenos Limited (Registered number: 03277817) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
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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Operating leases |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
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Employee benefits |
Short-term employee benefits, including holiday pay are recognised as an expense in the income statement in the period in which they are incurred. |
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Share-based payments |
The company has issued equity settled share options to employees. At the balance sheet date a total of 2,325 share options remain. These are exercisable after a 4 year vesting period and would elapse if the employee leaves employment of Tenos Limited or 10 years from issue. |
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In line with section 26 of FRS102 equity based payments have been recognised at the balance sheet date at the fair value of goods and services receivable spread evenly over the vesting period. |
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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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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 July 2020 |
and 30 June 2021 |
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AMORTISATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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Tenos Limited (Registered number: 03277817) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Leasehold | machinery |
Improvements | etc | Totals |
£ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within other creditors is £23,208 (2020: £20,949) being pension contributions outstanding at the year end. |
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In addition to the £25,090 of share capital, there is 1 £1 redeemable preference share issued in May 2019 and recognised within creditors due within one year. This will be redeemed at par when the holder's shareholding is sold. |
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8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due, for this year are £260,726 (2020: £324,845). |
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9. | SECURED DEBTS |
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As security for a loan in the name of the employee owned trust which controls the company, a mortgage debenture is held incorporating a fixed and floating charge on the company's assets dated 24 May 2019. |
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Debentures incorporating fixed and floating charges dated 23 May 2019. have been satisfied post year end on 14 July 2021. |
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10. | 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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Tenos Limited (Registered number: 03277817) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 June 2021 |
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11. | RELATED PARTY DISCLOSURES |
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During the year £699,939 (2020: £348,386) was gifted to the employee owned trust which controls the company, to help the trust meet its costs. |