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Financial Statements for the Year Ended 31 December 2021 |
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Technical Foam Services Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2021 |
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for |
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Technical Foam Services Limited |
Technical Foam Services Limited (Registered number: 02448832) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Technical Foam Services Limited |
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Company Information |
for the Year Ended 31 December 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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Statutory Auditors |
Chartered Accountants |
1 Lucas Bridge Business Park |
1 Old Greens Norton Road |
Towcester |
Northamptonshire |
NN12 8AX |
Technical Foam Services Limited (Registered number: 02448832) |
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Abridged Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors: amounts falling due within one year |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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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 |
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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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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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Technical Foam Services Limited (Registered number: 02448832) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Technical Foam Services Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These are the first financial statements of the Company to be audited. As a consequence, it has not been possible for the auditors to perform the audit procedures necessary to obtain sufficient appropriate audit evidence on the prior year comparatives, and in relation to the accuracy of inventory quantities at 31 December 2021. As a result, they have provided a qualified opinion for the financial statements for the year ended 31 December 2021. In all other regards, the auditors have concluded that the financial statements present a true and fair view. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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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Technical Foam Services Limited (Registered number: 02448832) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
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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 |
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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4. | AUDITORS' REMUNERATION |
31.12.21 | 31.12.20 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
6,500 |
- |
Technical Foam Services Limited (Registered number: 02448832) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2021 |
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Additions |
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Disposals | ( |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Totals |
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COST |
At 1 January 2021 |
and 31 December 2021 | 48,849 |
DEPRECIATION |
At 1 January 2021 | 9,770 |
Charge for year | 4,885 |
At 31 December 2021 | 14,655 |
NET BOOK VALUE |
At 31 December 2021 | 34,194 |
At 31 December 2020 | 39,079 |
Technical Foam Services Limited (Registered number: 02448832) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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6. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.12.21 | 31.12.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.21 | 31.12.20 |
£ | £ |
Hire purchase contracts | 9,294 | 25,577 |
Technical Foam Services Limited (Registered number: 02448832) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was qualified on the following basis: |
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Basis for Qualified opinion |
The company was audit exempt for the year ended 31 December 2020; it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence concerning the quantities and condition of stock included in the balance sheet at 31 December 2020 at £533,246. Accordingly the amounts shown as cost of sales and profit for the year ended 31 December 2020 may not be comparable with the figures for the current period, and we were unable to determine whether any adjustment to the opening stock balance and thus cost of sales and profit for the year ended 31 December 2021 was necessary. |
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Additionally because we were not appointed as auditor of the company until after 31 December 2021 we did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2021 which are included in the balance sheet at £647,786, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. Any adjustment to this figure would also have a consequential effect on the profit for the year ended 31 December 2021. |
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
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for and on behalf of
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9. | ULTIMATE CONTROLLING PARTY |
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The Company's immediate parent undertaking is Technical Foam Holdings Limited. |
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Vita Global Finco Limited is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2021. The consolidated financial statements may be obtained from Level 1, IFC1, Esplanade, St Helier, Jersey, JE2 3BX. |
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The ultimate parent company is Vita Global Holdings Limited. The Company's ultimate controlling party is Strategic Value Partners, LLC or its affiliates Strategic Value Special Situations Master Fund III, LP, Strategic Value Oppurtunities Fund, LP, and Strategic Value Special Situations Master Fund IV, LP, all of which are partnerships located in the Cayman Islands. |