Company Registration No. 02684488 (England and Wales)
TEXTURING TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
TEXTURING TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
Mr P D Court
Mr J X Descamps
Mr M Duggan
(Appointed 20 April 2021)
Mr C Richards
(Appointed 6 August 2021)
Secretary
Ms J L Williams
Company number
02684488
Registered office
PO Box 22
Central Road
Tata Steel Site Margam
Port Talbot
West Glamorgan
United Kingdom
SA13 2YJ
Auditor
Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
TEXTURING TECHNOLOGY LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Balance sheet
7
Notes to the financial statements
8 - 16
TEXTURING TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company continued to be that of steel roll refurbishment.
Results and dividends
O
rdinary dividends were paid
amounting to
£350,000
(20
20
: £
50
0,000)
.
The Director
s do not recommend
payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Phillips
(Resigned 31 July 2021)
Mr M J Wixey
(Resigned 31 March 2021)
Mr P D Court
Mr J X Descamps
Mr M Duggan
(Appointed 20 April 2021)
Mr C Richards
(Appointed 6 August 2021)
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr C Richards
Director
12 October 2021
TEXTURING TECHNOLOGY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
The directors are responsible for preparing the annual report 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.
TEXTURING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEXTURING TECHNOLOGY LIMITED
- 3 -
Opinion
We have audited the financial statements of Texturing Technology Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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
Auditor's
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 opinion.
We draw attention to note 1.2 in the financial statements which indicates that the company as a consequence of the emergence of the Covid-19 virus post year end has encountered disruption within the sector it operates. The Directors have taken steps to mitigate this disruption and to manage cash flow requirements during this period however there is uncertainty in terms of the impact of Covid-19 on the company’s customers and the wider economy once the restrictions are lifted. Our opinion is not modified in respect of this matter.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
TEXTURING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEXTURING TECHNOLOGY LIMITED
- 4 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
TEXTURING TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEXTURING TECHNOLOGY LIMITED
- 5 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Ian Thomas BSc FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
12 October 2021
Chartered Accountants
Statutory Auditor
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
TEXTURING TECHNOLOGY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
2021
2020
Notes
£'000
£'000
Turnover
3
4,573
5,125
Cost of sales
(2,758)
(2,975)
Gross profit
1,815
2,150
Distribution costs
(729)
(776)
Administrative expenses
(978)
(823)
Other operating income
144
13
Operating profit
4
252
564
Interest receivable and similar income
2
Profit before taxation
252
566
Tax on profit
(133)
(78)
Profit for the financial year
119
488
Retained earnings brought forward
1,447
1,459
Dividends
(350)
(500)
Retained earnings carried forward
1,216
1,447
TEXTURING TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 7 -
2021
2020
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
6
2,084
2,409
Current assets
Stocks
7
89
126
Debtors
8
752
932
Cash at bank and in hand
1,738
1,497
2,579
2,555
Creditors: amounts falling due within one year
9
(1,263)
(1,311)
Net current assets
1,316
1,244
Total assets less current liabilities
3,400
3,653
Provisions for liabilities
11
(184)
(206)
Net assets
3,216
3,447
Capital and reserves
Called up share capital
13
2,000
2,000
Profit and loss reserves
14
1,216
1,447
Total equity
3,216
3,447
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 October 2021 and are signed on its behalf by:
Mr C Richards
Director
Company Registration No. 02684488
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
1
Accounting policies
Company information
Texturing Technology Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
PO Box 22, Central Road, Tata Steel Site Margam, Port Talbot, West Glamorgan, United Kingdom, SA13 2YJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day-to-day working capital requirements through a current account facility. At the year end the company's cash position had reached
true
£
1,738
k
(2020
:
£1.497
k
). As a consequence of the company's positive cash position, it was not deemed necessary to formally agree an overdraft facility with the company's bankers. However, it was agreed in principle in previous years that an overdraft facility of £500,000 would be made available to the company at short notice. The directors believe that this facility would still be available should the need arise.
Subsequent to the period end, as a consequence of the measures taken by the UK Government to manage the impact of Covid-19, the day to day operations of the business has been disrupted. It is difficult to evaluate all of the potential implications of these measures on the company’s trade, customers, suppliers and the wider economy. However, based on the information that is currently known, the directors have prepared re-forecasts for the year and taken steps to manage the company’s cash flow requirements during this period of uncertainty.
At the time of approving the financial statements therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis.
1.3
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there are significant uncertainties regarding recovery of the amount due, associated costs or the possible return of goods. Turnover excludes VAT and similar taxes. Turnover consists entirely of sales made in the United Kingdom.
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 9 -
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Land and buildings
4% per annum
Plant and machinery
4-33% per annum
Fixtures and fittings
10-33% per annum
Motor vehicles
12.5% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are valued at the lower of cost and net realisable value. In general, cost is determined on a first-in-first-out basis and includes transport and handling costs where applicable. Provision is made for obsolete, slow-moving and defective stocks.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 10 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 11 -
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.
Both current and deferred tax items are calculated using the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. This means using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company administers a group personal pension plan on behalf of its employees which is a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
1.13
Leases
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis.
1.14
Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the profit and loss account as the related expenditure is incurred.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 12 -
2
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.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£'000
£'000
Turnover analysed by class of business
Provision of steel roll refurbishment services
4,573
5,125
2021
2020
£'000
£'000
Other significant revenue
Interest income
-
2
Grants received
144
13
2021
2020
£'000
£'000
Turnover analysed by geographical market
United Kingdom
4,573
5,125
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Fees payable to the company's auditor for the audit of the company's financial statements
17
30
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
42
43
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 13 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£'000
£'000
£'000
Cost
At 1 April 2020
2,786
17,049
19,835
Additions
7
265
272
Disposals
(1)
(1)
At 31 March 2021
2,793
17,313
20,106
Depreciation and impairment
At 1 April 2020
2,251
15,175
17,426
Depreciation charged in the year
85
511
596
At 31 March 2021
2,336
15,686
18,022
Carrying amount
At 31 March 2021
457
1,627
2,084
At 31 March 2020
535
1,874
2,409
7
Stocks
2021
2020
£'000
£'000
Stocks
89
126
8
Debtors
2021
2020
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
597
740
Other debtors
155
192
752
932
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 14 -
9
Creditors: amounts falling due within one year
2021
2020
Notes
£'000
£'000
Trade creditors
535
532
Amounts owed to group undertakings
232
177
Corporation tax
86
69
Other taxation and social security
186
191
Government grants
13
26
Accruals and deferred income
211
316
1,263
1,311
10
Retirement benefit schemes
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
Included within creditors is £12,541 (2020: £
1
1
,
448) in respect of unpaid contributions.
11
Provisions for liabilities
2021
2020
£'000
£'000
Deferred tax liabilities
12
184
206
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£'000
£'000
ACAs
186
211
Revaluations
(2)
(5)
184
206
2021
Movements in the year:
£'000
Liability at 1 April 2020
206
Credit to profit or loss
(22)
Liability at 31 March 2021
184
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
12
Deferred taxation
(Continued)
- 15 -
Deferred tax liabilities of £
7
6
,
655 are expected to unwind in 20
2
1-22, relating to the reversal of existing timing differences on tangible fixed assets and grant income.
13
Called up share capital
2021
2020
£'000
£'000
Issued and fully paid
2,000 Ordinary Shares of £1 each
2,000
2,000
14
Profit and loss reserves
2021
2020
£'000
£'000
At the beginning of the year
1,447
1,459
Profit for the year
119
488
Dividends declared and paid in the year
(350)
(500)
At the end of the year
1,216
1,447
15
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£'000
£'000
50
31
16
Capital commitments
Amounts contracted for but not provided in the financial statements:
2021
2020
£'000
£'000
Acquisition of tangible fixed assets
122
61
17
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
TEXTURING TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
17
Related party transactions
(Continued)
- 16 -
Sales
Purchases
2021
2020
2021
2020
£'000
£'000
£'000
£'000
Entities with control, joint control or significant influence over the company
4,562
5,061
306
301
Management charges to the company
2021
2020
£'000
£'000
Entities with control, joint control or significant influence over the company
260
131
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
232
177
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£'000
£'000
Entities with control, joint control or significant influence over the company
597
740
2021-03-31
2020-04-01
false
CCH Software
CCH Accounts Production 2021.300
Mr J Phillips
Mr M J Wixey
Mr P D Court
Mr J X Descamps
Mr M Duggan
Mr C Richards
Ms J L Williams
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core:LandBuildings
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core:PlantMachinery
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core:MotorVehicles
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core:LandBuildings
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core:WithinOneYear
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core:WithinOneYear
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core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
core:SaleOrPurchaseGoods
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core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
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core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity
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bus:PrivateLimitedCompanyLtd
2020-04-01
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02684488
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xbrli:pure
xbrli:shares
iso4217:GBP