TSL Technology Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02682533 (England and Wales)

TSL TECHNOLOGY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr M A Yuratich

E L Colley

REGISTERED OFFICE:

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

REGISTERED NUMBER:

02682533 (England and Wales)

BANKERS:

Royal Bank of Scotland

1 College Place

Southampton

Hampshire

SO15 2WS

FIXED ASSETS

Intangible assets

4

2,893,537

2,741,575

Tangible assets

5

42,735

56,032

Investments

6

488,842

488,842

3,425,114

3,286,449

CURRENT ASSETS

Stocks

18,930

785

Debtors

7

366,948

169,836

Cash at bank

30,519

225,180

416,397

395,801

CREDITORS

Amounts falling due within one year

8

(88,028

)

(136,671

)

NET CURRENT ASSETS

328,369

259,130

TOTAL ASSETS LESS CURRENT LIABILITIES

3,753,483

3,545,579

CAPITAL AND RESERVES

Called up share capital

2

2

Capital redemption reserve

1

1

Retained earnings

3,753,480

3,545,576

SHAREHOLDERS' FUNDS

3,753,483

3,545,579

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 19 April 2023 and were signed on its behalf by:

Dr M A Yuratich - Director

1.	STATUTORY INFORMATION

TSL Technology 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards 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 FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover - long term contracts

Turnover represents sales of services to external customers excluding value added tax.

Revenue is recognised depending on the type of contract undertaken:

1) The stage of completion is determined in accordance with reaching agreed milestones with the client. A prudent level of profit attributable to the contract activity is recognised if the final outcome of such contracts can be reliably assessed. An expected loss on a contract is recognised immediately in the income statement.

2) Once a certain level of activity has been undertaken and in agreement with the client, costs incurred to date are invoiced together with the agreed mark up.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property

-

Straight line over 10 years

Furniture and equipment

-

15% Reducing balance

Plant & machinery

-

15% Reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial assets

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 reviewed annually. All costs are written off in the year in which they are incurred and in line with when revenue is recognised.

If the expenditure is expected to have a future benefit to the company then research and development costs will be capitalised and amortised in line with the expected future cashflows.

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.

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.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 May 2021

4,353,368

Additions

652,555

At 30 April 2022

5,005,923

AMORTISATION

At 1 May 2021

1,611,793

Amortisation for year

500,593

At 30 April 2022

2,112,386

NET BOOK VALUE

At 30 April 2022

2,893,537

At 30 April 2021

2,741,575

5.	TANGIBLE FIXED ASSETS

Furniture

Improvements

and

Plant &

Computer

to property

equipment

machinery

equipment

Totals

£

£

£

£

£

COST

At 1 May 2021

17,746

59,741

109,061

75,368

261,916

Disposals

-

-

(22,435

)

-

(22,435

)

At 30 April 2022

17,746

59,741

86,626

75,368

239,481

DEPRECIATION

At 1 May 2021

7,411

46,619

76,737

75,117

205,884

Charge for year

1,773

1,971

4,034

83

7,861

Eliminated on disposal

-

-

(16,999

)

-

(16,999

)

At 30 April 2022

9,184

48,590

63,772

75,200

196,746

NET BOOK VALUE

At 30 April 2022

8,562

11,151

22,854

168

42,735

At 30 April 2021

10,335

13,122

32,324

251

56,032

6.	FIXED ASSET INVESTMENTS

Interest in

joint

venture

£

COST

At 1 May 2021

and 30 April 2022

488,842

NET BOOK VALUE

At 30 April 2022

488,842

At 30 April 2021

488,842

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

22,520

7,711

Other debtors

344,428

162,125

366,948

169,836

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

25,813

17,972

Taxation and social security

9,135

37,417

Other creditors

53,080

81,282

88,028

136,671

9.	LEASING AGREEMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £352,909 (2021: £19,079).

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alan Williams FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited