REGISTERED NUMBER: 04255058 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

TEST PRODUCTS INTERNATIONAL EUROPE LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P Philpott

J Aleskus

Mrs S Aleskus

J McKenzie

Y D Lee

T Smith

J Atkinson

SECRETARY:

Prism Group Limited

REGISTERED OFFICE:

4 Heath Square

Boltro Road

Haywards Heath

West Sussex

RH16 1BL

BUSINESS ADDRESS:

Longley House

International Drive

Southgate Avenue

Crawley

RH10 6AQ

REGISTERED NUMBER:

04255058 (England and Wales)

ACCOUNTANTS:

Galloways Accounting Limited

30 New Road

Brighton

East Sussex

BN1 1BN

FIXED ASSETS

Intangible assets

4

9,444

28,330

Tangible assets

5

4,126

12,056

13,570

40,386

CURRENT ASSETS

Stocks

448,779

257,721

Debtors

6

282,621

268,568

Cash at bank and in hand

85,029

91,929

816,429

618,218

CREDITORS

Amounts falling due within one year

7

1,456,508

1,401,208

NET CURRENT LIABILITIES

(640,079

)

(782,990

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(626,509

)

(742,604

)

CAPITAL AND RESERVES

Called up share capital

8

34,483

34,483

Retained earnings

9

(660,992

)

(777,087

)

SHAREHOLDERS' FUNDS

(626,509

)

(742,604

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 11 April 2019 and were signed on its behalf by:

P Philpott - Director

1.	STATUTORY INFORMATION

Test Products International Europe Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

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.

Land and buildings

-

20% on cost

Plant and machinery etc

-

33% on cost and 25% on cost

Stocks

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

items.

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

Transactions in currencies, other than the functional currency of the company , are recorded at the rate of exchange on the

date of the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the

end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured

at historic cost in a foreign currency are not retranslated.

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 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its

estimated useful life of five years. Impairment of goodwill is reviewed where circumstances indicate that the carrying value

of an asset may not be fully recoverable.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the

directors of the ultimate parent company that they will continue to give financial support to the company for twelve months

from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the

financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts

may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide

for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities

that might be necessary should this basis not continue to be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

94,431

AMORTISATION

At 1 January 2018

66,101

Amortisation for year

18,886

At 31 December 2018

84,987

NET BOOK VALUE

At 31 December 2018

9,444

At 31 December 2017

28,330

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

and 31 December 2018

13,128

12,600

33,173

49,114

108,015

DEPRECIATION

At 1 January 2018

13,128

11,025

32,556

39,250

95,959

Charge for year

-

1,575

617

5,738

7,930

At 31 December 2018

13,128

12,600

33,173

44,988

103,889

NET BOOK VALUE

At 31 December 2018

-

-

-

4,126

4,126

At 31 December 2017

-

1,575

617

9,864

12,056

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

221,409

194,506

Other debtors

10,000

-

Tax

5,526

46,312

Prepayments and accrued income

45,686

27,750

282,621

268,568

The company has a recourse factoring agreement whereby it factors the majority of its trade debtors to factoring agent. The

gross amount of factored debts at the balance sheet date was £181,066 (2017-£150,936).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

32,722

19,621

Amounts owed to group undertakings

1,212,981

1,181,121

Social security and other taxes

15,821

11,054

VAT

14,907

7,258

Other creditors

154,139

146,359

Accrued expenses

25,938

35,795

1,456,508

1,401,208

Included in other creditors are advances from a factoring agent. The outstanding advances amount to £149,427 (2017 -

£124,550) at the balance sheet date and are secured on the trade debtors to which they relate.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

34,483

Ordinary

1

34,483

34,483

9.

RESERVES

Retained

earnings

£

At 1 January 2018

(777,087

)

Profit for the year

116,095

At 31 December 2018

(660,992

)

10.	OTHER FINANCIAL COMMITMENTS

The total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to

£186,386 (2017 - £102,359).

11.	RELATED PARTY DISCLOSURES

Test Products International Inc

The ultimate holding company.

During the period the company purchased goods of £977,060 (2017 - £729,244) from and made sales of £117,771 (2017

£111,855) and charged for services of £92,000 (2017 - £91,099) to Test Products International Inc.

The amount due to Test Products International Inc at the year end was £1,212,981 (2017 £1,181,120)

12.	CONSOLIDATED STATEMENTS

Test Products International Inc of registered office 9615 SW Allen Boulevard Suite 105, Beaverton, Oregon 97005 USA, is

the ultimate parent company and prepares consolidated financial statements of which the company is a part.