MIRA INFORM REPORT

 

 

Report No. :

322811

Report Date :

18.05.2015

 

IDENTIFICATION DETAILS

 

Name :

TINIUS OLSEN LIMITED

 

 

Formerly Known As :

HOUNSFIELD TEST EQUIPMENT LIMITED

 

 

Registered Office :

6 Perrywood Business Parkhoneycrock Lane , Salfordsredhillrh1 5DZ

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

31.12.1970

 

 

Com. Reg. No.:

00998521

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :
  • Manufacture of other special-purpose machinery n.e.c.
  • A group engaged as a producers of load test equipment.

 

 

No. of Employee :

61

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

 

Source : CIA

 

Company Name and address

 

TINIUS OLSEN LIMITED

 

Company No:

00998521

 

Registered Address:

6 PERRYWOOD BUSINESS PARKHONEYCROCK LANE , SALFORDSREDHILLRH1 5DZ

 

 

Company Summary

 

Registered Address

6 PERRYWOOD BUSINESS PARK HONEYCROCK LANE , SALFORDS REDHILL RH1 5DZ

Trading Address

Unit 5-6 Perrywood Business Park Honeycrock Lane, Salfords Redhill, Surrey RH1 5DZ

Website Address

http://www.tiniusolsen.com

 

 

Telephone Number

01737765001

Fax Number

 

TPS

No

FPS

No

Incorporation Date

31/12/1970

 

 

Previous Name

HOUNSFIELD TEST EQUIPMENT LIMITED

Type

Private limited with Share Capital

FTSE Index

--

Date of Change

05/01/2004

Filing Date of Accounts

29/08/2014

Currency

GBP

Share Capital

£18,000

SIC07

28990

Charity Number

--

 

 

SIC07 Description

MANUFACTURE OF OTHER SPECIAL-PURPOSE MACHINERY N.E.C.

Principal Activity

A group engaged as a producers of load test equipment.

 

 

Key Financials

 

Year to Date

Turnover

Pre Tax Profit

Shareholder

Funds Employees

31/12/2013

£5,546,824

-£186,381

£3,835,694

61

31/12/2012

£5,993,598

£291,293

£3,781,832

58

31/12/2011

£7,442,158

£483,585

£3,460,615

55

 

 

Mortgage Summary

 

Total Mortgage             3

Outstanding                 1

Satisfied                       2

 

 

Trade Debtors / Bad Debt Summary

 

Total Number of Documented Trade                 0

Total Value of Documented Trade                    £0

 

 

Commentary

 

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company has only made late payments on a low percentage of invoices.

The company has more cash than short term bank borrowings.

This company trades in an industry with a lower level of corporate failures.

 

 

CCJ

 

Total Number of Exact CCJs -

0

Total Value of Exact CCJs -

Total Number of Possible CCJs -

0

Total Value of Possible CCJs -

Total Number of Satisfied CCJs -

0

Total Value of Satisfied CCJs -

Total Number of Writs -

-

 

 

Total Current Directors

5

Total Current Secretaries

1

Total Previous Directors / Company Secretaries

12

 

 

Current Directors

 

Name

Pamela Mary Olive Woolford

Date of Birth

27/02/1954

Officers Title

Mrs

Nationality

British

Present Appointments

3

Function

Director

Appointment Date

11/09/2000

Address

6 Perrywood Business Park, Honeycrock Lane , Salfords, Redhill, Surrey, RH1 5DZ

 

Name

Martin John Wheeler

Date of Birth

14/05/1965

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

19/01/1998

Address

6 Perrywood Business Park, Honeycrock Lane , Salfords, Redhill, Surrey, RH1 5DZ

 

Name

Charles Robert Tait Iii

Date of Birth

30/12/1965

Officers Title

Mr

Nationality

American

Present Appointments

1

Function

Director

Appointment Date

21/01/2002

Address

6 Perrywood Business Park, Honeycrock Lane , Salfords, Redhill, Surrey, RH1 5DZ

 

Name

Mark Youings

Date of Birth

07/10/1971

Officers Title

Mr

Nationality

British

Present Appointments

1

Function

Director

Appointment Date

01/07/2008

Address

6 Perrywood Business Park, Honeycrock Lane , Salfords, Redhill, Surrey, RH1 5DZ

 

Name

Mark Steven Helton

Date of Birth

11/02/1967

Officers Title

Mr

Nationality

American

Present Appointments

1

Function

Director

Appointment Date

31/03/2013

Address

6 Perrywood Business Park, Honeycrock Lane , Salfords, Redhill, Surrey, RH1 5DZ

 

 

Current Company Secretary

 

Name

Pamela Mary Olive Woolford

Date of Birth

27/02/1954

Officers Title

Mrs

Nationality

British

Present Appointments

3

Function

Company Secretary

Appointment Date

02/01/1992

Address

6 Perrywood Business Park, Honeycrock Lane , Salfords, Redhill, Surrey, RH1 5DZ

 

 

Top 20 Shareholders

 

Name

Currency

Share Count

Share Type

Nominal Value

% of Total Share Count

TINIUS OLSEN INTERNATIONAL CO.

GBP

17,999

ORDINARY

1

99.99

TINIUS OLSEN TESTING MACHINE CO. INC.

GBP

1

ORDINARY

1

0.01

 

 

Profit & Loss

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Weeks

52

(%)

52

(%)

52

(%)

52

(%)

52

Currency

GBP

(%)

GBP

(%)

GBP

(%)

GBP

(%)

GBP

Consolidated A/cs

Y

(%)

Y

(%)

Y

(%)

Y

(%)

N

Turnover

£5,546,824

-7.5%

£5,993,598

-19.5%

£7,442,158

30.7%

£5,692,780

20.6%

£4,721,126

Export

-

-

-

-

-

-

-

-

-

Cost of Sales

£2,202,626

-1.4%

£2,234,499

-37.9%

£3,596,012

33.9%

£2,686,568

27.3%

£2,111,243

Gross Profit

£3,344,198

-11%

£3,759,099

-2.3%

£3,846,146

27.9%

£3,006,212

15.2%

£2,609,883

Wages & Salaries

£2,618,489

-7.1%

£2,819,617

10%

£2,563,841

20.6%

£2,125,594

4.7%

£2,030,855

Directors Emoluments

£531,561

9.7%

£484,587

-8.9%

£532,185

16%

£458,742

-5.8%

£486,877

Operating Profit

-£126,146

-135.8%

£352,283

-36.1%

£550,942

-1.2%

£557,763

287%

-£298,338

Depreciation

£124,715

-24.2%

£164,533

50.7%

£109,150

9.6%

£99,597

-30.1%

£142,524

Audit Fees

£52,828

24.5%

£42,417

5.3%

£40,286

26.1%

£31,950

3.2%

£30,950

Interest Payments

£64,845

-3.3%

£67,033

-6.8%

£71,919

-15.5%

£85,115

0%

£85,123

Pre Tax Profit

-£186,381

-164%

£291,293

-39.8%

£483,585

1.6%

£475,812

225.3%

-£379,884

Taxation

£36,082

160.9%

-£59,246

66.7%

-£177,779

-521.8%

£42,146

-

-

Profit After Tax

-£150,299

-164.8%

£232,047

-24.1%

£305,806

-41%

£517,958

236.3%

-£379,884

Dividends Payable

-

-

-

-

-

-

-

-

-

Retained Profit

-£19,094

-106.2%

£305,844

0%

£305,806

-41%

£517,958

236.3%

-£379,884

 

 

Balance Sheet

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Tangible Assets

£2,493,447

0.9%

£2,470,580

1.8%

£2,425,986

-0.4%

£2,435,252

-4.3%

£2,545,617

Intangible Assets

0

-

0

-

0

-

0

-

0

Total Fixed Assets

£2,493,447

0.9%

£2,470,580

1.8%

£2,425,986

-0.4%

£2,435,252

-4.3%

£2,545,617

Stock

£1,421,364

26.4%

£1,124,145

24.2%

£905,019

-20.5%

£1,137,876

-4.1%

£1,186,513

Trade Debtors

£549,926

-25.8%

£740,969

-27.2%

£1,017,590

21%

£841,276

-17.3%

£1,017,788

Cash

£1,304,351

-1.5%

£1,323,596

1%

£1,309,935

46.3%

£895,550

78%

£503,234

Other Debtors

£381,013

-30.6%

£549,075

-13.5%

£635,109

8.9%

£582,968

394.4%

£117,911

Miscellaneous Current Assets

0

-

0

-

0

-

0

-

0

Total Current Assets

£3,656,654

-2.2%

£3,737,785

-3.4%

£3,867,653

11.9%

£3,457,670

22.4%

£2,825,446

Trade Creditors

£427,812

-3.7%

£444,095

-14.1%

£517,008

-28.1%

£718,567

10.5%

£650,011

Bank Loans & Overdrafts

0

-

0

-

0

-

0

-

0

Other Short Term Finance

£97,986

-53.3%

£210,037

-29.1%

£296,149

64.1%

£180,503

4.8%

£172,224

Miscellaneous Current Liabilities

£754,001

15.7%

£651,605

-19.2%

£806,151

48%

£544,879

23.6%

£440,774

Total Current Liabilities

£1,279,799

-2%

£1,305,737

-19.4%

£1,619,308

12.1%

£1,443,949

14.3%

£1,263,009

Bank Loans & Overdrafts and LTL

£1,034,608

-7.7%

£1,120,796

-7.7%

£1,213,716

-12.2%

£1,382,232

-10.9%

£1,550,830

Other Long Term Finance

£1,034,608

-7.7%

£1,120,796

-7.7%

£1,213,716

-12.2%

£1,382,223

-10.9%

£1,550,830

Total Long Term Liabilities

£1,034,608

-7.7%

£1,120,796

-7.7%

£1,213,716

-12.2%

£1,382,232

-10.9%

£1,550,830

.

 

Capital & Reserves

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Called Up Share Capital

£18,000

-

£18,000

-

£18,000

-

£18,000

-

£18,000

P & L Account Reserve

£3,227,075

1.7%

£3,173,213

11.3%

£2,851,996

16%

£2,458,122

26.1%

£1,948,605

Revaluation Reserve

-

-

-

-

-

-

-

-

-

Sundry Reserves

£590,619

-

£590,619

-

£590,619

-

£590,619

-

£590,619

Shareholder Funds

£3,835,694

1.4%

£3,781,832

9.3%

£3,460,615

12.8%

£3,066,741

19.9%

£2,557,224

 

 

Other Financial Items

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Worth

£3,835,694

1.4%

£3,781,832

9.3%

£3,460,615

12.8%

£3,066,741

19.9%

£2,557,224

Working Capital

£2,376,855

-2.3%

£2,432,048

8.2%

£2,248,345

11.7%

£2,013,721

28.9%

£1,562,437

Total Assets

£6,150,101

-0.9%

£6,208,365

-1.4%

£6,293,639

6.8%

£5,892,922

9.7%

£5,371,063

Total Liabilities

£2,314,407

-4.6%

£2,426,533

-14.3%

£2,833,024

0.2%

£2,826,181

0.4%

£2,813,839

Net Assets

£3,835,694

1.4%

£3,781,832

9.3%

£3,460,615

12.8%

£3,066,741

19.9%

£2,557,224

 

 

Cash Flow

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Net Cashflow from Operations

£36,388

-92.9%

£512,943

-13.2%

£590,688

-10%

£656,446

822%

£71,196

Net Cashflow before Financing

-£11,374

-105.9%

£192,693

114.6%

£89,796

-50.8%

£182,644

633.9%

£24,888

Net Cashflow from Financing

-£15,451

91.4%

-£179,032

-238.7%

-£52,861

67%

-£160,328

-127.2%

-£70,571

Increase in Cash

-£26,825

-296.4%

£13,661

-63%

£36,935

65.5%

£22,316

148.8%

-£45,683

 

 

Miscellaneous

 

Date Of Accounts

31/12/13

(%)

31/12/12

(%)

31/12/11

(%)

31/12/10

(%)

31/12/09

Contingent Liability

NO

-

NO

-

NO

-

NO

-

NO

Capital Employed

£4,870,302

-0.7%

£4,902,628

4.9%

£4,674,331

5.1%

£4,448,973

8.3%

£4,108,054

Number of Employees

61

5.2%

58

5.5%

55

10%

50

-9.1%

55

 

 

Auditors

BDO LLP

Auditor Comments

The audit report contains no adverse comments

Bankers

NATIONAL WESTMINSTER BANK PLC

Bank Branch Code

 

 

Ratios

 

Date Of Accounts

31/12/13

31/12/12

31/12/11

31/12/10

31/12/09

Pre-tax profit margin %

-3.36

4.86

6.50

8.36

-8.05

Current ratio

2.86

2.86

2.39

2.39

2.24

Sales/Net Working Capital

2.33

2.46

3.31

2.83

3.02

Gearing %

27

29.60

35.10

45.10

60.60

Equity in %

62.40

60.90

55

52

47.60

Creditor Days

28.07

26.97

25.28

45.94

50.11

Debtor Days

36.08

45

49.77

53.79

78.47

Liquidity/Acid Test

1.74

2

1.82

1.60

1.29

Return On Capital Employed %

-3.82

5.94

10.34

10.69

-9.24

Return On Total Assets Employed %

-3.03

4.69

7.68

8.07

-7.07

Current Debt Ratio

0.33

0.34

0.46

0.47

0.49

Total Debt Ratio

0.60

0.64

0.81

0.92

1.10

Stock Turnover Ratio %

25.62

18.75

12.16

19.98

25.13

Return on Net Assets Employed %

-4.85

7.70

13.97

15.51

-14.85

 

 

Report Notes

 

There are no notes to display.

 

 

Status History

 

No Status History found

 

 

Event History

 

Date

Description

27/09/2014

Annual Returns

08/09/2014

New Accounts Filed

08/09/2014

New Accounts Filed

07/04/2014

Mr J.C. Ivory has left the board

05/10/2013

Annual Returns

24/05/2013

New Accounts Filed

24/05/2013

New Accounts Filed

17/04/2013

New Board Member Mr M.S. Helton appointed

11/04/2013

Mr J.P. Loftus has left the board

28/09/2012

Annual Returns

25/09/2012

New Accounts Filed

25/09/2012

New Accounts Filed

30/09/2011

Annual Returns

28/09/2011

New Accounts Filed

28/09/2011

New Accounts Filed

 

 

Previous Company Names

 

Date

Previous Name

05/01/2004

HOUNSFIELD TEST EQUIPMENT LIMITED

18/02/1985

MORLAND ENGINEERING LIMITED

 

 

Writ Details

 

No writs found

 

 

Statistics

 

Group

2 companies

Linkages

0 companies

Countries

In 0 countries

 

 

Summary

 

Holding Company

-

Ownership Status

Wholly Owned

Ultimate Holding Company

TINIUS OLSEN INTERNATIONAL CO

 

 

Group StructureFull

 

Company Name

Registered Number

Latest Key Financials

Consol. Accounts

Turnover

tminus TINIUS OLSEN INTERNATION...

N/A

-

-

L TINIUS OLSEN LIMITED

00998521

31.12.2013

Y

£5,546,824

 

 

Mortgage Details

 

Mortgage Type:

CHARGE

Date Charge Created:

30/09/92

Date Charge Registered:

09/10/92

Date Charge Satisfied:

20/01/96

Status:

SATISFIED

Person(s) Entitled:

N M ROTHSCHILD & SONS LIMITED

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEEUNDER THE TERMS OF THE FACILITY LETTER DATED 17TH SEPTEMBER 1992 AND/OR THIS CHARGE

Details:

LAND AND BUILDINGS K/A UNIT 5, PERRYWOOD PARK, HONEYCROCK LANE,SALFORDS, SURREY, PART OF T/NO. SY594311 FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURES FIXED PLANT AND MACHINERY

Mortgage Type:

LEGAL CHARGE

Date Charge Created:

29/06/90

Date Charge Registered:

06/07/90

Date Charge Satisfied:

-

Status:

OUTSTANDING

Person(s) Entitled:

TINIUS OLSEN INTERNATIONAL CO.

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMS OF THE PROMISSORY NOTE AND ON ANY ACCOUNT WHATSOEVER UNDER THE TERMS OF THE CHARGE

Details:

F/H PROPERTY AT UNIT 68 PERRYWOOD BUSINESS PARK, HONEYCROCK LANE SALFORDS, SURREY TOGETHER WITH ALLBUILDINGS & FIXTURES THEREON.

 

Mortgage Type:

DEBENTURE

Date Charge Created:

11/05/84

Date Charge Registered:

21/05/84

Date Charge Satisfied:

07/02/01

Status:

SATISFIED

Person(s) Entitled:

NATIONAL WESTMINSTER BANK PLC

Amount Secured:

ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER

Details:

A SPECIFIC EQUITABLE CHARGE OVER ALL F/H & L/H PROPERTIES AND/OR THE PROCEEDS OF SALE THEREOF. FIXEDAND FLOATING CHARGE OVER. UNDERTAKING AND ALL PROPERTY ANDASSETS PRESENT AND FUTURE INCLUDING GOODWILL & BOOK DEBTS

 

 

Previous Director/Company Secretaries

 

Name

Current Directorships

Previous Directorships

Gilda Hounsfield

0

1

James Coupland Hounsfield

0

1

Stanley Paul Hulbert

0

1

John Calvin Ivory

0

3

Brian Edward Stevens

0

2

Lance Gary Brake-Whitley

0

1

John A Millane

0

1

C Robert Tait

0

1

John T Murray

0

1

Joseph P Loftus

0

1

David Gregory Wheeler

0

1

Martin Robert Coupland Hounsfield

0

3

Average Invoice Value

Ł417.56

Invoices available

494

Paid

493

Outstanding

1

 

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

 

Within Terms

0-30 Days

31-60 Days

61-90 Days

91+ Days

Paid

124

337

30

1

1

Outstanding

0

1

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.100.30

Euro

1

Rs.72.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

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NB

                                       New Business

 

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This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.