TEEC Limited - Period Ending 2021-12-31
TEEC Limited - Period Ending 2021-12-31
Registration number:
TEEC Limited
for the Year Ended 31 December 2021
TEEC Limited
(Registration number: 05524457)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
924,609 |
880,757 |
|
Shareholders' funds |
924,709 |
880,857 |
TEEC Limited
(Registration number: 05524457)
Balance Sheet as at 31 December 2021
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
TEEC Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of IT services & solutions in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
TEEC Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
33.3% per annum of cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for IT services & solutions performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
TEEC Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Office equipment |
Total |
|
Cost or valuation |
||
At 1 January 2021 |
|
|
At 31 December 2021 |
|
|
Depreciation |
||
At 1 January 2021 |
|
|
Charge for the year |
|
|
At 31 December 2021 |
|
|
Carrying amount |
||
At 31 December 2021 |
|
|
At 31 December 2020 |
|
|
TEEC Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors |
Note |
2021 |
2020 |
|
Trade debtors |
|
|
|
Amounts owed by related undertakings |
|
|
|
Other debtors |
|
|
|
|
|
||
Less non-current portion |
( |
( |
|
Total current trade and other debtors |
|
|
Details of non-current trade and other debtors
£10,905 (2020 - £21,027) of other loans is classified as non current. Included within other debtors are other loans of £20,064 (£10,905 of which is due to be received more than one year after the balance sheet date).
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
TEEC Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Related party transactions |
Summary of transactions with key management
The EMEA Enterprise Company Limited (a company controlled by A N Abbs) recharged expenses of £49,333 (2020: £86,953) to the company. At the balance sheet date the amount due from The EMEA Enterprise Company Limited was £561,098 (2020: £301,672). |
Transactions with directors |
2021 |
At 1 January 2021 |
Advances to directors |
Repayments by director |
At 31 December 2021 |
M Germany |
||||
Director loan account |
|
|
( |
|
A N Abbs |
||||
Director loan account |
( |
|
( |
|
2020 |
At 1 January 2020 |
Advances to directors |
Repayments by director |
At 31 December 2020 |
M Germany |
||||
Director loan account |
|
|
( |
|
|
A Abbs (director) had a loan account with the company on which there is an obligation to pay interest at the HMRC official rate. At the balance sheet date the amount due from/(to) A Abbs was £8,266 (2020: £(5,597)).
M Germany (director) had a loan account with the company on which there is an obligation to pay interest at the HMRC official rate. The loan is repayable on demand and loan interest is repaid in priority to capital. At the balance sheet date the amount due from M Germany was £10,662 (2020: £12,965)
.