TEEC Limited - Period Ending 2014-12-31

Registration number: 05524457

TEEC Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

TEEC Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

TEEC Limited
(Registration number: 05524457)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			906			1,454
Current assets
Debtors					116,069			46,177
Cash at bank and in hand					16,876			6,648
					132,945			52,825
Creditors: Amounts falling due within one year					(71,025)			(40,291)
Net current assets					61,920			12,534
Total assets less current liabilities					62,826			13,988
Capital and reserves
Called up share capital		3			92			92
Profit and loss account					62,734			13,896
Shareholders' funds					62,826			13,988

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 22 June 2015

.........................................
Mr A N Abbs
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

TEEC Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect IT services provided to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33.3% per annum of cost
Fixtures and fittings	25% per annum of cost

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		2,143			2,143
Additions		189			189
At 31 December 2014		2,332			2,332
Depreciation
At 1 January 2014		689			689
Charge for the year		737			737
At 31 December 2014		1,426			1,426
Net book value
At 31 December 2014		906			906
At 31 December 2013		1,454			1,454

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		92			92			92			92

4

Control

The company is controlled by Mr A N Abbs.

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