Tech Angels Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 08563241 (England and Wales)

TECH ANGELS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L R Moxham

M D Smith

REGISTERED OFFICE:

Unit 5 40 Coldharbour Lane

Harpenden

Hertfordshire

AL5 4UN

REGISTERED NUMBER:

08563241 (England and Wales)

ACCOUNTANTS:

Miller & Co

Chartered Accountants

5 Imperial Court

Laporte Way

Luton

Bedfordshire

LU4 8FE

FIXED ASSETS

Tangible assets

5

1,251

733

CURRENT ASSETS

Debtors

6

22,899

19,308

Cash at bank and in hand

249,344

110,441

272,243

129,749

CREDITORS

Amounts falling due within one year

7

120,745

84,188

NET CURRENT ASSETS

151,498

45,561

TOTAL ASSETS LESS CURRENT
LIABILITIES

152,749

46,294

CREDITORS

Amounts falling due after more than one
year

8

(43,333

)

-

PROVISIONS FOR LIABILITIES

(238

)

-

NET ASSETS

109,178

46,294

CAPITAL AND RESERVES

Called up, paid and allotted share capital

100

Retained earnings

109,078

46,194

SHAREHOLDERS' FUNDS

109,178

46,294

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2022 and were signed on its behalf by:

Mrs L R Moxham - Director

1.	STATUTORY INFORMATION

Tech Angels 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, rounded to the nearest pound.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Income recognition

Income is recognised when services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets

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

Office equipment

-

33% on cost

Computer equipment

-

33% on cost

Government grants

Government grants are recognised using the performance model and are recognised in other income when the grants proceeds are received or receivable.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Office

Computer

equipment

Totals

£

COST

At 1 July 2020

2,479

279

2,758

Additions

1,466

-

1,466

At 30 June 2021

3,945

279

4,224

DEPRECIATION

At 1 July 2020

1,787

238

2,025

Charge for year

907

41

948

At 30 June 2021

2,694

279

2,973

NET BOOK VALUE

At 30 June 2021

1,251

-

1,251

At 30 June 2020

692

41

733

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Trade debtors

6,983

13,864

Other debtors

15,916

5,444

22,899

19,308

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

Bank loans and overdrafts

6,667

-

Trade creditors

4,427

11,211

Taxation and social security

68,841

63,403

Other creditors

40,810

9,574

120,745

84,188

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2021

2020

£

Bank loans

43,333

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

3,333

-

9.	RELATED PARTY DISCLOSURES

The directors operate loan accounts with the company.

During the year, one of the directors provided loans to the company in aggregate of £255. At the balance sheet date the director was owed £255.

The company also has a balance owing to the other director totalling £550.

10.

COVID 19

During the current accounting period the world was dramatically affected by the Covid-19 pandemic. The directors have reviewed the company's position at the balance sheet date and up to the date of signing these accounts and have concluded that there are no material post balance sheet event adjustments required to the carrying amounts of the company's assets and liabilities as a result of the pandemic. They also do not consider that there will be any material financial effect from the pandemic that will impact on the company's ability to continue as a going concern for a period of 12 months from the date of approval of these accounts.

Tech Angels Ltd - Accounts to registrar (filleted) - small 18.2

Tech Angels Ltd - Accounts to registrar (filleted) - small 18.2