Contemi UK Limited - Period Ending 2020-12-31

Contemi UK Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Contemi UK Limited

Company Information

Directors

Mr G Subramanium Mr J K Williams

Registered office

Enkalon House 86-92 Regent Road Leicester Leicestershire LE1 7DD

Auditors

Wenn Townsend Chartered accountant & statutory auditor 30 St Giles' Oxford OX1 3LE

Contemi UK Limited

(Registration number: 06606865)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	2,566	4,177
Investments	5	13,179	13,179
		15,745	17,356
Current assets
Debtors	6	970,669	690,883
Cash at bank and in hand		34,235	22,581
		1,004,904	713,464
Creditors: Amounts falling due within one year	7	(122,690)	(102,597)
Net current assets		882,214	610,867
Total assets less current liabilities		897,959	628,223
Creditors: Amounts falling due after more than one year	7	(155,556)	-
Net assets		742,403	628,223
Capital and reserves
Called up share capital	8	280,000	280,000
Profit and loss account		462,403	348,223
Shareholders' funds		742,403	628,223

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 Board on 28 May 2021 and signed on its behalf by:
 

Mr G Subramanium Director

Mr J K Williams Director

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Enkalon House 86-92
Regent Road
Leicester
Leicestershire
LE1 7DD

The principal place of business is:
Fountain House
2 Queens Walk
Reading
RG1 7QF
England

2	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.

Going concern

The group has considerable financial resources. The directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have considered the level of reserves held by the company and of the company's expected level of income and expenditure for 12 months from authorising these financial statements, including a revision of expectations for the potential impact of COVID-19 on the company. The directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. The directors have concluded that the forecast income and expenditure combined with the level of reserves held, are sufficient for the company to continue as a going concern and the financial statements have been prepared on this basis.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 May 2021 was Lee Baker FCA, who signed for and on behalf of Wenn Townsend.

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable using the performane model and when there is reasonable assurance that the company will comply with conditions attached to them.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

The over-provision for corporation tax relates to the research and development tax credit claimed for the prior year but received in the current year.

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
Fixtures and fittings	25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2019 - 13).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	131,742	131,742
At 31 December 2020	131,742	131,742
Depreciation
At 1 January 2020	127,565	127,565
Charge for the year	1,611	1,611
At 31 December 2020	129,176	129,176
Carrying amount
At 31 December 2020	2,566	2,566
At 31 December 2019	4,177	4,177

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

5	Investments

	2020 £	2019 £
Investments in subsidiaries	13,179	13,179

Subsidiaries	£
Cost or valuation
At 1 January 2020	13,179
At 31 December 2020	13,179
Carrying amount
At 31 December 2020	13,179
At 31 December 2019	13,179

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Contemi Vietnam Company Limited	2nd floor, PJICO Tower 186 Dien Bien Phu Street Ward 6, District 3 Ho Chi Minh City Socialist Republic of Vietnam	Ordinary	100%	100%

Subsidiary undertakings

Contemi Vietnam Company Limited The principal activity of Contemi Vietnam Company Limited is IT consultancy..

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

6

Debtors

	Note	2020 £	2019 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	912,574	575,224
Prepayments		20,770	20,770
Other debtors		37,325	94,889
		970,669	690,883

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	9	44,444	-
Trade creditors		12,722	21,218
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	25,228	-
Taxation and social security		17,350	29,816
Accruals and deferred income		19,426	44,671
Other creditors		3,520	6,892
		122,690	102,597

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	9	155,556	-

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £0.10 each	2,800,001	280,000.10	2,800,001	280,000.10

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2020

9	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	155,556	-

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	44,444	-

The bank loan represents borrowing under the Coronavirus Business Interruption Loan Scheme and as per the terms of the loan agreement, the interest for the first twelve months is payable by the UK government. No liability towards this interest payable or the related government grant has been recognised in these financial statements for the year ended 31 December 2020.

10	Related party transactions

Summary of transactions with related parties

Fellow group members include Contemi Solutions AS, Contemi Solutions Limited, Contemi Solutions (London) Limited, Contemi Solutions Pte. Ltd and 3P Contemi Holdings Pte. Ltd.
 
Sales to Contemi Solutions AS £1,236,971 (2019 - £1,365,000)

At the year end the following amounts were due from / (to) related parties :-

Contemi Solutions Limited £13,002 (2019 - £12,102)
Contemi Solutions AS £899,572 (2019 - £563,122)
3P Contemi Holdings Pte. Lted (£712) (2019 - £nil)
Contemi Solutions (London) Ltd (£23,516) (2019 - £nil)
Contemi Solutions Pte. Ltd. (£1,000) (2019 - £nil)
 

11	Parent and ultimate parent undertaking

The company's immediate parent is Contemi Holding AS, incorporated in Norway.

 The ultimate parent is Triple P Sea Financial Inclusion Fund, incorporated in Singapore.

  These financial statements are available upon request from the Bronoysund Register Centre.