TEEC Limited - Period Ending 2023-12-31

TEEC Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

TEEC Limited

(Registration number: 05524457)
Balance Sheet as at 31 December 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	106,290	5,820
Current assets
Debtors	5	980,417	884,932
Cash at bank and in hand		108,537	213,184
		1,088,954	1,098,116
Creditors: Amounts falling due within one year	6	(217,655)	(134,388)
Net current assets		871,299	963,728
Total assets less current liabilities		977,589	969,548
Provisions for liabilities		(16,582)	(1,455)
Net assets		961,007	968,093
Capital and reserves
Called up share capital		100	100
Retained earnings		960,907	967,993
Shareholders' funds		961,007	968,093

TEEC Limited

(Registration number: 05524457)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 May 2024 and signed on its behalf by:
 

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

TEEC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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 2023

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
Motor vehicles	15% 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

TEEC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4	Tangible assets

	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2023	116,414	-	116,414
Additions	8,030	98,000	106,030
At 31 December 2023	124,444	98,000	222,444
Depreciation
At 1 January 2023	110,594	-	110,594
Charge for the year	4,335	1,225	5,560
At 31 December 2023	114,929	1,225	116,154
Carrying amount
At 31 December 2023	9,515	96,775	106,290
At 31 December 2022	5,820	-	5,820

TEEC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current	Note	2023 £	2022 £
Trade debtors		222,231	138,526
Amounts owed by related parties	7	696,862	696,862
Prepayments		8,609	5,495
Other debtors		52,715	44,049
		980,417	884,932

Details of non-current trade and other debtors

£20,085 (2022 - £29,346) of other loans is classified as non current. Included within other debtors are other loans of £31,785 (£20,085 of which is due to be received more than one year after the balance sheet date).

6

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Trade creditors		12,727	23,095
Taxation and social security		69,533	64,253
Other creditors		135,395	47,040
		217,655	134,388

TEEC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7	Related party transactions

Summary of transactions with key management

The EMEA Enterprise Company Limited (a company controlled by A N Abbs) recharged expenses of £12,500 (2022: £10,833) to the company. At the balance sheet date the amount due from The EMEA Enterprise Company Limited was £696,862 (2022: £696,862).

Transactions with directors

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
M Germany
Director loan account	13,219	309	(2,130)	11,398
A N Abbs
Director loan account	-	6,000	-	6,000
M D Holton
Director loan account	6,115	21,746	(9,966)	17,895

2022	At 1 January 2022 £	Advances to director £	Repayments by director £	At 31 December 2022 £
M Germany
Director loan account	10,662	3,267	(710)	13,219
A N Abbs
Director loan account	8,266	45,000	(53,266)	-
M D Holton
Director loan account	9,374	701	(3,960)	6,115