Tecknuovo Limited
Unaudited Financial Statements
For the year ended 30 June 2022
For Filing with Registrar
Company Registration No. 09611416 (England and Wales)
Tecknuovo Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Tecknuovo Limited
Balance Sheet
As at 30 June 2022
30 June 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
43,993
5,449
Tangible assets
4
50,317
46,109
94,310
51,558
Current assets
Debtors
5
8,471,985
4,667,811
Cash at bank and in hand
169,970
96,766
8,641,955
4,764,577
Creditors: amounts falling due within one year
6
(6,838,886)
(3,409,001)
Net current assets
1,803,069
1,355,576
Total assets less current liabilities
1,897,379
1,407,134
Creditors: amounts falling due after more than one year
7
(155,872)
(254,023)
Net assets
1,741,507
1,153,111
Capital and reserves
Called up share capital
8
4,000
4,000
Profit and loss reserves
1,737,507
1,149,111
Total equity
1,741,507
1,153,111
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Tecknuovo Limited
Balance Sheet (Continued)
As at 30 June 2022
30 June 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 7 September 2022 and are signed on its behalf by:
A Sargent
K Blackstone
Director
Director
Company Registration No. 09611416
Tecknuovo Limited
Notes to the Financial Statements
For the year ended 30 June 2022
Page 3
1
Accounting policies
Company information
Tecknuovo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20-22 Wenlock Road, London, N1 7GU.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has continued to trade profitably and grow in line with the directors’ expectation. Turnover grew from £23,514,084 to £30,273,119 with gross profits increasing in line from £5,952,277 to £8,076,412 and EBITDA growing from £1,501,500 to £4,174,342. The permanent headcount grew from 33 to 42 in the year. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
3 year straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 year straight line
Computer equipment
3 year straight line
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Tecknuovo Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
1
Accounting policies
(Continued)
Page 4
1.7
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 34 (2021: 22).
Tecknuovo Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 5
3
Intangible fixed assets
Website
£
Cost
At 1 July 2021
47,589
Additions
47,635
At 30 June 2022
95,224
Amortisation
At 1 July 2021
42,140
Amortisation charged for the year
9,091
At 30 June 2022
51,231
Carrying amount
At 30 June 2022
43,993
At 30 June 2021
5,449
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2021
82,816
Additions
28,910
At 30 June 2022
111,726
Depreciation
At 1 July 2021
36,707
Depreciation charged in the year
24,702
At 30 June 2022
61,409
Carrying amount
At 30 June 2022
50,317
At 30 June 2021
46,109
Tecknuovo Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 6
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,937,840
2,995,610
Other debtors
2,534,145
1,672,201
8,471,985
4,667,811
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
113,663
95,977
Trade creditors
128,941
38,491
Corporation tax
788,898
287,416
Other taxation and social security
356,131
208,635
Other creditors
5,451,253
2,778,482
6,838,886
3,409,001
Investec Capital Solutions No.1 Limited hold a fixed and floating charge over all assets of the company.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
155,872
254,023
Tecknuovo Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2022
Page 7
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
50,000 Ordinary A shares of 1p each
500
500
350,000 Ordinary B shares of 1p each
3,500
3,500
4,000
4,000
Ordinary A and B shares both have full voting, dividend and capital distribution rights. The ordinary A and B shares rank pari passu on winding up of the company.
The company has an Employee Management Incentive share option scheme for eligible employees. The options lapse 10 years after the date they were granted and are exercisable on sale of the company or at the discretion of the board. At 30 June 2022 there were 12,300 share options exercisable subject to the above conditions.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
143,700
143,700