Strategic Communications Services Limited
Annual Report and Financial Statements
For the year ended 31 March 2022
Company Registration No. 05404228 (England and Wales)
Strategic Communications Services Limited
Company Information
Director
M M Perumal
(Appointed 25 March 2022)
Secretary
R M Sexton
Company number
05404228
Registered office
6 Braid Court
Lawford Road
Chiswick
London
W4 3HS
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
6 Braid Court
Lawford Road
Chiswick
London
W4 3HS
Strategic Communications Services Limited
Contents
Page
Director's report
1
Director's responsibilities statement
2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17
Strategic Communications Services Limited
Director's Report
For the year ended 31 March 2022
Page 1
The director presents his annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of a global consultancy helping clients in the areas of sales & leadership execution. Our focus is in the two primary areas: Capability Development and Applied Leadership.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Chambers
(Resigned 25 March 2022)
M M Perumal
(Appointed 25 March 2022)
Results and dividends
The results for the year are set out on page 7.
Auditor
The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director individually has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
M M Perumal
Director
Strategic Communications Services Limited
Director's Responsibilities Statement
For the year ended 31 March 2022
Page 2
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic Communications Services Limited
Independent Auditor's Report
To the Member of Strategic Communications Services Limited
Page 3
Opinion
We have audited the financial statements of Strategic Communications Services Limited (the 'company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Strategic Communications Services Limited
Independent Auditor's Report (Continued)
To the Member of Strategic Communications Services Limited
Page 4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Director's Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of director
As explained more fully in the Director's Responsibilities Statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Strategic Communications Services Limited
Independent Auditor's Report (Continued)
To the Member of Strategic Communications Services Limited
Page 5
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Strategic Communications Services Limited
Independent Auditor's Report (Continued)
To the Member of Strategic Communications Services Limited
Page 6
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.
Matthew Banton (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
5 October 2023
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Strategic Communications Services Limited
Statement of Comprehensive Income
For the year ended 31 March 2022
Page 7
2022
2021
as restated
Notes
£
£
Turnover
3
2,413,947
2,240,746
Cost of sales
(1,733,361)
(2,359,777)
Gross profit/(loss)
680,586
(119,031)
Administrative expenses
(318,957)
(222,509)
Operating profit/(loss)
361,629
(341,540)
Interest receivable and similar income
69,728
70,341
Profit/(loss) before taxation
431,357
(271,199)
Tax on profit/(loss)
5
93,053
Profit/(loss) for the financial year
524,410
(271,199)
Strategic Communications Services Limited
Balance Sheet
As at 31 March 2022
Page 8
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
2,821
5,239
Current assets
Debtors
7
3,528,195
3,571,769
Cash at bank and in hand
25,185
41,913
3,553,380
3,613,682
Creditors: amounts falling due within one year
8
(1,024,231)
(1,611,361)
Net current assets
2,529,149
2,002,321
Net assets
2,531,970
2,007,560
Capital and reserves
Called up share capital
10
285
285
Capital redemption reserve
315
315
Profit and loss reserves
2,531,370
2,006,960
Total equity
2,531,970
2,007,560
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
M M Perumal
Director
Company Registration No. 05404228
Strategic Communications Services Limited
Statement of Changes in Equity
For the year ended 31 March 2022
Page 9
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2020
285
315
2,576,484
2,577,084
Prior year adjustment
13
-
(298,325)
(298,325)
Balance at 1 April 2020 (as restated)
285
315
2,278,159
2,278,759
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
28,792
28,792
Prior year adjustment
13
-
-
(299,991)
(299,991)
Loss and total comprehensive income for the year (as restated)
-
-
(271,199)
(271,199)
Balance at 31 March 2021 (as restated)
285
315
2,006,960
2,007,560
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
524,410
524,410
Balance at 31 March 2022
285
315
2,531,370
2,531,970
Strategic Communications Services Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 10
1
Accounting policies
Company information
Strategic Communications Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Braid Court, Lawford Road, Chiswick, London, W4 3HS.
Strategic Communications Services Limited is a wholly owned subsidiary of TTEC Consulting (UK) Limited which in turn is a wholly owned subsidiary of TTEC Holdings, Inc. and the results of Strategic Communications Services Limited are included in the consolidated financial statements of TTEC Holdings, Inc., which are available from 6312 South Fiddler's Green Circle, Greenwood Village, Colorado, USA 80111.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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
Exemptions for qualifying entities under FRS 102
FRS 102 allows for a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the company's shareholders.
The company has taken advantage of the following exemptions:
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d);
The requirement of Section 33 Related Party Disclosures paragraph to disclose key management personel compensation; and
The exemption available under Section 33 Related Party Disclosures paragraph 33.1A not to disclose transactions with other wholly owned members of the group.
1.3
Going concern
The company has received written confirmation from its immediate parent undertaking and from its ultimate parent undertakingtrue, that they will continue to provide financial support to the company for a period of at least twelve months from the date of signing of these financial statements, to enable the company to meet its liabilities as they fall due.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 11
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The company recognises turnover when services have been provided, the amount can be reliably measured and it is probable that future economic benefits will flow to the entity.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. When services have been delivered but not yet billed by the balance sheet date, income is accrued. Where amounts are received in advance of delivery, income is deferred based on the percentage of services not yet completed.
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:
Computer Equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
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.
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 12
1.8
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 13
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revenue Recognition
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.
Recoverability of amount owed by group undertaking
Management have assessed the recoverability of amounts owed by group undertakings of £3,002,404 as detailed in note 7, based on current and forecast trading. The assumptions underlying the forecast trading may differ from the actual results.
3
Turnover and other revenue
The company's turnover derives solely from its principal activity.
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
2,413,947
2,240,746
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 14
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2021: 12).
2022
2021
Number
Number
Recharged staff
11
11
Directors
1
1
Total
12
12
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
1,032,845
1,686,620
Social security costs
141,080
190,772
Pension costs
38,756
44,401
1,212,681
1,921,793
The company has no other employees other than the directors. The costs included within wages and salaries are the recharged costs of staff employed by the parent company TTEC Consulting (UK) Limited.
5
Taxation
2022
2021
£
£
Deferred tax
Tax losses carried forward
(93,053)
The director does not expect a corporation tax charge to arise in those financial statements due to the availability of tax losses. The company has tax losses available for carry forward against future trading profits of £489,751 (2021: £929,949). A deferred tax asset, as detailed in note 9, has been recognised in respect of the tax losses that are expected to reverse within one year.
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 15
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
9,672
Depreciation and impairment
At 1 April 2021
4,433
Depreciation charged in the year
2,418
At 31 March 2022
6,851
Carrying amount
At 31 March 2022
2,821
At 31 March 2021
5,239
7
Debtors
2022
2021
as restated
Amounts falling due within one year:
£
£
Trade debtors
107,315
25,106
Amounts owed by group undertakings
3,002,404
3,094,696
Prepayments and accrued income
325,423
451,967
3,435,142
3,571,769
Deferred tax asset (note 9)
93,053
3,528,195
3,571,769
Amounts owed by group undertakings of £3,002,404 (2021: £3,094,696) are unsecured, repayable on demand and incur interest at 2%.
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 16
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
32,680
201,354
Amounts owed to group undertakings
890,196
1,270,844
Accruals and deferred income
101,355
139,163
1,024,231
1,611,361
Amounts owed to group undertakings of £890,196 (2021: £1,270,844) are interest free, unsecured and repayable on demand.
9
Deferred taxation
Deferred tax assets are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:
Assets
Assets
2022
2021
Balances:
£
£
Tax losses
93,053
-
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
285
285
285
285
The Ordinary shares confer on the holder the right to one vote per share in general meetings.
11
Parent company
The company's immediate parent company is TTEC Consulting (UK) Limited, a company registered in England and Wales.
The company is a subsidiary undertaking of TTEC Holdings, Inc., which is the ultimate parent undertaking and controlling party.
TTEC Holdings, Inc. is incorporated in the United States of America and copies of its group financial statements, which represents both the smallest and largest group into which the company is consolidated, are available from:
6312 South Fiddler's Green Circle
Greenwood Village
Colorado
USA 80111
Strategic Communications Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 17
12
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group with which it is party to the transactions.
13
Prior period adjustment
A prior year adjustment has been recognised in the year ended 31 March 2020 of £298,325 and a prior year adjustment has also been recognised in the year ended 31 March 2021 of £299,991 in respect of the reconciliation of the amounts owed by the parent undertaking, TTEC Consulting (UK) Limited.
The 2020 prior year adjustment has decreased amounts owed by group undertakings by £298,325, resulting in a £298,325 decrease in net assets at 31 March 2020, 2021 and 2022.
The 2021 prior year comparatives have therefore been adjusted with a £299,991 increase in cost of sales and increase in the loss for the year and a corresponding decrease in amounts owed by group undertakings. The 2021 prior year adjustment results in a £299,991 decease in net assets at 31 March 2021 and 31 March 2022.
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