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Registered number: 03928953









CYTA (UK) LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
CYTA (UK) LTD
REGISTERED NUMBER: 03928953

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
40,495
50,619

  
40,495
50,619

Current assets
  

Debtors: amounts falling due within one year
 6 
51,746
80,966

Cash at bank and in hand
 7 
965,327
934,190

  
1,017,073
1,015,156

Creditors: amounts falling due within one year
 8 
(35,807)
(47,614)

Net current assets
  
 
 
981,266
 
 
967,542

Total assets less current liabilities
  
1,021,761
1,018,161

  

Net assets
  
1,021,761
1,018,161


Capital and reserves
  

Called up share capital 
  
1,050,000
1,050,000

Profit and loss account
  
(28,239)
(31,839)

  
1,021,761
1,018,161


Page 1

 
CYTA (UK) LTD
REGISTERED NUMBER: 03928953
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Mr. Alexandros Alexandrou
Director

Date: 24 October 2023

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General Information

The company is wholly owned subsidiary of Cyprus Telecommunication Authority, a company owned by The Republic of Cyprus. The Principal activity of the company during the year was the provision of telecommunication services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets and depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.3
Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Equipment
-
20%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Taxation


Page 4

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
4.Taxation (continued)


Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  19% (2021 - 19%).



Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Tangible fixed assets





Equipment

£



Cost


At 1 January 2022
701,283



At 31 December 2022
701,283



Depreciation


At 1 January 2022
650,664


Charge for the year on owned assets
10,124



At 31 December 2022
660,788



Net book value



At 31 December 2022
40,495



At 31 December 2021
50,619


6.


Debtors

2022
2021
£
£


Trade debtors
34
34

Amounts owed by group undertakings
10,123
6,194

Other debtors - VAT refundable
15,205
24,958

Prepayments and accrued income
26,384
49,780

51,746
80,966


Page 5

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
965,327
934,190

965,327
934,190



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
23,207
35,854

Other creditors - Accountancy fees
12,600
11,760

35,807
47,614



9.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
965,327
934,190




Financial assets measured at fair value through profit or loss comprise of Cash at Bank.


10.


Related party transactions

The transaction between the company and Cyprus Telecommunication Authority being concluded under normal market conditions. 
During the year, the company generated revenue of £204,982 and received services amounted to £5,808 from Cyprus Telecommunication Authority. As at 31 December 2022, £10,123  was owed by Cyprus Telecommunication Authority. 

Page 6

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Controlling party

The ultimate holding company is Cyprus Telecommunication Authority, a company 100% owned  by the Republic of Cyprus with a registered office at: Telecommunication Street, P.O Box 24929, CY- 1396, Nicosia, Cyprus.
The ownership chart is as follows:
• Cyprus Telecommunication Authority a company wholly owned by the Republic of Cyprus.
• Digimed Communications Ltd  a company registered in Cyprus, and wholly owned by Cyprus Telecommunication Authority.  
• CYTA UK Ltd a company registered in the United Kingdom on 15 February 2000 and wholly owned  by Digimed Communications Ltd.
 


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 24 October 2023 by George Andrew Christodoulou (Senior statutory auditor) on behalf of Gilchrists AB LLP.

 
Page 7