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Registration number: 07465303

Technology To Go Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Technology To Go Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Technology To Go Limited

Company Information

Directors

Mr P J Ashby

Mr D G Tulip

Mr P Moore

Miss M M Rambridge

Company secretary

Mr P Moore

Registered office

31-33 Chapel Hill
Huddersfield
West Yorkshire
HD1 3ED

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

Technology To Go Limited

(Registration number: 07465303)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,003

1,098

Current assets

 

Stocks

5

590

590

Debtors

6

160,882

373,641

Cash at bank and in hand

 

56,951

50,254

 

218,423

424,485

Creditors: Amounts falling due within one year

7

(173,549)

(321,556)

Net current assets

 

44,874

102,929

Total assets less current liabilities

 

46,877

104,027

Provisions for liabilities

(381)

(208)

Net assets

 

46,496

103,819

Capital and reserves

 

Called up share capital

5,000

5,000

Retained earnings

41,496

98,819

Shareholders' funds

 

46,496

103,819

For the financial year ending 30 June 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 16 February 2024 and signed on its behalf by:
 

.........................................
Mr P Moore
Company secretary and director

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
31-33 Chapel Hill
Huddersfield
West Yorkshire
HD1 3ED
England

These financial statements were authorised for issue by the Board on 16 February 2024.

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.

The presentational currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Prior period errors

During the preparation of the current period's financial statements, it was noted that the prior years figures were incorrect in respect of the classification of the members contributions to the company on becoming members.

Legal advice was taken and the amount shown as share capital from members was not share capital and were amounts paid by members to the company and held in trust by the company for the benefit of the members. As a result, these amounts have been transferred from share capital to creditors.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Other creditors (increase)

-

165,500

-

Share capital (decrease)

-

165,500

-

    

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.

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Government grants

Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.

The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Office equipment

33% on 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs. and the amount due on redemption being recognised as a charge to ther profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

3,990

3,990

Additions

2,600

2,600

At 30 June 2023

6,590

6,590

Depreciation

At 1 July 2022

2,892

2,892

Charge for the year

1,695

1,695

At 30 June 2023

4,587

4,587

Carrying amount

At 30 June 2023

2,003

2,003

At 30 June 2022

1,098

1,098

5

stocks

2023
£

2022
£

Other inventories

590

590

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

157,140

171,963

Amounts owed by related parties

8

-

182,707

Other debtors

 

3,742

18,971

   

160,882

373,641

 

Technology To Go Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

131,115

140,570

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

37,117

-

Taxation and social security

 

1,152

1,291

Accruals and deferred income

 

2,666

2,748

Other creditors

 

1,499

176,947

 

173,549

321,556

8

Related party transactions

Summary of transactions with parent

NBG Network Group Limited (The company's parent undertaking)
 During the year the company received a loan by way of a debenture in the amount of £50,000 from NBG Network Group Limited. Interest is charged on the loan at a commercial rate and the loan is secured by a fixed and floating charge over the assets of the company. At the end of the year the amount of the loan outstanding was £30,000. Also during the year the company made other unsecured loans to NBG Network Group Limited which totalled £168,200 and the amount due to NBG Network Group Limited at 30 June 2023 was £24,700 (2022: £173,550 due from).
 

Summary of transactions with other related parties

NBG Limited (a fellow subsidiary of NBG Network Group Limited).
 During the year the company made sales of £5,454 (2022: £19,699) and was recharged expenses of £72,565 (2022; £59,205) from NBG Limited. At the balance sheet date the amount due (to)/from NBG Limited was £12,417 (2022: £9,157).


 

9

Parent and ultimate parent undertaking

The company's immediate parent is NBG Network Group Limited, incorporated in England & Wales.