Registered number
05591980
Tekgem (UK) Limited
Filleted Accounts
31 March 2024
Tekgem (UK) Limited
Registered number: 05591980
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 101,034 34,589
Current assets
Debtors 4 345,929 240,830
Cash at bank and in hand 283,619 121,331
629,548 362,161
Creditors: amounts falling due within one year 5 (383,707) (124,473)
Net current assets 245,841 237,688
Total assets less current liabilities 346,875 272,277
Creditors: amounts falling due after more than one year 6 (4,814) (32,254)
Net assets 342,061 240,023
Capital and reserves
Called up share capital 2 2
Profit and loss account 342,059 240,021
Shareholders' funds 342,061 240,023
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Gemski
Director
Approved by the board on 29 July 2024
Tekgem (UK) Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 28 19
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 69,020
Additions 92,089
At 31 March 2024 161,109
Depreciation
At 1 April 2023 34,431
Charge for the year 25,644
At 31 March 2024 60,075
Net book value
At 31 March 2024 101,034
At 31 March 2023 34,589
4 Debtors 2024 2023
£ £
Trade debtors 321,854 218,506
Other debtors 24,075 22,324
345,929 240,830
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 27,440 25,111
Obligations under finance lease and hire purchase contracts 40,825 -
Trade creditors 37,128 -
Taxation and social security costs 138,839 67,422
Other creditors 139,475 31,940
383,707 124,473
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,814 32,254
7 Other information
Tekgem (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Netpark Thomas Wright Way
Sedgefield
Stockton-on-Tees
TS21 3FD
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