Company registration number 11088401 (England and Wales)
VECIMA TECHNOLOGY (UK) LIMITED
FORMERLY KNOWN AS CONCURRENT TECHNOLOGY (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
VECIMA TECHNOLOGY (UK) LIMITED
FORMERLY KNOWN AS CONCURRENT TECHNOLOGY (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VECIMA TECHNOLOGY (UK) LIMITED
FORMERLY KNOWN AS CONCURRENT TECHNOLOGY (UK) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,210,284
659,236
Cash at bank and in hand
42,576
26,915
1,252,860
686,151
Creditors: amounts falling due within one year
4
(705,539)
(180,599)
Net current assets
547,321
505,552
Capital and reserves
Called up share capital
5
480,880
480,880
Profit and loss reserves
66,441
24,672
Total equity
547,321
505,552
The notes on pages 2 to 4 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 12 July 2024 and are signed on its behalf by:
Mr D R Booth
Director
Company registration number 11088401 (England and Wales)
VECIMA TECHNOLOGY (UK) LIMITED
FORMERLY KNOWN AS CONCURRENT TECHNOLOGY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Vecima Technology (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bird & Bird Company Secretarial, 12 New Fetter Lane, LONDON, EC4A 1JP.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered the company's reliance on its ultimate parent company parent company, Vecima Networks (Canada) Inc, for financial support. The parent company has confirmed its intention to provide the necessary financial support to ensure that the company can meet its obligations as they fall due for at least the next twelve months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents a transfer pricing adjustment made in accordance with the intercompany agreement with other intergroup companies. This adjustment is determined based on a cost plus method. This method involves charging the parent company for costs incurred by the company, plus an agreed-upon markup of 9% to cover a fair return on the services provided to the Group.
The cost-plus markup is determined in accordance with the arm's length principle, ensuring compliance with applicable transfer pricing regulations and guidelines.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, are measured at transaction price and includes transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VECIMA TECHNOLOGY (UK) LIMITED
FORMERLY KNOWN AS CONCURRENT TECHNOLOGY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities on the basis that payment is due in one year or less. Trade creditors are recognised at transaction price.
1.5
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 4).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,206,501
655,471
Other debtors
274
252
Prepayments and accrued income
3,509
3,513
1,210,284
659,236
VECIMA TECHNOLOGY (UK) LIMITED
FORMERLY KNOWN AS CONCURRENT TECHNOLOGY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,342
1,700
Corporation tax
10,768
4,888
Other taxation and social security
15,104
9,363
Amounts owed to group undertakings
625,309
107,030
Accruals and deferred income
51,016
57,618
705,539
180,599
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
480,880
480,880
480,880
480,880
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Fagan FCCA
Statutory Auditor:
Craufurd Hale Audit Services Limited
Date of audit report:
15 July 2024
7
Related party transactions
The company has taken advantage of the exemption available to not disclose transactions and balances between wholly owned fellow group companies.
None of the directors were remunerated or received any benefits during the year (2022: £nil).
8
Parent company
The immediate parent company is Vecima Technology (Canada) Inc, a company incorporated in Canada.
The ultimate parent company is Vecima Networks Inc, a company incorporated in Canada.