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Registration number: 06606865

Contemi UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Contemi UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Contemi UK Limited

Company Information

Directors

Mr G Subramanium

Mr A J Barker

Registered office

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

Auditors

Wenn Townsend
Chartered accountant & statutory auditor
30 St Giles'
Oxford
OX1 3LE

 

Contemi UK Limited

(Registration number: 06606865)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,690

4,841

Investments

5

13,179

13,179

 

15,869

18,020

Current assets

 

Debtors

6

1,252,211

1,483,203

Cash at bank and in hand

 

5,297

11,261

 

1,257,508

1,494,464

Creditors: Amounts falling due within one year

7

(297,594)

(561,750)

Net current assets

 

959,914

932,714

Total assets less current liabilities

 

975,783

950,734

Creditors: Amounts falling due after more than one year

7

-

(22,222)

Net assets

 

975,783

928,512

Capital and reserves

 

Called up share capital

8

280,000

280,000

Retained earnings

695,783

648,512

Shareholders' funds

 

975,783

928,512

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 15 July 2024 and signed on its behalf by:
 

Mr G Subramanium
Director

Mr A J Barker
Director

 
     
 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

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.

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 15 July 2024 was Lee Baker FCA, who signed for and on behalf of Wenn Townsend.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable using the performane model and when there is reasonable assurance that the company will comply with conditions attached to them.

 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises 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.

The over-provision for corporation tax relates to the research and development tax credit claimed for the prior year but received in the current year.

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

Fixtures and fittings

25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

139,957

139,957

At 31 December 2023

139,957

139,957

Depreciation

At 1 January 2023

135,116

135,116

Charge for the year

2,151

2,151

At 31 December 2023

137,267

137,267

Carrying amount

At 31 December 2023

2,690

2,690

At 31 December 2022

4,841

4,841

 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

13,179

13,179

Subsidiaries

£

Cost or valuation

At 1 January 2023

13,179

At 31 December 2023

13,179

Carrying amount

At 31 December 2023

13,179

At 31 December 2022

13,179

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Contemi Vietnam Company Limited

6th floor, Van Thanh Building
No. 602/27 Dien Bien Phu
Ward 22,Binh Thanh district
Ho Chi Minh City

Vietnam

Ordinary

100%

100%

Subsidiary undertakings

Contemi Vietnam Company Limited

The principal activity of Contemi Vietnam Company Limited is IT consultancy.

 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

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

10

1,239,324

1,401,990

Prepayments

 

9,743

29,022

Other debtors

 

3,144

52,191

 

1,252,211

1,483,203

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

22,222

66,667

Trade creditors

 

17,232

29,427

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

10

219,985

397,738

Taxation and social security

 

18,850

17,447

Accruals and deferred income

 

14,250

14,881

Other creditors

 

5,055

35,590

 

297,594

561,750

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

22,222

 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.10 each

2,800,001

280,000

2,800,001

280,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

22,222

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,222

66,667

The bank loan represents borrowing under the Coronavirus Business Interruption Loan Scheme and as per the terms of the loan agreement, the interest for the first twelve months is payable by the UK government. No liability towards this interest payable or the related government grant has been recognised in these financial statements for the current or prior years.

10

Related party transactions

Summary of transactions with related parties


Sales to Contemi Solutions AS £605,901 (2022 - £790,186)

At the year end the following amounts were due from / (to) related parties :-

Contemi Solutions Limited £15,565 (2022 - £15,862)
Contemi Solutions AS £1,197,522 (2022 - £1,360,067)
Contemi Trading Solutions (Australia) Pty Ltd £18,876 (2022 - £15,252)
Contemi Trading Solutions (London) Ltd £9 (2022 - £nil)
Contemi Trading Solutions (HK) Ltd (£6,845) (2022 - (£11,680))
Contemi Trading Solutions (Malaysia) Sdn Bhd £7,352 (2022 - £10,809)
Contemi Trading Solutions Pte Ltd (£12,081) (2022 - (£49,754))
3P Contemi Holdings Pte. Ltd (£9,616) (2022 - (£5,465))
Contemi Solutions (London) Ltd £nil (2022 - (£275,288))
Contemi Solutions Pte. Ltd. (£191,441) (2022 - (£55,551))

 

 

Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Parent and ultimate parent undertaking

The company's immediate parent is Contemi Holding AS, incorporated in Norway.

 The ultimate parent is Triple P Insurance Holding Pte Ltd, incorporated in Singapore.

  These financial statements are available upon request from the Bronoysund Register Centre.