2022-08-012023-12-312023-12-31false12774445TELESCOPE TECHNOLOGY 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TELESCOPE TECHNOLOGY LIMITED

Registered Number
12774445
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2023

TELESCOPE TECHNOLOGY LIMITED
Company Information
for the period from 1 August 2022 to 31 December 2023

Directors

CHAUDHARY, Humzah Shuaib
LASLETT, Oliver William, Dr

Registered Address

7 Bell Yard
London
WC2A 2JR

Registered Number

12774445 (England and Wales)
TELESCOPE TECHNOLOGY LIMITED
Balance Sheet as at
31 December 2023

Notes

31 Dec 2023

31 Jul 2022

£

£

£

£

Fixed assets
Tangible assets37,41714,692
7,41714,692
Current assets
Debtors4438,7351,108
Cash at bank and on hand23,7753,481
462,5104,589
Creditors amounts falling due within one year5(5,593)(771)
Net current assets (liabilities)456,9173,818
Total assets less current liabilities464,33418,510
Creditors amounts falling due after one year6(863,336)(589,808)
Net assets(399,002)(571,298)
Capital and reserves
Share premium1,338,165-
Profit and loss account(1,737,167)(571,298)
Shareholders' funds(399,002)(571,298)
The financial statements were approved and authorised for issue by the Board of Directors on 26 August 2024, and are signed on its behalf by:
CHAUDHARY, Humzah Shuaib
Director
LASLETT, Oliver William, Dr
Director

Registered Company No. 12774445
TELESCOPE TECHNOLOGY LIMITED
Notes to the Financial Statements
for the period ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on the going concern basis notwithstanding the fact that the company has a deficiency on shareholders' funds at the period end. The director considers the basis to be appropriate as the parent company, Telescope Technology Inc, has sufficient reserves to support the company to trade for a minimum of 12 months from the period end.
Turnover policy
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 rendering of services.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
2.Average number of employees

20232022
Average number of employees during the year65
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 August 2216,54316,543
Additions6,8096,809
Disposals(101)(101)
At 31 December 2323,25123,251
Depreciation and impairment
At 01 August 221,8511,851
Charge for year14,01614,016
On disposals(33)(33)
At 31 December 2315,83415,834
Net book value
At 31 December 237,4177,417
At 31 July 2214,69214,692
4.Debtors: amounts due within one year

2023

2022

££
Other debtors427,2231,108
Prepayments and accrued income11,512-
Total438,7351,108
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,832-
Taxation and social security553-
Other creditors884771
Accrued liabilities and deferred income2,324-
Total5,593771
6.Creditors: amounts due after one year

2023

2022

££
Amounts owed to related parties863,336589,808
Total863,336589,808
Included within Creditors amounts due after one year is an intercompany loan from the parent company, Telescope Technology Inc, based in the US.