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Registered number: 05317737
Microtalk Europe Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Connected Accounting Ltd
Institute of Chartered Accountants in England & Wales (ICAEW)
2 Victoria Square
Victoria Street
St Albans
Hertfordshire
AL1 3TF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05317737
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 510,692 404,898
Tangible Assets 5 49,049 31,309
559,741 436,207
CURRENT ASSETS
Debtors 6 536,282 504,655
Cash at bank and in hand 698,574 881,483
1,234,856 1,386,138
Creditors: Amounts Falling Due Within One Year 7 (591,397 ) (800,097 )
NET CURRENT ASSETS (LIABILITIES) 643,459 586,041
TOTAL ASSETS LESS CURRENT LIABILITIES 1,203,200 1,022,248
Creditors: Amounts Falling Due After More Than One Year 8 (131,944 ) (173,611 )
NET ASSETS 1,071,256 848,637
CAPITAL AND RESERVES
Called up share capital 9 1,100 1,100
Profit and Loss Account 1,070,156 847,537
SHAREHOLDERS' FUNDS 1,071,256 848,637
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Havel
Director
25/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Microtalk Europe Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05317737 . The registered office is Riverbank House, 1 Putney Bridge Approach, London, SW6 3JD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
Expenditure on the research phase of development costs are written off in the year, whilst development stage costs are capitalised where it is appropriate to recognise those costs as an asset, and amortised over an estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery straight line cost over 4 years
Motor Vehicles straight line cost over 8 years
Fixtures & Fittings straight line cost over 4 years
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4 3
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2023 495,201
Additions 165,066
As at 31 December 2023 660,267
Amortisation
As at 1 January 2023 90,303
Provided during the period (31,032 )
Reversal of past impairments 90,304
As at 31 December 2023 149,575
Net Book Value
As at 31 December 2023 510,692
As at 1 January 2023 404,898
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 January 2023 67,128 - 67,128
Additions 10,724 21,913 32,637
As at 31 December 2023 77,852 21,913 99,765
Depreciation
As at 1 January 2023 35,819 - 35,819
Provided during the period 14,277 620 14,897
As at 31 December 2023 50,096 620 50,716
Net Book Value
As at 31 December 2023 27,756 21,293 49,049
As at 1 January 2023 31,309 - 31,309
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Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 111,665 27,859
Prepayments and accrued income 55,567 -
Other debtors 369,050 476,796
536,282 504,655
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 108,327 56,067
Bank loans and overdrafts 41,667 41,667
Corporation tax - 142,099
Other taxes and social security 4,861 -
Other creditors 315,231 404,900
Accruals and deferred income 121,311 155,364
591,397 800,097
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 131,944 173,611
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,100 1,100
10. Related Party Transactions
During the reporting period, interim dividends of £Nil (2022:£500,000) were declared payable to the parent company. The balance included within other creditors at the reporting date was £250,267 (2022: £331,273).
During the reporting period, Microtalk USA LLC recharged costs of sale of £71,960 (2022: £51,725). At the reporting date, included within other debtors was the balance of £86,901 (2022: creditor (£36,045)).
Included within other creditors at the reporting date was a balance of £25,184 (2022: £16,386) owed to Microtalk Wholesale Limited.
Management charges of £41,493 (2022: £6,667) were charged to RSR Communications Limited during the reporting period.
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking and controlling party is Microtalk Group Holdings Limited . Microtalk Group Holdings Limited was incorporated in England & Wales. Exemption from consolidation is claimed under S.399 of Companies Act 2006 and Section 9.3 of FRS 102 Section 1A.
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