REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CELER TECHNOLOGIES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
CELER TECHNOLOGIES LIMITED |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CELER TECHNOLOGIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditor |
264 Banbury Road |
Oxford |
OX2 7DY |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Celer Technologies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At 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. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Consolidation exemption |
The financial statements contain information about Celer Technologies Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is generated from either fixed monthly contract values of variable contracts dependant on the usage in the period in which it relates as well as adhoc services. Income is recognised evenly over the relevant period it relates to and when the service is provided. Turnover is shown net of discounts, rebates and value added taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs, other post-retirement and employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part fo the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of the employee or to provide termination benefits |
Investments |
Investments are recognised at market value based on an independent valuation of the shares. |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Leases |
Rentals payable under operating leases, including any lease incentives received, are charged to the profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
Judgments and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors' are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements have had the most significant effect on the amounts recognised in the financial statements. |
Contract incentives |
The company has several fixed term contracts spanning more than one year that include periodic price increases. The directors apply judgement to determine whether these increases represent inflationary and/or expected product improvements or whether they represent incentives provided to customers. When it is deemed that these periodic increases represent inflationary and/or expected product improvements, income is recognised in line with the invoice. However, where the price increases represent the unwinding of incentives, the relevant incentive is spread over the term of the contract. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 | 4,704 |
NET BOOK VALUE |
At 31 December 2023 | 4,704 |
At 31 December 2022 | 4,704 |
Cost or valuation at 31 December 2023 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2020 | - | 1,886,404 | 1,886,404 |
Valuation in 2021 | - | (1,317,655 | ) | (1,317,655 | ) |
Valuation in 2022 | - | (568,749 | ) | (568,749 | ) |
Cost | 1,228 | 3,476 | 4,704 |
1,228 | 3,476 | 4,704 |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 708 | 396 |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 184 | 184 |
B Ordinary | £0.00001 | 94 | 94 |
278 | 278 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
CELER TECHNOLOGIES LIMITED (REGISTERED NUMBER: 08284228) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption provided by FRS102 Section 33, not to disclose transactions and outstanding balances with 100% directly or indirectly controlled subsidiary undertakings which form part of the Celer group. |
As at the year end the company owed one of its directors £708 (2022: £396), this loan is interest free and repayable on demand. |
12. | POST BALANCE SHEET EVENTS |
Since the year end, the company has agreed a new operating lease for the business premises for £22,650 plus VAT per month with the term ending on 30 April 2025 |