Silverfin false false 31/12/2023 01/01/2023 31/12/2023 C A A Bruneau 07/03/2023 K A Burgon 07/03/2023 T Y Burgon 07/03/2023 T J M Duburcq 07/03/2023 Tina Yuen Burgon 22 April 2024 The principal activity of the Company during the financial year was that of offering repair services of computers and peripheral equipment. 14711645 2023-12-31 14711645 bus:Director1 2023-12-31 14711645 bus:Director2 2023-12-31 14711645 bus:Director3 2023-12-31 14711645 bus:Director4 2023-12-31 14711645 core:CurrentFinancialInstruments 2023-12-31 14711645 core:Non-currentFinancialInstruments 2023-12-31 14711645 core:ShareCapital 2023-12-31 14711645 core:RetainedEarningsAccumulatedLosses 2023-12-31 14711645 core:OtherPropertyPlantEquipment 2022-12-31 14711645 2022-12-31 14711645 core:OtherPropertyPlantEquipment 2023-12-31 14711645 2023-01-01 2023-12-31 14711645 bus:FilletedAccounts 2023-01-01 2023-12-31 14711645 bus:SmallEntities 2023-01-01 2023-12-31 14711645 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 14711645 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14711645 bus:Director1 2023-01-01 2023-12-31 14711645 bus:Director2 2023-01-01 2023-12-31 14711645 bus:Director3 2023-01-01 2023-12-31 14711645 bus:Director4 2023-01-01 2023-12-31 14711645 bus:Director5 2023-01-01 2023-12-31 14711645 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 14711645 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 14711645 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 14711645 (England and Wales)

TEKHUB LTD

Unaudited Financial Statements
For the financial period ended 31 December 2023
Pages for filing with the registrar

TEKHUB LTD

Unaudited Financial Statements

For the financial period ended 31 December 2023

Contents

TEKHUB LTD

BALANCE SHEET

As at 31 December 2023
TEKHUB LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023
£
Fixed assets
Tangible assets 4 26,990
26,990
Current assets
Debtors 5 70,670
Cash at bank and in hand 23,285
93,955
Creditors: amounts falling due within one year 6 ( 241,603)
Net current liabilities (147,648)
Total assets less current liabilities (120,658)
Creditors: amounts falling due after more than one year 7 ( 70,000)
Net liabilities ( 190,658)
Capital and reserves
Called-up share capital 10
Profit and loss account ( 190,668 )
Total shareholders' deficit ( 190,658)

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tekhub Ltd (registered number: 14711645) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Tina Yuen Burgon
Director
TEKHUB LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 December 2023
TEKHUB LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Tekhub Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 14 Bourne Enterprise Centre Wrotham Road, Borough Green, Sevenoaks, TN15 8DG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Reporting period length

Period from incorporation 7th March 2023 to the 31st December 2023.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

31.12.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 6

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 0 0
Additions 27,565 27,565
At 31 December 2023 27,565 27,565
Accumulated depreciation
At 01 January 2023 0 0
Charge for the financial period 575 575
At 31 December 2023 575 575
Net book value
At 31 December 2023 26,990 26,990

5. Debtors

31.12.2023
£
Trade debtors 21,918
Other debtors 48,752
70,670

6. Creditors: amounts falling due within one year

31.12.2023
£
Trade creditors 216,440
Amounts owed to joint ventures 119
Other creditors 25,044
241,603

7. Creditors: amounts falling due after more than one year

31.12.2023
£
Amounts owed to joint ventures 70,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

31.12.2023
£
Total future minimum lease payments under non-cancellable operating lease 114,475

The company has future lease commitments in relation to an operating lease. The amount due within one year is £76,317.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

The company has taken advantage of the exemption in FRS 102 1A from disclosing transactions with other members of
the group.