Company registration number 08567856 (England and Wales)
TODAYTEC UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TODAYTEC UK LIMITED
COMPANY INFORMATION
Directors
Mr H Liu
Mr J Liu
Company number
08567856
Registered office
Unit 27 Walkers Road
Manorside Industrial Estate
Redditch
Worcestershire
B98 9HE
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
TODAYTEC UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TODAYTEC UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
21,043
Current assets
Stocks
-
46,469
Debtors
4
384,429
749,660
Cash at bank and in hand
101,989
130,974
486,418
927,103
Creditors: amounts falling due within one year
5
(281,794)
(648,141)
Net current assets
204,624
278,962
Net assets
204,624
300,005
Capital and reserves
Called up share capital
6
255,444
255,444
Profit and loss reserves
(50,820)
44,561
Total equity
204,624
300,005

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 July 2024 and are signed on its behalf by:
Mr H  Liu
Director
Company registration number 08567856 (England and Wales)
TODAYTEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Todaytec UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 27 Walkers Road, Manorside Industrial Estate, Redditch, Worcestershire, United Kingdom, B98 9HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The trading operations of the company will cease within the next 12 months with all trading activities continuing through fellow group undertakings. The company is in the process of winding up operations with intensions to liquidate. The financial statements have therefore been prepared on a basis other than the going concern basis. This basis includes, where applicable writing the company's assets down to net realisable value. Provisions being made in respect of contracts which have become onerous at the reporting date and provisions being made for future costs of terminating the business unless such costs were committed at the balance sheet date.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Office equipment
50% straight line

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.

TODAYTEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to 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.

TODAYTEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
6
3
Tangible fixed assets
Plant and machinery etc
Office equipment
Total
£
£
£
Cost
At 1 January 2023
169,623
24,916
194,539
Disposals
(169,623)
(24,916)
(194,539)
At 31 December 2023
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2023
154,053
19,443
173,496
Depreciation charged in the year
3,358
3,652
7,010
Eliminated in respect of disposals
(157,411)
(23,095)
(180,506)
At 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
15,570
5,473
21,043
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
16,578
Amounts owed by group undertakings
374,482
686,713
Other debtors
9,947
46,369
384,429
749,660
TODAYTEC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,133
4,225
Amounts owed to group undertakings
226,337
560,942
Taxation and social security
-
0
19,616
Other creditors
40,324
63,358
281,794
648,141
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £63.86 each
4,000
4,000
255,444
255,444
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Colm McGrory FCA
Statutory Auditor:
Ormerod Rutter Limited
Date of audit report:
2 July 2024
2023-12-312023-01-01false02 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr H LiuMr J Liufalsefalse085678562023-01-012023-12-3108567856bus:Director12023-01-012023-12-3108567856bus:Director22023-01-012023-12-3108567856bus:RegisteredOffice2023-01-012023-12-31085678562023-12-31085678562022-12-3108567856core:OtherPropertyPlantEquipment2023-12-3108567856core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3108567856core:OtherPropertyPlantEquipment2022-12-3108567856core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-3108567856core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108567856core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108567856core:CurrentFinancialInstruments2023-12-3108567856core:CurrentFinancialInstruments2022-12-3108567856core:ShareCapital2023-12-3108567856core:ShareCapital2022-12-3108567856core:RetainedEarningsAccumulatedLosses2023-12-3108567856core:RetainedEarningsAccumulatedLosses2022-12-3108567856core:PlantMachinery2023-01-012023-12-3108567856core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-31085678562022-01-012022-12-3108567856core:OtherPropertyPlantEquipment2022-12-3108567856core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31085678562022-12-3108567856core:OtherPropertyPlantEquipment2023-01-012023-12-3108567856core:WithinOneYear2023-12-3108567856core:WithinOneYear2022-12-3108567856bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108567856bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3108567856bus:FRS1022023-01-012023-12-3108567856bus:Audited2023-01-012023-12-3108567856bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP