Txtconnexions Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 04516100 (England and Wales)
Txtconnexions Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Txtconnexions Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,716
3,621
Current assets
Debtors
4
5,089,793
4,981,569
Cash at bank and in hand
1,422,617
1,283,433
6,512,410
6,265,002
Creditors: amounts falling due within one year
5
(262,834)
(335,448)
Net current assets
6,249,576
5,929,554
Net assets
6,252,292
5,933,175
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
6,252,291
5,933,174
Total equity
6,252,292
5,933,175

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

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 and signed by the director and authorised for issue on 5 September 2024
N D Jacobs
Director
Company Registration No. 04516100
Txtconnexions Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Txtconnexions Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Algate Tower Aldgate Tower (12th Floor), 2 Leman Street, London, England, E1 8FA.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.3
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:

Computer equipment
25% reducing balance

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.

1.4
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 current liabilities.

1.5
Financial instruments

Basic financial assets are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

 

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Txtconnexions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
Taxation

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

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.

1.8
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.

 

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
2
1
Txtconnexions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
7,586
Depreciation and impairment
At 1 January 2023
3,965
Depreciation charged in the year
905
At 31 December 2023
4,870
Carrying amount
At 31 December 2023
2,716
At 31 December 2022
3,621
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
46,728
61,660
Corporation tax recoverable
1,202,639
1,174,048
Other debtors
3,830,426
3,745,861
Prepayments and accrued income
10,000
-
0
5,089,793
4,981,569
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43,385
50,520
Corporation tax
127,268
194,881
Other taxation and social security
24,547
26,873
Other creditors
423
272
Accruals and deferred income
67,211
62,902
262,834
335,448
Txtconnexions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised, Issued and fully paid
1 Ordinary Share of £1
1
1
7
Controlling party

The company is controlled by the director, N.D. Jacobs, by virtue of owning the entire share capital of the company.

8
Related party transactions

At the balance sheet date the company was owed £3,830,426 (2022: £3,745,861) by N D Jacobs. The balance is made up of loans to N D Jacobs and expenses paid personally by N D Jacobs on behalf of the company which are periodically reimbursed. Interest of £81,903 (2022: £73,448) was charged on this debtor balance under market rate conditions.

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