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Registered number: 02205716
TESSELLATION ENTERPRISES UK LIMITED
Financial Statements
For The Year Ended 31 December 2023
Sloane & Co. LLP
Chartered Certified Accountants & Business Advisors
36-38 Westbourne Grove
Newton Road
London
W2 5SH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 02205716
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investments 5 - 123
- 123
CURRENT ASSETS
Debtors 6 4,108,604 4,002,129
Cash at bank and in hand 110,698 113,962
4,219,302 4,116,091
Creditors: Amounts Falling Due Within One Year 7 (3,405,352 ) (3,311,514 )
NET CURRENT ASSETS (LIABILITIES) 813,950 804,577
TOTAL ASSETS LESS CURRENT LIABILITIES 813,950 804,700
NET ASSETS 813,950 804,700
CAPITAL AND RESERVES
Called up share capital 8 100,000 100,000
Profit and Loss Account 713,950 704,700
SHAREHOLDERS' FUNDS 813,950 804,700
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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 Kai Yin Wong
Director
18 September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
TESSELLATION ENTERPRISES UK LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 02205716 . The registered office is 72 Newman Street, London, W1T 3EH.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Leasehold 5 years SLM
Fixtures & Fittings 3 to 5 years SLM
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 'basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an interntion to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.7. 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.
2.8. 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.
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: 3 (2022: 3)
3 3
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4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 19,730 48,620 68,350
As at 31 December 2023 19,730 48,620 68,350
Depreciation
As at 1 January 2023 19,730 48,620 68,350
As at 31 December 2023 19,730 48,620 68,350
Net Book Value
As at 31 December 2023 - - -
As at 1 January 2023 - - -
5. Investments
Unlisted
£
Cost
As at 1 January 2023 123
Disposals (123 )
As at 31 December 2023 -
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 123
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6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 5,177 7,080
Other debtors 4,477 -
VAT 5,052 3,549
Amounts owed by group undertakings 4,093,898 3,991,500
4,108,604 4,002,129
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 3,133 -
Corporation tax 1,829 -
Other creditors 7,008 112
Accruals and deferred income 16,800 8,400
Amounts owed to group undertakings 3,376,582 3,303,002
3,405,352 3,311,514
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100,000 100,000
9. Other Commitments
Operating lease payments represent rentals payable by the company for property at 72 Newman Street payable to Fine Silver Investments Limited. Leases are negotiated for an average term of 5 years and rentals are fixed for an average of 5 years from 2021 to 2026. All leases include a provision for five yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease term.
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 60,720 60,720
Later than one year and not later than five years 101,200 161,920
161,920 222,640
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10. Related Party Transactions
The company has taken advantage of the exemption available in accordance with Section33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
11. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
12. Parent Company
The company is a wholly owned subsidiary of Tessellation International Limited, a company incorporated in Hong Kong.
The ultimate parent company is Espranto Holdings Limited, a company incorporated in British Virgin Islands.
13. Audit Information
The auditors report on the account of TESSELLATION ENTERPRISES UK LIMITED for the year ended 31 December 2023 was unqualified
The auditor's report was signed by William Tang (Senior Statutory Auditor) for and on behalf of Accounting Tang Limited , Statutory Auditor
Accounting Tang Limited
8 Farm Avenue
London
SW16 2UT
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