Company registration number 05950981 (England and Wales)
GA TELESIS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GA TELESIS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GA TELESIS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
$
$
$
$
Fixed assets
Tangible assets
4
351,631
420,228
Current assets
Debtors
5
3,348,142
3,752,789
Cash at bank and in hand
24,341
60,615
3,372,483
3,813,404
Creditors: amounts falling due within one year
6
(3,367,211)
(4,614,797)
Net current assets/(liabilities)
5,272
(801,393)
Net assets/(liabilities)
356,903
(381,165)
Capital and reserves
Called up share capital
393
393
Profit and loss reserves
356,510
(381,558)
Total equity
356,903
(381,165)

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 18 September 2024 and are signed on its behalf by:
Mr N Christie
Director
Company registration number 05950981 (England and Wales)
GA TELESIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

GA Telesis (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT.

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 are prepared in USD, 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
Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade. The validity of this basis is dependent on the continued support of the parent who has provided support throughout the year and to the date of this report. The directors have no reason to believe that this support will not continue or that the group will seek repayment of the amounts currently made available. The financial statements do not include any adjustments that would result from a withdrawal of the support of the parent.true

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue for the sale of goods is recognised when the title and risks of ownership are transferred to the customer. Title of the stock remains with the parent company, however the company remains free to set its own price and therefore considered to act as a principle in relation to the sales transactions. Accordingly, income is recorded gross. On completion of a sale, title of the resulting debtor is immediately passed to the parent company via the inter-group balance. From this point they become responsible for the collection of all cash and bear risks and rewards of ownership of the asset.

 

Turnover also includes transfer pricing marketing services income for the company's services performed for the parent company which is calculated using the cost plus method applied to the sales personnel's payroll related costs.

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:

Leasehold improvements
Shorter of the lease term or the useful life of the asset
Plant and equipment
5-10 years
Fixtures and fittings
3-5 years
Computers
3-5 years
GA TELESIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

1.7
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 provisions 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 intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GA TELESIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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.

1.9
Employee benefits

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 an employee or to provide termination benefits.

1.10
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.

1.11

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit. The exchange rate used to prepare these financial statements was £1:$1.27303 (2022: 1.2097)

1.12

Related party transactions

The company has taken advantage of the exemption as per paragraph 33.1A of FRS 102, "Related Party Disclosures" from disclosing group related party transactions under FRS 102. This is on the grounds that the company is a wholly owned subsidiary.

GA TELESIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements 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.

 

The directors consider that the company has no significant judgements, estimates or assumptions that would have a material impact on the financial statements.

3
Employees

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

2023
2022
Number
Number
Total
32
29
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
$
$
$
Cost
At 1 January 2023
429,964
554,629
984,593
Additions
6,905
3,064
9,969
At 31 December 2023
436,869
557,693
994,562
Depreciation and impairment
At 1 January 2023
144,947
419,418
564,365
Depreciation charged in the year
38,276
40,290
78,566
At 31 December 2023
183,223
459,708
642,931
Carrying amount
At 31 December 2023
253,646
97,985
351,631
At 31 December 2022
285,017
135,211
420,228

The company has fixed and floating charges against its assets related to financing arrangements held at group level.

GA TELESIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
2,628,827
2,974,391
Other debtors
502,177
362,374
3,131,004
3,336,765
2023
2022
Amounts falling due after more than one year:
$
$
Deferred tax asset
217,138
416,024
Total debtors
3,348,142
3,752,789
6
Creditors: amounts falling due within one year
2023
2022
$
$
Amounts owed to group undertakings
2,987,006
4,469,402
Other creditors
380,205
145,395
3,367,211
4,614,797
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:
Mark Gregory ACA
Statutory Auditor:
Fiander Tovell Limited
Date of audit report:
18 September 2024
GA TELESIS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
$
$
1,178,627
1,027,115
9
Related party transactions

As a wholly owned subsidiary of GA Telesis, LLC throughout the current year, the company is exempt from the requirements to disclose transactions with other wholly owned members of the group headed by GA Telesis, LLC.

 

During the year the following income was received in the normal course of business from related parties:

 

Entity name                Value of transactions in period

     $

GA Telesis Engine Services LLC             864,577

ANA Trading Corp USA                 117,800

 

Of the above, $11,889 remains outstanding at the year end.

10
Parent company

The immediate and ultimate parent company is GA Telesis, LLC incorporated in the United States, which is the smallest and largest group which consolidates these financial statements. Copies of the group financial statements can be obtained from GA Telesis, LLC, 1850 NW 49th Street, Fort Lauderdale, Florida, United States of America.

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