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Registration number: 13441599

UTECH Global Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

UTECH Global Services Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

UTECH Global Services Ltd

(Registration number: 13441599)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,246

24,678

Current assets

 

Debtors

5

137,070

64,781

Cash at bank and in hand

 

40,145

10,557

 

177,215

75,338

Creditors: Amounts falling due within one year

6

(180,207)

(77,887)

Net current liabilities

 

(2,992)

(2,549)

Total assets less current liabilities

 

13,254

22,129

Creditors: Amounts falling due after more than one year

6

(17,000)

(17,000)

Net (liabilities)/assets

 

(3,746)

5,129

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(3,748)

5,127

Shareholders' (deficit)/funds

 

(3,746)

5,129

 

UTECH Global Services Ltd

(Registration number: 13441599)
Statement of Financial Position as at 31 December 2023 (continued)

For the financial year 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 7 June 2024 and signed on its behalf by:
 


Mr S Cardwell
Director


Mr G Osborne
Director

 

UTECH Global Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Cresva
Penpol
Devoran
Cornwall
TR3 6NA

Principal activity

The principal activity of the company is that of telecommunication services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

UTECH Global Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residue value of tangible assets the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

UTECH Global Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

UTECH Global Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

26,679

26,679

Additions

690

690

At 31 December 2023

27,369

27,369

Depreciation

At 1 January 2023

2,001

2,001

Charge for the year

9,122

9,122

At 31 December 2023

11,123

11,123

Carrying amount

At 31 December 2023

16,246

16,246

At 31 December 2022

24,678

24,678

5

Debtors

2023
£

2022
£

Trade debtors

78,787

56,721

Other debtors

53,627

1,245

Prepayments

4,656

6,815

137,070

64,781

 

UTECH Global Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

42,082

11,148

Taxation and social security

4,893

2,922

Accruals and deferred income

5,760

1,450

Other creditors

127,472

62,367

180,207

77,887

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other creditors

17,000

17,000

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

UTECH Global Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Director 1

(17,720)

(312)

(18,032)

Director 2

(424)

(312)

(736)

 

(18,144)

(624)

(18,768)

     

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director 1

(5,096)

5,000

(17,624)

(17,720)

Director 2

(112)

-

(312)

(424)

(5,208)

5,000

(17,936)

(18,144)