Company Registration No. 14082514 (England and Wales)
Theia Insights Ltd
Unaudited accounts
for the period from 1 June 2023 to 31 December 2023
Theia Insights Ltd
Unaudited accounts
Contents
Theia Insights Ltd
Company Information
for the period from 1 June 2023 to 31 December 2023
Company Number
14082514 (England and Wales)
Registered Office
Wellington House East Road
Petersfield
Cambridge
CB1 1BH
England
Theia Insights Ltd
Statement of financial position
as at 31 December 2023
Tangible assets
6,522
5,172
Cash at bank and in hand
27,930
2,568
Creditors: amounts falling due within one year
(189,727)
(82,713)
Net current liabilities
(159,719)
(80,145)
Net liabilities
(153,197)
(74,973)
Called up share capital
1
1
Profit and loss account
(153,198)
(74,974)
Shareholders' funds
(153,197)
(74,973)
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 September 2024 and were signed on its behalf by
Y Tian
Director
Company Registration No. 14082514
Theia Insights Ltd
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
Theia Insights Ltd is a private company, limited by shares, registered in England and Wales, registration number 14082514. The registered office is Wellington House East Road, Petersfield , Cambridge, CB1 1BH, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
These financial statements for the period from 1 June 2023 to 31 December 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition from FRS105 is 1 June 2023.
The financial statements have been prepared under the historical cost convention.
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
The company was still in its development phase during the reporting period and as such, it has not recognised any turnover for the period ended 31 December 2023.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
4 Years straight line
The financial statements have been prepared on the going concern basis. The directors believe the company has sufficient cash resources in order to meet its obligations, if and when, they fall due and the parent entity, Theia Insights, Inc. is committed to supporting the company in meeting its obligations, should it need to. It is for these reasons the directors are of the opinion that the financial statements should be prepared on the going concern basis.
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Theia Insights Ltd
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each reporting period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.
Contributions to defined contribution plans are expensed in the period to which they relate.
Taxation for the period comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Theia Insights Ltd
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
4
Tangible fixed assets
Computer equipment
5
Debtors
31/12/2023
31/05/2023
Amounts falling due within one year
6
Creditors: amounts falling due within one year
31/12/2023
31/05/2023
Trade creditors
3,348
4,519
Amounts owed to group undertakings and other participating interests
185,190
76,685
Loans from directors
1,189
1,509
Theia Insights Ltd
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
7
Share capital
31/12/2023
31/05/2023
Allotted, called up and fully paid:
100 Ordinary shares of £0.01 each
1
1
8
Transactions with related parties
During the year the company owed the director £1,189 (31 May 2023 £1,509). The loans are interest free and repayable on demand.
During the year the company owed it's US parent Theia Insights, Inc. £185,190 (31 May 2023 £76,685). The loans are interest free and repayable on demand.
The Ultimate controlling party is Theia Insights, Inc. whose registered office is 2055 Limestone Rd Ste 200-C Wilmington, Delaware, 19808, United States.
10
Average number of employees
During the period the average number of employees was 0 (31/05/2023: 3).