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REGISTERED NUMBER: 08068794 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPEECH PROCESSING SOLUTIONS UK LIMITED

SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SPEECH PROCESSING SOLUTIONS UK LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: R Braddock
Dr A Schmitt





REGISTERED OFFICE: 125 Old Broad Street
London
London
EC2N 1AR





REGISTERED NUMBER: 08068794 (England and Wales)





AUDITORS: Xeinadin Audit Ltd
12 Conqueror Ct
Sittingbourne
Kent
ME10 5BH

SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 4 689,124 595,133
Cash at bank 60,072 48,221
749,196 643,354
CREDITORS
Amounts falling due within one year 5 126,331 97,705
NET CURRENT ASSETS 622,865 545,649
TOTAL ASSETS LESS CURRENT LIABILITIES 622,865 545,649

PROVISIONS FOR LIABILITIES 61 433
NET ASSETS 622,804 545,216

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 199,998 199,998
Retained earnings 422,804 345,216
622,804 545,216

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





R Braddock - Director


SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Speech Processing Solutions UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

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 £.

Turnover
The company acts as a sales agent for its immediate parent undertaking. Turnover represents commission comprising the administrative cost of running the company plus 2% of net sales generated for the immediate parent undertaking and is recognised on an accruals basis.

SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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 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 other debtors and amounts owed by group undertakings, are initially
measured at transaction price including transaction costs and are subsequently carried at amortised cost
using the effective interest method.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been
affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the
present value of the estimated cash flows discounted at the asset’s original effective interest rate. The
impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire
or are settled, or when the company transfers the financial asset and substantially all the risks and rewards
of ownership to another entity, or if some significant risks and rewards of ownership are retained but
control of the asset has transferred to another party that is able to sell the asset in its entirety to an
unrelated third party.

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 trade and other creditors, are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s contractual obligations are
discharged, cancelled, or they expire.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of 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.


SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred 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 or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the lease
term.

Pension costs and other post-retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the
year. Differences between contributions payable in the year and contributions actually paid are shown as
either accruals or prepayments.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any
unused holiday entitlement is recognised in the period in which the employee's services are received.

Going concern
These financial statements have been prepared on a going concern basis, which assumes that the company l be able to continue to trade and meet its debts as they fall due for the foreseeable future, as a minimum for a period of at least twelve months from the date of approval of these financial statements.

The company had net current assets of £676,923 at the balance sheet date but is reliant on its parent company (Speech Processing Solutions GmbH) to provide cash flow funding during the year due to the business model under which it operates. The parent company has confirmed, through a letter of support, their intention to continue to support the company for a period of at least 12 months from the date of sign off of these financial statements.

The directors have reviewed relevant information pertaining to the parent company, together with the written undertaking obtained, and after making all other reasonable enquiries, are confident that the company will be able to meet its liabilities as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 676,923 588,468
Other debtors 12,201 6,665
689,124 595,133

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 5,503 3,927
Taxation and social security 39,036 36,715
Other creditors 81,792 57,063
126,331 97,705

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nick Hume FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Ltd

7. PARENT COMPANY

The company is a subsidiary of Speech Processing Solutions GmbH, which is the smallest group for which consolidated financial statements are prepared. The registered office of Speech Processing Solutions GmbH is Gutheil-Schoder-Gasse 8-12, 1100 Vienna, Austria.

8. 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.
The Senior statutory auditor was Nicholas Hume.
The auditor was Xeinadin Audit Limited.