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Registered number: 13789241









TETA GLOBAL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TETA GLOBAL LIMITED
REGISTERED NUMBER: 13789241

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,100,006
2,100,006

  
2,100,006
2,100,006

Current assets
  

Debtors: amounts falling due within one year
 6 
100,846
90,000

Cash at bank and in hand
 7 
868,994
95,347

  
969,840
185,347

Creditors: amounts falling due within one year
 8 
(790,175)
(75,662)

Net current assets
  
 
 
179,665
 
 
109,685

Total assets less current liabilities
  
2,279,671
2,209,691

  

Net assets
  
2,279,671
2,209,691


Capital and reserves
  

Called up share capital 
 9 
2,200,100
2,200,100

Profit and loss account
  
79,571
9,591

  
2,279,671
2,209,691


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




Ozgur Aydinli
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
TETA GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Teta Global Limited is a private company limited by share capital, incorporated in England and Wales, registration number 13789241. The address of the registered office is 291 Green Lanes, London N13 4XS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises of rents received by the company during the period.
Turnover is recognised in the period the rent relates to.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.4

Investment property

Investment property is carried at fair value determined annually by the Director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

 
TETA GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the company is required to make certain estimates, judgments and assumptions that it believes are reasonable based on the information available.These judgments, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.
Valuation of investment properties
The Director exercises judgment in his valuation of investment properties. Valuations are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.


4.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
2,100,006



At 31 December 2023
2,100,006

The 2023 valuations were made by the Director, on a fair value basis.








6.


Debtors

2023
2022
£
£

Page 3

 
TETA GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.Debtors (continued)


Trade debtors
88,912
90,000

Other debtors
8,060
-

Prepayments and accrued income
3,874
-

100,846
90,000



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
868,994
95,347

868,994
95,347



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
136
-

Amounts owed to group undertakings
2,577
1,900

Corporation tax
21,024
2,250

Other creditors
752,977
-

Accruals and deferred income
13,461
71,512

790,175
75,662



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,200,100 (2022 - 2,200,100) Ordinary shares of £1.00 each
2,200,100
2,200,100


Page 4

 
TETA GLOBAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

Included within turnover in the year is rental income of £119,975 (2022: £62,333) charged to a company under common control. Included within trade debtors at the period end is an amount of £88,912 (2022: £90,000) due to the company.
Included within Other Creditros at the year end is a loan of £273,094 (2022: £nil) due to the company Director. The loan is unsecured, free of interest and repayable on demand.
Included within Other Creditors at the year end is a loan amount of £479,883 (2022: £nil) due to an indirect shareholder and family member of the company Director. The loan is unsecured, free of interest and repayable on demand.


11.


Controlling party

The ultimate holding parent company is Gamateks Tekstil Sanayi Ve Ticaret A.S, a company incorporated in Turkiye. Company number 10141. Registered office Cumhuriyet Mahallesi, 1891 Sokak No:52 Pamukkale - Denizli, Turkiye. The company is under no overall controll.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Hasan Hurer BSc FCA (Senior Statutory Auditor) on behalf of Hurkan Sayman & Co.

 
Page 5