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COMPANY REGISTRATION NUMBER: 04763126
Technology Leasing Limited
Filleted Unaudited Financial Statements
31 December 2023
Technology Leasing Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
4,000
Tangible assets
6
20,030
27,011
--------
--------
20,030
31,011
Current assets
Debtors
7
237,381
235,503
Cash at bank and in hand
10
4,649
---------
---------
237,391
240,152
Creditors: amounts falling due within one year
8
236,157
227,993
---------
---------
Net current assets
1,234
12,159
--------
--------
Total assets less current liabilities
21,264
43,170
Creditors: amounts falling due after more than one year
9
31,350
46,345
Provisions
3,806
6,348
--------
--------
Net liabilities
( 13,892)
( 9,523)
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
( 14,092)
( 9,723)
--------
-------
Shareholders deficit
( 13,892)
( 9,523)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Technology Leasing Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr S T Holdstock
Director
Company registration number: 04763126
Technology Leasing Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Englans and Wales. The address of the registered office is 18 Manor Courtyard, Hughenden Avenue, High Wycombe, Buckinghamshire, England, HP13 5RE
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors, the company continues to remain a going concern and the accounts have been prepared on that basis. Should this cease to be the case, the assets and liabilities would need to be restated to their recoverable amounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commissions, stated net of discounts and of Value Added Tax. Revenue from commissions is recognised when the contract has been agreed, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
40,000
--------
Amortisation
At 1 January 2023
36,000
Charge for the year
4,000
--------
At 31 December 2023
40,000
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
4,000
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
6,117
29,000
8,554
43,671
-------
--------
-------
--------
Depreciation
At 1 January 2023
255
10,422
5,983
16,660
Charge for the year
1,465
4,644
872
6,981
-------
--------
-------
--------
At 31 December 2023
1,720
15,066
6,855
23,641
-------
--------
-------
--------
Carrying amount
At 31 December 2023
4,397
13,934
1,699
20,030
-------
--------
-------
--------
At 31 December 2022
5,862
18,578
2,571
27,011
-------
--------
-------
--------
7. Debtors
2023
2022
£
£
Trade debtors
120
2,431
Other debtors
237,261
233,072
---------
---------
237,381
235,503
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,035
9,788
Trade creditors
5,040
5,364
Corporation tax
14,252
13,792
Social security and other taxes
68,873
63,269
Other creditors
137,957
135,780
---------
---------
236,157
227,993
---------
---------
Within creditors: amounts falling due within one year is a bank loan of £10,035 (2022: £9,788) which is secured by a partial guarantee from the UK government, which would only apply in the event that the company becomes unable to meet the repayments. There is also an amount of £4,960 (2022: £4,643) which is secured on the asset to which it relates.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,062
29,097
Other creditors
12,288
17,248
--------
--------
31,350
46,345
--------
--------
Within creditors: amounts falling due after more than one year is a bank loan of £19,062 (2022: £29,097) which is secured by a partial guarantee from the UK government, which would only apply in the event that the company becomes unable to meet the repayments. There is also an amount of £12,288 (2022: £17,248) which is secured on the asset to which it relates.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Hall
65,820
1,440
67,260
Mr S T Holdstock
124,262
32,123
( 31,200)
125,185
---------
--------
--------
---------
190,082
33,563
( 31,200)
192,445
---------
--------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Hall
64,529
1,291
65,820
Mr S T Holdstock
122,811
2,451
( 1,000)
124,262
---------
-------
-------
---------
187,340
3,742
( 1,000)
190,082
---------
-------
-------
---------
The directors loan accounts are repayable on demand. Interest is charged at the HMRC official rate.