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Registration number: 13073324

THEO Technologies Ltd

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 29 June 2023

 

THEO Technologies Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

THEO Technologies Ltd

Company Information

Director

Mr R Theophanous

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
THEO Technologies Ltd
for the Period Ended 29 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of THEO Technologies Ltd for the period ended 29 June 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of THEO Technologies Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of THEO Technologies Ltd and state those matters that we have agreed to state to the Board of Directors of THEO Technologies Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than THEO Technologies Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that THEO Technologies Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of THEO Technologies Ltd. You consider that THEO Technologies Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of THEO Technologies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

16 October 2024

 

THEO Technologies Ltd

(Registration number: 13073324)
Balance Sheet as at 29 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

159,442

-

Tangible assets

5

2,680

3,574

 

162,122

3,574

Current assets

 

Stocks

6

14,500

-

Debtors

7

3,119

9,331

Cash at bank and in hand

 

17,396

39,382

 

35,015

48,713

Creditors: Amounts falling due within one year

8

(4,784)

(6,210)

Net current assets

 

30,231

42,503

Total assets less current liabilities

 

192,353

46,077

Provisions for liabilities

27,079

-

Net assets

 

219,432

46,077

Capital and reserves

 

Called up share capital

111

100

Share premium reserve

319,998

100,000

Retained earnings

(100,677)

(54,023)

Shareholders' funds

 

219,432

46,077

For the financial period ending 29 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

THEO Technologies Ltd

(Registration number: 13073324)
Balance Sheet as at 29 June 2023

Director's responsibilities:

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

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 October 2024
 

.........................................
Mr R Theophanous
Director

 

THEO Technologies Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 29 June 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:
1 Bond Street
Colne
Lancashire
BB8 9DG

These financial statements were authorised for issue by the director on 16 October 2024.

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.

Going concern

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

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 sales/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 current and deferred 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.

 

THEO Technologies Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 29 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Computer equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

20% straightline

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

THEO Technologies Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 29 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 6 (2022 - 4).

 

THEO Technologies Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 29 June 2023

4

Intangible assets

Development costs
 £

Total
£

Cost or valuation

Additions acquired separately

217,563

217,563

At 29 June 2023

217,563

217,563

Amortisation

Amortisation charge

58,121

58,121

At 29 June 2023

58,121

58,121

Carrying amount

At 29 June 2023

159,442

159,442

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

4,765

4,765

At 29 June 2023

4,765

4,765

Depreciation

At 1 July 2022

1,191

1,191

Charge for the period

894

894

At 29 June 2023

2,085

2,085

Carrying amount

At 29 June 2023

2,680

2,680

At 30 June 2022

3,574

3,574

6

Stocks

2023
£

2022
£

Other inventories

14,500

-

 

THEO Technologies Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 29 June 2023

7

Debtors

2023
£

2022
£

Other debtors

3,119

9,331

3,119

9,331

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

25

816

Accruals and deferred income

2,900

3,200

Other creditors

1,859

2,194

4,784

6,210