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Registered number: |
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Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets | |||||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 7 | ( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 8 | - | ( |
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Net assets/(liabilities) |
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Capital and reserves | |||||||
Called up share capital |
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Share premium |
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Profit and loss account |
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Shareholders' funds |
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Mohamed Elmasry | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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Statutory Information | ||||||||
Tactful LTD. is a private company limited by shares and registered in England and Wales, registered number 10279888. The company's registered office address is Stiriling House Business Center, Cambridge Innovation Park, Waterbeach, Cambridge, England, CB25 9QE. | ||||||||
Compliance with applicable reporting framework | ||||||||
The financial statements have been prepared in compliance with the FRS 102 section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard. | ||||||||
1 | Accounting policies | |||||||
Property, plant and equipment policy | ||||||||
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings. |
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Basis of preparation | ||||||||
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Intangible fixed assets | ||||||||
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Tangible fixed assets | ||||||||
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Freehold buildings | Over 50 years | |||||||
Leasehold land and buildings | Over the lease term | |||||||
Plant and machinery | Over 5 years | |||||||
Fixtures, fittings, tools and equipment | Over 5 years | |||||||
Computer Equipment | Over 3 years | |||||||
Investments | ||||||||
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Debtors | ||||||||
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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. | ||||||||
Creditors | ||||||||
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Taxation | ||||||||
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Provisions | ||||||||
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Foreign currency translation | ||||||||
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Leased assets | ||||||||
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Pensions | ||||||||
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Revenue recognition policy | ||||||||
Revenue is recognised to the extent that it is probable that the economic benefits will flow | ||||||||
to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: -The Company has transferred the significant risks and rewards of ownership to the buyer; -The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; -The amount of revenue can be measured reliably; -It is probable that the Company will receive the consideration due under the transaction; and -The costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: -The amount of revenue can be measured reliably; -It is probable that the Company will receive the consideration due under the contract; -The stage of completion of the contract at the end of the reporting period can be measured reliably; and -The costs incurred and the costs to complete the contract can be measured reliably. |
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Deferred tax policy | ||||||||
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are not discounted. |
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Research and development policy | ||||||||
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met.In order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives. |
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If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Development Costs are Amortised over 5 years. |
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Foreign currency translation and operations policy | ||||||||
The Company's functional and presentational currency is GBP. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each 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 period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit & Loss Account and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges. |
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Employee benefits policy | ||||||||
Pension Policies are: The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
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2 | Material debt-waiver | |||||||
On 22 December 2023, as a part of the change in parent entities, Tactful Ltd received a debt waiver from Destiny Group companies (previous ultimate parent). The waived amount of £3,267,584.94 consisted of intercompany balances and interest. This waiver was part of the divestment process when Tactful UK Holding Ltd acquired Tactful Ltd from Destiny UK Service Center Limited. The waived amount has been recognised as other operating income in the Profit & Loss Account for the year ended 31 December 2023. |
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3 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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4 | Intangible fixed assets | £ | ||||||
Development costs | ||||||||
Cost | ||||||||
Additions |
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At 31 December 2023 |
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Amortisation | ||||||||
At 31 December 2023 | - | |||||||
Net book value | ||||||||
At 31 December 2023 |
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Development costs from completed projects are amortised on straight line basis over its estimated economic life of 5 years. | ||||||||
5 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
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Cost | ||||||||
At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation | ||||||||
At 1 January 2023 |
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Charge for the period |
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At 31 December 2023 |
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Net book value | ||||||||
At 31 December 2023 |
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At 31 December 2022 |
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6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors |
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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. | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors |
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Taxation and social security costs |
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Other creditors |
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8 | Creditors: amounts falling due after one year | 2023 | 2022 | |||||
£ | £ | |||||||
Other creditors | - |
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9 | Related party transactions | |||||||
During the financial year 2023, Tactful Ltd engaged in various transactions with its associated companies and holding company within the Destiny Group. The nature and amounts of these transactions are detailed below: Intercompany Interest Transactions 1. Destilink Finco BV: £7,732.27 2. Destiny Automate: £112,970.52 3. Destilink BV: £4,007.65 Intercompany Balances As of December, 2023, the following intercompany balances were outstanding: 1. Destilink Finco BV: £200,000.00 2. Destiny Automate: £2,240,000.00 3. Destiny UK Service Center (Holding Company): £377,874.50 4. Destilink BV: £325,000.00 Divestment and Change of Ownership At the end of 2023, the Destiny Group made the decision to divest from Tactful Ltd. As a result, Tactful UK Holding Ltd acquired Tactful Ltd, assuming all associated liabilities and service commitments to its customers. This change in ownership marked the end of Tactful Ltd's status as a related party to the Destiny Group companies. Debt Waiver As part of sale agreement, On December 22, 2023 the Destiny Group waived the outstanding intercompany balances and interest owed by Tactful Ltd. This resulted in the recognition of exceptional income amounting to £3,267,584.94. |
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10 | Controlling party | |||||||
1. For most of 2023, Tactful Ltd was controlled by Destiny UK Service Center, which was part of the Destiny Group. Destiny UK Service Center served as the holding company for Tactful Ltd during this period. 2. At the end of 2023, the Destiny Group decided to divest. As a result of this decision: a. Tactful UK Holding Ltd acquired Tactful Ltd. b. The acquisition included all of Tactful Ltd's assets, liabilities, and service commitments to its customers. 3. Effective 28 December 2023, control of Tactful Ltd transferred to Tactful UK Holding Ltd. The change in the controlling party was accompanied by a debt waiver from the Destiny Group companies, as reflected in the company's financial statements reported as exceptional item. 5. As of 28 December 2023, Tactful Ltd is no longer controlled by or affiliated with the Destiny Group or any of its subsidiaries. 6. Tactful UK Holding Ltd is the ultimate controlling party as of the end of the 2023 financial year. |
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11 | Other information | |||||||
Registered office address; | ||||||||
Stiriling House Business Centre | ||||||||
Cambridge Innovation Park, Waterbeach | ||||||||
Cambridge | ||||||||
Cambridgeshire | ||||||||
CB25 9QE |