Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalse2023-01-01No description of principal activity22true 03928953 2023-01-01 2023-12-31 03928953 2022-01-01 2022-12-31 03928953 2023-12-31 03928953 2022-12-31 03928953 c:Director10 2023-01-01 2023-12-31 03928953 c:Director11 2023-01-01 2023-12-31 03928953 d:MotorVehicles 2023-01-01 2023-12-31 03928953 d:OfficeEquipment 2023-01-01 2023-12-31 03928953 d:OfficeEquipment 2022-12-31 03928953 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03928953 d:OfficeEquipment d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 03928953 d:CurrentFinancialInstruments 2023-12-31 03928953 d:CurrentFinancialInstruments 2022-12-31 03928953 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03928953 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03928953 d:ShareCapital 2023-12-31 03928953 d:ShareCapital 2022-12-31 03928953 d:RetainedEarningsAccumulatedLosses 2023-12-31 03928953 d:RetainedEarningsAccumulatedLosses 2022-12-31 03928953 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 03928953 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03928953 c:FRS102 2023-01-01 2023-12-31 03928953 c:Audited 2023-01-01 2023-12-31 03928953 c:FullAccounts 2023-01-01 2023-12-31 03928953 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03928953 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03928953 2 2023-01-01 2023-12-31 03928953 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 03928953









CYTA (UK) LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CYTA (UK) LTD
REGISTERED NUMBER: 03928953

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
32,396
40,495

  
32,396
40,495

Current assets
  

Debtors: amounts falling due within one year
 6 
54,918
51,746

Cash at bank and in hand
 7 
938,357
965,327

  
993,275
1,017,073

Creditors: amounts falling due within one year
 8 
(37,187)
(35,807)

Net current assets
  
 
 
956,088
 
 
981,266

Total assets less current liabilities
  
988,484
1,021,761

  

Net assets
  
988,484
1,021,761


Capital and reserves
  

Called up share capital 
  
1,050,000
1,050,000

Profit and loss account
  
(61,516)
(28,239)

  
988,484
1,021,761


Page 1

 
CYTA (UK) LTD
REGISTERED NUMBER: 03928953
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 income and retained earnings 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 by: 



................................................
Mr. Alexandros Alexandrou
................................................
Mr. Nikos Stylianou
Director
Director


Date: 23 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General Information

The company is wholly owned subsidiary of Cyprus Telecommunication Authority, a company owned by The Republic of Cyprus. The Principal activity of the company during the year was the provision of telecommunication services.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Tangible fixed assets and depreciation

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.

Page 4

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Equipment
-
20%
Reducing Balance

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 profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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

Page 5

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially
Page 6

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


4.


Taxation



Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2022 - 19%).


Page 7

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
4.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Tangible fixed assets





Equipment

£



Cost


At 1 January 2023
701,282



At 31 December 2023
701,282



Depreciation


At 1 January 2023
660,787


Charge for the year on owned assets
8,099



At 31 December 2023
668,886



Net book value



At 31 December 2023
32,396



At 31 December 2022
40,495


6.


Debtors

2023
2022
£
£


Trade debtors
146
34

Amounts owed by group undertakings
28,727
10,123

Other debtors - VAT refundable
6,925
15,205

Prepayments and accrued income
19,120
26,384

54,918
51,746


Page 8

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
938,357
965,327

938,357
965,327



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,587
23,207

Accrued - Accountancy and audit fees
20,600
12,600

37,187
35,807



9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
938,357
965,327




Financial assets measured at fair value through profit or loss comprise of Cash at Bank.


10.


Related party transactions

The transaction between the company and Cyprus Telecommunication Authority being concluded under normal market conditions. 
During the year, the company generated revenue of £162,670 and received services amounted to £5,827 from Cyprus Telecommunication Authority. As at 31 December 2023, £28,727  was owed by Cyprus Telecommunication Authority. 

Page 9

 
CYTA (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Controlling party

The ultimate holding company is Cyprus Telecommunication Authority, a company 100% owned  by the Republic of Cyprus with a registered office at: Telecommunication Street, P.O Box 24929, CY- 1396, Nicosia, Cyprus.
The ownership chart is as follows:
• Cyprus Telecommunication Authority a company wholly owned by the Republic of Cyprus.
• Digimed Communications Ltd  a company registered in Cyprus, and wholly owned by Cyprus Telecommunication Authority.  
• CYTA UK Ltd a company registered in the United Kingdom on 15 February 2000 and wholly owned  by Digimed Communications Ltd.
 


12.


Auditor's information

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

The audit report was signed on 23 October 2024 by George Andrew Christodoulou (Senior statutory auditor) on behalf of Gilchrists AB LLP.

 
Page 10