Company registration number 10130802 (England and Wales)
TECH PROFESSIONALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
TECH PROFESSIONALS LIMITED
COMPANY INFORMATION
Directors
Mr R Pattenden
Mrs C Pattenden
Secretary
Mr R Pattenden
Company number
10130802
Registered office
Suite 2, Charter House
25 High Street
Banbury
OX16 5EG
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
TECH PROFESSIONALS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
TECH PROFESSIONALS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TECH PROFESSIONALS LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tech Professionals Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Tech Professionals Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tech Professionals Limited and state those matters that we have agreed to state to the Board of Directors of Tech Professionals Limited, 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 Tech Professionals Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Tech Professionals Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tech Professionals Limited. You consider that Tech Professionals Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tech Professionals Limited. 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 financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
4 November 2024
TECH PROFESSIONALS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,163
21,913
Current assets
Debtors
5
6,984,549
4,645,638
Cash at bank and in hand
150,026
85,984
7,134,575
4,731,622
Creditors: amounts falling due within one year
6
(5,293,316)
(3,591,060)
Net current assets
1,841,259
1,140,562
Total assets less current liabilities
1,858,422
1,162,475
Creditors: amounts falling due after more than one year
7
(21,667)
(41,667)
Net assets
1,836,755
1,120,808
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
1,836,754
1,120,807
Total equity
1,836,755
1,120,808
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TECH PROFESSIONALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
Mr R Pattenden
Director
Company registration number 10130802 (England and Wales)
TECH PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Tech Professionals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 2, Charter House, 25 High Street, Banbury, OX16 5EG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
25% Reducing balance
Fixtures and fittings
25% Reducing balance
IT equipment
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TECH PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
41
28
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
276,164
153,648
TECH PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
IT equipment
Total
£
£
£
£
Cost
At 1 May 2023
18,927
5,449
10,970
35,346
Additions
2,413
2,413
At 30 April 2024
18,927
5,449
13,383
37,759
Depreciation and impairment
At 1 May 2023
5,915
1,633
5,885
13,433
Depreciation charged in the year
3,253
954
2,956
7,163
At 30 April 2024
9,168
2,587
8,841
20,596
Carrying amount
At 30 April 2024
9,759
2,862
4,542
17,163
At 30 April 2023
13,012
3,816
5,085
21,913
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,759,225
4,513,744
Other debtors
225,324
131,894
6,984,549
4,645,638
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,551,149
946,897
Trade creditors
2,987,927
1,638,085
Corporation tax
276,164
153,648
Other taxation and social security
119,319
132,648
Other creditors
358,757
719,782
5,293,316
3,591,060
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
21,667
41,667
TECH PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Shares of 1p each
1
1
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding rent commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
47,550
63,400
TECH PROFESSIONALS LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024
The following pages do not form part of the statutory financial statements