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COMPANY REGISTRATION NUMBER: 09975808
Telasys Ltd
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Telasys Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Officers and professional advisers
1
Report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Telasys Ltd
Officers and Professional Advisers
The board of directors
Mr C Matthews-Clark
Mr L G Bennett
Registered office
Regus House
Malthouse Avenue
Cardiff Gate Business Park
Cardiff
CF23 8RU
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
National Westminster Bank Plc
207 Richmond Road
Roath
Cardiff
South Wales
CF24 3UX
Telasys Ltd
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Telasys Ltd
Year ended 31 January 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 January 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
20 January 2025
Telasys Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
85,960
79,723
Investments
6
101
101
--------
--------
86,061
79,824
Current assets
Stocks
297,303
233,500
Debtors
7
605,489
560,561
Cash at bank and in hand
187,885
377,900
------------
------------
1,090,677
1,171,961
Creditors: amounts falling due within one year
8
488,787
571,032
------------
------------
Net current assets
601,890
600,929
---------
---------
Total assets less current liabilities
687,951
680,753
Creditors: amounts falling due after more than one year
9
13,950
24,111
Provisions
21,490
19,930
---------
---------
Net assets
652,511
636,712
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
652,411
636,612
---------
---------
Shareholders funds
652,511
636,712
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 January 2024 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 .
Telasys Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr C Matthews-Clark
Mr L G Bennett
Director
Director
Company registration number: 09975808
Telasys Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Regus House, Malthouse Avenue, Cardiff Gate Business Park, Cardiff, CF23 8RU.
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' and Companies Act 2006.
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
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future and conclude there are no material uncertainties regarding going concern.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold improvements
-
Over lease term of 5 years
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Tangible assets
Leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
13,170
20,309
26,010
103,465
162,954
Additions
125
7,542
22,416
30,083
--------
--------
--------
---------
---------
At 31 January 2024
13,170
20,434
33,552
125,881
193,037
--------
--------
--------
---------
---------
Depreciation
At 1 February 2023
9,557
14,755
11,577
47,342
83,231
Charge for the year
2,634
1,396
3,179
16,637
23,846
--------
--------
--------
---------
---------
At 31 January 2024
12,191
16,151
14,756
63,979
107,077
--------
--------
--------
---------
---------
Carrying amount
At 31 January 2024
979
4,283
18,796
61,902
85,960
--------
--------
--------
---------
---------
At 31 January 2023
3,613
5,554
14,433
56,123
79,723
--------
--------
--------
---------
---------
6. Investments
Shares in group
£
Cost
At 1 February 2023 and 31 January 2024
101
----
Impairment
At 1 February 2023 and 31 January 2024
----
Carrying amount
At 31 January 2024
101
----
At 31 January 2023
101
----
Investments in group undertakings represent the cost of investment in the share capital of the subsidiary's, Connectx Limited and Telasys Limited (Ireland).
7. Debtors
2024
2023
£
£
Trade debtors
564,386
544,354
Other debtors
41,103
16,207
---------
---------
605,489
560,561
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,162
9,911
Trade creditors
300,434
333,272
Amounts owed to group undertakings
35,954
36,473
Social security and other taxes
80,814
119,290
Other creditors
61,423
72,086
---------
---------
488,787
571,032
---------
---------
Included within creditors are amounts owed to group undertakings of £35,954 (2023: £36,473). The liability has no fixed terms of repayment or interest charged.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,950
24,111
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
27,000
18,677
Later than 1 year and not later than 5 years
105,750
---------
--------
132,750
18,677
---------
--------