Registered number
06871677
Taotech (UK) Limited
Unaudited Filleted Accounts
30 April 2024
Taotech (UK) Limited
Registered number: 06871677
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 127,119 127,119
Current assets
Debtors 4 1,222 1,222
Cash at bank and in hand 19,971 14,191
21,193 15,413
Creditors: amounts falling due within one year 5 (29,271) (28,307)
Net current liabilities (8,078) (12,894)
Total assets less current liabilities 119,041 114,225
Creditors: amounts falling due after more than one year 6 (110,513) (112,913)
Net assets 8,528 1,312
Capital and reserves
Called up share capital 5 5
Profit and loss account 8,523 1,307
Shareholder's funds 8,528 1,312
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Glenn Jones
Director
Approved by the board on 31 January 2025
Taotech (UK) Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Research and development costs are charged to the profit and loss account as they are incurred. Assets used in the research and development process are capitised and measured at cost less accumutaive amortisation and any accumulated impairment losses. Assets are not amortised until they are brought into use. Amortisation is provided on all development assets calculated at rates to write off the cost, less estimated residual value, of the assets evenly over their expected useful life.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 127,119
At 30 April 2024 127,119
Depreciation
At 30 April 2024 -
Net book value
At 30 April 2024 127,119
At 30 April 2023 127,119
4 Debtors 2024 2023
£ £
Other debtors 1,222 1,222
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,400 2,400
Other creditors 26,871 25,907
29,271 28,307
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,731 7,131
Other loans 105,782 105,782
110,513 112,913
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 125,782 130,364
Secured loans 125,782 130,364
The loan is from Taotech GmBH and is secured upon stocks. The loan is in Euros and is repayable on demand on or after 30 June 2029 and is accruing interest at 1% per annum.
8 Related party transactions
During the period the company had the following related party transactions.
Transactions with entities with significant influence over the company
2024 2023
£ £
Amounts owed to related parties 125,782 130,364
Transactions with key management personnel
2024 2023
£ £
Consultancy fees 4,000 6,000
Amounts owed to related parties 1,843 2,783
9 Other information
Taotech (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Sandbach
Great Lumley
Chester le Street
Durham
DH3 4LL
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