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REGISTERED NUMBER: SC487373 (Scotland)




















Belteq Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






Belteq Limited (Registered number: SC487373)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Belteq Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R A Clark



REGISTERED OFFICE: 22a/4 Calton Road
Edinburgh
EH8 8DP



REGISTERED NUMBER: SC487373 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: Barclays
10-15 Princes Street
Edinburgh
EH2 2AN



SOLICITORS: Stuart & Co
16 Ravelston House Park
Edinburgh
EH4 3LU

Belteq Limited (Registered number: SC487373)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 965,277 847,074

CURRENT ASSETS
Debtors 5 351,687 377,338
Cash at bank 195,134 72,653
546,821 449,991
CREDITORS
Amounts falling due within one year 6 470,716 362,655
NET CURRENT ASSETS 76,105 87,336
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,041,382

934,410

PROVISIONS FOR LIABILITIES 234,093 158,758
NET ASSETS 807,289 775,652

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 807,189 775,552
807,289 775,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Belteq Limited (Registered number: SC487373)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 January 2025 and were signed by:





R A Clark - Director


Belteq Limited (Registered number: SC487373)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Belteq Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the provision of business software, development services, including the issue of software licence fees, excluding Value Added Tax.

Turnover is recognised when the services are delivered, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Belteq Limited (Registered number: SC487373)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Provisions for liability
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Belteq Limited (Registered number: SC487373)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023 2,176,829
Additions 452,727
At 31 March 2024 2,629,556
AMORTISATION
At 1 April 2023 1,329,755
Charge for year 334,524
At 31 March 2024 1,664,279
NET BOOK VALUE
At 31 March 2024 965,277
At 31 March 2023 847,074

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,763 135,545
Other debtors 230,924 241,793
351,687 377,338

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 41,957 49,440
Amounts owed to group undertakings 195,572 310,000
Other creditors 233,187 3,215
470,716 362,655

Included in other creditors is a loan of £195,572 (2023: £310,000) owed to BTEC Holdings Limited, the company's ultimate parent company. The balance is unsecured, interest free and repayable on demand.

7. ULTIMATE CONTROLLING PARTY

BTEC Holdings Limited (SC712209) is the company's ultimate parent company.