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Registrar

Registration number: 09616121

Tellspec Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Tellspec Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 9

 

Tellspec Ltd

Company Information

Directors

I Correa

A J Gill

Registered office

Mountbatten House
1 Grosvenor Square
Southampton
Hampshire
S015 2JU

Bankers

Wise Payments Limited
Shoreditch
6th Floor
The Tea Buidling
56 Shoreditch High Street
London
E1 6JJ

Accountants

Lambert Chapman LLP
Chartered accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Tellspec Ltd

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

I Correa

A J Gill

Principal activity

The principal activity of the company is that of developing sensors for the health sector.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 4 April 2025 and signed on its behalf by:

I Correa
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Tellspec Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Tellspec Ltd for the year ended 31 December 2024 as set out on pages 4 to 9 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Tellspec Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Tellspec Ltd and state those matters that we have agreed to state to the Board of Directors of Tellspec Ltd, 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 Tellspec Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Tellspec Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Tellspec Ltd. You consider that Tellspec Ltd 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 accounts of Tellspec Ltd. 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 accounts.






Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

4 April 2025

 

Tellspec Ltd

(Registration number: 09616121)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

241

1,198

Current assets

 

Debtors

6

64,582

135,057

Cash at bank and in hand

 

175

13,245

 

64,757

148,302

Creditors: Amounts falling due within one year

7

(147,980)

(129,921)

Net current (liabilities)/assets

 

(83,223)

18,381

Net (liabilities)/assets

 

(82,982)

19,579

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(83,082)

19,479

Shareholders' (deficit)/funds

 

(82,982)

19,579

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 4 April 2025 and signed on its behalf by:
 

I Correa
Director

 

Tellspec Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

19,479

19,579

Loss for the year

-

(102,561)

(102,561)

At 31 December 2024

100

(83,082)

(82,982)


 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

136,018

136,118

Loss for the year

-

(116,539)

(116,539)

At 31 December 2023

100

19,479

19,579


 

 

Tellspec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Mountbatten House, 1 Grosvenor Square, Southampton, Hampshire, S015 2JU, United Kingdom.

These financial statements were authorised for issue by the Board on 4 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of sensors in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tellspec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Tellspec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Exceptional item

The exceptional item in the profit and loss account relates to a loan to a related party company which has been written off in the year.

5

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2024

3,169

3,169

Additions

115

115

Disposals

(2,986)

(2,986)

At 31 December 2024

298

298

Depreciation

At 1 January 2024

1,971

1,971

Charge for the year

302

302

Eliminated on disposal

(2,216)

(2,216)

At 31 December 2024

57

57

Carrying amount

At 31 December 2024

241

241

At 31 December 2023

1,198

1,198

6

Debtors

2024
£

2023
£

Trade debtors

27

24,329

Other debtors

64,555

110,728

64,582

135,057

 

Tellspec Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,927

6,388

Taxation and social security

2,447

9,594

Accruals and deferred income

1,660

2,325

Other creditors

140,946

111,614

147,980

129,921