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Company No: 04378430 (England and Wales)

URTEK HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

URTEK HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

URTEK HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
URTEK HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,867 12,307
Investments 4 182,717 182,666
198,584 194,973
Current assets
Debtors 5 544,929 374,019
Cash at bank and in hand 206,039 202,159
750,968 576,178
Creditors: amounts falling due within one year 6 ( 228,325) ( 43,796)
Net current assets 522,643 532,382
Total assets less current liabilities 721,227 727,355
Provision for liabilities ( 3,329) ( 5,181)
Net assets 717,898 722,174
Capital and reserves
Called-up share capital 7 94,731 94,731
Share premium account 23,375 23,375
Capital redemption reserve 13,560 13,560
Profit and loss account 586,232 590,508
Total shareholders' funds 717,898 722,174

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of UrTek Holdings Limited (registered number: 04378430) were approved and authorised for issue by the Board of Directors on 25 April 2025. They were signed on its behalf by:

J A Bishop
Director
URTEK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
URTEK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

UrTek Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Whitefriars C/O Riskaware Ltd, Lewins Mead, Bristol, BS1 2NT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Tangible assets

Leasehold improve-
ments
Office equipment Total
£ £ £
Cost
At 01 August 2023 115,053 28,602 143,655
Additions 8,551 547 9,098
At 31 July 2024 123,604 29,149 152,753
Accumulated depreciation
At 01 August 2023 110,378 20,970 131,348
Charge for the financial year 3,535 2,003 5,538
At 31 July 2024 113,913 22,973 136,886
Net book value
At 31 July 2024 9,691 6,176 15,867
At 31 July 2023 4,675 7,632 12,307

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 August 2023 182,666
Additions 51
At 31 July 2024 182,717
Carrying value at 31 July 2024 182,717
Carrying value at 31 July 2023 182,666

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.07.2024
Ownership
31.07.2023
RiskAware Limited Whitefriars, Lewins Mead, Bristol, BS1 2NT, United Kingdom Specialised software Ordinary 100.00% 100.00%
Level Studio Limited Whitefriars C/O Riskaware Ltd, Lewins Mead, Bristol, BS1 2NT, England, United Kingdom Web hosting, IT equipment & infrastructure Ordinary 100.00% 100.00%
Dynamic Intelligence Solutions Limited 5th Floor Whitefriars, Lewins Mead, Bristol, BS1 2NT, United Kingdom Artificial intelligence and machine learning Ordinary 51.00% 51.00%

5. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 511,429 353,019
Prepayments 12,500 0
Other debtors 21,000 21,000
544,929 374,019

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,821 5,340
Amounts owed to own subsidiaries 126,182 0
Amounts owed to directors 92 92
Accruals 53,787 7,791
Taxation and social security 42,902 29,609
Other creditors 3,541 964
228,325 43,796

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
94,731 Ordinary shares of £ 1.00 each 94,731 94,731

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 75,000 75,000
between one and five years 225,000 300,000
after five years 0 375,000
300,000 750,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 3,423 964

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts from a subsidiary company 114,501 114,501

The amount is interest free with no fixed date for repayment.

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to the directors 92 92

This amount is included within other creditors and is interest free with no fixed date for repayment.

During the year the Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.