31 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,292,573 239,452 1,532,025 486,615 324,634 811,249 720,776 805,958 121,214 9,091 130,305 108,761 5,740 114,501 15,804 12,453 xbrli:pure xbrli:shares iso4217:GBP 10897880 2023-09-01 2024-08-31 10897880 2024-08-31 10897880 2023-08-31 10897880 2022-09-01 2023-08-31 10897880 2023-08-31 10897880 2022-08-31 10897880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 10897880 bus:Director1 2023-09-01 2024-08-31 10897880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 10897880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-31 10897880 core:WithinOneYear 2024-08-31 10897880 core:WithinOneYear 2023-08-31 10897880 core:ShareCapital 2024-08-31 10897880 core:ShareCapital 2023-08-31 10897880 core:RetainedEarningsAccumulatedLosses 2024-08-31 10897880 core:RetainedEarningsAccumulatedLosses 2023-08-31 10897880 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-08-31 10897880 bus:Director1 2023-08-31 10897880 bus:Director1 2024-08-31 10897880 bus:Director1 2022-08-31 10897880 bus:Director1 2023-08-31 10897880 bus:Director1 2022-09-01 2023-08-31 10897880 bus:SmallEntities 2023-09-01 2024-08-31 10897880 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10897880 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10897880 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10897880 bus:FullAccounts 2023-09-01 2024-08-31 10897880 core:OfficeEquipment 2023-09-01 2024-08-31 10897880 core:OfficeEquipment 2023-08-31 10897880 core:OfficeEquipment 2024-08-31
COMPANY REGISTRATION NUMBER: 10897880
STECH TECHNOLOGY UK LIMITED
Filleted Unaudited Financial Statements
31 August 2024
STECH TECHNOLOGY UK LIMITED
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
STECH TECHNOLOGY UK LIMITED
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
720,776
805,958
Tangible assets
6
15,804
12,453
---------
---------
736,580
818,411
Current assets
Debtors
7
46,537
32,169
Restricted cash
8
93,605
252,885
Cash at bank and in hand
163,556
239,391
---------
---------
303,698
524,445
Creditors: amounts falling due within one year
9
1,832,817
3,109,620
------------
------------
Net current liabilities
1,529,119
2,585,175
------------
------------
Total assets less current liabilities
( 792,539)
( 1,766,764)
---------
------------
Net liabilities
( 792,539)
( 1,766,764)
---------
------------
Capital and reserves
Called up share capital
3,700,000
1,700,000
Profit and loss account
( 4,492,539)
( 3,466,764)
------------
------------
Shareholders deficit
( 792,539)
( 1,766,764)
------------
------------
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 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
STECH TECHNOLOGY UK LIMITED
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr C Sisman
Director
Company registration number: 10897880
STECH TECHNOLOGY UK LIMITED
Notes to the Financial Statements
Year ended 31 August 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 167-169 Great Portland Street, 5th Floor, London, W1W 5PF, England.
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'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company relies on the financial support of the Shareholder and Director who has confirmed his continued support. The director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover represents the invoiced value, net of Value Added Tax, of services provided to customers. Turnover is wholly derived from the principal activity of the business.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Office equipment
-
25% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 23 ).
5. Intangible assets
Development costs
£
Cost
At 1 September 2023
1,292,573
Additions
239,452
------------
At 31 August 2024
1,532,025
------------
Amortisation
At 1 September 2023
486,615
Charge for the year
324,634
------------
At 31 August 2024
811,249
------------
Carrying amount
At 31 August 2024
720,776
------------
At 31 August 2023
805,958
------------
6. Tangible assets
Equipment
£
Cost
At 1 September 2023
121,214
Additions
9,091
---------
At 31 August 2024
130,305
---------
Depreciation
At 1 September 2023
108,761
Charge for the year
5,740
---------
At 31 August 2024
114,501
---------
Carrying amount
At 31 August 2024
15,804
---------
At 31 August 2023
12,453
---------
7. Debtors
2024
2023
£
£
Other debtors
46,537
32,169
--------
--------
Other debtors includes the following:
2024 2023
£ £
Prepayments 32,169 41,662
Rent deposit 4,080
Pension fund 129
8. Restricted cash
2024
2023
£
£
Restricted cash
93,605
252,885
--------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
138,444
80,331
Social security and other taxes
45,658
34,069
Other creditors
1,648,715
2,995,220
------------
------------
1,832,817
3,109,620
------------
------------
Other Creditors includes the following:
2024 2023
£ £
Related company loan 119,386 18,056
Directors loan account 1,320,248 2,494,275
Accruals 32,094 207,953
Duty and gaming taxes 49,595 111,976
Customer funds 127,392 162,960
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr C Sisman
( 2,494,275)
1,174,027
( 1,320,248)
------------
------------
------------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr C Sisman
( 1,967,979)
( 526,296)
( 2,494,275)
------------
---------
------------
11. Related party transactions
At the year end the company owed to Stech European Ltd £8,404 (2023: £21,127) and Stech Technology Holding (CY) Limited £110,983 (2023: £3,070 debit owed by).
12. Controlling party
The company is controlled by Stech Technology Holding (CY) Limited, a company registered in Cyprus.