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Registration number: 05524457

TEEC Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

TEEC Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

TEEC Limited

(Registration number: 05524457)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

86,517

106,290

Current assets

 

Debtors

5

877,966

980,417

Cash at bank and in hand

 

189,717

108,537

 

1,067,683

1,088,954

Creditors: Amounts falling due within one year

6

(142,029)

(217,655)

Net current assets

 

925,654

871,299

Total assets less current liabilities

 

1,012,171

977,589

Provisions for liabilities

(21,629)

(16,582)

Net assets

 

990,542

961,007

Capital and reserves

 

Called up share capital

100

100

Retained earnings

990,442

960,907

Shareholders' funds

 

990,542

961,007

 

TEEC Limited

(Registration number: 05524457)
Balance Sheet as at 31 December 2024

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

These financial statements have been 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.

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:
 

.........................................
A N Abbs
Director

 

TEEC Limited

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 and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of IT services & solutions in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current tax payable and deferred tax.

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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

 

TEEC Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33.3% per annum of cost

Motor vehicles

15% per annum of cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for IT services & solutions performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 11 (2023 - 12).

 

TEEC Limited

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

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

124,444

98,000

222,444

At 31 December 2024

124,444

98,000

222,444

Depreciation

At 1 January 2024

114,929

1,225

116,154

Charge for the year

5,073

14,700

19,773

At 31 December 2024

120,002

15,925

135,927

Carrying amount

At 31 December 2024

4,442

82,075

86,517

At 31 December 2023

9,515

96,775

106,290

 

TEEC Limited

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

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

89,820

222,231

Amounts owed by related parties

7

737,077

696,862

Prepayments

 

7,270

8,609

Other debtors

 

43,799

52,715

   

877,966

980,417

Details of non-current trade and other debtors

£28,664 (2023 - £20,085) of other loans is classified as non current. Included within other debtors are other loans of £40,086 (£28,664 of which is due to be received more than one year after the balance sheet date).

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,093

12,727

Taxation and social security

38,802

69,533

Other creditors

94,134

135,395

142,029

217,655

 

TEEC Limited

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

7

Related party transactions

Summary of transactions with key management

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

M Germany

Director loan account

11,398

241

(3,905)

7,734

A N Abbs

Director loan account

6,000

13,152

-

19,152

M D Holton

Director loan account

17,895

7,376

(12,563)

12,708

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

M Germany

Director loan account

13,219

309

(2,130)

11,398

A N Abbs

Director loan account

-

6,000

-

6,000

M D Holton

Director loan account

6,115

21,746

(9,966)

17,895

Summary of transactions with other related parties

The EMEA Enterprise Company Limited (a company controlled by A N Abbs) recharged expenses of £16,667 (2023: £12,500) to the company. At the balance sheet date the amount due from The EMEA Enterprise Company Limited was £710,943 (2023: £696,862).

TEEC-Euro Services Limited (a company controlled by A N Abbs) had an loan account with the company in the period. At the balance sheet date the amount due from TEEC-Euro Services Limited was £26,134 (2023: £Nil).