Silverfin false false 31/12/2024 01/01/2024 31/12/2024 S Leonard 18/06/2020 01 May 2025 The principal activity of the Company during the period was information technology services. 12680883 2024-12-31 12680883 bus:Director1 2024-12-31 12680883 core:CurrentFinancialInstruments 2024-12-31 12680883 core:CurrentFinancialInstruments 2023-12-31 12680883 2023-12-31 12680883 core:ShareCapital 2024-12-31 12680883 core:ShareCapital 2023-12-31 12680883 core:RetainedEarningsAccumulatedLosses 2024-12-31 12680883 core:RetainedEarningsAccumulatedLosses 2023-12-31 12680883 2024-01-01 2024-12-31 12680883 bus:FilletedAccounts 2024-01-01 2024-12-31 12680883 bus:SmallEntities 2024-01-01 2024-12-31 12680883 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 12680883 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12680883 bus:Director1 2024-01-01 2024-12-31 12680883 2023-01-01 2023-12-31 12680883 core:CurrentFinancialInstruments 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 12680883 (England and Wales)

COLLABTECH UK LIMITED

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

COLLABTECH UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

COLLABTECH UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
COLLABTECH UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTOR S Leonard
REGISTERED OFFICE Arena Offices Abbey House
282 Farnborough Road
Farnborough
GU14 7NA
United Kingdom
COMPANY NUMBER 12680883 (England and Wales)
ACCOUNTANT S&W Partners LLP
Portwall Place
Portwall Lane
Bristol
BS1 6NA
COLLABTECH UK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
COLLABTECH UK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Current assets
Debtors 3 27,859 27,321
Cash at bank and in hand 16,255 15,792
44,114 43,113
Creditors: amounts falling due within one year 4 ( 2,565,955) ( 2,111,573)
Net current liabilities (2,521,841) (2,068,460)
Total assets less current liabilities (2,521,841) (2,068,460)
Net liabilities ( 2,521,841) ( 2,068,460)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 2,521,842 ) ( 2,068,461 )
Total shareholder's deficit ( 2,521,841) ( 2,068,460)

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.

Director's responsibilities:

The financial statements of Collabtech UK Limited (registered number: 12680883) were approved and authorised for issue by the Director on 01 May 2025. They were signed on its behalf by:

S Leonard
Director
COLLABTECH UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
COLLABTECH UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Collabtech UK 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 Arena Offices Abbey House, 282 Farnborough Road, Farnborough, GU14 7NA, United Kingdom.

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional currency of Collabtech UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The financial statements have been prepared on a going concern basis.

The Company made a loss of £453,381 for the year (2023 - £681,780) and the Statement of Financial Position shows net liabilities of £2,521,841 at year end (2023 - £2,068,460).

The parent company and fellow subsidiary companies have confirmed that they will continue to support the company for at least the next 12 months from the date of signing these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

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 enacted or substantively enacted 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. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 9

3. Debtors

2024 2023
£ £
Trade debtors 16,576 16,532
Prepayments 6,267 4,135
Other debtors 5,016 6,654
27,859 27,321

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,956 1,353
Amounts owed to Group undertakings 2,534,469 2,071,248
Accruals and deferred income 12,829 21,708
Other taxation and social security 13,627 14,758
Other creditors 2,074 2,506
2,565,955 2,111,573

Amounts owed to group undertakings of £2,534,469 (2023 - £2,071,248) are interest free and repayable on demand.

5. Financial commitments

Commitments

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

2024 2023
£ £
within one year 5,940 19,800

6. Deferred Tax

At 31 December 2024, the Company had an unprovided deferred tax asset of £630,460 (2023 - £517,113) available to offset against future tax charges.

7. Ultimate controlling party

The ultimate parent undertaking is Collabtech Global LLC, a company incorporated in the USA.