Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Current assets | ||||
Debtors | 3 |
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Cash at bank and in hand |
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44,114 | 43,113 | |||
Creditors: amounts falling due within one year | 4 | (
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Net current liabilities | (2,521,841) | (2,068,460) | ||
Total assets less current liabilities | (2,521,841) | (2,068,460) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
The financial statements of Collabtech UK Limited (registered number:
S Leonard
Director |
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.
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.
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.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.
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.
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.
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.
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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Trade debtors |
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Prepayments |
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Other debtors |
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Trade creditors |
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Amounts owed to Group undertakings |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
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£ | £ | ||
within one year |
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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.
The ultimate parent undertaking is Collabtech Global LLC, a company incorporated in the USA.