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Registration number: SC526882

Teomach Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2025

 

Teomach Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 12

 

Teomach Limited

Company Information

Director

Mr Tom Inglis

Registered office

Bright Red Triangle
10 Bainfield Drive
Edinburgh
EH11 1AR

Accountants

Gray Associates Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

 

Teomach Limited

Director's Report for the Year Ended 28 February 2025

The director presents his report and the financial statements for the year ended 28 February 2025.

Director of the company

The director who held office during the year was as follows:

Mr Tom Inglis

Principal activity

The principal activity of the company is software development

Small companies provision statement

This report has 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.

Approved and authorised by the director on 5 May 2025
 

.........................................
Mr Tom Inglis
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Teomach Limited
for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Teomach Limited for the year ended 28 February 2025 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at:
http://www.icas.org.co.uk/acountspreparationguidance.

This report is made solely to the Board of Directors of Teomach Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Teomach Limited and state those matters that we have agreed to state to the Board of Directors of Teomach Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at:
www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-april-2010.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Teomach Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Teomach Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Teomach Limited. You consider that Teomach Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Teomach Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gray Associates
Ridgeways
Back Road
Stromness
Orkney
KW16 3DS

5 May 2025

 

Teomach Limited

Profit and Loss Account for the Year Ended 28 February 2025

Note

2025
£

2024
£

Turnover

 

27,346

28,520

Cost of sales

 

(16,907)

(18,627)

Gross profit

 

10,439

9,893

Administrative expenses

 

(8,194)

(6,237)

Operating profit

 

2,245

3,656

Interest payable and similar expenses

 

(91)

(431)

Profit before tax

2,154

3,225

Tax on profit

 

(404)

(613)

Profit for the financial year

 

1,750

2,612

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Teomach Limited

(Registration number: SC526882)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

288

150

Current assets

 

Debtors

5

29,645

24,049

Cash at bank and in hand

 

5,017

727

 

34,662

24,776

Creditors: Amounts falling due within one year

6

(4,279)

(4,954)

Net current assets

 

30,383

19,822

Total assets less current liabilities

 

30,671

19,972

Creditors: Amounts falling due after more than one year

6

(77,713)

(68,764)

Net liabilities

 

(47,042)

(48,792)

Capital and reserves

 

Called up share capital

7

113

113

Share premium reserve

129,987

129,987

Retained earnings

(177,142)

(178,892)

Shareholders' deficit

 

(47,042)

(48,792)

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Director's 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 director acknowledges his 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 5 May 2025
 

 

Teomach Limited

(Registration number: SC526882)
Balance Sheet as at 28 February 2025

.........................................
Mr Tom Inglis
Director

 

Teomach Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The company was formerly known as Wildcat Applications Limited.

The address of its registered office is:
Bright Red Triangle
10 Bainfield Drive
Edinburgh
EH11 1AR

These financial statements were authorised for issue by the director on 5 May 2025.

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.

Going concern

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Teomach Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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

33.33% and 25% straight line.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Teomach Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 the director) during the year, was 1 (2024 - 1).

 

Teomach Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2024

8,430

8,430

Additions

432

432

At 28 February 2025

8,862

8,862

Depreciation

At 1 March 2024

8,280

8,280

Charge for the year

294

294

At 28 February 2025

8,574

8,574

Carrying amount

At 28 February 2025

288

288

At 29 February 2024

150

150

5

Debtors

Current

2025
£

2024
£

Trade debtors

7,680

1,680

Other debtors

21,965

22,369

 

29,645

24,049

 

Teomach Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

8

1,083

1,025

Taxation and social security

 

1,909

2,623

Accruals and deferred income

 

1,287

1,305

Other creditors

 

-

1

 

4,279

4,954

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

77,713

68,764

7

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary of £1 each

113

113

113

113

         

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

1,205

2,256

Other borrowings

76,508

66,508

77,713

68,764

Current loans and borrowings

2025
£

2024
£

Bank borrowings

1,083

1,025

Bank borrowings

 

Teomach Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Starling Bank Bounce Back Loan is denominated in Pounds sterling with a nominal interest rate of 2.5%, and the final instalment is due on 18 March 2028. The carrying amount at year end is £2,288 (2024 - £3,281).

9

Related party transactions

During the year Tom Inglis, the Director, has provided loans to the Company. The loans are unsecured and interest free.

2024

At 1 March 2023
£

At 29 February 2024
£

Loan from director

7,125

7,125

 

2025

At 1 March 2024
£

At 28 February 2025
£

Loan from director

7,125

7,125

 

Summary of transactions with other related parties


During the year Mr. Richard Inglis and Mrs. Heather Inglis, family members of the Director, provided loans to the Company. The loans are unsecured and interest free.

Loans from related parties

2025

Other related parties
£

At start of period

59,383

Advanced

10,000

At end of period

69,383

2024

Other related parties
£

At start of period

59,383