| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| FOR |
| PRIORITY ONE IT LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| FOR |
| PRIORITY ONE IT LIMITED |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Period 1 January 2024 to 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5 |
| PRIORITY ONE IT LIMITED |
| COMPANY INFORMATION |
| for the Period 1 January 2024 to 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 London Mews |
| Paddington |
| LONDON |
| W2 1HY |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| BALANCE SHEET |
| 30 September 2024 |
| 30.9.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 7 |
| Retained earnings | 7 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| BALANCE SHEET - continued |
| 30 September 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| STATEMENT OF CHANGES IN EQUITY |
| for the Period 1 January 2024 to 30 September 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 30 September 2024 |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Period 1 January 2024 to 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Priority One It Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured as the fair value of consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised. |
| Rendering of services |
| Revenue from a contract to provide services are recognised in the period to which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied: |
| - the amount of revenue can be measured reliably; |
| - it is probable the Company will receive the consideration due under the contract; and |
| - the stage of completion of the contact at the period end of reporting period can be measured by reliably; |
| Provision of goods |
| Revenue from sale of goods are recognised in respect of invoiced goods which have been invoiced and supplied in the period. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Office equipment | - |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Financial instruments |
| The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
| The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 January 2024 to 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred until the development phase reached is expected to generate future economic benefit due to the existence of a market. Once this phase is reached the development costs are capitalised and amortised over the assets estimated economic lifetime of 10 years. |
| Foreign currencies |
| Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit and loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Office |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for period |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 31 December 2023 |
| PRIORITY ONE IT LIMITED (REGISTERED NUMBER: 06452722) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 January 2024 to 30 September 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 403,202 |
| Deficit for the period | ( |
) | ( |
) |
| At 30 September 2024 | 258,475 |
| 8. | OTHER FINANCIAL COMMITMENTS |
| Operating lease commitments not included in the balance sheet amount to £69,930 (2023: £33,300). |
| 9. | ACCOUNTING PERIOD |
| In the current period the accounting period has been shortened to 9 months to 30 September as requested by the shareholders. The comparatives shown in the financial statements are for the year ended 31 December 2023. |
| 10. | RELATED PARTY DISCLOSURES |
| During the period the company loaned £27,426 to a UK incorporated company owned by the same shareholders to 29th September 2024. Together with the brought forward balance of £123,257 this full balance was written off in the current period. Previously the balance was included in Other debtors. |
| 11. | POST BALANCE SHEET EVENTS |
| Following the acquisition of the full shareholding in the company on 30th September 2024, the trade and assets of the company were hived up into the parent company Tela Technology Limited from 1st October 2024. |