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Registration number: 08008053

Techedge (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Techedge (UK) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Techedge (UK) Limited

(Registration number: 08008053)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

921,252

1,032,883

Current assets

 

Debtors

6

309,385

340,256

Cash at bank and in hand

 

1,679,810

1,038,430

 

1,989,195

1,378,686

Creditors: Amounts falling due within one year

7

(2,031,104)

(1,652,640)

Net current liabilities

 

(41,909)

(273,954)

Total assets less current liabilities

 

879,343

758,929

Provisions for liabilities

(190,118)

(204,708)

Net assets

 

689,225

554,221

Capital and reserves

 

Called up share capital

100

100

Retained earnings

689,125

554,121

Shareholders' funds

 

689,225

554,221

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 2 June 2025 and signed on its behalf by:
 

Mr J Thomsen
Director

Mr T E Speight
Director

 
     
 

Techedge (UK) Limited

Notes to the 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 Tangier Central
Castle Street
Taunton
Somerset
TA1 4AS
England

These financial statements were authorised for issue by the Board on 2 June 2025.

2

Accounting policies

Statement of compliance

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

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

The company's parent company has confirmed that it will not recall the loan balance owed by the company to the detriment of the company's cash reserves such that it would not be able to pay its debts as they fall due. Therefore, the accounts are prepared on a going concern basis.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 June 2025 was Mr Robert Cadwallader, who signed for and on behalf of ML Audit LLP.

 

Techedge (UK) Limited

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

Revenue recognition

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

The Company recognises revenue when:
- the amount of revenue can be reliably measured;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- 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.
Software licences are spread evenly over the licence period.

Foreign currency transactions and balances

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 profit or loss.

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 and 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.

The current corporation 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Goodwill

Goodwill arising on the acquisition of intangible assets represents the excess of the cost of acquisition over the fair value of the identifiable assets recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets acquired in a business combination are recognised as assets at their fair value at the acquisition date. Intangible assets are amortised over their useful lives, which shall not exceed ten years if a reliable estimate of their useful lives cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Techedge (UK) Limited

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

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Software

10 years straight line

Customer relationships

20 years 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 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. Trade creditors 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

A 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.

 

Techedge (UK) Limited

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

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 12 (2023 - 13).

4

Taxation

2024
£

2023
£

Profit before tax

207,359

236,123

Corporation tax at standard rate

51,840

55,538

Effect of expense not deductible in determining taxable profit (tax loss)

20,515

6,583

Deferred tax credit relating to changes in tax rates or laws

-

(870)

Total tax charge

72,355

61,251

5

Intangible assets

Goodwill
 £

Software
 £

Customer relationships
 £

Total
£

Cost or valuation

At 1 January 2024

279,892

250,055

1,172,722

1,702,669

At 31 December 2024

279,892

250,055

1,172,722

1,702,669

Amortisation

At 1 January 2024

167,940

150,030

351,816

669,786

Amortisation charge

27,990

25,005

58,636

111,631

At 31 December 2024

195,930

175,035

410,452

781,417

Carrying amount

At 31 December 2024

83,962

75,020

762,270

921,252

At 31 December 2023

111,952

100,025

820,906

1,032,883

 

Techedge (UK) Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

282,871

332,744

Other debtors

26,514

349

Prepayments

-

7,163

309,385

340,256

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

137

325

Amounts due to related parties

10

1,483,671

1,223,849

Social security and other taxes

 

299,544

238,637

Other creditors

 

2,584

10,870

Accruals

 

121,144

72,836

Deferred income

 

124,024

106,123

 

2,031,104

1,652,640

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

204,708

204,708

Increase (decrease) in existing provisions

(14,590)

(14,590)

At 31 December 2024

190,118

190,118

The deferred tax liability arises in respect of a temporary difference between the carrying value of the customer related intangible asset and its tax written down value.

9

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £71,630 (2023 - £14,326).

 

Techedge (UK) Limited

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

10

Related party transactions

Summary of transactions with other related parties

During the year all transactions with related parties were conducted under normal market conditions.

The company has taken advantage of the exemption available to it from disclosing transactions with other wholly-owned subsidiaries within the group.

 

11

Parent and ultimate parent undertaking

The company's parent is Techedge Aps, incorporated in Denmark.

 The ultimate parent is BC Europe V Intermediate, SCSp, incorporated in Luxembourg.