Company registration number 05964349 (England and Wales)
TECHNOLOGY WITHIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TECHNOLOGY WITHIN LIMITED
COMPANY INFORMATION
Directors
A M Case
M A Gibbor
A J Schreier
M Whitaker
C Dudley-Scales
J M Seal
Secretary
E Lewis
Company number
05964349
Registered office
CP House
Otterspool Way
Watford
Hertfordshire
WD25 8JJ
Auditor
RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
TECHNOLOGY WITHIN LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 18
TECHNOLOGY WITHIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their report and the financial statements for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the provision of wired and wireless IT infrastructure, connectivity and voice services to the flexible workspace, student accommodation and hospitality markets.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A M Case
M A Gibbor
A J Schreier
M Whitaker
C Dudley-Scales
J M Seal
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.
Auditor
RSM UK Audit LLP, Statutory Auditor were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, the directors intend to reconfirm the appointment of RSM UK Audit LLP.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small
companies exemption, provided by section 415A of the Companies Act 2006.
On behalf of the board
C Dudley-Scales
Director
18 June 2025
TECHNOLOGY WITHIN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing those financial statements, the directors are required to:
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
TECHNOLOGY WITHIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TECHNOLOGY WITHIN LIMITED
- 3 -
Opinion
We have audited the financial statements of Technology Within Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
TECHNOLOGY WITHIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TECHNOLOGY WITHIN LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a strategic report or in preparing the directors' report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
TECHNOLOGY WITHIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TECHNOLOGY WITHIN LIMITED
- 5 -
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting tax computations.
The audit engagement team identified the risks of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing a sample of journal entries and other adjustments utilising data analytics techniques, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates applied in the recognition of revenue.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Rebecca Minnich (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
18 June 2025
TECHNOLOGY WITHIN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
7,912,113
6,801,755
Cost of sales
(4,784,382)
(4,186,487)
Gross profit
3,127,731
2,615,268
Administrative expenses
(2,816,282)
(2,661,140)
Other operating income
102,905
Operating profit/(loss)
414,354
(45,872)
Interest receivable and similar income
63,420
54,663
Profit before taxation
477,774
8,791
Tax on profit
5
(13,965)
42,535
Profit for the financial year
463,809
51,326
There are no items of the comprehensive income for either the year or the prior year other than the loss or profit for the year. Accordingly, no statement of other comprehensive income has been presented.
TECHNOLOGY WITHIN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
6
33,263
203
Tangible assets
7
797,425
637,182
Investments
8
88
88
830,776
637,473
Current assets
Stocks
11
214,920
302,509
Debtors
10
2,265,726
1,441,168
Cash at bank and in hand
1,562,668
1,714,936
4,043,314
3,458,613
Creditors: amounts falling due within one year
12
(1,622,993)
(1,375,845)
Net current assets
2,420,321
2,082,768
Total assets less current liabilities
3,251,097
2,720,241
Provisions for liabilities
Deferred tax liability
13
125,903
58,856
(125,903)
(58,856)
Net assets
3,125,194
2,661,385
Capital and reserves
Called up share capital
14
234
234
Share premium account
15
2,999,880
2,999,880
Profit and loss reserves
17
125,080
(338,729)
Total equity
3,125,194
2,661,385
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 8 to 18 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
C Dudley-Scales
Director
Company Registration No. 05964349
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Company information
Technology Within Limited is a private company limited by shares incorporated in England and Wales. The registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.
1.1
Accounting convention
Basis of preparation of financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, and under the historical cost convention. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company’s accounting policies (see note 2).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The financial statements of the company are consolidated in the financial statements of CP Holdings Limited. The consolidated accounts of CP Holdings Limited are available from its registered office CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were signed. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. The following criteria must also be met before revenue is recognised;
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Revenue not recognised in the profit and loss account under this policy is classified as deferred income on the balance sheet and recognised as revenue in the period to which it relates.
1.4
Intangible fixed assets
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the profit and loss account over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
For goodwill and other intangible assets, at each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets, including goodwill, are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Goodwill
5 years
Other intangible fixed assets
5 years
1.5
Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and the condition necessary for it to be capable of operating the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying value exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on a straight line basis:
Long-term leasehold properties
2%
Fixtures and fittings
20%
Computer equipment
20%
Motor vehicles
20%
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting deadline.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within profit or loss.
Development costs relating to internally generated computer software are expensed to the profit and loss in the period in which the costs are incurred.
1.6
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.
1.8
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.9
Financial instruments
The company has elected to apply Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financial assets classified as receivable within one year are not amortised. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for objective indicators of impairment at each reporting end date. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. The impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Basic financial liabilities
Basic financial liabilities, including creditors and intercompany working capital, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial liabilities classified as payable within one year are not amortised. Financing transactions are those in which payment is deferred beyond normal payment terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.10
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
1.14
Interest income is recognised in profit or loss using the effective interest method.
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Point of revenue recognition
Revenue is recognised upon contracted agreement with customers over the period of time for services delivered, and at a point in time for sale of goods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
50
50
4
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
339,529
317,752
During the period retirement benefits were accruing to 3 directors (31 December 2023: 3) in respect of defined benefit contribution schemes.
Certain directors are remunerated by the parent undertaking, CP Holdings Limited.
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(55,431)
(95,708)
Adjustments in respect of prior periods
(4,452)
Total current tax
(55,431)
(100,160)
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Taxation
2024
2023
£
£
(Continued)
- 14 -
Deferred tax
Origination and reversal of timing differences
69,396
57,625
Total tax charge/(credit)
13,965
(42,535)
From 1 April 2023 the corporation tax rate increased to 25% for companies with profits of over £250,000, effective rate for 2023: 23.52% and 2024: 25%.
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the effective rate of tax as follows:
2024
2023
£
£
Profit before taxation
477,774
8,791
Expected tax charge based on the effective rate of corporation tax in the UK of 25.00% (2023: 23.52%)
119,444
2,068
Tax effect of expenses that are not deductible in determining taxable profit
5,889
3,015
Adjustments in respect of prior years
3,416
(3,078)
Depreciation on assets not qualifying for tax allowances
24,150
1,216
Amortisation on assets not qualifying for tax allowances
40,207
Research and development tax credit
(138,934)
(88,733)
Enhanced expenditure relief
(560)
Effect of different rates of tax on deferred tax
3,330
Taxation charge/(credit) for the year
13,965
(42,535)
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
6
Intangible fixed assets
Goodwill
Computer software
Total
£
£
£
Cost
At 1 January 2024
3,018,676
147,443
3,166,119
Additions
36,960
36,960
At 31 December 2024
3,018,676
184,403
3,203,079
Amortisation and impairment
At 1 January 2024
3,018,676
147,240
3,165,916
Amortisation charged for the year
3,900
3,900
At 31 December 2024
3,018,676
151,140
3,169,816
Carrying amount
At 31 December 2024
33,263
33,263
At 31 December 2023
203
203
7
Tangible fixed assets
Long-term leasehold properties
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
258,585
194,750
695,650
118,351
1,267,336
Additions
9,136
324,897
334,033
Disposals
(6,602)
(6,602)
At 31 December 2024
258,585
203,886
1,013,945
118,351
1,594,767
Depreciation and impairment
At 1 January 2024
29,728
171,698
394,593
34,135
630,154
Depreciation charged in the year
5,172
8,720
135,542
19,544
168,978
Eliminated in respect of disposals
(1,790)
(1,790)
At 31 December 2024
34,900
180,418
528,345
53,679
797,342
Carrying amount
At 31 December 2024
223,685
23,468
485,600
64,672
797,425
At 31 December 2023
228,857
23,052
301,057
84,216
637,182
8
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
88
88
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Subsidiaries
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Stickman Technology Limited (formerly Technology Within Limited)
1
Dormant
Ordinary
100.00
-
Technology Within Europe BV
2
Other information technology service activities
Ordinary
100.00
-
Registered office addresses (all UK unless otherwise indicated):
1
CP House, Otterspool Way, Watford, Hertfordshire WD25 8JJ.
2
Koninginnegracht 10, Gravenhage, 2514AA, Netherlands
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,525,814
1,138,683
Corporation tax recoverable
148,789
160,127
Amounts owed by group undertakings
436,591
41,484
Other debtors
11,762
9,895
Prepayments and accrued income
142,770
90,979
2,265,726
1,441,168
In amounts owed by group undertakings are balances subject to interest at 3% above Euribor rate (2024: £210,234; 2023: £ Nil). Remaining balances have no fixed repayment date and are repayable on demand.
11
Stocks
2024
2023
£
£
Stocks
214,920
302,509
There is no significant difference between the replacement cost of the stock and its carrying amount.
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
229,958
277,367
Amounts owed to group undertakings
29,467
27,930
Taxation and social security
366,994
201,125
Deferred income
749,128
661,632
Other creditors
1,914
1,740
Accruals
245,532
206,051
1,622,993
1,375,845
Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
147,457
70,313
-
-
Short term timing differences
-
-
(21,554)
(11,457)
147,457
70,313
(21,554)
(11,457)
2024
Movements in the year:
£
Liability at 1 January 2024
58,856
Charge to profit or loss
67,047
Liability at 31 December 2024
125,903
14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
234
234
234
234
TECHNOLOGY WITHIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
15
Share premium account
The share premium reserve includes any premiums received on issue of share capital.
Any transaction costs associated with the issuing of shares are deducted from share premium.
16
Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are wholly owned part of the group.
17
Profit and loss reserves
The profit and loss account includes all current and prior period profits and losses.
18
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
18,000
18,000
Between two and five years
72,000
4,500
90,000
22,500
19
Parent company
The smallest group for which consolidated financial statements are drawn up is headed by CP Holdings Limited whose registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.
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