| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2023 |
| for |
| TecTake Ltd |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2023 |
| for |
| TecTake Ltd |
| TecTake Ltd (Registered number: 11604771) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| TecTake Ltd |
| Company Information |
| for the Year Ended 31 December 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 16 Beaufort Court |
| Admirals Way |
| London |
| Docklands |
| London |
| E14 9XL |
| TecTake Ltd (Registered number: 11604771) |
| Balance Sheet |
| 31 December 2023 |
| 31.12.23 | 31.12.22 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| TecTake Ltd (Registered number: 11604771) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| TecTake Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Revenue and sale of goods |
| 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 taxes. The following criteria must also be met before revenue is recognised. |
| 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. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Taxation |
| Taxation for the year comprises current and deferred 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. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| TecTake Ltd (Registered number: 11604771) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currency translation |
| Foreign currency transactions are translated into the functional currency using the spot exchange |
| rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Going concern |
| As the company is loss making in the second successive year, the Group, headed by Mr Roland Kemmer, has agreed to continue to provide financial support to the company in order for it to continue to operate on a going concern basis for a period of no less than twelve months from the date of signing of these financial statements. As a result the Director has an expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | AUDITORS' REMUNERATION |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
10,000 |
20,000 |
| Auditors' remuneration for non audit work |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax Recoverable | 51,048 | 454,682 |
| VAT |
| Accrued income |
| Prepayments |
| Amount owed by group undertakings are unsecured and repayable on demand. Interest is charged at 2 percentage points per annum above the 12-month EURIBOR interest rate fixed at the end of the previous financial year. |
| TecTake Ltd (Registered number: 11604771) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.23 | 31.12.22 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| VAT | - | 67,878 |
| Accrued expenses |
| Amount owed to group undertakings are unsecured and repayable on demand. Interest is charged at 2 percentage points per annum above the 12-month EURIBOR interest rate fixed at the end of the previous financial year. |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
| value: | £ | £ |
| Ordinary | £1 | 500 | 500 |
| The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under FRS 102, Section 33 Related Party Disclosures paragraph 33.1A, whereby the Company is not required to disclose transactions with other wholly owned subsidiaries or Companies in a group that are wholly owned. |
| During the year the company incurred interest charges of £663,255.34 (2022 - £196,716) from a related party by virtue of common ownership.The amount outstanding at the balance sheet date was £13,082,182 (2022 - £12,850,953). |
| During the year the company also incurred interest charges of £634.52 (2022 - £177) on distribution costs from another related party by virtue of common ownership. The amount outstanding at the balance sheet date in respect of these transactions was £12,630.28 (2022 - £11,996). |
| TecTake Ltd (Registered number: 11604771) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2023 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Kemmer Beteiligungs GmbH.. |
| The immediate and ultimate parent and controlling company is Kemmer Beteiligungs GmbH, a company incorporated in Germany, by virtue of its 100% shareholding in the company. The results of the company are included within the consolidated financial statements of Kemmer Beteiligungs GmbH, which has a registered office address of Feuerweg 13, 97244, Buetthard, Germany. This is the largest and smallest company in the group of which the company is a member which prepares consolidated accounts. |
| The ultimate controlling party is considered to be Mr Roland Kemmer. |