Company registration number 15585059 (England and Wales)
TAXTEC (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TAXTEC (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TAXTEC (UK) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
Notes
£
£
Current assets
Debtors
3
51
Cash at bank and in hand
53
104
Creditors: amounts falling due within one year
4
(10,873)
Net current liabilities
(10,769)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(10,770)
Total equity
(10,769)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
Mr Stephen Everard
Director
Company registration number 15585059 (England and Wales)
TAXTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
TaxTec (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 118 Pall Mall, London, SW1Y 5EA.
1.1
Reporting period
The financial statements cover the period from incorporation through to the first reporting date of 30 November 2024.
1.2
Accounting convention
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”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 financial statements have been prepared under the historical cost convention, modified to include the impairment of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
These financial statements are prepared on the going concern basis. The accounts reflect the establishment of the Company and associated activities as part of the wider TaxTec group of companies. TaxTec (UK) Limited will be the entity which all non-US domiciled clients will contract with for services. In common with similar start up businesses the company expects to experience a period of establishment to be followed by progress with sales until the stage where it is self funding as a result of sales income achieved. See note 7 for more detail.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Debtors
2024
Amounts falling due within one year:
£
Other debtors
51
TAXTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -
4
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
6,481
Other creditors
4,392
10,873
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its loss for the period 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.
Material uncertainty relating to going concern
We draw your attention to Note 8 in the financial statements, which indicates that the company incurred a net loss of £10,770 during the period ended 30 November 2024 and, as of that date, the company's current liabilities exceeded its total assets by £10,769. As stated in Note 1.3, these events or conditions, along with other matters as set forth in Note 8, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Senior Statutory Auditor:
Matthew Wilkinson BSc FCA
Statutory Auditor:
Moore Green
Date of audit report:
5 August 2025
6
Related party transactions
Transactions with related parties
During the year the company received money from its parent TaxTec Group Limited to cover expenses. The amount outstanding at the year end amounted to £6,481, which is repayable on demand with no interest charged.
7
Parent company
TAXTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
7
Parent company
(Continued)
- 4 -
The ultimate parent company at the balance sheet date was Taxtec Group Limited, a company incorporated in England and Wales, Company number 15288051. The registered office of Taxtec Group Limited is 118 Pall Mall, London, England, SW1Y 5EA. Taxtec Group Limited owns 100% of the issued share capital of Taxtec (UK) Limited.
Taxtec Group Limited is the ultimate parent company whom prepare group accounts in which TaxTec (UK) Limited are consolidated within.
8
Going Concern
As can be seen from these financial statements, the company made a loss for the period of £10,770, and at the period end date current liabilities exceeded current assets by £10,769.
These accounts reflect the establishment of the Company and associated activities. Since the year end the Company has signed up its first revenue-generating client and have high expectations of numerous others following, given its direct sales pipeline and referrals from the companies network of sales agents and strategic partners.
The directors are aware this represents a material uncertainty which may cast doubt on the company's ability to continue as a going concern but this situation is inevitable for a FinTech start up where investing in building the technology itself is a mandatory expense as without the technology there will be no sales revenues. The directors have a reasonable expectation that with continued support of the holding company and anticipated sales from the current sales pipeline the company will continue as a going concern and therefore that the preparation of accounts on this basis is appropriate.