Company registration number 15288051 (England and Wales)
TAXTEC GROUP LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TAXTEC GROUP LIMITED
CONTENTS
Page
Group balance sheet
1
Company balance sheet
2
Notes to the financial statements
3 - 11
TAXTEC GROUP LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
700,170
Tangible assets
4
8,820
708,990
Current assets
Debtors
7
107,033
Cash at bank and in hand
19,891
126,924
Creditors: amounts falling due within one year
8
(520,942)
Net current liabilities
(394,018)
Net assets
314,972
Capital and reserves
Called up share capital
17,228
Share premium account
690,509
Profit and loss reserves
(392,765)
Total equity
314,972

The directors of the group have elected not to include a copy of the profit and loss account within the financial statements.

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
12 August 2025
Mr Stephen Everard
Director
Company registration number 15288051 (England and Wales)
TAXTEC GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
2024
Notes
£
£
Fixed assets
Intangible assets
3
700,170
Tangible assets
4
8,820
Investments
5
9
708,999
Current assets
Debtors
7
128,241
Cash at bank and in hand
15,395
143,636
Creditors: amounts falling due within one year
8
(516,551)
Net current liabilities
(372,915)
Net assets
336,084
Capital and reserves
Called up share capital
17,228
Share premium account
690,509
Profit and loss reserves
(371,653)
Total equity
336,084

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £371,653.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 12 August 2025 and are signed on its behalf by:
12 August 2025
Mr Stephen Everard
Director
Company registration number 15288051 (England and Wales)
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

TaxTec Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 118 Pall Mall, London, SW1Y 5EA.

 

The group consists of TaxTec Group Limited and all of its subsidiaries.

1.1
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

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. The principal accounting policies adopted are set out below.

These group and company financial statements for the period ended 30 November 2024 are the first financial statements of TaxTec Group Limited and the group prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TaxTec Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

These financial statements are prepared on the going concern basis. The accounts reflect the establishment of the group activities. In common with similar start up businesses the group 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. Since the year end the group has signed its first revenue-generating client. The directors have every reasonable expectation that the group will continue in operational existence for the foreseeable future. Accordingly, the financial statements are prepared on the going concern basis. See note 12 for more detail.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
3 year straight line basis
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Computers
3 year straight line basis
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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 group’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 if, and only if, there is 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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2024
Number
Number
Total
4
4
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 7 -
3
Intangible fixed assets
Group
Other
£
Cost
At 15 November 2023
-
0
Additions
764,469
At 30 November 2024
764,469
Amortisation and impairment
At 15 November 2023
-
0
Amortisation charged for the period
64,299
At 30 November 2024
64,299
Carrying amount
At 30 November 2024
700,170
Company
Other
£
Cost
At 15 November 2023
-
0
Additions
764,469
At 30 November 2024
764,469
Amortisation and impairment
At 15 November 2023
-
0
Amortisation charged for the period
64,299
At 30 November 2024
64,299
Carrying amount
At 30 November 2024
700,170
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 8 -
4
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 15 November 2023
-
0
Additions
10,241
At 30 November 2024
10,241
Depreciation and impairment
At 15 November 2023
-
0
Depreciation charged in the period
1,421
At 30 November 2024
1,421
Carrying amount
At 30 November 2024
8,820
Company
Plant and machinery etc
£
Cost
At 15 November 2023
-
0
Additions
10,241
At 30 November 2024
10,241
Depreciation and impairment
At 15 November 2023
-
0
Depreciation charged in the period
1,421
At 30 November 2024
1,421
Carrying amount
At 30 November 2024
8,820
5
Fixed asset investments
Group
Company
2024
2024
£
£
Shares in group undertakings and participating interests
-
9
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 15 November 2023
-
Additions
9
At 30 November 2024
9
Carrying amount
At 30 November 2024
9
6
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
TaxTec (UK) Limited
United Kingdom
Ordinary
100.00
TaxTec Inc
United States of America
Ordinary
100.00
7
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
29,061
29,061
Amounts owed by group
-
0
21,259
Other debtors
77,972
77,921
107,033
128,241
8
Creditors: amounts falling due within one year
Group
Company
2024
2024
£
£
Trade creditors
375,949
375,950
Taxation and social security
2,315
2,315
Other creditors
142,678
138,286
520,942
516,551
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
- 10 -
9
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:

Material uncertainty relating to going concern

We draw your attention to Note 12 in the financial statements, which indicates that the group incurred a net loss of £392,765 during the period ended 30 November 2024 along with its current liabilities exceeding its current assets by £394,018. As stated in Note 12, these events or conditions, along with other matters as set forth in Note 1.4, 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:
12 August 2025
10
Related party transactions
Transactions with related parties

During the period the group entered into the following transactions with related parties:

2024
£
Group
Key management personnel
271,625
Other related parties
731,204
TAXTEC GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2024
10
Related party transactions
(Continued)
- 11 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
£
Group
Key management personnel
56,345
Other related parties
423,541
11
Ultimate parent company

The ultimate parent company is TaxTec Group Limited, a company incorporated in the United Kingdom with its registered office at 118 Pall Mall, London, England SW1Y 5EA.

 

D Pearce and S Everard are the ultimate controlling parties of the parent company by virtue of their persons with significant control statuses.

12
Going concern

As can be seen from these financial statements, the group made a loss for the period of £392,765.

 

These accounts reflect the establishment of the TaxTec group. Within the group the first contract has been signed for revenue with high expectations of numerous others to follow given its direct sales pipeline and referrals from the companies network of sales agents and strategic partners.

 

The directors are aware that the losses incurred and high level of liabilities compared to available current assets represent a material uncertainty which may cast doubt on the group’s ability to continue as a going concern. However, based on forecasts of projected income (including the group’s first contract with a revenue generating client after the balance sheet date) and financing arrangements available, including continued support from the group’s owners, the directors are comfortable that they have a reasonable expectation that the group will continue as a going concern and therefore preparation of accounts on this basis is appropriate

 

 

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