Acorah Software Products - Accounts Production 16.2.850 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 10036734 Mr Ferdinando Fusaro HQF S.r.l. Via Leonardo da Vinci 15 – 84098 – Pontecagnano Faiano (SA) true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10036734 2023-12-31 10036734 2024-12-31 10036734 2024-01-01 2024-12-31 10036734 frs-core:CurrentFinancialInstruments 2024-12-31 10036734 frs-core:Non-currentFinancialInstruments 2024-12-31 10036734 frs-core:ShareCapital 2024-12-31 10036734 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 10036734 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 10036734 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 10036734 frs-bus:SmallEntities 2024-01-01 2024-12-31 10036734 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 10036734 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 10036734 1 2024-01-01 2024-12-31 10036734 frs-core:DeferredTaxation 2023-12-31 10036734 frs-core:DeferredTaxation 2024-12-31 10036734 frs-core:OtherProvisionsContingentLiabilities 2023-12-31 10036734 frs-core:OtherProvisionsContingentLiabilities 2024-12-31 10036734 frs-bus:Director1 2024-01-01 2024-12-31 10036734 frs-core:CurrentFinancialInstruments 2 2024-12-31 10036734 frs-countries:EnglandWales 2024-01-01 2024-12-31 10036734 2022-12-31 10036734 2023-12-31 10036734 2023-01-01 2023-12-31 10036734 frs-core:CurrentFinancialInstruments 2023-12-31 10036734 frs-core:Non-currentFinancialInstruments 2023-12-31 10036734 frs-core:ShareCapital 2023-12-31 10036734 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10036734 frs-core:CurrentFinancialInstruments 2 2023-12-31 10036734 frs-core:CurrentFinancialInstruments 3 2023-12-31
Registered number: 10036734
T.E.E.P. (Training Education And European Project) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Tax and Advise Ltd
19 The Circle
Queen Elizabeth Street
London
SE1 2JE
T.E.E.P. (Training Education And European Project) Limited
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—5

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T.E.E.P. (Training Education And European Project) Limited
Balance Sheet
As At 31 December 2024
Balance Sheet
Registered number: 10036734

| 2024 | 2023
--- | --- | ---
| Notes | £ | £ | £ | £
CURRENT ASSETS
Debtors | 4 | 808,784 |  | 527,341 |
Cash at bank and in hand |  | 44,298 |  | 67,026 |
|  | 853,082 |  | 594,367 |
Creditors: Amounts Falling Due Within One Year | 5 | (289,144 ) |  | (225,588 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 563,938 |  | 368,779
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 563,938 |  | 368,779
Creditors: Amounts Falling Due After More Than One Year | 6 |  | (20,840 ) |  | -
PROVISIONS FOR LIABILITIES
Provisions For Charges | 7 |  | (86,260 ) |  | (86,260 )
NET ASSETS |  |  | 456,838 |  | 282,519
CAPITAL AND RESERVES
Called up share capital | 8 |  | 100 |  | 100
Profit and Loss Account |  |  | 456,738 |  | 282,419
SHAREHOLDERS' FUNDS |  |  | 456,838 |  | 282,519

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T.E.E.P. (Training Education And European Project) Limited
Balance Sheet (continued)
As At 31 December 2024
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Mr Ferdinando Fusaro Director
01/07/2025

The notes on pages 3 to 5 form part of these financial statements.
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T.E.E.P. (Training Education And European Project) Limited
Notes to the Financial Statements
For The Year Ended 31 December 2024
Notes to the Financial Statements
1. General Information
T.E.E.P. (Training Education And European Project) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10036734 . The registered office is 19 The Circle,, Queen Elizabeth Street,, London, England, SE1 2JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.4. Financial Instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest.
Subsequent measurement is at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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T.E.E.P. (Training Education And European Project) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 6)
4 6
4. Debtors

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 37,412 |  | 118,884
Prepayments and accrued income | 750,590 |  | 351,372
Other debtors | 4,393 |  | 40,696
| 792,395 |  | 510,952
Due after more than one year
Deferred tax current asset | 16,389 |  | 16,389
| 808,784 |  | 527,341

5. Creditors: Amounts Falling Due Within One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Trade creditors | 31,648 |  | 57,471
Corporation tax | 58,107 |  | 5,347
PAYE | 865 |  | 4,526
Net wages | 6,360 |  | 11,091
Other creditors | 8,529 |  | -

...CONTINUED
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T.E.E.P. (Training Education And European Project) Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024

Pension | 683 |  | 1,431
Employee travel reimbursements | - |  | 821
Accruals and deferred income | 182,952 |  | 144,901
| 289,144 |  | 225,588

6. Creditors: Amounts Falling Due After More Than One Year

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Other loans | 20,840 |  | -

7. Provisions for Liabilities

| Deferred Tax | Other Provisions | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 January 2024 | (16,389 ) | 86,260 | 69,871
Balance at 31 December 2024 | (16,389 ) | 86,260 | 69,871

8. Share Capital

| 2024 |  | 2023
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 100 |  | 100

9. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is Formamentis S.p.A. Formamentis S.p.A. was incorporated in Italy. The ultimate controlling party is HQF S.r.l. also incorporated in Italy, with 100% of the shares of Formamentis S.p.A.
Copies of the group accounts may be obtained from the secretary at, Via Leonardo da Vinci 15 – 84098 – Pontecagnano Faiano (SA) .
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