Registration number:
Technimove Limited
for the Year Ended 31 December 2024
Technimove Limited
Contents
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Company Information |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Income Statement |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
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iXBRL Detailed Profit and Loss Account |
Technimove Limited
Company Information
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Director |
Ochea Ikpa |
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Company secretary |
Ochea Ikpa |
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Registered office |
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Auditors |
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Technimove Limited
Director's Report for the Year Ended 31 December 2024
The report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Expert Data Centre Migration Solutions and Professional services, Professional services ( compute- servers, data center, data protection, networking, storage, wifi solutions, project management as a service- PMaaS & physical data centre audit services) , Expert data centre ( discovery and analysis, consolidation, cabling , migration, implementation, project management and support)
Disclosure of information to the auditors
The director has taken steps that ought to have taken as a director in order to make aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that of and of which the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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......................................... |
Technimove Limited
Statement of Director's Responsibilities
The responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless 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 these financial statements, the director is required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 to ensure that the financial statements comply with the Companies Act 2006. 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.
Technimove Limited
Independent Auditor's Report to the Members of Technimove Limited
Opinion
We have audited the financial statements of Technimove Limited (the 'company') for the year ended 31 December 2024, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A '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 loss 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. |
Basis for opinion
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 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 FRC’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 director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Technimove Limited
Independent Auditor's Report to the Members of Technimove Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Director's Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 3], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 is detailed below:
Detecting irregularities, including fraud
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our 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.
Technimove Limited
Independent Auditor's Report to the Members of Technimove Limited
......................................
For and on behalf of
Luton
LU1 3PE
Technimove Limited
Income Statement for the Year Ended 31 December 2024
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Note |
31 December |
31 December |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
(791,513) |
1,897,321 |
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Gain/(loss) on financial assets at fair value through profit and loss |
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( |
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Other interest receivable and similar income |
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25,320 |
(43,975) |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
- |
( |
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(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Technimove Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Technimove Limited
(Registration number: 3499330)
Statement of Financial Position as at 31 December 2024
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Note |
31 December |
31 December |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
100 |
100 |
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Capital redemption reserve |
(481,995) |
(481,995) |
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Retained earnings |
1,048,669 |
2,313,449 |
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Shareholders' funds |
566,774 |
1,831,554 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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Technimove Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
|
( |
|
|
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Loss for the year |
- |
- |
( |
( |
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Dividends |
- |
- |
( |
( |
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At 31 December 2024 |
|
( |
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
|
( |
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
100 |
(481,995) |
2,313,449 |
1,831,554 |
Technimove Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
|||
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(Loss)/profit for the year |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Finance income |
( |
( |
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Income tax expense |
- |
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( |
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Working capital adjustments |
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Decrease/(increase) in trade debtors |
|
( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
( |
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Income taxes (paid)/received |
( |
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Net cash flow from operating activities |
( |
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Cash flows from investing activities |
|||
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Dividends paid |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
495,275 |
3,894,578 |
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Technimove Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Revenue is earned from providing specialist IT services, including data centre migrations, IT relocation, and managed services. Income from long-term service contracts is recognised over time as services are delivered. For consultancy and project management engagements, revenue is recognised based on the achievement of project milestones. One-off services, such as IT asset disposal and decommissioning, generate income which is recognised upon completion of the service. Additionally, storage and logistics services generate recurring monthly revenue as services are provided.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Technimove Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor Vehicles |
25 % SL |
|
Fixture & Fixtures |
25% SL |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Technimove Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
VAT
The compamy is not registered for VAT.
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 including expectations of future events that are believed to be reasonable under the circumstances. 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
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Technimove Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Commissions |
- |
|
|
Other revenue |
|
- |
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, was
The number of employees receiving remuneration between £60,000-£70,000 is 8 (2023:6. Between £70,000 - £80,000 is 5 (2023: 4). Between £80,000 £90,000 is 3(2023: 2).
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit Fees |
|
|
Technimove Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loss/profit before tax |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Debtors |
|
Current |
31 December |
31 December |
|
Trade debtors |
|
|
|
Other debtors and Prepayments |
|
|
|
|
|
Technimove Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
Creditors: amounts falling due within one year
|
31 December |
31 December |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 December |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
Dividends |
Interim dividends paid
|
31 December |
31 December |
|||
|
Interim dividend of £ |
|
|
||
Technimove Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Turnover/revenue |
|
11,455,858 |
|
Cost of sales |
||
|
Purchase of raw materials and consumables |
( |
(3,943,194) |
|
Gross profit |
4,499,095 |
7,512,664 |
|
Distribution costs |
||
|
Administrative expenses |
||
|
Audit and accountancy audit costs |
( |
- |
|
Audit and accountancy other services |
( |
(10,316) |
|
Audit and accountancy costs |
( |
(10,316) |
|
Advertising, promotions and marketing costs |
( |
(35,635) |
|
Rent, rates and services costs |
( |
(307,872) |
|
Cleaning costs |
( |
- |
|
Depreciation of fixed assets |
( |
(61,151) |
|
Vehicle costs |
( |
(86,926) |
|
Wages and salaries excluding directors |
( |
(3,434,397) |
|
Bonuses excluding directors |
( |
- |
|
Social security costs excluding directors |
( |
(385,854) |
|
Pension costs defined contribution schemes excluding directors |
( |
(51,820) |
|
Staff costs excluding directors |
( |
(3,872,071) |
|
Training |
( |
(136,019) |
|
Legal and professional costs |
( |
(50,655) |
|
Bad debts and impairment losses |
|
(454,366) |
|
Bank charges |
( |
(3,042) |
|
Insurance costs |
( |
(132,602) |
|
Telecommunications |
( |
(23,470) |
|
Printing, postage and stationery |
( |
(10,925) |
|
Charitable donations |
( |
- |
|
Subscriptions |
( |
(50,624) |
|
Other operational and administration costs |
- |
(129,466) |
|
Other costs |
( |
(125,640) |
|
Other operating income |
||
|
Other items |
||
|
Gain/(loss) from disposal of fixed assets |
|
(49,895) |
|
(Loss)/profit on ordinary activities before finance charges and interest |
(720,770) |
1,971,989 |
|
Bank interest and similar income receivable |
|
5,920 |
|
Foreign exchange loss included in finance income |
( |
(124,563) |
Technimove Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
(Loss)/profit on ordinary activities before taxation |
( |
1,853,346 |
|
Tax on profit or loss on ordinary activities |
- |
(425,228) |
|
(Loss)/profit for the financial year |
( |
1,428,118 |