ACCOUNTS - Final Accounts

Registered number: 03928953

CYTA (UK) LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

CYTA (UK) LTD

REGISTERED NUMBER: 03928953

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		25,917		32,396
			25,917		32,396
Current assets
Debtors: amounts falling due within one year	6	60,453		54,918
Cash at bank and in hand	7	913,633		938,357
		974,086		993,275
Creditors: amounts falling due within one year	8	(39,029)		(37,187)
Net current assets			935,057		956,088
Total assets less current liabilities			960,974		988,484

Net assets			960,974		988,484

Capital and reserves
Called up share capital	1,050,000	1,050,000
Profit and loss account	(89,026)	(61,516)
	960,974	988,484

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CYTA (UK) LTD

REGISTERED NUMBER: 03928953

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................ Mr. Charalambos Themistou	................................................ Mr. Nikos Stylianou
Director	Director

Date: 30 September 2025

The notes on pages 3 to 8 form part of these financial statements.

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CYTA (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General Information

The company is wholly owned subsidiary of Cyprus Telecommunication Authority, a company owned by The Republic of Cyprus. The Principal activity of the company during the year was the provision of telecommunication services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

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CYTA (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

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:

Sale of goods

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Tangible fixed assets and depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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CYTA (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Equipment

20%

Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Directors	2	2

4.	Taxation

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CYTA (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.Taxation (continued)

	Factors affecting tax charge for the year
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023 - 25%).

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

5.	Tangible fixed assets

		Equipment
		£
	Cost
	At 1 January 2024	701,282
	At 31 December 2024	701,282
	Depreciation
	At 1 January 2024	668,886
	Charge for the year on owned assets	6,479
	At 31 December 2024	675,365
	Net book value
	At 31 December 2024	25,917
	At 31 December 2023	32,396

Debtors

					2024	2023
					£	£


Trade debtors	415	146
Amounts owed by group undertakings	35,803	28,727
Other debtors - VAT refundable	7,931	6,925
Prepayments and accrued income	16,304	19,120
	60,453	54,918

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CYTA (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	913,633	938,357
	913,633	938,357

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	16,761	16,587
Accrued - Accountancy and audit fees	20,600	20,600
Accruals and deferred income	1,668	-
	39,029	37,187

9.	Related party transactions
	The transaction between the company and Cyprus Telecommunication Authority being concluded under normal market conditions. During the year, the company generated revenue of £177,924 and received services amounted to £5,204 from Cyprus Telecommunication Authority. As at 31 December 2024, £35,803 was owed by Cyprus Telecommunication Authority.

10.	Controlling party

The ultimate holding company is Cyprus Telecommunication Authority, a company 100% owned by the Republic of Cyprus with a registered office at: Telecommunication Street, P.O Box 24929, CY- 1396, Nicosia, Cyprus.
The ownership chart is as follows:
• Cyprus Telecommunication Authority a company wholly owned by the Republic of Cyprus.
• Digimed Communications Ltd a company registered in Cyprus, and wholly owned by Cyprus Telecommunication Authority.
• CYTA UK Ltd a company registered in the United Kingdom on 15 February 2000 and wholly owned by Digimed Communications Ltd.

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CYTA (UK) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 September 2025 by George Andrew Christodoulou (Senior statutory auditor) on behalf of Gilchrists AB LLP.

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