ACCOUNTS - Final Accounts

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-10-312021-10-312020-11-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.22falsetrue 07284849 2020-11-01 2021-10-31 07284849 2019-11-01 2020-10-31 07284849 2021-10-31 07284849 2020-10-31 07284849 c:Director1 2020-11-01 2021-10-31 07284849 d:CurrentFinancialInstruments 2021-10-31 07284849 d:CurrentFinancialInstruments 2020-10-31 07284849 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 07284849 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 07284849 d:ShareCapital 2021-10-31 07284849 d:ShareCapital 2020-10-31 07284849 d:RetainedEarningsAccumulatedLosses 2020-11-01 2021-10-31 07284849 d:RetainedEarningsAccumulatedLosses 2021-10-31 07284849 d:RetainedEarningsAccumulatedLosses 2020-10-31 07284849 c:OrdinaryShareClass1 2020-11-01 2021-10-31 07284849 c:FRS102 2020-11-01 2021-10-31 07284849 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 07284849 c:FullAccounts 2020-11-01 2021-10-31 07284849 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 07284849 2 2020-11-01 2021-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07284849

TELEPAC TECHNOLOGY (UK) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

TELEPAC TECHNOLOGY (UK) LIMITED

REGISTERED NUMBER: 07284849

STATEMENT OF FINANCIAL POSITION

AS AT 31 OCTOBER 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	521		521
Cash at bank and in hand	5	52,521		58,291
		53,042		58,812
Creditors: amounts falling due within one year	6	(109,532)		(114,858)
Net current liabilities			(56,490)		(56,046)
Total assets less current liabilities			(56,490)		(56,046)

Net liabilities			(56,490)		(56,046)

Capital and reserves
Called up share capital	7	100	100
Profit and loss account	8	(56,590)	(56,146)
		(56,490)	(56,046)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 4 August 2022.

B Beckerleg

Director

The notes on pages 3 to 7 form part of these financial statements.

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TELEPAC TECHNOLOGY (UK) LIMITED

REGISTERED NUMBER: 07284849

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 OCTOBER 2021

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TELEPAC TECHNOLOGY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

1.	General information

Telepac Technology (UK) Limited is a private company, limited by shares, incorporated in England and Wales. Company registration number 07284849. The registered office of the business is The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire, MK9 1FF.
The company was formed to act as selling agents. As at 31 October 2021 the company has not made any sales.
The presentation currency for the financial statements is Pounds Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

FRS102 Section 1A allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with, including notification of and no objection to, the use of exemptions by the company's shareholders. In preparing the finanical statements, the Company has taken advantage of the following exemptions:
• from presenting a statement of cash flows, as required by Section 7 Statement of Cash Flows.

The following principal accounting policies have been applied:

2.2

Going concern

The previous shareholder has agreed that all loans due from the company will not be payable until the company has sufficient funds available. As a result, the directors believe it is appropriate for the financial statements to be presented on a going concern basis.

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TELEPAC TECHNOLOGY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.3

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 the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.5

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.

2.6

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.

2.7

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.

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TELEPAC TECHNOLOGY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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 arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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TELEPAC TECHNOLOGY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Debtors

					2021	2020
					£	£


Prepayments and accrued income	521	521
	521	521

5.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	52,521	58,291
	52,521	58,291

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	107,491	112,998
Accruals and deferred income	2,041	1,860
	109,532	114,858

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

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TELEPAC TECHNOLOGY (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

Reserves

Profit & loss account

The reserve represents the cumulative profits and losses of the company after the payment of any dividends.

9.	Related party transactions
	Telepac Technology (UK) Limited has received interest free loans from Farewell Investments Limited, its previous shareholder, based in Gibraltar. As at 31 October 2021, the amount outstanding on these loans totalled £107,491 (2020: £112,998). This amount is interest free and holds no fixed repayment terms and is therefore deemed to be repayable on demand.

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