ACCOUNTS - Final Accounts

THEOREM TECHNOLOGY LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activitytrue12021-01-01false1true 09278393 2021-01-01 2021-12-31 09278393 2020-01-01 2020-12-31 09278393 2021-12-31 09278393 2020-12-31 09278393 c:Director1 2021-01-01 2021-12-31 09278393 d:CurrentFinancialInstruments 2021-12-31 09278393 d:CurrentFinancialInstruments 2020-12-31 09278393 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09278393 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09278393 d:ShareCapital 2021-12-31 09278393 d:ShareCapital 2020-12-31 09278393 d:RetainedEarningsAccumulatedLosses 2021-12-31 09278393 d:RetainedEarningsAccumulatedLosses 2020-12-31 09278393 c:FRS102 2021-01-01 2021-12-31 09278393 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09278393 c:FullAccounts 2021-01-01 2021-12-31 09278393 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 09278393

THEOREM TECHNOLOGY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THEOREM TECHNOLOGY LIMITED

REGISTERED NUMBER: 09278393

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Current assets
Debtors: amounts falling due within one year	4	214,241		214,241
Cash at bank and in hand	5	1		1
Creditors: amounts falling due within one year	6	(507,016)		(505,216)
Net current liabilities			(292,774)		(290,974)
Net liabilities			(292,774)		(290,974)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(292,775)	(290,975)
	(292,774)	(290,974)

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 16 March 2023.

................................................

S Shah

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

THEOREM TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

Theorem Technology Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is C/O Meaby & Co Solicitors LLP, 25 Upper Brook Street, London, England, W1K 7QD.

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.

The following principal accounting policies have been applied:

2.2

Going concern

As part of its going concern review, the directors have followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future as the company expects to receive continuing financial support from the Elysium group of entities, which is connected to the company by virtue of directorship and ownership, and is the largest creditor at the year end. On this basis the directors consider that the going concern basis of accounting remains appropriate.

2.3

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.

2.4

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.

2.5

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.

Page 2

THEOREM TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.6

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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Debtors

					2021	2020
					£	£

Other debtors	180,019	180,019
Prepayments and accrued income	34,222	34,222
	214,241	214,241

5.	Cash and cash equivalents
		2021	2020
		£	£

	Cash at bank and in hand	1	1

Page 3

THEOREM TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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

Trade creditors	5,640	-
Amounts owed to connected companies	499,576	499,576
Accruals and deferred income	1,800	5,640
	507,016	505,216

7.	Related party transactions
	At the year end, the Company owed £499,576 (2020 - £499,576) to the parent company.

8.	Controlling party

In the opinion of the directors, the Company's ultimate parent company is Elysium Global Limited, a company incorporated in British Virgin Islands.

Page 4