REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
SPEECH PROCESSING SOLUTIONS UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
SPEECH PROCESSING SOLUTIONS UK LIMITED |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SPEECH PROCESSING SOLUTIONS UK LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
19 North Street |
Ashford |
Kent |
TN24 8LF |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
BALANCE SHEET |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Speech Processing Solutions UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest £. |
Turnover |
The company acts as a sales agent for its immediate parent undertaking. Turnover represents commission comprising the administrative cost of running the company plus 2% of net sales generated for the immediate parent undertaking and is recognised on an accruals basis. |
Goodwill |
Goodwill represents the excess of the purchase price compared with the fair value of net assets acquired and is capitalised and written off evenly over seven years as in the opinion of the director this represents the period over which the goodwill is effective. Goodwill is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation |
and any impairment losses. |
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful |
lives on the following bases: |
Plant and machinery 7 years straight line |
Impairment of fixed assets |
At each reporting period end date, the company reviews the carrying amounts of its intangible and tangible |
assets to determine whether there is any indication that those assets have suffered an impairment loss. If |
any such indication exists, the recoverable amount of the asset is estimated in order to determine the |
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an |
individual asset, the company estimates the recoverable amount of the cash-generating unit to which the |
asset belongs. |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section |
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised when the company becomes party to the contractual provisions of |
the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when |
there is a legally 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. |
Basic financial assets |
Basic financial assets, which include other debtors and amounts owed by group undertakings, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost |
using the effective interest method. |
Impairment of financial assets |
Financial assets are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been |
affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the |
present value of the estimated cash flows discounted at the asset’s original effective interest rate. The |
impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire |
or are settled, or when the company transfers the financial asset and substantially all the risks and rewards |
of ownership to another entity, or if some significant risks and rewards of ownership are retained but |
control of the asset has transferred to another party that is able to sell the asset in its entirety to an |
unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the |
assets of the company after deducting all of its liabilities |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company’s contractual obligations are |
discharged, cancelled, or they expire. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of |
transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no |
longer at the discretion of the company. |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the lease |
term. |
Pension costs and other post-retirement benefits |
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the |
year. Differences between contributions payable in the year and contributions actually paid are shown as |
either accruals or prepayments. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any |
unused holiday entitlement is recognised in the period in which the employee's services are received. |
Going concern |
These financial statements have been prepared on a going concern basis, which assumes that the company l be able to continue to trade and meet its debts as they fall due for the foreseeable future, as a minimum for a period of at least twelve months from the date of approval of these financial statements. |
The company had net current assets of £463,723 at the balance sheet date but is reliant on its parent company (Speech Processing Solutions GmbH) to provide cash flow funding during the year due to the business model under which it operates. The parent company has confirmed, through a letter of support, their intention to continue to support the company for a period of at least 12 months from the date of sign off of these financial statements. |
The directors have reviewed relevant information pertaining to the parent company, together with the written undertaking obtained, and after making all other reasonable enquiries, are confident that the company will be able to meet its liabilities as they fall due. Accordingly, the financial statements have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
Disposals | ( |
) |
At 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2021 |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
SPEECH PROCESSING SOLUTIONS UK LIMITED (REGISTERED NUMBER: 08068794) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
Between one and five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | PARENT COMPANY |
The company is a subsidiary of Speech Processing Solutions GmbH, which is the smallest group for which consolidated financial statements are prepared. The registered office of Speech Processing Solutions GmbH is Gutheil-Schoder-Gasse 8-12, 1100 Vienna, Austria. |
11. | AUDIT REPORT INFORMATION |
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006: |
The auditor's report was unqualified. |
The Senior statutory auditor was Nicholas Hume. |
The auditor was Calcutt Matthews WBZ Limited. |