TTEC Consulting (UK) Limited
(formerly rogenSi Limited)
Annual Report and Financial Statements
For the year ended 31 December 2017
Company Registration No. 03424866 (England and Wales)
TTEC Consulting (UK) Limited
Company Information
Directors
S Ellis
P Miller
S Pollema
(Appointed 1 May 2018)
R Paolillo
(Appointed 1 May 2018)
Secretary
RM Sexton
Company number
03424866
Registered office
6 Braid Court
Lawford Road
Chiswick
London
W4 3HS
Auditor
Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
TTEC Consulting (UK) Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
TTEC Consulting (UK) Limited
Directors' Report
For the year ended 31 December 2017
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2017.

Principal activities

The principal activity of the company continued to be that of a global consultancy helping clients in the areas of sales & leadership execution. Our focus is in two primary areas: Capability Development and Applied Leadership.

 

On 6 February 2018, the company changed its name from rogenSi Limited to TTEC Consulting (UK) Limited, the change was made to align the company with the Teletech group rebranding to TTEC.

 

On 30 April 2018, the company purchased 100% of the share capital of Strategic Communications Services Limited, a company registered in England and Wales, for a maximum consideration of £7,582,851.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Ellis
P Miller
G Price
(Resigned 12 March 2018)
S Pollema
(Appointed 1 May 2018)
R Paolillo
(Appointed 1 May 2018)
Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
P Miller
Director
27 September 2018
TTEC Consulting (UK) Limited
Directors' Responsibilities Statement
For the year ended 31 December 2017
Page 2

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

  •     select suitable accounting policies and then apply them consistently;

  •     make judgements and accounting estimates that are reasonable and prudent;

  •     state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

  •     prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

TTEC Consulting (UK) Limited
Independent Auditor's Report
To the Members of TTEC Consulting (UK) Limited
Page 3
Opinion

We have audited the financial statements of TTEC Consulting (UK) Limited (the 'company') for the year ended 31 December 2017 which comprise the Profit And Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the 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 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 2017 and of its profit 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's 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

  • the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

  • the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue .

Other information

The directors are responsible for the 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.

TTEC Consulting (UK) Limited
Independent Auditor's Report (Continued)
To the Members of TTEC Consulting (UK) Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit :

  • the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

  • the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the Directors' 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 directors' remuneration specified by law are not made; or

  •     we have not received all the information and explanations we require for our audit; or

  •     the directors' were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and from preparing a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

TTEC Consulting (UK) Limited
Independent Auditor's Report (Continued)
To the Members of TTEC Consulting (UK) Limited
Page 5

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

  • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

  • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

  • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

  • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our work, for this report, or for the opinions we have formed.

Matthew Banton (Senior Statutory Auditor)
for and on behalf of Kingston Smith LLP
27 September 2018
Chartered Accountants
Devonshire House
Statutory Auditor
60 Goswell Road
London
EC1M 7AD
TTEC Consulting (UK) Limited
Profit and loss account
For the year ended 31 December 2017
Page 6
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2017
operations
operations
2016
Notes
£
£
£
£
£
£
Turnover
3
5,171,052
-
5,171,052
5,946,587
108,863
6,055,450
Cost of sales
(3,698,348)
-
(3,698,348)
(3,877,795)
(79,587)
(3,957,382)
Gross profit
1,472,704
-
1,472,704
2,068,792
29,276
2,098,068
Administrative expenses
(1,242,635)
-
(1,242,635)
(1,118,057)
(16,897)
(1,134,954)
Operating profit
4
230,069
-
230,069
950,735
12,379
963,114
Interest receivable and similar income
7
672
-
672
156
-
156
Profit before taxation
230,741
-
230,741
950,891
12,379
963,270
Tax on profit
8
(41,867)
-
(41,867)
(217,821)
-
(217,821)
Profit for the financial year
188,874
-
188,874
733,070
12,379
745,449
TTEC Consulting (UK) Limited
Statement of Comprehensive Income
For the year ended 31 December 2017
Page 7
2017
2016
£
£
Profit for the year
188,874
745,449
Other comprehensive income
Currency translation differences
-
48,670
Total comprehensive income for the year
188,874
794,119
TTEC Consulting (UK) Limited
Balance Sheet
As at 31 December 2017
Page 8
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
9
494,716
407,063
Current assets
Debtors falling due after one year
10
348,452
312,486
Debtors falling due within one year
10
4,381,734
5,615,709
Cash at bank and in hand
1,256,457
483,713
5,986,643
6,411,908
Creditors: amounts falling due within one year
11
(1,608,327)
(2,134,666)
Net current assets
4,378,316
4,277,242
Total assets less current liabilities
4,873,032
4,684,305
Creditors: amounts falling due after more than one year
12
(351,389)
(347,349)
Provisions for liabilities
13
(31,267)
(35,454)
Net assets
4,490,376
4,301,502
Capital and reserves
Called up share capital
17
2,250
2,250
Share premium account
249,000
249,000
Profit and loss reserves
4,239,126
4,050,252
Total equity
4,490,376
4,301,502
The financial statements were approved by the board of directors and authorised for issue on 27 September 2018 and are signed on its behalf by:
P Miller
Director
Company Registration No. 03424866
TTEC Consulting (UK) Limited
Statement of Changes in Equity
For the year ended 31 December 2017
Page 9
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2016
2,250
249,000
3,256,133
3,507,383
Year ended 31 December 2016:
Profit for the year
-
-
745,449
745,449
Other comprehensive income:
Currency translation differences
-
-
48,670
48,670
Total comprehensive income for the year
-
-
794,119
794,119
Balance at 31 December 2016
2,250
249,000
4,050,252
4,301,502
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
188,874
188,874
Balance at 31 December 2017
2,250
249,000
4,239,126
4,490,376
TTEC Consulting (UK) Limited
Notes to the Financial Statements
For the year ended 31 December 2017
Page 10
1
Accounting policies
Company information

TTEC Consulting (UK) Limited is a company limited by shares incorporated in England and Wales. The registered office is 6 Braid Court, Lawford Road, Chiswick, London, W4 3HS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Exemptions for qualifying entities under FRS 102

FRS 102 allows for 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.

The company has taken advantage of the following exemptions:

 

  • The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).

  • The requirement of Section 33 Related Party Disclosures paragraph to disclose key management personel compensation

  • The exemption available under Section 33 Related Party Disclosures paragraph 33.1A not to disclose transactions with other wholly owned members of the group.

1.3
Going concern

A t the time of approving the financial statements , t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The company recognises turnover when services have been provided, the amount can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. When services have been delivered but not yet billed by the balance sheet date, income is accrued. Where amounts are received in advance of delivery, income is deferred based on the percentage of services not yet completed.

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
1
Accounting policies
(Continued)
Page 11
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the expected life of lease on a straight line basis
Plant and equipment
33% straight line
Fixtures and fittings
20% straight line

Assets in the course of construction are not depreciated.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
1
Accounting policies
(Continued)
Page 12
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Share-based payments

Share -based payments are measured at fair value at the date of grant . The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
1
Accounting policies
(Continued)
Page 13
1.15
Foreign exchange

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the contracted rate or the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

 

Assets and liabilities attributable to the Dubai branch of the company, which was disposed of on 31 March 2016, and denominated in United Arab Emirate Dirhams (AED), were translated at the rate of exchange ruling at the date of disposal . Income and expenditure denominated in AED, attributable to the Dubai branch of the company, were translated at the average rate of exchange f rom 1 January 2016 to the date of disposal . Translation differences on prior year balances are recognised directly in r eserves without effect on the p rofit & l oss account for the period.

2
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 that are considered to be relevant. 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.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

Revenue recognition

Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review. These estimates may differ from the actual results due to a variety of factors such as efficiency of working, accuracy of assessment of progress to date and client decision making.

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 14
3
Turnover and other revenue

The company's turnover derives solely from its principal activity.

Turnover analysed by geographical market
2017
2016
£
£
United Kingdom
4,832,629
3,187,648
Europe
317,891
2,082,666
Dubai
-
108,863
Rest of World
20,532
676,273
5,171,052
6,055,450
4
Operating profit
2017
2016
Operating profit for the year is stated after charging/(crediting):
£
£
Loss/(profit) on foreign exchange
86,712
(50,725)
Fees payable to the company's auditors for the audit of the company's financial statements
16,250
17,500
Non audit fees payable to the company's auditors
3,500
3,500
Depreciation of owned tangible fixed assets
79,737
62,880
Share based payment charge
24,591
3,155
Operating lease charges
359,939
248,014
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2017
2016
Number
Number
Directors
3
2
Consultants
14
15
Administration
12
15
29
32
TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
5
Employees
(Continued)
Page 15

Their aggregate remuneration comprised:

2017
2016
£
£
Wages and salaries
2,022,869
2,110,771
Social security costs
239,473
238,955
Pension costs
48,074
-
2,310,416
2,349,726
6
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
259,507
381,324
Company pension contributions to defined contribution schemes
4,783
-
264,290
381,324
Remuneration disclosed above include the following amounts paid to the highest paid director:
Remuneration for qualifying services
171,253
214,124
7
Interest receivable and similar income
2017
2016
£
£
Interest income
Interest receivable from group companies
672
156
8
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
46,054
178,732
Deferred tax
Origination and reversal of timing differences
(4,187)
39,089
Total tax charge
41,867
217,821
TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
8
Taxation
(Continued)
Page 16

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2017
2016
£
£
Profit before taxation
230,741
963,270
Expected tax charge based on the standard rate of corporation tax in the UK of 19.25% (2016: 20.00%)
44,418
192,654
Tax effect of expenses that are not deductible in determining taxable profit
15,430
11,678
Adjustments in respect of prior years
-
8,558
Permanent capital allowances in excess of depreciation
(13,783)
-
Depreciation on assets not qualifying for tax allowances
(2,415)
-
Foreign branch exemption
-
4,931
Other differences
(1,783)
-
Tax charge for the year
41,867
217,821
9
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2017
168,267
271,726
68,292
445
508,730
Additions
99,777
-
16,337
51,276
167,390
Disposals
(58,010)
-
-
-
(58,010)
Transfers
220,450
(271,726)
-
51,276
-
At 31 December 2017
430,484
-
84,629
102,997
618,110
Depreciation and impairment
At 1 January 2017
60,683
-
40,713
271
101,667
Depreciation charged in the year
42,564
-
19,966
17,207
79,737
Eliminated in respect of disposals
(58,010)
-
-
-
(58,010)
At 31 December 2017
45,237
-
60,679
17,478
123,394
Carrying amount
At 31 December 2017
385,247
-
23,950
85,519
494,716
At 31 December 2016
107,584
271,726
27,579
174
407,063
TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 17
10
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,411,958
1,301,465
Amounts due from group undertakings
1,689,106
3,914,126
Other debtors
17,773
350,322
Prepayments and accrued income
262,897
49,796
4,381,734
5,615,709
Assets due from group undertakings are interest free, unsecured and repayable on demand.
2017
2016
Amounts falling due after more than one year:
£
£
Other debtors
348,452
312,486
Total debtors
4,730,186
5,928,195
11
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
202,949
187,710
Amounts due to fellow group undertakings
414,514
564,293
Corporation tax
52,268
391,518
Other taxation and social security
358,178
392,665
Other creditors
140
10,203
Accruals and deferred income
580,278
588,277
1,608,327
2,134,666

Amounts due to group undertakings are interest free, unsecured and repayable on demand.

12
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
351,389
347,349

Other creditors represent the rent free period, capital contributions and dilapidations liabilities that are deferred over the lease term to 29 September 2026.

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 18
13
Provisions for liabilities
2017
2016
Note
£
£
Deferred tax liabilities
14
31,267
35,454
14
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2017
2016
Balances:
£
£
Accelerated capital allowances
31,267
35,454
2017
Movements in the year:
£
Liability at 1 January 2017
35,454
Credit to profit and loss
(4,187)
Liability at 31 December 2017
31,267
15
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,074
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share-based payment transactions

The company operates a Restricted Stock Unit (RSU) scheme offering shares in T TEC Holdings, Inc, the company's ultimate parent company. The scheme has time based vesting conditions and the Restricted Stock Units (RSUs) lapse when employment ceases. The RSUs will be settled with the exercise of shares at the market value on the date of exercise (equity settled).

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
16
Share-based payment transactions
(Continued)
Page 19
Number of restricted stock units
2017
2016
Number
Number
Outstanding at 1 January 2017
1,552
-
Granted
5,051
1,552
Outstanding at 31 December 2017
6,603
1,552
Vested at 31 December 2017
387
-

During the year, the company granted 5,051 RSUs. The fair value at grant of the RSUs has been calculated as the market value of the shares at grant less the expected dividends over the expected vesting period.

 

During the year, the company recognised total share-based payment expenses of £24,591 (2016 - £3,155) which relate to share based payment transactions for the RSUs. The cost has been included within wages and salaries.

17
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1 ''B' Ordinary share of £250 each
250
250
1,000 ''C' Ordinary shares of £1 each
1,000
1,000
2,250
2,250

The Ordinary shares confer on the bidder the right to one vote per share in general meetings.

 

The 'B' Ordinary shares confer on the holder the right to a vote to be not more than 20% of the total voting power of the company in general meetings regardless of the number of shares issued by the company.

 

The 'C' Ordinary shares have no voting rights but rank pari passu with the Ordinary and 'B' Ordinary shares shares in the event of a wind up and return of capital.

TTEC Consulting (UK) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2017
Page 20
18
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2017
2016
£
£
Within one year
407,295
210,156
Between two and five years
1,629,180
1,527,356
In over five years
1,527,356
-
3,563,831
1,737,512
19
Capital commitments

Amounts contracted for but not provided in the financial statements:

2017
2016
£
£
Acquisition of tangible fixed assets
-
145,522
20
Events after the reporting date

On 6 February 2018 , the Company’s name was changed from rogenSi Limited to TTEC Consulting ( UK ) Limited.

 

On 30 April 2018, the Company purchased 100% of the share capital of Strategic Communications Services Limited, a company registered in England and Wales, for a maximum consideration of £7,582,851.

21
Controlling party

The Company's immediate parent company is TTEC Europe, B.V, a company registered in The Netherlands.

 

The Company is a subsidiary undertaking of TTEC Holdings, Inc., which is the ultimate parent undertaking and controlling party.

 

TTEC Holdings, Inc. is incorporated in the United States of America and copies of its group financial statements, which represents both the smallest and largest group into which the company is consolidated, are available from:

 

9197 South Peoria Street

Englewood

Colorado

USA 80112

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