Company registration number 05902645 (England and Wales)
NTRINSIC HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
NTRINSIC HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
NTRINSIC HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
4,394
4,394
Current assets
Debtors
5
13,650
13,650
Cash at bank and in hand
53,786
53,819
67,436
67,469
Creditors: amounts falling due within one year
(20,426)
(20,459)
Net current assets
47,010
47,010
Net assets
51,404
51,404
Capital and reserves
Called up share capital
8
132
132
Share premium account
7
38,993
38,993
Profit and loss reserves
12,279
12,279
Total equity
51,404
51,404
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 July 2022 and are signed on its behalf by:
Mr Y Ono
Director
Company registration number 05902645
NTRINSIC HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
132
38,993
(3,459)
35,666
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
15,738
15,738
Balance at 31 December 2020
132
38,993
12,279
51,404
Year ended 31 December 2021:
Balance at 31 December 2021
132
38,993
12,279
51,404
NTRINSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Ntrinsic Holdings Limited is a private company limited by shares and incorporated in England and Wales. The registered office is Vine House, 143 London Road, Kingston, KT2 6NH.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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 whole pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
the requirements of IAS 7 Statement of Cash Flows;
the requirements of paragraph 17 and 18A in IAS 24 Related Party Disclosures;
the requirements of IAS 24 Related Party Disclosure to disclose related party transactions entered into between two or more members of a group, provided that a subsidiary which is a party to the transaction is wholly owned by such a member.
the requirements of IFRS 7 Financial Instruments: Disclosures;
the requirements of paragraph 30 and 31 in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
the requirements of paragraphs 10(d), 16 and 134 to 136 in IAS 1 Presentation of Financial Statements;
the requirements of paragraphs 91 to 99 in IFRS 13 Fair Value Measurement;
the requirements of related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Outsourcing UK Limited. The group accounts of Outsourcing UK Limited are available to the public and can be obtained as set out in note 9.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Ntrinsic Holdings Limited is a wholly owned subsidiary of Outsourcing UK Limited and the results of Ntrinsic Holdings Limited are included in the consolidated financial statements of Outsourcing UK Limited which are available from its registered office.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
NTRINSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash at bank and in hand
Cash and cash equivalents are represented by cash in hand and deposits held at call with banks.
1.5
Financial assets
Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI 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 initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.6
Financial liabilities
Basic financial liabilities, including loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Other financial liabilities, including other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
NTRINSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.7
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
3
4
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Ntrinsic Consulting Europe Limited
Vine House, 143 London Road, Kingston, United Kingdom
Ordinary
100.00
100.00
Ntrinsic Consulting France SARL
26 rue Cambaceres, 75008 Paris
Ordinary
100.00
100.00
Ntrinsic Consulting SPRL
Boulevard Brand Whitlock 114, 1200 Bruxelles, Belgium
Ordinary
99.60
99.60
4
Investments
Current
Non-current
2021
2020
2021
2020
£
£
£
£
Investments in subsidiaries
-
-
4,394
4,394
NTRINSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Debtors
2021
2020
£
£
Unpaid share capital
13,650
13,650
6
Creditors
2021
2020
£
£
Amounts owed to subsidiary undertakings
20,426
20,459
7
Share premium account
2021
2020
£
£
At the beginning and end of the year
38,993
38,993
8
Share capital
2021
2020
£
£
Ordinary share capital
Issued
5,260 Ordinary A shares of 2.5p each
132
132
At 31 December 2021 and 2020 the number of ordinary shares issued and fully paid was 5,169, not fully paid was 91.
9
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 Ms Jan Rickler and the auditor was Alwyns LLP.
10
Controlling party
The smallest group of which the results of the Company are consolidated is that headed by Outsourcing UK Limited, and the largest group of which the results of the Company are consolidated is that headed by Outsourcing Inc, the ultimate parent company incorporated in Japan. The consolidated financial statements of the group headed by Outsourcing Inc are available to the public and may be obtained from its registered office, 19F Marunouchi Trust, Tower Main, 1-8-3 Marunouchi, Chiyoda-Ku, Tokyo, Japan, 100-0005.