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Eicos PDC Holdco Limited
























Director's report and consolidated financial statements



for the year ended 31 December 2022



Registered number: 13387917

 
Eicos PDC Holdco Limited


Company Information


Director
Pierre De Chillaz 




Registered number
13387917



Registered office
C/O Buzzacott LLP
130 Wood Street

London

EC2V 6DL




Independent auditor
Buzzacott LLP

130 Wood Street

London

EC2V 6DL





 
Eicos PDC Holdco Limited


Contents



Page
Director's report
 
1 - 2
Independent auditor's report
 
3 - 6
Consolidated statement of comprehensive income
 
7
Consolidated statement of financial position
 
8
Consolidated statement of changes in equity
 
10
Company statement of changes in equity
 
11
Consolidated Statement of cash flows
 
12
Notes to the financial statements
 
13 - 23


 
Eicos PDC Holdco Limited

 
Director's report
for the year ended 31 December 2022

The director presents his report and the financial statements of Eicos PDC Holdco Limited ('the company') and its subsidiaries (together 'the group') for the year ended 31 December 2022.

Principal activity

The principal activity of the company during the year was to hold an investment in Eicos Investment Group Limited. The group's principal activity was the provision of investment management services.

Director

The director who served during the year was:

Pierre De Chillaz 

Results and dividends

The group's loss for the year, after taxation and minority interests, amounted to £15,847 (2021 - loss £50,825).

The director did not recomend a payment of a dividend during the year.

Director's responsibilities statement

The director is responsible for preparing the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the group's financial statements 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 group will continue in business.

The director is 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 the group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
Eicos PDC Holdco Limited
 
Director's report (continued)
for the year ended 31 December 2022

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.

Small companies exemptions

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 414A and 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Pierre De Chillaz
Director

Date: 28 September 2023

Page 2

 
 
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Independent auditor's report to the members of Eicos PDC Holdco Limited
for the year ended 31 December 2022

Opinion


We have audited the financial statements of Eicos PDC Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022, which comprise the Consolidated statement of comprehensive income, the Consolidated and company statements of financial position, the Consolidated and company statements of changes in equity, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 group's and of the parent company's affairs as at 31 December 2022 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 3

 
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Independent auditor's report to the members of Eicos PDC Holdco Limited (continued)
for the year ended 31 December 2022

Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon.  The director is responsible for the other information contained within the Annual Report.  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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves.  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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Director's 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to take advantage of the small companies' exemptions in preparing the Director's report and from the requirement to prepare a Group strategic report.


Page 4

 
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Independent auditor's report to the members of Eicos PDC Holdco Limited (continued)
for the year ended 31 December 2022

Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 1, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquiries of management as to whether they considered there was a susceptibility to fraud, and their knowledge of actual, suspected or alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company and group through discussions with management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and group including the Companies Act 2006, The Financial Services and Markets Act 2000, employment legislation, taxation legislation and relevant laws and regulations.

We assessed the extent of compliance with the laws and regulations identified above through:
 
making enquiries of management;
reviewing legal expenditure throughout the year for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate the risks of fraud and non-compliance with laws and regulations.
 
Page 5

 
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Independent auditor's report to the members of Eicos PDC Holdco Limited (continued)
for the year ended 31 December 2022

To address the risk of fraud through management bias and override of controls, we:
 
determined the susceptibility of the company and group to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
reviewed journal entries throughout the year to identify unusual transactions;
performed analytical procedures to identify large, unusual or unexpected transactions; and
carried out substantive testing of expenditure.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Other matters 
 

In the previous accounting period from incorporation on 11 May 2021 to 31 December 2021 the director of the group took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to 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 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Katherine White (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

28 September 2023
Page 6

 
Eicos PDC Holdco Limited


Consolidated statement of comprehensive income
for the year ended 31 December 2022

2022
(Unaudited)
2021
Note
£
£

  

Turnover
 4 
929,217
-

Gross profit
  
929,217
-

Administrative expenses
  
(952,861)
(86,297)

Other operating income
  
-
1,459

Operating loss
  
(23,644)
(84,838)

Loss for the financial year
  
(23,644)
(84,838)

Loss for the year attributable to:
  

Non-controlling interest
  
(7,797)
(33,598)

Owners of the parent company
  
(15,847)
(51,240)

  
(23,644)
(84,838)

There were no recognised gains and losses for 2022 or 2021 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 13 to 23 form part of these financial statements.



Page 7

 
Eicos PDC Holdco Limited - Registered number: 13387917

Consolidated statement of financial position
as at 31 December 2022

2022
(Unaudited) 2021
Note
£
£

Fixed assets
  

Tangible assets
 9 
4,490
4,269

Investments
 10 
21,363
-

  
25,853
4,269

Current assets
  

Debtors: amounts falling due after more than one year
 11 
10,266
-

Debtors: amounts falling due within one year
 11 
90,778
20,698

Cash at bank and in hand
 12 
627,776
78,546

  
728,820
99,244

Creditors: amounts falling due within one year
 13 
(704,209)
(187,935)

Net current assets/(liabilities)
  
 
 
24,611
 
 
(88,691)

Net assets/(liabilities)
  
50,464
(84,422)


Capital and reserves
  

Called up share capital 
 16 
1
1

Profit and loss account
 17 
(66,672)
(50,825)

Equity attributable to owners of the parent company
  
(66,671)
(50,824)

Non-controlling interests
  
117,135
(33,598)

  
50,464
(84,422)


The financial statements were approved and authorised for issue by the board and were signed on its behalf: 




Pierre De Chillaz
Director

Date: 28 September 2023

The notes on pages 13 to 23 form part of these financial statements.

Page 8

 
Eicos PDC Holdco Limited - Registered number: 13387917

Company statement of financial position
as at 31 December 2022

2022
(Unaudited)
2021
Note
£
£

Fixed assets
  

Investments
 10 
224,055
585

  
224,055
585

Current assets
  

Debtors: amounts falling due within one year
 11 
56,491
82,415

Cash at bank and in hand
 12 
116,639
17,000

  
173,130
99,415

Creditors: amounts falling due within one year
  
(404,919)
(102,879)

Net current liabilities
  
 
 
(231,789)
 
 
(3,464)

Net liabilities
  
(7,734)
(2,879)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account brought forward
  
(2,880)
-

Loss for the year
  
(4,855)
(2,880)

Profit and loss account carried forward
  
(7,735)
(2,880)

  
(7,734)
(2,879)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Pierre De Chillaz
Director

Date: 28 September 2023

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
Eicos PDC Holdco Limited


Consolidated statement of changes in equity
for the year ended 31 December 2022


Called up share capital
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£

At 1 January 2022
1
(50,825)
(33,598)
(84,422)


Comprehensive income for the year

Loss for the year
-
(15,847)
(7,797)
(23,644)

Proceeds of issue in shares in subsidiary to non-controlling shareholders
-
-
158,530
158,530


At 31 December 2022
1
(66,672)
117,135
50,464



Consolidated statement of changes in equity
for the year ended 31 December 2021


Called up share capital
Profit and loss account
Non-controlling interests
Total equity

£
£
£
£

At 1 May 2021
1
-
-
1


Comprehensive income for the period

Loss for the period
-
(50,825)
(33,598)
(84,423)


At 31 December 2021
1
(50,825)
(33,598)
(84,422)


The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
Eicos PDC Holdco Limited


Company statement of changes in equity
for the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
(2,880)
(2,879)


Comprehensive income for the period

Loss for the year
-
(4,855)
(4,855)
Total comprehensive income for the year
-
(4,855)
(4,855)


At 31 December 2022
1
(7,735)
(7,734)



Company statement of changes in equity
for the year ended 31 December 2021


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
1
-
1


Comprehensive income for the period

Loss for the period
-
(2,880)
(2,880)
Total comprehensive income for the period
-
(2,880)
(2,880)


At 31 December 2021
1
(2,880)
(2,879)


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
Eicos PDC Holdco Limited


Consolidated statement of cash flows
for the year ended 31 December 2022

2022
(Unaudited)
2021
£
£

Cash flows from operating activities

Loss for the financial year
(23,644)
(84,838)

Adjustments for:

Depreciation of tangible assets
2,488
954

(Increase) in debtors
(80,346)
(20,698)

Increase in creditors
116,275
87,936

Net cash from operating activities

14,773
(16,646)


Cash flows from investing activities

Purchase of tangible fixed assets
(2,709)
(5,223)

Purchase of fixed asset investments
(21,363)
-

Net cash from investing activities

(24,072)
(5,223)

Cash flows from financing activities

Issue of ordinary shares
-
1

Loans from directors
399,999
99,999

Proceeds of issue in shares in subsidiary to non-controlling shareholders
158,530
415

Net cash from financing activities
558,529
100,415

Net increase in cash and cash equivalents
549,230
78,546

Cash and cash equivalents at beginning of year
78,546
-

Cash and cash equivalents at the end of year
627,776
78,546


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
627,776
78,546

627,776
78,546


The notes on pages 13 to 23 form part of these financial statements.

Page 12

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

1.


General information

Eicos PDC Holdco Limited is a private limited company limited by shares and registered in England & Wales. The address of the registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and its principal place of business is One Great Cumberland Place, London, W1H 7AL. The registered number of the company is 13387917.

2.Significant 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires group management to exercise judgement in applying the group's
accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006
and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

  
2.3

Exemptions for qualifying entities under FRS 102

FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions. The company has taken advantage of the following exemption in its individual financial statements:
 
from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows.

 
2.4

Going concern

After reviewing the forecasts and projections the director has reasonable expectations that the group has adequate resources to continue in operational existence for the forseable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Page 13

 
Eicos PDC Holdco Limited

Notes to the financial statements
for the year ended 31 December 2022

2.Significant accounting policies (continued)

 
2.5

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.

 
2.6

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnpver is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
 
it is probable that the group will receive the consideration due under the contract;
 
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
 
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Operating leases: the group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Administrative expenses

All expenses have been accounted for on an accruals basis.

Page 14

 
Eicos PDC Holdco Limited

Notes to the financial statements
for the year ended 31 December 2022

2.Significant accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the group in independently administered funds.

 
2.10

Current and deferred taxation

The current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in
the statement of comprehensive income because it excluded items that are never taxable or deductible. The
company's current tax liability is calculated using rates that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to
pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise
based on current tax rate law. Timing differences arise from the inclusion of items of income and expenditure
in taxation computations in periods different from those in which they are included in financial statements.
Deferred tax assets are recognised to the extent that is regarded as more likely than not that they will be
recovered. Deferred tax assets and liabilities are not discounted.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Investments

Investments in subsidiaries are measured at cost less accumulated impairment

  
2.13

Debtors

Short term debtors are measured at transaction price less any impairment.

Page 15

 
Eicos PDC Holdco Limited

Notes to the financial statements
for the year ended 31 December 2022

2.Significant accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank and in hand, demand deposits with financial institutions
repayable without penalty on notice and other short term highly liquid investments with original maturity of
3 months or less and bank overdrafts.

 
2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at
fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective
interest method.

 
2.16

Financial instruments

The group 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 Consolidated statement of comprehensive income.

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, which are described in note 2, the director is required to
make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the
period-end date and amounts reported for revenues and expenses during the period. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. However, the
nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgments made in the period.

Page 16

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

4.


Turnover

2022
(Unaudited)
2021
£
£

Investment advisory services
929,217
-

929,217
-


Analysis of turnover by country of destination:

2022
(Unaudited)
2021
£
£

United Kingdom
929,217
-

929,217
-



5.


Other operating income

2022
(Unaudited)
2021
£
£

Other operating income
-
1,459

-
1,459



6.


Operating loss

The operating loss is stated after charging:

2022
(Unaudited)
2021
£
£

Depreciation
2,488
954

Exchange differences
13,707
49

Other operating lease rentals
51,957
15,212

Page 17

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

7.


Auditor's remuneration

During the year, the group obtained the following services from the company's auditor and its associates:


2022
(Unaudited)
2021
£
£

Fees payable to the group's auditor for the audit of the group's financial statements
11,000
-

Fees payable to the company's auditor and its associates in respect of:

Audit-related assurance services
2,000
-

Taxation compliance services
9,960
-

All non-audit services not included above
38,716
-


8.
Staff costs and average number of employees

Staff costs during the year were as follows:


2022
(Unaudited)
2021

£
£

Wages and salaries
341,423
47,761

Social security costs
33,065
-

Defined contribution pension cost
7,848
-

382,336
47,761

The average monthly number of employees, including the director, during the year was 5 (2021 - 4).
Remuneration paid to the director during the year was £20,000 (2021 - £nil)


Page 18

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

9.


Tangible fixed assets

Group






Computer equipment

£



Cost or valuation


At 1 January 2022
5,223


Additions
2,709



At 31 December 2022

7,932



Depreciation


At 1 January 2022
954


Charge for the year
2,488



At 31 December 2022

3,442



Net book value



At 31 December 2022
4,490



At 31 December 2021
4,269

Page 19

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

10.


Fixed asset investments

Group





Investments in subsidiary companies

£



Cost 


Additions
21,363



At 31 December 2022
21,363




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
585


Additions
223,470



At 31 December 2022
224,055





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Eicos Investment Group Limited
C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL
Ordinary
58.5%

The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Eicos Investment Group Limited
282,253
(18,789)

Page 20

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

11.


Debtors

Group
Group
Company
Company
2022
(Unaudited)
2021
2022
(Unaudited)
2021
£
£
£
£

Due after more than one year

Other debtors
10,266
-
-
-

10,266
-
-
-


Group
Group
Company
Company
2022
(Unaudited)
2021
2022
(Unaudited)
2021
£
£
£
£

Due within one year

Amounts owed by group undertakings
-
-
56,491
82,415

Other debtors
38,090
15,316
-
-

Prepayments and accrued income
52,688
5,382
-
-

90,778
20,698
56,491
82,415



12.


Cash and cash equivalents

Group
Group
Company
Company
2022
(Unaudited)
2021
2022
(Unaudited)
2021
£
£
£
£

Cash at bank and in hand
627,776
78,546
116,639
17,000

627,776
78,546
116,639
17,000


Page 21

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

13.


Creditors: amounts falling due within one year

Group
Group
Company
Company
2022
(Unaudited)
2021
2022
(Unaudited)
2021
£
£
£
£

Trade creditors
73,630
13,452
900
-

Other taxation and social security
13,287
3,785
-
-

Other creditors
412,377
139,384
399,999
99,999

Accruals and deferred income
204,915
31,314
4,020
2,880

704,209
187,935
404,919
102,879



14.


Related party transactions

During the prior period, the company issued an interest free loan of £83,000 to Eicos Investment Group Limited. At the balance sheet date, £56,491 (2021 - £82,415) remained outstanding, and due to the company, from its subsidiary undertaking Eicos Investment Group Limited.
Eicos Investment Group Limited is considered to be a related party as it is a direct subsidiary to the company.
At the balance sheet date, £10,803 (2021: £10,803) was due from the group to the director.
At the balance sheet date, £6,888 (2021: £NIL) was due to the group from Eicos Fund SA SICAV-RAIF.
At the balance sheet date, the amount due from Plative Limited was £1,920 (2021: £5,225 due to Plative). Plative Limited is considered to be a related party as it is controlled by E De Lepinay, a director of Eicos Investment Group Limited and a member of key management personnel.
At the balance sheet date, the amount due from Valleo Holdings Limited was £1,920 (2021: £2,660 owed to Valleo). Valleo Holdings Limited is considered to be a related party as it is controlled by A Denstaedt, a director of Eicos Investment Group Limited and a member of key management personnel.
At the balance sheet date, £10,803 (2021: £10,803) was due to P De Chillaz and £6 (2021: £13,478) was due to A Denstaedt.
Key management personnel compensation
Certain persons who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. During the year, there were no members of key management personnel, other than the director and the directors of Eicos Investment Group Limited. Key management personnel remuneration during the year totalled £60,000.


15.


Analysis of net debt

An analysis of changes in net debt has not been presented as all of the group's cash flows relate to movements
in cash, and the group has no items to include in such an analysis.

Page 22

 
Eicos PDC Holdco Limited

 
Notes to the financial statements
for the year ended 31 December 2022

16.


Share capital

2022
(Unaudited)
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1



17.


Reserves

Non-controlling interests

Non-controlling interests include amounts due to the minority investment holders in the company's subsidiary Eicos Investment Group Limited.

Profit and loss account

The profit and loss account includes the current year's retained earnings.


18.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the group in an independently administered fund. The pension cost charge represents contributions
payable by the group to the fund and amounted to £7,848 (2021: £nil).


19.


Commitments under operating leases

At 31 December 2022 the group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
Unaudited
2021
Group
£
£


Within 1 year
5,216
27,940

5,216
27,940


20.


Controlling party

In the opinion of the director, Pierre de Chillaz is the ultimate controlling party of the company and group.

Page 23