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Sage Accounts Production Advanced 2021 - FRS102_2021
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4,718,820
4,718,821
4,718,821
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COMPANY REGISTRATION NUMBER:
11676098
DS Remco Holding Spain Limited |
|
Unaudited Financial Statements |
|
DS Remco Holding Spain Limited |
|
Year ended 31 December 2022
The director presents his report and the unaudited financial statements of the company for the year ended
31 December 2022
.
Principal activity
The principal activity of the company during the year was that of an intermediary holding company. The company did not trade during the current year or preceding period.
Director
The director who served the company during the year was as follows:
Going concern
The company ceased to operate on the 31st December 2021. Therefore, these accounts have been prepared on a basis other than a going concern.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
16 October 2023
and signed on behalf of the board by:
Registered office: |
71 - 75 Shelton Street |
Covent Garden |
London |
WC2H 9JQ |
|
DS Remco Holding Spain Limited |
|
Year ended 31 December 2022
|
2022 |
2021 |
|
Continuing operations |
Discont'd operations |
Total |
Continuing operations |
Discont'd operations |
Total |
Note |
£ |
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
|
Inter-company loans no longer payable |
– |
– |
– |
– |
|
|
|
---- |
---- |
---- |
---- |
------------ |
------------ |
Operating profit |
– |
– |
– |
– |
4,718,820 |
4,718,820 |
|
|
|
|
|
|
|
|
---- |
---- |
---- |
---- |
------------ |
------------ |
Profit before taxation |
– |
– |
– |
– |
4,718,820 |
4,718,820 |
|
|
|
|
|
|
|
Tax on profit |
– |
– |
– |
– |
– |
– |
|
---- |
---- |
---- |
---- |
------------ |
------------ |
Profit for the financial year and total comprehensive income |
– |
– |
– |
– |
4,718,820 |
4,718,820 |
|
---- |
---- |
---- |
---- |
------------ |
------------ |
|
|
|
|
|
|
|
DS Remco Holding Spain Limited |
|
31 December 2022
Capital and reserves
Called up share capital |
7 |
1 |
1 |
Profit and loss account |
(
1) |
(
1) |
|
---- |
---- |
Shareholder funds |
– |
– |
|
---- |
---- |
|
|
|
|
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the
board of directors
and authorised for issue on
16 October 2023
, and are signed on behalf of the board by:
Company registration number:
11676098
DS Remco Holding Spain Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2022
1.
General information
DS Remco Holding Spain Limited
is a Company incorporated in the United Kingdom under the Companies Act 2006. The Company is a private Company limited by shares and is registered in England and Wales. The address of the Company's registered office is shown on page 1. The nature of the Company's operations and its principal activity are set out in the director's report on page 1. These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates.
2.
Statement of compliance
The Company has applied Financial Reporting Standard 101 'Reduced Disclosure Framework' (FRS 101) issued by the Financial Reporting Council (FRC) incorporating the Amendments to FRS 101 issued by the FRC in July 2015 and the amendments to Company law made by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of certain properties, financial instruments and investment property that are measured at revalued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for the goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement purposes in these financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IAS 17, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36. Consolidation The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Going concern
As explained in note 4, the entity had ceased to operate at the end of the reporting period. The financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the entity's assets to net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the entity except to the extent that such costs were committed at the end of the reporting period.
Disclosure exemptions
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to share-based payment, financial instruments, capital management, presentation of comparative information in respect of certain assets, presentation of a cash flow statement, standards not yet effective, impairment of assets and related party transactions.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The director has considered the Income Statement, the Balance Sheet, Statement of Changes in Equity and the Company's accounting policies and does not consider there to be any critical accounting judgements or key sources of estimation uncertainty.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment in subsidiaries
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial assets and financial liabilities are recognised in the Company's balance sheet when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
4.
Going concern
The company had ceased to operate and had a balance sheet with a net assets position of £0 (2021 - £0) at the balance sheet date. The financial statements do not include any provision for the future costs of terminating the business of the entity except to the extent that such costs were committed at the end of the reporting period.
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2022 and 31 December 2022 |
4,718,821 |
|
------------ |
Impairment |
|
At 1 January 2022 and 31 December 2022 |
4,718,821 |
|
------------ |
|
|
Carrying amount |
|
At 31 December 2022 |
– |
|
------------ |
At 31 December 2021 |
– |
|
------------ |
|
|
The company owns 100% of the issued share capital in Office Depot SL, a company incorporated in Spain. The registered office of the company is Calle Rotonda Rene Descartes, Parc 101, Nave 3, Alcala De Henares, 28806 Spain. The principal activity of the company was that of a trading company.
6.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss |
1 |
1 |
|
---- |
---- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
8.
Related party transactions
On 1 November 2021, Turandot Limited, a company incorporated in England and Wales, became the Company's immediate, and ultimate, parent Company and ultimate controlling party. The registered office of Turandot Limited is 71 - 75 Shelton Street, London. WC2H 9JQ. During the previous year, a deed of release was completed stating that the lender, Office Depot International (UK) Limited, irrevocably released
DS Remco Holding Spain Limited
from all its covenants, liabilities and obligations in respect of an inter-company loan of £4,718,820, including any interest accrued and unpaid.