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Company registration number: 12746550
ANTITHESIS UK LIMITED
Unaudited filleted financial statements
31 December 2022
ANTITHESIS UK LIMITED
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ANTITHESIS UK LIMITED
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 6 6,493 7,771
_______ _______
6,493 7,771
Current assets
Debtors:
Amounts falling due after more than one year 7 9,636 9,636
Amounts falling due within one year 7 124,797 90,432
Cash at bank and in hand 127,083 67,436
_______ _______
261,516 167,504
Creditors: amounts falling due
within one year 9 ( 168,438) ( 150,597)
_______ _______
Net current assets 93,078 16,907
_______ _______
Total assets less current liabilities 99,571 24,678
_______ _______
Net assets 99,571 24,678
_______ _______
Capital and reserves
Called up share capital 1 1
Capital contribution reserve 10 5,715 6,525
Profit and loss account 93,855 18,152
_______ _______
Shareholders funds 99,571 24,678
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2023 , and are signed on behalf of the board by:
N J Lavezzo
Director
Company registration number: 12746550
ANTITHESIS UK LIMITED
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Capital contribution reserve Profit and loss account Total
£ £ £ £
At 1 January 2021 - - - -
Profit for the year 18,152 18,152
_______ _______ _______ _______
Total comprehensive income for the year - - 18,152 18,152
Issue of shares 1 1
Share based payment - 6,525 - 6,525
_______ _______ _______ _______
Total investments by and distributions to owners 1 6,525 - 6,526
_______ _______ _______ _______
At 31 December 2021 and 1 January 2022 1 6,525 18,152 24,678
Profit for the year 75,703 75,703
_______ _______ _______ _______
Total comprehensive income for the year - - 75,703 75,703
Share based credit - ( 810) - ( 810)
_______ _______ _______ _______
Total investments by and distributions to owners - ( 810) - ( 810)
_______ _______ _______ _______
At 31 December 2022 1 5,715 93,855 99,571
_______ _______ _______ _______
ANTITHESIS UK LIMITED
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Antithesis UK Limited, New Penderel House, 4th Floor, 283-288 High Holborn, LONDON, WC1V 7HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Antithesis UK Limited has received written confirmation from Antithesis Operations, LLC, a company under common control, that it will continue to provide financial support to the Company for a period of at least twelve months from the date of signing these financial statements. For this reason, the directors adopt the going concern basis in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Rendering of services Turnover is recognised on a cost plus 6% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied: - the amount of turnover can be measured reliably; - it is probable that the Company will receive the consideration due under the intercompany service agreement: - the costs incurred under the intercompany service agreement can be measured reliably.
Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings - 7 years
Computer equipment - 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into fair value of the options granted. The cumulative expense is not adjusted for failure to acheive a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaing any contributios required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2021: 2 ).
The aggregate payroll costs incurred during the year were:
2022 2021
£ £
Salaries 394,939 358,056
Social security costs 47,641 39,672
Other pension costs 13,512 12,267
_______ _______
456,092 409,995
_______ _______
5. Tax on profit
Major components of tax expense
2022 2021
£ £
Current tax:
UK current tax expense 17,715 3,750
Adjustments in respect of previous periods ( 3) -
_______ _______
Tax on profit 17,712 3,750
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2021: lower than) the standard rate of corporation tax in the UK of 19.00 % (2021: 19.00%).
2022 2021
£ £
Profit before taxation 93,415 21,902
_______ _______
Profit multiplied by rate of tax 17,749 4,161
Adjustments in respect of prior periods ( 3) -
Effect of expenses not deductible for tax purposes 758 2,197
Effect of capital allowances and depreciation ( 792) ( 2,608)
_______ _______
Tax on profit 17,712 3,750
_______ _______
6. Tangible assets
Computer equipment Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2022 5,735 4,077 9,812
Additions 1,682 - 1,682
_______ _______ _______
At 31 December 2022 7,417 4,077 11,494
_______ _______ _______
Depreciation
At 1 January 2022 1,960 81 2,041
Charge for the year 2,379 581 2,960
_______ _______ _______
At 31 December 2022 4,339 662 5,001
_______ _______ _______
Carrying amount
At 31 December 2022 3,078 3,415 6,493
_______ _______ _______
At 31 December 2021 3,775 3,996 7,771
_______ _______ _______
7. Debtors
Debtors falling due within one year are as follows:
2022 2021
£ £
Amounts owed by group undertakings 116,295 84,372
Other debtors 8,502 6,060
_______ _______
124,797 90,432
_______ _______
Debtors falling due after one year are as follows:
2022 2021
£ £
Other debtors 9,636 9,636
_______ _______
Debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
8. Cash and cash equivalents
2022 2021
£ £
Cash at bank and in hand 127,083 67,436
_______ _______
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.
9. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 3,482 79
Amounts owed to group undertakings 118,010 118,010
Corporation tax 17,715 3,750
Social security and other taxes 19,075 10,715
Other creditors 10,156 18,043
_______ _______
168,438 150,597
_______ _______
Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.
10. Capital contribution reserve
Certain employees of the Company have been granted options over the shares in the parent company, Void Star Holdings Inc. The options are granted at an independently determind fair value and 25% of the options are exercisable one year after the date of grant, with vesting continuing monthly for three years thereafter. An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve.
11. Post balance sheet events
There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date that these financial statements were approved.
12. Controlling party
Void Star Holdings Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 8614 Westwood Center Drive, Suite 230, Vienna, VA, 22182, USA.