Company registration number: 09140912
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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UNAUDITED
ANNUAL REPORT
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
31 DECEMBER 2022
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
REGISTERED NUMBER:09140912
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BALANCE SHEET
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Capital redemption reserve
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
REGISTERED NUMBER:09140912
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statementson pages 1 to 10 were approved and authorised for issue by the board on 8 November 2023 and signed on its behalf by:
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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Capital redemption reserve
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Share based payment reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies
The principal activity of the Company is that of a holding company. The group provides consultancy, advisory, public and government relations and other services.
FIPRA International (Holdings) Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office and principal place of business is 201 Borough High Street, London SE1 1JA.
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention as modified for the revaluation of certain financial instruments and in accordance with Section 1A Small Entities of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.
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Foreign currency translation
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Functional and presentation currency
The functional and presentation currency of the Company is the euro.
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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.
Foreign exchange gains and losses are presented in the Profit and Loss Account in ‘administrative expenses’.
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all material timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
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Distributions to equity holders
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Final dividends to the Company’s shareholder are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholder and recognised in the Statement of Changes in Equity. Interim dividends are recognised in the Statement of Changes in Equity as paid.
Investments in subsidiaries are measured at cost less provision for impairment.
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
1.Accounting policies (continued)
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Debtors and Creditors
Debtors and creditors with no stated interest rate and receiveable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account in 'administrative expenses'.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ordinary shares are classified as equity.
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Equity settled share based payments
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The cost of equity-settled transactions with employees and consultants is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees and consultants become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the Company (market conditions) and non vesting conditions. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non vesting condition, which are treated as vesting irrespective of whether or not the market or non vesting condition is satisfied, provided that all other performance conditions are satisfied.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest or in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in equity.
The financial effect of awards by the Company of options over its equity shares to the employees and consultants of subsidiary undertakings are recognised by the Company in its financial statements. In particular the Company records a change in its investment in subsidiaries and a change in equity equivalent to the share based payment expense or credit recognised in the subsidiary undertakings financial statements. Where options are cancelled, the total fair value charge not previously reflected is recognised immediately. Where options are considered to be forfeited, the cumulative share option charge is reversed.
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing these financial statements, they consider that these have not had a significant effect on amounts recognised.
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Employees and key management personnel
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The average monthly number of employees, including directors, during the year was 1 (2021 - 2).
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Investments in subsidiary companies
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The Company owns 100% of the ordinary shares of FIPRA International Limited which in turn owns 100% of the ordinary shares of FIPRA Brussels s.p.r.l. (incorporated in Belgium). The principal activity of both companies is the provision of consultancy, advisory, public and government relations and other services. Fipra International Limited's registered office address is 201 Borough High Street, London, SE1 1JA. Fipra Brussels s.p.r.l. registered office address is Rue de la Loi 227, 1040 Brussels, Belgium.
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Allotted, called up and fully paid
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2,978 (2021 - 2,978) ordinary shares of €1.00 each
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Share premium account
This reserve records the amount above the nominal value received for shares issued.
Capital redemption reserve
The Capital redemption reserve represents the nominal value of 'own' shares purchased and cancelled by the Company. The reserve is not distributable.
Share based payment reserve
The share based payment reserve relates to amounts in respect of equity options granted by the Company. This reserve is not distributable.
Profit and loss account
The profit and loss account is a wholly distributable reserve.
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FIPRA INTERNATIONAL (HOLDINGS) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Group issued equity settled share based payments
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On 8 January 2021, the entire share capital of the Company was acquired by FIPRA International SRL, an entity incorporated in Belgium, on a share for share exchange basis. As a result, holders of all of the 49,150 options in the share option scheme in FIPRA International (Holdings) Limited released or surrendered their options in the Company scheme. The Director considered that the options had been forfeited. As share based payments granted to employees and consultants of the Company’s subsidiary were recognised as an increase in the investment, the cumulative increase in the investment prior to the forfeiture was reveresed in full. Accordingly, this resulted in a reduction in the share based payment reserve and investment in subsidiary of €8,941 in the prior year.
The balance on the share based payment reserve at the balance sheet date was €nil (2021: €nil).
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Related party transactions
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The Company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions and balances with members of the same wholly owned group.
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In the prior year on 8 January 2021, the entire share capital of the Company was acquired by FIPRA International SRL, an entity incorporated in Belgium, on a share for share exchange basis and that entity is now the parent undertaking of FIPRA International (Holdings) Limited.
The Company's ultimate controlling party is L. Batchelor.
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