REGISTERED NUMBER: |
Reef Global Assets And Services (UK) Ltd |
Financial Statements |
for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Reef Global Assets And Services (UK) Ltd |
Financial Statements |
for the Year Ended 31 December 2022 |
Reef Global Assets And Services (UK) Ltd (Registered number: 13280634) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Reef Global Assets And Services (UK) Ltd |
Company Information |
for the year ended 31 December 2022 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Reef Global Assets And Services (UK) Ltd (Registered number: 13280634) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | 7 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Reef Global Assets And Services (UK) Ltd (Registered number: 13280634) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | Statutory information |
Reef Global Assets And Services (UK) Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The presentational currency of these financial statements is the Pound Sterling (£). Monetary amounts in these financial statements have been rounded to the nearest £. |
Related party exemption |
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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. |
Critical judgements in applying the Company's accounting policies |
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial period. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
(i) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, trade and other receivables and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Reef Global Assets And Services (UK) Ltd (Registered number: 13280634) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | Accounting policies - continued |
Financial assets and liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Trade and other payables |
Trade and other payables are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheetbalance sheet date. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the director considers that the Company maintains an appropriate level of liquidity via continued support of the Group, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
3. | Employees and directors |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Prepayments |
Reef Global Assets And Services (UK) Ltd (Registered number: 13280634) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
5. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
VAT | 10,534 | - |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
7. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2022 | ( |
) |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
9. | Post balance sheet events |
On May 19, 2023 Reef Technology Inc (the ultimate holding company) entered into an agreement with the company's existing equity structure to create separate parking and kitchens businesses by distributing certain legal entities within the Reef Technology Inc. group that are associated with the kitchens business into a separate "proximity" equity ownership group. The May 2023 Restructuring and Seperation had the effect of Reef London Limited transferring certain parking assets and liabilities to Reef Global Assets and Services (UK) Ltd, in exchange for a note receivable amount of £3,522,000. |
10. | Ultimate parent company |
The Company's immediate parent company at the year end is Reef Global Limited, registered in England and Wales. This entity's ultimate holding company was Reef Technology Inc, a company incorporated in the United States of America (USA). |
The registered address is: |
601 Brickell Key Drive |
Suite 1000 |
Miami FL 33131 |
A copy of the consolidated financial statements can be requested from this address. |
Following the restructuring in May 2023. The Company's ultimate controlling party is Reef Global Holdings Inc.. a company incorporated in the USA. |