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Registered number: 02374256










Invaluable Group Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2021

 
Invaluable Group Limited
Registered number: 02374256

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 6 
823,090
823,090

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(66,622)
(66,622)

Net current assets
  
 
 
756,468
 
 
756,468

  

Net assets
  
756,468
756,468


Capital and reserves
  

Called up share capital 
  
4,735,550
4,735,550

Share premium account
 8 
11,082,799
11,082,799

Other reserves
  
2,960,931
2,960,931

Profit and loss account
  
(18,022,812)
(18,022,812)

  
756,468
756,468


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 statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2024.




K Cambray
L Danastorg
Director
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 1

 
Invaluable Group Limited
 

Statement of changes in equity
For the year ended 31 December 2021


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2020
4,735,550
11,082,799
2,960,931
(18,022,812)
756,468
Total comprehensive income for the year
-
-
-
-
-


Total transactions with owners
-
-
-
-
-



At 1 January 2021
4,735,550
11,082,799
2,960,931
(18,022,812)
756,468
Total comprehensive income for the year
-
-
-
-
-


Total transactions with owners
-
-
-
-
-


At 31 December 2021
4,735,550
11,082,799
2,960,931
(18,022,812)
756,468


Page 2

 
Invaluable Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

Invaluable Group Limited is a private company, limited by shares, incorporated under Companies Act 2006 and incorporated and domiciled in England.  The address of its registered office and principal place of business is Mill Court, Furrlongs, Newport, Isle of Wight, PO30 2AA. The principal activity is that of a investment holding company.

2.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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

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

 
2.7

Financial instruments

The Company 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.

Page 3

 
Invaluable Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 estimate and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
 
Valuation of investments
 
Determining whether investments require impairment requires an estimation of the value in use of each subsidiary. The value in use calculation requries an estimation of the future profitability expected to arise from each subsidiary and a suitable discount rate to calculate present value. The fixed asset investment has been impairmed by £12,218,344 (2020: £12,212,344).

Bad debt provision
The directors make judgements based on experience on the level of provision required to account for potential unpaid receivables. At the balance sheet date, the company has recognised no bad debt provision in the current or prior year in respect of unpaid receivables in Note 6.



4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration      (2020: £Nil).



5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021 and at 31 December 2021

12,218,344



Impairment


At 1 January 2021 and at 31 December 2021

12,218,344



Net book value



At 31 December 2021
-



At 31 December 2020
-

Page 4

 
Invaluable Group Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

6.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
823,090
823,090


Amounts owed by group undertakings are interest free and repayable on demand,


7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Amounts owed to group undertakings
66,622
66,622


Amounts owed to group undertakings are interest free and repayable on demand.


8.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



374,235 (2020: 374,235) ordinary shares of £1.00 each
374,235
374,235
4,361,315 (2020: 4,361,315) Preference shares of £1.00 each
4,361,315
4,361,315

4,735,550

4,735,550



9.


Related party transactions

The company has taken advantage of the exemptions conferred by Section 33.1A of FRS 102 not to disclose transactions between other members of the group.


10.


Controlling party

The company's immediate parent undertaking is Artfact UK LLC, a limited liability company, registered in the USA. The parent company's registered office address is 38 Everett Street, Suite 101, Allston Ma, 02134, United States. The ultimate controlling party is Auction Holdings, Inc., a company registered in the USA.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 22 February 2024 by Stephen Tanner BSc (Econ) FCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.

Page 5