Silverfin false false 31/12/2023 01/01/2023 31/12/2023 K N Diamond 16/04/2013 J P F Horner 08/04/2013 H Jowitt 31/10/2021 P Rendell 16/04/2013 J H Tootal 31/10/2021 01 March 2024 The principal activity of the Company is that of a parent company. 08478812 2023-12-31 08478812 bus:Director1 2023-12-31 08478812 bus:Director2 2023-12-31 08478812 bus:Director3 2023-12-31 08478812 bus:Director4 2023-12-31 08478812 bus:Director5 2023-12-31 08478812 2022-12-31 08478812 core:CurrentFinancialInstruments 2023-12-31 08478812 core:CurrentFinancialInstruments 2022-12-31 08478812 core:ShareCapital 2023-12-31 08478812 core:ShareCapital 2022-12-31 08478812 core:SharePremium 2023-12-31 08478812 core:SharePremium 2022-12-31 08478812 core:CapitalRedemptionReserve 2023-12-31 08478812 core:CapitalRedemptionReserve 2022-12-31 08478812 core:RetainedEarningsAccumulatedLosses 2023-12-31 08478812 core:RetainedEarningsAccumulatedLosses 2022-12-31 08478812 core:CostValuation 2022-12-31 08478812 core:CostValuation 2023-12-31 08478812 bus:OrdinaryShareClass1 2023-12-31 08478812 2023-01-01 2023-12-31 08478812 bus:FilletedAccounts 2023-01-01 2023-12-31 08478812 bus:SmallEntities 2023-01-01 2023-12-31 08478812 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08478812 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08478812 bus:Director1 2023-01-01 2023-12-31 08478812 bus:Director2 2023-01-01 2023-12-31 08478812 bus:Director3 2023-01-01 2023-12-31 08478812 bus:Director4 2023-01-01 2023-12-31 08478812 bus:Director5 2023-01-01 2023-12-31 08478812 2022-01-01 2022-12-31 08478812 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 08478812 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08478812 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 08478812 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08478812 (England and Wales)

MODELS 1 NEW CO LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MODELS 1 NEW CO LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MODELS 1 NEW CO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
MODELS 1 NEW CO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 3,017,224 3,017,224
3,017,224 3,017,224
Current assets
Cash at bank and in hand 403 605
403 605
Creditors: amounts falling due within one year 4 ( 56,559) ( 52,759)
Net current liabilities (56,156) (52,154)
Total assets less current liabilities 2,961,068 2,965,070
Net assets 2,961,068 2,965,070
Capital and reserves
Called-up share capital 5 8,375 8,375
Share premium account 490,000 490,000
Capital redemption reserve 1,625 1,625
Profit and loss account 2,461,068 2,465,070
Total shareholders' funds 2,961,068 2,965,070

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Models 1 New Co Ltd (registered number: 08478812) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P Rendell
Director

01 March 2024

MODELS 1 NEW CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MODELS 1 NEW CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Models 1 New Co Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12 Macklin Street, Covent Garden, London, WC2B 5SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like loans from related parties .

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 3,017,224
At 31 December 2023 3,017,224
Carrying value at 31 December 2023 3,017,224
Carrying value at 31 December 2022 3,017,224

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 54,559 52,759
Other creditors 2,000 0
56,559 52,759

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
8,375 Ordinary shares of £ 1.00 each 8,375 8,375

6. Events after the Balance Sheet date

Following the year end, 450 Ordinary shares were bought back by the Company at a price of £179,676 and subsequently cancelled.

7. Ultimate controlling party

The company's immediate and ultimate parent undertaking is Models 1 TopCo Limited, a company registered in England and Wales. There is no individual ultimate controlling party.