Company registration number 08621417 (England and Wales)
MAPLE SYRUP GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MAPLE SYRUP GROUP LIMITED
COMPANY INFORMATION
Directors
T Gibson
J Nikkel
P N Nikkel
Company number
08621417
Registered office
24 Greville Street
London
EC1N 8SS
Auditor
Gravita Audit Limited
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
MAPLE SYRUP GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 20
MAPLE SYRUP GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the Year ended 31 December 2023.
Review of the business
The main business purpose of the Company is that of a holding company.
The previous fiscal years marked a pivotal period for the Company, highlighted by the successful sale of Quidco.com to Moneysupermarket in November 2021. The settling of outstanding fees from this transaction continues to shape the company's figures, as seen in the 2023 finances. The other impact on the company's figures was the dividend declared and paid in full to shareholders of ordinary shares amounting to £16,750,922.
Principal risks and uncertainties
The risks to the business in the current state are quite small and limited to extreme events such as bank failure.
Other performance indicators
Business relationships
The Company has been built on solid relationships with its professional advisers.
We are reliant on external supplier of services such as legal, public relations, and advisory. The Company believes in fair treatment of service providers who are all paid within standard terms.
Community and environment
As a holding company, the Company has limited physical presence and has minimal transactions. The Company seeks to be as efficient and environmentally friendly as it can be, with regular reviews of how this can be improved.
Business conduct
The Company has been built on its impeccable conduct and high business standards,
Communication, monitoring, and review are key to the Company maintaining the high ethical standards and conduct expected.
Interaction between members
The Board acts in the best interests of all of its members, ensuring a consistent and impartial approach is taken, aiming for a fair outcome for all. The Board is committed to clear and frequent communications with its members.
Future developments
Looking ahead, the Company has transitioned into a holding company, no longer actively trading. There is a current pause on further development and growth, aligning with the company's current position in the business landscape.
Financial risk management
The directors directly manage the risks of the Company. The board has implemented an appropriate framework to ensure that it has sufficient visibility of the Company's key risks and takes the opportunity to regularly review the adequacy and effectiveness of the controls and strategies for managing and mitigating these risks. Through management reports, risks are highlighted and monitored to identify potential business risk areas and to quantify and address the risk wherever possible.
Commercial and general risks
Standard form contracts are provided for commercial use and to assist the commercial function to negotiate within approved parameters.
Liquidity risk
The Company's liquidity risk is low as most funds are held in cash.
MAPLE SYRUP GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
P N Nikkel
Director
12 March 2024
MAPLE SYRUP GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the Year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of a holding company.
Results and dividends
The results for the Year are set out on page 9.
Interim dividends were paid amounting to £16,750,922. In January 2024, the directors declared a final dividend in respect of the year ended 31 December 2023 amounting to £10,999,989.
Directors
The directors who held office during the Year and up to the date of signature of the financial statements were as follows:
T Gibson
J Nikkel
P N Nikkel
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors during the Year. These provisions remain in force at the reporting date.
Research and development
The Company do not undertake any research activities.
Post reporting date events
Auditor
Gravita Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MAPLE SYRUP GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
P N Nikkel
Director
12 March 2024
MAPLE SYRUP GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAPLE SYRUP GROUP LIMITED
- 5 -
We have audited the financial statements of Maple Syrup Group Limited (the 'company') for the Year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the Year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MAPLE SYRUP GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAPLE SYRUP GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud, The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
MAPLE SYRUP GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAPLE SYRUP GROUP LIMITED
- 7 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the senior statutory auditor ensured the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
we identified the laws and regulations applicable to the company through discussions with directors and other management.
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including taxation legislation, data protection, anti-bribery, employment, environmental, health and safety legislation and anti-money laundering regulations.
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit; and
we assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 of the company financial statements were indicative of potential bias;
investigated the rationale behind significant or unusual transactions; and
in response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
MAPLE SYRUP GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAPLE SYRUP GROUP LIMITED
- 8 -
Sachin Ramaiya
Senior Statutory Auditor
For and on behalf of Gravita Audit Limited
13 March 2024
Chartered Accountants
Statutory Auditor
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
MAPLE SYRUP GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
-
65,629
Administrative expenses
(807,363)
(7,554,193)
Operating loss
(807,363)
(7,488,564)
Interest payable and similar expenses
(3,256)
Amounts written off investments
7
(10)
-
Profit/(loss) on disposal of operations
-
103,446,658
(Loss)/profit before taxation
(810,629)
95,958,094
Tax on (loss)/profit
8
(Loss)/profit for the financial Year
(810,629)
95,958,094
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MAPLE SYRUP GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
(Loss)/profit for the Year
(810,629)
95,958,094
Other comprehensive income
-
-
Total comprehensive income for the Year
(810,629)
95,958,094
MAPLE SYRUP GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
10
Current assets
Debtors
13
850,000
12,399,580
Cash at bank and in hand
12,027,889
18,014,569
12,877,889
30,414,149
Creditors: amounts falling due within one year
14
(29,246)
(3,965)
Net current assets
12,848,643
30,410,184
Net assets
12,848,643
30,410,194
Capital and reserves
Called up share capital
15
1,383
1,383
Capital redemption reserve
16
60
60
Profit and loss reserves
12,847,200
30,408,751
Total equity
12,848,643
30,410,194
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
P N Nikkel
Director
Company registration number 08621417 (England and Wales)
MAPLE SYRUP GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2021
1,494
(52)
25,073,960
25,075,402
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
95,958,094
95,958,094
Dividends
9
-
-
(81,744,638)
(81,744,638)
Redemption of shares
15
(111)
112
(8,878,665)
(8,878,664)
Balance at 31 December 2022
1,383
60
30,408,751
30,410,194
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(810,629)
(810,629)
Dividends
9
-
-
(16,750,922)
(16,750,922)
Balance at 31 December 2023
1,383
60
12,847,200
12,848,643
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Maple Syrup Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Greville Street, London, EC1N 8SS.
1.1
Reporting period
In 2022, on the basis of aligning its period end with the ultimate parent entity, Tipping Canoe UK Limited, in which this company figures is being consolidated, the company has changed its accounting period from 31 July to 31 December. The audited comparative amounts presented in these financial statements (including the related notes) are for the 17 months period ended 31 December 2022 and are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Maple Syrup Group Limited is a wholly owned subsidiary of Tipping Canoe UK Ltd and the results of Maple Syrup Group Limited are included in the consolidated financial statements of Tipping Canoe UK Ltd which are available from 24 Greville Street, London, England, EC1N 8SS.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements 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 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 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.
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Claims revenue
-
65,629
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
24,167
15,655
For other services
Taxation compliance services
9,000
6,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2023
2022
Number
Number
Administration
3
3
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,500,000
6
Directors' remuneration
No remuneration was paid to the directors.
7
Amounts written off investments
2023
2022
£
£
Other gains and losses
(10)
-
8
Taxation
Of the charge to current tax in relation to discontinued operations, £0 relates to tax on profits and £0 arose on disposal.
The actual charge for the Year can be reconciled to the expected credit for the Year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(810,629)
95,958,094
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(202,657)
18,232,038
Tax effect of expenses that are not deductible in determining taxable profit
151,638
769,792
Tax effect of income not taxable in determining taxable profit
(19,654,865)
Tax effect of utilisation of tax losses not previously recognised
653,035
Unutilised tax losses carried forward
51,019
Taxation charge for the period
-
-
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
9
Dividends
2023
2022
£
£
Final paid
81,744,638
Interim paid
16,750,922
16,750,922
81,744,638
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
10
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 & 31 December 2023
10
Impairment
At 1 January 2023
-
Disposals
10
At 31 December 2023
10
Carrying amount
At 31 December 2023
-
At 31 December 2022
10
Maple Syrup (France) Limited was dissolved in July 2023, resulting in a derecognition of the investment in subsidiary balance by £9.90.
11
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Maple Syrup Trustees Limited
24 Greville Street, London, united Kingdom, EC1N 8SS
Share Holding Company
Ordinary
100.00
12
Associates
Details of the company's associates at 31 December 2023 are as follows:
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Associates
(Continued)
- 19 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Checkout Smart Limited
6 Snow Hill, London, England, EC1A 2AY
Grocery product cashback provider
Ordinary
41.00
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
850,000
Other debtors
3,345
Prepayments and accrued income
11,546,235
850,000
11,549,580
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
850,000
Total debtors
850,000
12,399,580
The intercompany loan of £850,000 (2022: £850,000) has been provided to Checkout Smart Limited at a fixed interest rate of 4% per annum, if certain drawdown conditions are met. The loan and any accrued interest is fully repayable on or before 30 September 2024.
14
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,960
Other creditors
4
5
Accruals and deferred income
29,242
29,246
3,965
15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
8,143
8,143
762
762
Ordinary B shares of 10p each
4,510
4,510
355
355
Ordinary C shares of 10p each
1,765
1,765
266
266
14,418
14,418
1,383
1,383
MAPLE SYRUP GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Share capital
(Continued)
- 20 -
A class ordinary shares - the shares have attached to them full voting and dividend rights. On a return of assets on liquidation or capital reduction or otherwise, the assets of the Company remaining after the payment of its liabilities and available for distribution shall be paid first to the holders of A & B class ordinary shares, up to a set threshold, before any distribution to the holders of C class ordinary shares. The A class shares carry no right of redemption.
B class ordinary shares - the B class ordinary shares do not have any voting rights and have limited dividend rights. On a return of assets on liquidation or capital reduction, the assets of the Company remaining after the payment of its liabilities and available for distribution shall be paid to the holders of A & B class ordinary shares, up to a set threshold, before any distribution to the holders of C class ordinary shares. The B class ordinary shares carry no right of redemption.
C class ordinary shares - the C class ordinary shares do not have any voting rights and have limited dividend rights. On a return of assets on liquidation or capital reduction, the assets of the Company remaining after the payment of its liabilities and available for distribution shall be paid first to the holders of A & B class ordinary shares, up to a set threshold, before any distribution to the holders of C class ordinary shares. The C class ordinary shares carry no right of redemption.
16
Capital redemption reserve
The capital redemption reserve is a reserve relating to the purchase of the company own shares.
17
Events after the reporting date
On 26 January 2024, the directors of the company declared a final dividend in respect of the 31 December 2023 financial period amounting to £10,999,989. The dividend is classified as a non-adjusting event and is therefore not recognised in the financial statements for the year ended 31 December 2023 because the company had no legal obligation to pay the dividend at 31 December 2023.
18
Related party transactions
The company is a qualifying entity for the purposes of FRS 102 and has taken advantage of exemptions from the disclosure requirements of Section 33: Related Party Disclosures: Compensation for key management personnel.
19
Ultimate controlling party
At the balance sheet date the ultimate parent company was Tipping Canoe UK Ltd, a company registered in England and Wales.
The ultimate controlling party are individuals - Mr. Paul Nikkel and Mrs. Jennifer Nikkel.
The smallest and largest group into which the company is consolidated is that of Tipping Canoe UK Ltd. The registered office Tipping Canoe UK Ltd is 24 Greville Street, London, England, EC1N 8SS which copies of the group financial statements can be obtained.
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