Silverfin false false 31/12/2023 01/01/2023 31/12/2023 T J Salfischberger 20/08/2015 R V Nieuwenhuizen 31/03/2023 01/03/2019 Tomas Jasper Salfischberger 15 April 2024 The principal activity of the Company during the year was of performing data management services relating to local markets in the United Kingdom. 09742304 2023-12-31 09742304 bus:Director1 2023-12-31 09742304 bus:Director2 2023-12-31 09742304 core:CurrentFinancialInstruments 2023-12-31 09742304 core:CurrentFinancialInstruments 2022-12-31 09742304 2022-12-31 09742304 core:ShareCapital 2023-12-31 09742304 core:ShareCapital 2022-12-31 09742304 core:RetainedEarningsAccumulatedLosses 2023-12-31 09742304 core:RetainedEarningsAccumulatedLosses 2022-12-31 09742304 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 09742304 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 09742304 core:CurrentFinancialInstruments 10 2023-12-31 09742304 core:CurrentFinancialInstruments 10 2022-12-31 09742304 2023-01-01 2023-12-31 09742304 bus:FilletedAccounts 2023-01-01 2023-12-31 09742304 bus:SmallEntities 2023-01-01 2023-12-31 09742304 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09742304 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09742304 bus:Director1 2023-01-01 2023-12-31 09742304 bus:Director2 2023-01-01 2023-12-31 09742304 bus:Director3 2023-01-01 2023-12-31 09742304 2022-01-01 2022-12-31 09742304 1 2023-01-01 2023-12-31 iso4217:EUR xbrli:pure

Company No: 09742304 (England and Wales)

RELAY42 UK LTD

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

RELAY42 UK LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

RELAY42 UK LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
RELAY42 UK LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR T J Salfischberger
R V Nieuwenhuizen (Resigned 31 March 2023)
REGISTERED OFFICE 55 Baker Street
London
W1U 7EU
United Kingdom
COMPANY NUMBER 09742304 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
RELAY42 UK LTD

BALANCE SHEET

As at 31 December 2023
RELAY42 UK LTD

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
Current assets
Debtors 3 577,699 439,616
Cash at bank and in hand 0 35,192
577,699 474,808
Creditors: amounts falling due within one year 4 ( 343,746) ( 288,091)
Net current assets 233,953 186,717
Total assets less current liabilities 233,953 186,717
Net assets 233,953 186,717
Capital and reserves
Called-up share capital 14 14
Profit and loss account 233,939 186,703
Total shareholders' funds 233,953 186,717

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.

Director's responsibilities:

The financial statements of Relay42 UK Ltd (registered number: 09742304) were approved and authorised for issue by the Director on 15 April 2024. They were signed on its behalf by:

Tomas Jasper Salfischberger
Director
RELAY42 UK LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RELAY42 UK 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

Relay42 UK 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 55 Baker Street, London, W1U 7EU, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 functional currency of Relay42 UK Ltd is considered to be Euros because that is the currency of the primary economic environment in which the Company operates. At the year-end, the exchange rate ruling was £1 = €1.15 (2022 €1.13)

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Group is in the process of centralising the bank operations in line with the Group strategy, and in the meantime the Parent Company is expected to settle all liabilities as they fall due, therefore the director has 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.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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.

Turnover

Turnover represents the value, net of VAT, of sales carried out on behalf of the parent company in line with an intercompany agreement, is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 6

3. Debtors

2023 2022
Trade debtors 74,973 267,470
Amounts owed by Parent undertakings 337,536 147,137
Prepayments and accrued income 153,135 4,028
Deferred tax asset 2,218 960
Other taxation and social security 9,837 11,275
Other debtors 0 8,746
577,699 439,616

Amounts owed by Parent undertakings are unsecured and repayable on demand. Interest is charged on amounts owed by Parent undertakings at 2%.

4. Creditors: amounts falling due within one year

2023 2022
Trade creditors 1,355 892
Accruals and deferred income 326,606 257,978
Corporation tax 15,785 1,759
Other taxation and social security 0 27,462
343,746 288,091

5. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
within one year 0 6,960

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
Unpaid contributions due to the fund (inc. in other creditors) 8,873 3,839

6. Related party transactions

The total aggregate directors' remuneration for the year was €nil (2022: €nil). The director is are the only key management personnel of this Company.

In accordance with FRS 102 Section 33, the Company has not disclosed any related party transactions between this Company and its parent company, due to being a wholly-owned entity.

7. Ultimate controlling party

The Company is a wholly owned subsidiary of Relay42 Group B.V.; a private limited company registered in the Netherlands which is regarded as the immediate and ultimate controlling party.