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Registration number: 12986934

Monica Holdco (UK) Limited

Annual Report and Unaudited Financial Statements Financial Statements

for the Period from 30 October 2020 to 31 December 2021

 

Monica Holdco (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Monica Holdco (UK) Limited

Company Information

Directors

Mr M S Makepeace

Mr A R Stewart

Company secretary

TMF Corporate Administration Services

Registered office

C/O Tmf Group
13th Floor
One Angel Court
London
EC2R 7HJ

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Monica Holdco (UK) Limited

(Registration number: 12986934)
Balance Sheet as at 31 December 2021

Note

2021
$

Non-current assets

 

Intangible assets

4

6,096,821

Investments

5

4,987,702

 

11,084,523

Current assets

 

Debtors

6

4,397,943

Creditors: Amounts falling due within one year

7

(2,155,290)

Net current assets

 

2,242,653

Total assets less current liabilities

 

13,327,176

Creditors: Amounts falling due after more than one year

7

(7,857,143)

Net assets

 

5,470,033

Capital and reserves

 

Equity

6,428,571

Retained earnings

(958,538)

Shareholders' funds

 

5,470,033

For the financial period ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 November 2023 and signed on its behalf by:
 

.........................................
Mr A R Stewart
Director

   
 

Monica Holdco (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 30 October 2020 to 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Tmf Group
13th Floor
One Angel Court
London
EC2R 7HJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Monica Holdco (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 30 October 2020 to 31 December 2021

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Tradenames

Not amortised

Customer relationships

Straight line over the useful life

Developed technology

Straight line over the useful life

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Monica Holdco (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 30 October 2020 to 31 December 2021

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Monica Holdco (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 30 October 2020 to 31 December 2021

4

Intangible assets

Goodwill
 $

Tradenames
 $

Customer relationships
 $

Developed technology
 $

Total
$

Cost or valuation

Additions

(380,307)

323,000

5,658,832

1,091,000

6,692,525

At 31 December 2021

(380,307)

323,000

5,658,832

1,091,000

6,692,525

Amortisation

Amortisation charge

(38,028)

-

445,608

188,124

595,704

At 31 December 2021

(38,028)

-

445,608

188,124

595,704

Carrying amount

At 31 December 2021

(342,279)

323,000

5,213,224

902,876

6,096,821

5

Investments

2021
$

Investments in subsidiaries

4,987,702

Subsidiaries

$

Cost or valuation

Additions

4,987,702

Carrying amount

At 31 December 2021

4,987,702

6

Debtors

Current

2021
$

Amounts owed by related parties

4,397,943

 

Monica Holdco (UK) Limited

Notes to the Unaudited Financial Statements for the Period from 30 October 2020 to 31 December 2021

7

Creditors

2021
$

Due within one year

 

Amounts owed to related parties

2,155,290

Due after one year

 

Amounts owed to related parties

 

7,857,143