Company registration number 04375706 (England and Wales)
SYBARITE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
SYBARITE UK LIMITED
COMPANY INFORMATION
Directors
S R Mitchell
J T McIntosh
Secretary
J T McIntosh
Company number
04375706
Registered office
29-30 Fitzroy Square
London
W1T 6LQ
Auditor
Goodman Jones LLP
29/30 Fitzroy Square
London
W1T 6LQ
Business address
Penthouse
The Aircraft Factory
100 Cambridge Grove
London
W6 0LE
SYBARITE UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
SYBARITE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Review of the business

The principal activity of Sybarite UK Ltd is the provision of architectural services.

 

The company's performance for the year is set out in the Income Statement on page 8. The turnover for the year was £17,651,390 (2021: £15,927,780). The profit before taxation for the year was £9,414,469 (2021: £9,072,359).The results for the year were in accordance with the expectations of the board of directors and they look forward to the future with confidence.

 

There was a dividend distribution of retained profits of £3,571,429 during the year, (2021: £2,352,941). Net assets have increased to £14,151,526 (2021: £7,687,775). The company has no borrowings and the board of directors are satisfied that the year end Statement of Financial Position continues to show a financially strong and stable position.

Principal risks and uncertainties

The board of directors has assessed the principal risks and uncertainties facing the company. This is subject to regular review. The company seeks to mitigate its risks by considering the potential impact and likelihood together with applying a monitoring and control process at operational level.

 

Foreign Exchange Risk

 

The company makes sales around the world, and as such is vulnerable to movements in global exchange rates. Foreign exchange risk in contracts is closely monitored by management.

 

Liquidity risk

 

The company is managed to ensure that liquidity risk is minimal. Cash balances are monitored to limit undue exposure.

 

Operational and technology risk

 

Operational and technology risks arise from failure of people processes and systems together with external events in areas such as complaints, standards of service, brand management, pricing, improper handling of confidential information, containment of costs and accounting controls. The company actively monitors and reviews the controls in place together with the systems in operation.

Key performance indicators

The company has several performance indicators to assess the success in achieving the objectives of the company.

 

Turnover amounted to £17,651,390 (2021: £15,927,780) an increase of 11%.

 

Net profit margin for 2022 was 57%, an increase from 2021's net profit margin of 46%.

 

The company has no borrowings and cash and current asset investment balances at the year end were £9,813,583 (2021: £2,448,474) an increase of 301%.

 

The directors consider the company is well financed at the year end and will continue to monitor the company’s performance.

 

Future developments

The directors have prepared forecasts and projections taking account of reasonable possible changes in trading performance. These forecasts and projections show that the company has the financial resources to continue in operational existence for the foreseeable future.

Accordingly, at the time of approving the financial statements, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future and there is no material uncertainty in relation to going concern.

SYBARITE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

On behalf of the board

S R Mitchell
Director
1 December 2023
SYBARITE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
The directors present their report and financial statements for the year ended 31 December 2022.
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,571,429. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S R Mitchell
J T McIntosh
Auditor

Goodman Jones LLP 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 Strategic Report, Directors' 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

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.

SYBARITE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
On behalf of the board
S R Mitchell
Director
1 December 2023
SYBARITE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SYBARITE UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Sybarite UK Limited (the 'company') for the year ended 31 December 2022 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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.

Other information

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:

SYBARITE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SYBARITE UK 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:

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.

SYBARITE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SYBARITE UK LIMITED
- 7 -

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined 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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

Use of our 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.

Philip Woodgate
Senior Statutory Auditor
For and on behalf of Goodman Jones LLP
1 December 2023
Chartered Accountants
Statutory Auditor
29/30 Fitzroy Square
London
W1T 6LQ
SYBARITE UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2022
2021
Notes
£
£
Revenue
3
17,651,390
15,927,780
Cost of sales
(877,517)
(1,053,021)
Gross profit
16,773,873
14,874,759
Administrative expenses
(7,359,404)
(5,802,400)
Profit before taxation
9,414,469
9,072,359
Tax on profit
7
620,711
(1,726,106)
Profit for the financial year
10,035,180
7,346,253

The income statement has been prepared on the basis that all operations are continuing operations.

SYBARITE UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
9
6,111
7,857
Property, plant and equipment
10
1,451,068
962,393
Current assets
Trade and other receivables
11
4,872,480
7,797,382
Cash and cash equivalents
9,813,583
2,448,474
14,686,063
10,245,856
Current liabilities
12
(1,783,921)
(3,358,740)
Net current assets
12,902,142
6,887,116
Total assets less current liabilities
14,359,321
7,857,366
Non-current liabilities
13
(107,057)
(80,102)
Provisions for liabilities
(100,738)
(89,489)
Net assets
14,151,526
7,687,775
Equity
Called up share capital
16
10
10
Retained earnings
14,151,516
7,687,765
Total equity
14,151,526
7,687,775
The financial statements were approved by the board of directors and authorised for issue on 1 December 2023 and are signed on its behalf by:
S R Mitchell
Director
Company Registration No. 04375706
SYBARITE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2021
10
2,694,453
2,694,463
Year ended 31 December 2021:
Profit and total comprehensive income
-
7,346,253
7,346,253
Dividends
8
-
(2,352,941)
(2,352,941)
Balance at 31 December 2021
10
7,687,765
7,687,775
Year ended 31 December 2022:
Profit and total comprehensive income
-
10,035,180
10,035,180
Dividends
8
-
(3,571,429)
(3,571,429)
Balance at 31 December 2022
10
14,151,516
14,151,526
SYBARITE UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
13,701,437
3,608,470
Income taxes paid
(2,023,711)
(843,932)
Net cash inflow from operating activities
11,677,726
2,764,538
Investing activities
Purchase of property, plant and equipment
(741,188)
(242,235)
Net cash used in investing activities
(741,188)
(242,235)
Financing activities
Dividends paid
(3,571,429)
(2,352,941)
Net cash used in financing activities
(3,571,429)
(2,352,941)
Net increase in cash and cash equivalents
7,365,109
169,362
Cash and cash equivalents at beginning of year
2,448,474
2,279,112
Cash and cash equivalents at end of year
9,813,583
2,448,474
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
1
Accounting policies
Company information

Sybarite UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29-30 Fitzroy Square, London, W1T 6LQ.

1.1
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. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Revenue

Revenue is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Domains
Straight line over 10 years
1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - leasehold
Straight line over lease term
Computer equipment
33 1/3% Reducing balance basis
Fixtures, fittings & equipment
25% Reducing balance basis
Motor vehicles
25% Reducing balance basis
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
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 statement of financial position 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 trade and other receivables 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 income statement 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
The accounting policy in respect of deferred tax reflects the requirements of FRS19 - Deferred tax. Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
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 non-current 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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
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.

 

Critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below:

 

Critical Judgement

 

Recognition of an accrued provision for building dilapidations.

3
Revenue

An analysis of the company's revenue is as follows:

2022
2021
£
£
Revenue analysed by class of business
Architecture services
17,651,390
15,927,780
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Revenue
(Continued)
- 16 -
2022
2021
£
£
Revenue analysed by geographical market
UK
864,363
292,194
Europe
717,625
694,131
Rest of the world
16,069,402
14,941,455
17,651,390
15,927,780
4
Operating profit
2022
2021
Operating profit for the year is stated after charging:
£
£
Exchange losses
6,906
17,189
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
12,200
Depreciation of owned property, plant and equipment
245,135
221,877
(Profit)/loss on disposal of property, plant and equipment
-
11,492
Amortisation of intangible assets
1,746
1,746
Operating lease charges
797,894
440,153
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
75
62

Their aggregate remuneration comprised:

2022
2021
£
£
Wages and salaries
3,526,716
3,106,642
Social security costs
391,005
344,551
Pension costs
167,738
150,672
4,085,459
3,601,865
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
300,000
300,000
Company pension contributions to defined contribution schemes
11,100
7,200
311,100
307,200
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
150,000
150,000
7
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
(631,960)
1,721,963
Deferred tax
Origination and reversal of timing differences
11,249
4,143
Total tax (credit)/charge
(620,711)
1,726,106
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Taxation
(Continued)
- 18 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
9,414,469
9,072,359
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
1,788,749
1,723,748
Tax effect of expenses that are not deductible in determining taxable profit
9,376
531
Change in unrecognised deferred tax assets
11,248
-
0
Adjustments in respect of prior years
25,881
-
0
Double tax relief
(1,266,354)
-
0
Permanent capital allowances in excess of depreciation
(22,849)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
12,297
Research and development tax credit
(1,255,002)
-
0
Other tax adjustments
88,240
(10,470)
Taxation (credit)/charge for the year
(620,711)
1,726,106
8
Dividends
2022
2021
£
£
Interim paid on ordinary shares
3,571,429
2,352,941
9
Intangible fixed assets
Domains
£
Cost
At 1 January 2022 and 31 December 2022
17,463
Amortisation and impairment
At 1 January 2022
9,606
Amortisation charged for the year
1,746
At 31 December 2022
11,352
Carrying amount
At 31 December 2022
6,111
At 31 December 2021
7,857
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
10
Property, plant and equipment
Land and buildings - leasehold
Fixtures, fittings & equipment
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
750,154
555,750
422,364
145,421
1,873,689
Additions
554,256
106,695
80,237
-
0
741,188
Disposals
(111,475)
-
0
-
0
-
0
(111,475)
At 31 December 2022
1,192,935
662,445
502,601
145,421
2,503,402
Depreciation and impairment
At 1 January 2022
168,819
353,817
276,023
112,637
911,296
Depreciation charged in the year
84,256
77,157
75,526
8,196
245,135
Eliminated in respect of disposals
(104,097)
-
0
-
0
-
0
(104,097)
At 31 December 2022
148,978
430,974
351,549
120,833
1,052,334
Carrying amount
At 31 December 2022
1,043,957
231,471
151,052
24,588
1,451,068
At 31 December 2021
685,432
201,932
146,342
32,784
962,393
11
Trade and other receivables
2022
2021
Amounts falling due within one year:
£
£
Trade receivables
1,443,074
7,247,564
Corporation tax recoverable
2,847,595
-
0
Other receivables
282,529
258,532
Prepayments and accrued income
299,282
291,286
4,872,480
7,797,382
12
Current liabilities
2022
2021
£
£
Trade payables
426,972
245,588
Corporation tax
-
0
1,161,392
Other taxation and social security
20,637
9,272
Other payables
1,045,163
96,808
Accruals and deferred income
291,149
1,845,680
1,783,921
3,358,740
SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
13
Non-current liabilities
2022
2021
£
£
Accruals and deferred income
107,057
80,102
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
100,738
89,489
2022
Movements in the year:
£
Liability at 1 January 2022
89,489
Charge to profit or loss
11,249
Liability at 31 December 2022
100,738
15
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,738
150,672

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

16
Share capital
2022
2021
£
£
Ordinary share capital
Authorised
1,000 Ordinary shares of 1p each
10
10
Issued and fully paid
1,000 Ordinary shares of 1p each
10
10

On 3 May 2023 the 1,000 ordinary shares were subdivided into 1,000,000 ordinary shares, each with a nominal value of £0.00001.

SYBARITE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
17
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2022
2021
£
£
Within one year
769,700
487,375
Between two and five years
1,737,624
1,949,500
In over five years
-
0
2,101,463
2,507,324
4,538,338

 

18
Analysis of changes in net funds
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
2,448,474
7,365,109
9,813,583
19
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
10,035,180
7,346,253
Adjustments for:
Taxation (credited)/charged
(620,711)
1,726,106
(Gain)/loss on disposal of property, plant and equipment
-
11,492
Amortisation and impairment of intangible assets
1,746
1,746
Depreciation and impairment of property, plant and equipment
245,135
221,878
Movements in working capital:
Decrease/(increase) in trade and other receivables
5,750,313
(7,274,449)
(Decrease)/increase in trade and other payables
(1,710,226)
1,575,444
Cash generated from operations
13,701,437
3,608,470
20
Related party transactions

At the balance sheet date, the company owed £645,097 to the directors (2021: was owed £22,184). These balances are unsecured, interest free, and repayable upon demand.

21
Controlling party

There is no ultimate controlling party.

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