for the Period Ended 31 March 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2023
Principal activities of the company
Directors
The director shown below has held office during the period of
1 April 2022 to 6 January 2023
The director shown below has held office during the period of
23 March 2023 to 31 March 2023
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2023 | 2022 | |
---|---|---|
| £ | £ |
Administrative expenses: | ( | |
Other operating income: | | |
Operating profit(or loss): | | |
Interest receivable and similar income: | | |
Interest payable and similar charges: | ( | ( |
Profit(or loss) before tax: | | |
Profit(or loss) for the financial year: | | |
As at
Notes | 2023 | 2022 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Investments: | 3 | | |
Total fixed assets: | | | |
Net current assets (liabilities): | |||
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | 4 | ( | ( |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2023
Basis of measurement and preparation
Tangible fixed assets depreciation policy
Valuation information and policy
for the Period Ended 31 March 2023
2023 | 2022 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 March 2023
On 1 April 2021 the company entered into a £375 thousand loan, at 10% p.a. with a financial entity to make a further loan (a “back to back” loan) to an England based technology managed services private company for £375 thousand, at 10% p.a. The interest income accrued during the year ending 31 March 2022 was £38 thousand and interest income accrued during the year ending 31 March 2022 was £38 thousand. No interest income or interest expense was paid in cash during the year ending 31 March 2022. In connection with this loan to the England based technology managed services private company, the company received 20% ownership for £1 fully-paid consideration. At the end of May 2022, all parties entered into a debt for equity swap whereby the £375 thousand loan was reduced to a £50 thousand loan and £325 thousand was converted to fully-paid equity of 95% ownership in the England based technology managed services private company. The interest income accrued during the year ending 31 March 2023 was £10 thousand and interest income accrued during the year ending 31 March 2023 was £10 thousand. No interest income or interest expense was paid in cash during the year ending 31 March 2023. All parties to the loan agreements have mutually agreed to defer any cash repayments until after 1 April, 2025.Subsequent to March 30, 2023, the company exchanged its shareholdings in the England based technology managed services private company for shares in a newly formed parent holding company based in Morocco. On 1 September 2021 the company entered into a loan with a financial institution to make an investment in certain interest bearing “surplus notes” issued by an international insurance company. The principal balance of the loan was £3.423 million at 31 March 2023 and 2022 and the company recorded accrued interest expense (at 15% p.a.) of £513 thousand £133 thousand, respectively, for the year ended 31 March 2023 and 2022. An intercreditor agreement between the lender of the loan and the issuer of the investment notes calls for the investment income and all principal amortization from the notes to be applied to the interest on the loan and any principal amortization thru 31 December 2027.No interest or principal was received in cash on the investment notes or paid in cash by the company for the loan the year ended 31 March 2023 and 2022. At 31 March 2023 and 2022, the value of the “surplus notes” investment notes approximate the value of the related loan obligation for the acquisition of the investment notes.On 30 November, 2023, the investment was transferred to and the associated loan was assumed by a non-affiliated foreign entity at no gain or loss to the company.
for the Period Ended 31 March 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Other creditors | | |
Total | | |