Company registration number 13000783 (England and Wales)
TWELVE APP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWELVE APP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TWELVE APP LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
17,197
14,750
Cash at bank and in hand
27,739
10,175
44,936
24,925
Creditors: amounts falling due within one year
4
(21,711)
(14,325)
Net current assets
23,225
10,600
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
23,125
10,500
Total equity
23,225
10,600
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 February 2024
S. Lazimi
Director
Company registration number 13000783 (England and Wales)
TWELVE APP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
TWELVE APP LTD is a private company limited by shares incorporated in England and Wales. The registered office is 23 Copenhagen Street, London, N1 0JB.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
1.2
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.
TWELVE APP Limited uses a transfer pricing policy at group level, in order to guarantee an operating result to its subsidiaries of 5%. Therefore, the turnover of TWELVE APP Limited is made of its costs re-billed to the parent company with a mark-up of 5%.
1.3
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.
1.4
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.
TWELVE APP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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.
1.8
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,292
10,260
Other debtors
2,687
1,242
Prepayments and accrued income
4,218
3,248
17,197
14,750
TWELVE APP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
131
Corporation tax
2,961
6,473
Other taxation and social security
7,002
1,592
Other creditors
95
Accruals and deferred income
11,617
6,165
21,711
14,325
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Olivier PJ Foucault and the auditor was FC Expertise Ltd.
7
Parent company
The parent undertaking of the smallest group of undertakings for which group accounts are drawn up of which the company is a member is Twelve App SAS , incorporated in France which is the company's immediate parent company . Twelve App SAS prepared group financial statements and copies can be obtained from 59 rue de Ponthieu Bureau 562, 75008 Paris.
The company has taken advantage of the exemption not to disclose transactions entered into by two or members of a group where a subsidiary that is party to a transaction is wholly owned by such a member . The company is a wholly owned subsidiary of Twelve App SAS , a company incorporated in France.