Registered number: 02374256
Invaluable Group Limited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2021
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Invaluable Group Limited
Registered number: 02374256
Balance sheet
As at 31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2024.
The notes on pages 3 to 5 form part of these financial statements.
Page 1
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Invaluable Group Limited
Statement of changes in equity
For the year ended 31 December 2021
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Total comprehensive income for the year
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Total transactions with owners
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Total comprehensive income for the year
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Total transactions with owners
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Page 2
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Invaluable Group Limited
Notes to the financial statements
For the year ended 31 December 2021
Invaluable Group Limited is a private company, limited by shares, incorporated under Companies Act 2006 and incorporated and domiciled in England. The address of its registered office and principal place of business is Mill Court, Furrlongs, Newport, Isle of Wight, PO30 2AA. The principal activity is that of a investment holding company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 3
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Invaluable Group Limited
Notes to the financial statements
For the year ended 31 December 2021
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Judgments in applying accounting policies and key sources of estimation uncertainty
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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 estimate 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.
Valuation of investments
Determining whether investments require impairment requires an estimation of the value in use of each subsidiary. The value in use calculation requries an estimation of the future profitability expected to arise from each subsidiary and a suitable discount rate to calculate present value. The fixed asset investment has been impairmed by £12,218,344 (2020: £12,212,344).
Bad debt provision
The directors make judgements based on experience on the level of provision required to account for potential unpaid receivables. At the balance sheet date, the company has recognised no bad debt provision in the current or prior year in respect of unpaid receivables in Note 6.
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The Company has no employees other than the directors, who did not receive any remuneration (2020: £Nil).
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Investments in subsidiary companies
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At 1 January 2021 and at 31 December 2021
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At 1 January 2021 and at 31 December 2021
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Page 4
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Invaluable Group Limited
Notes to the financial statements
For the year ended 31 December 2021
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Amounts owed by group undertakings
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Amounts owed by group undertakings are interest free and repayable on demand,
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to group undertakings are interest free and repayable on demand.
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Allotted, called up and fully paid
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374,235 (2020: 374,235) ordinary shares of £1.00 each
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4,361,315 (2020: 4,361,315) Preference shares of £1.00 each
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Related party transactions
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The company has taken advantage of the exemptions conferred by Section 33.1A of FRS 102 not to disclose transactions between other members of the group.
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The company's immediate parent undertaking is Artfact UK LLC, a limited liability company, registered in the USA. The parent company's registered office address is 38 Everett Street, Suite 101, Allston Ma, 02134, United States. The ultimate controlling party is Auction Holdings, Inc., a company registered in the USA.
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on 22 February 2024 by Stephen Tanner BSc (Econ) FCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.
Page 5
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