Registered number: 07895168
OUTFIT7 BRIT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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OUTFIT7 BRIT LIMITED
COMPANY INFORMATION
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1st Floor Sackville House
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Chartered Accountants & Statutory Auditors
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1st Floor Sackville House
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OUTFIT7 BRIT LIMITED
CONTENTS
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Notes to the Financial Statements
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OUTFIT7 BRIT LIMITED
REGISTERED NUMBER: 07895168
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Allotted, called up and fully paid share capital
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EQUITY SHAREHOLDERS' FUNDS
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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 Directors' Report and Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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OUTFIT7 BRIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Outfit7 Brit Limited (registered number: 07895168) is a private limited company incorporated in England and Wales, having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN.
The principal place of business of the company is Labs House, 15-19 Bloomsbury Way, London, WC1A 2TH.
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 following principal accounting policies have been applied:
The company has taken advantage of the exemption in the Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.
The company's turnover is derived from recharges of expenses to its parent company, Outfit7 Neo Limited.
Therefore, the company is a going concern based on the continued support of the parent company. The parent company has indicated that it will continue supporting Outfit7 Brit Limited in future periods.
As such, Outfit7 Brit limited remains a going concern.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover is generated using a cost plus model with the parent entity. Turnover is recognised in the period in which the services are provided or the expenses incurred when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably; and
∙it is probable that the company will receive the consideration due.
Page 2
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OUTFIT7 BRIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Short-term debtors are measured at transaction price, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
Short-term creditors are measured at the transaction price.
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FOREIGN CURRENCY TRANSLATION
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Functional and presentation currency
The company's functional and presentational currency is British Pound Sterling (GBP).
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 3
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OUTFIT7 BRIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.
DEFINED CONTRIBUTION PENSION PLAN
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
Tax is recognised in the Statement of Income and Retained Earnings.
The current corporation 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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The average monthly number of employees, including directors, during the year was 8 (2022 - 6).
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Page 4
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OUTFIT7 BRIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 5
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OUTFIT7 BRIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CREDITORS: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The company operates a defined contributions pension scheme. 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 and amounted to £5,117 (2022: £7,001). Contributions totalling £1,468 (2022: £1,761) were payable to the fund at the Balance Sheet date.
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RELATED PARTY TRANSACTIONS
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The Company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group.
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At 31 December 2022 and 31 December 2023, the immediate parent undertaking was Outfit7 Neo Limited, a company registered in Cyprus.
The smallest group that includes this company for which consolidated accounts are available is headed by Outfit7 Investments Limited. Copies of the consolidated accounts can be obtained from 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN.
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 4 March 2024 by Charlotte Willmore BFP ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 6
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