Company registration number 11109677 (England and Wales)
BENEFITHUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BENEFITHUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BENEFITHUB LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
139,785
139,785
Current assets
Debtors
5
120,683
50,673
Cash at bank and in hand
221,794
212,171
342,477
262,844
Creditors: amounts falling due within one year
6
(2,593,619)
(1,956,275)
Net current liabilities
(2,251,142)
(1,693,431)
Net liabilities
(2,111,357)
(1,553,646)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,111,358)
(1,553,647)
Total equity
(2,111,357)
(1,553,646)

The directors of the company have 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 by the board of directors and authorised for issue on 18 March 2024 and are signed on its behalf by:
A Denton
Director
Company Registration No. 11109677
BENEFITHUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Benefithub Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.

 

The place of business is New Kings Beam House, 22 Upper Ground, South Bank, London, SE1 9PD.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is still in its growth phase and made a loss this year. The parent company has indicated that it will provide financial and operational support to the company, if required, for the foreseeable future and for a period of at least one year and a day from the date of approval of these financial statements. On this basis, the directors have prepared the company’s financial statements on the going concern basis.

1.3
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of 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 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.

 

Revenue comprises of commissions and discounts received from entities which provide goods and services on the company’s employee benefits portal. Revenue is recognised on the date the customer purchases the product.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BENEFITHUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.6
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 balance sheet 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 debtors 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.

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and subsequently measured at amortised cost using the effective interest method.

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction, in which case the transaction is measured at the present value of future payments discounted at the prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their prevailing transaction costs. They are subsequently measured at amortised cost using the effective interest method.

 

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 creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BENEFITHUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
Taxation

Taxation for the year comprises of current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current and deferred tax assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.9
Employee benefits

Short term employee benefits including holiday entitlement and other non-monetary benefits, as well as contributions to defined contribution pension plans, are recognised as an expense in the period in which they are incurred.

1.10
Retirement benefits

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

1.11
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 leased asset are consumed.

1.12
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 are included in the profit and loss account for the period.

BENEFITHUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

A key judgement made by management in the preparation of the financial statements relates to use of the going concern assumption given the loss incurred for the period. The basis for preparing the financial statements on the going concern basis is set out in note 1.2, under the heading “Going concern".

3
Employees

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

2022
2021
Number
Number
Total
4
6
4
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
139,785
139,785

The investment relates to 100% of the share capital of BenefitHub India Pvt. Ltd., a company registered in India, which is held at historic cost.

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
116,952
45,154
Other debtors
1,764
3,552
Prepayments and accrued income
1,967
1,967
120,683
50,673
BENEFITHUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
43,062
16,577
Amounts owed to group undertakings
2,539,989
1,830,929
Taxation and social security
845
98,832
Other creditors
873
1,087
Accruals and deferred income
8,850
8,850
2,593,619
1,956,275
7
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.

Senior Statutory Auditor:
John Howard
Statutory Auditor:
Azets Audit Services
8
Operating lease commitments
Lessee

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

2022
2021
£
£
14,969
21,094
9
Related party transactions

As at the year end, the company owed £2,539,988 (2021: £1,830,929) to BenefitHub, Inc., the parent company.

10
Parent company

The parent company is BenefitHub, Inc., a company registered in the United States of America.

BENEFITHUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
11
Prior period adjustment

During the year there were restatements of costs, intercompany loan and other creditors amounts disclosed in the financial statements for the year ended 31 December 2021. The results of the prior year adjustments are shown in the table below.

 

Loss for the financial year 31 December 2021 previously reported was £393,225 which has reduced to £321,809.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2021
£
£
£
Creditors due within one year
Taxation and social security
(4,447)
(94,385)
(98,832)
Other creditors
(2,023,244)
165,801
(1,857,443)
Net assets
(1,625,062)
71,416
(1,553,646)
Capital and reserves
Profit and loss reserves
(1,625,063)
71,416
(1,553,647)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2021
£
£
£
Turnover
164,019
36,897
200,916
Administrative expenses
(483,140)
34,519
(448,621)
Loss for the financial period
(393,225)
71,416
(321,809)
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