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REGISTERED NUMBER: 13959596 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Agicap UK Limited

Agicap UK Limited (Registered number: 13959596)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Agicap UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Beyet
C D C Mauguet



REGISTERED OFFICE: The St Botolph Building
138 Houndsditch
London
EC3A 7AR



REGISTERED NUMBER: 13959596 (England and Wales)



AUDITORS: Roberts Nathan
Chartered Certified Accountants and
Statutory Auditors
9 Exchange Place
International Financial Services Centre
Dublin 1
Ireland



BANK: Revolut
7 Westferry Circus, Canary Wharf, E14
4HD

Spendesk Limited
20-24 Commercial Street, London, E1 6LP

Agicap UK Limited (Registered number: 13959596)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 4 994,779 387,042
Cash at bank 31,953 207,004
1,026,732 594,046
CREDITORS
Amounts falling due within one year 5 3,193,196 1,528,158
NET CURRENT LIABILITIES (2,166,464 ) (934,112 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,166,464

)

(934,112

)

CAPITAL AND RESERVES
Called up share capital 7 10,000 10,000
Retained earnings (2,176,464 ) (944,112 )
SHAREHOLDERS' FUNDS (2,166,464 ) (934,112 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





S Beyet - Director


Agicap UK Limited (Registered number: 13959596)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Agicap UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1 A "Small Entities" and the Companies Act 2006.
The financial statements have been prepared on the going concern basis and under the historical cost convention.

All amounts are rounded to the nearest £.

Turnover
Turnover represents amounts receivable, under contracts for services, net of Value Added Tax. Turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

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, loans from fellow group companies, 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.


Agicap UK Limited (Registered number: 13959596)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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, accruals and loans from fellow group companies 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.

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

Current or deferred taxation assets and liabilities are not discounted.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Agicap UK Limited (Registered number: 13959596)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The assets of the schemes are held separately from those of the company in an independently administered fund.

Employee benefits
The costs of short-term employee benefits are recognized as a liability and an expense.

The cost of any unused holiday entitlement is recognized in the period in which the employee’s services are received.
Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Going concern
The company is dependent upon the continued financial support of its parent company which has undertaken to financially support the company for the at least 12 months after the date of the signing of these accounts and for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

The directors have reviewed the group financial position and they are satisfied that the group has sufficient financial resources to support the company as described above.

Ordinary share capital
The ordinary share capital of the company is presented as equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 7 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 126,778 -
Amounts owed from group
undertakings

842,944

379,542
Deposit 11,000 -
Other debtors 3,057 -
Prepayments 11,000 7,500
994,779 387,042

Taxes are subject to the terms of the underlying relevant legislation.

Agicap UK Limited (Registered number: 13959596)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 13,687 6,869
Amounts owed to group undertakings 2,567,823 1,434,403
Social security and other taxes 52,307 34,874
VAT 48,601 694
Accruals 63,716 51,318
Deferred income 447,062 -
3,193,196 1,528,158

Trade creditors are payable at various dates in the months after the end of the financial year in accordance with the creditors credit terms.
Creditors for tax and social insurance are payable in the time-frame set down in the relevant legislation.

Amounts owing to group undertakings relate to both trade and finance balances. Trade balances are subject to the group's usual and customary credit terms, are unsecured and non-interest bearing.

The finance portion of amounts owed to group undertakings are repayable in line with the terms of the loan agreement and interest is charged at 1% per annum.

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 22,000 107,420

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary £1 10,000 10,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aidan Scollard (Senior Statutory Auditor)
for and on behalf of Roberts Nathan

Agicap UK Limited (Registered number: 13959596)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate controlling parent company is AGICAP SAS, a company incorporated in France, whose registered address is 13 Quai du Commerce 69009, Lyon, France.

11. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no events affecting the company since the financial year end.

12. APPROVAL OF FINANCIAL STATEMENTS

The financial statements were approved and authorised for issue by the board of directors on __________.