Registered number: 09036164
CREDO (HOLDINGS) LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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COMPANY INFORMATION
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Capital House Unit I - J Iceni Court
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CONTENTS
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Report to the directors on the preparation of the unaudited statutory financial statements of Credo (Holdings) Limited for the year ended 31 December 2023
We have compiled the accompanying financial statements of Credo (Holdings) Limited (the ‘Company’) based on the information you have provided. These financial statements comprise the Statement of Financial Position of the Company as at 31 December 2023, the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), 'Compilation Engagements'.
We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com
These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.
Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 19 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of the Company and state those matters that we have agreed to state to the Company's directors, as a body, in this report in accordance with our engagement letter dated 19 January 2024. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its directors, as a body, for our work or for this report.
Grant Thornton UK LLP
Chartered Accountants
Reading
29 July 2024
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CREDO (HOLDINGS) LIMITED
REGISTERED NUMBER:09036164
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Total assets less current liabilities
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Total shareholder's funds
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For the year ended 31 December 2023 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006.
Members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 income statement 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 by:
The notes on pages 4 to 6 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Total shareholder's funds
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Total transactions with owners
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Total comprehensive income for the year
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The notes on pages 4 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Credo (Holdings) Limited (the 'Company') is a private company limited by shares, incorporated in England and Wales.Registered number 09036164. The registered office address is Capital House Unit, I - J, Iceni Court, Delft Way, Norwich, Norfolk, NR6 6BB.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's financial statements are presented in Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.
The following principal accounting policies have been applied:
Following the restructure the business is now dormant. However, the Directors have no current plans to wind up the entity and it will continue to be supported by the ultimate parent undertaking, STAR Asset Finance Limited. On this basis the Directors have continued to prepare the financial statements on a going concern basis.
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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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the Board of Directors at a meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of financial statements requires the directors to make judgements, estimates and assumptions that effect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these assumptions. Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the policy is revised and any future period affected. All significant judgements, estimates and assumptions made during the year have been considered for significance. The following estimates have the most significant impact on the financial statements.
Impairment of investments
Investments are recognised at cost less impairment. The carrying amount of the Company's asset is assessed each year end as to whether there is any indication that an asset may be impaired.
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Income from shares in fixed asset investments.
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Income from other fixed asset investments
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The income received from the shares in fixed asset investments relates to a dividend paid by Credo Capital Finance Limited as a result of a restructure which meant the fixed asset investment was transferred to STAR Asset Finance Limited on 31 December 2022.
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The average monthly number of employees during the year was 0 (2022: 0).
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Allotted, called up and fully paid
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1,100 (2022: 1,100) Ordinary A shares of £0.00050 each
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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The Company has taken advantage of the exemption available in section 33 of FRS 102 'Related Party Disclosures' to not disclose transactions with other wholly owned subsidiaries in the Group.
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Immediate and ultimate controlling party
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The immediate and ultimate parent company and the smallest and largest group undertaking to consolidate these financial statements is STAR Asset Finance Limited, a company incorporated in Guernsey. Its registered office address is First Floor, St Peter's House, LeBordage, St Peter Port, GY1 1BR, Guernsey. Copies of the STAR Asset Finance Limited accounts are available from Companies House.
The ultimate controlling party is STAR Finance Partnership LP which is owned by a number of partners, none of which hold a majority holding and as such do not require disclosure.
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