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Registered number: 09036164









CREDO (HOLDINGS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CREDO (HOLDINGS) LIMITED
 
 
COMPANY INFORMATION


Directors
S Swift 
S M Devoy 




Registered number
09036164



Registered office
Capital House Unit I - J Iceni Court
Delft Way

Norwich

Norfolk

NR6 6BB




Accountants
Grant Thornton UK LLP
Chartered Accountants

First Floor, One Valpy

20 Valpy Street

Reading

RG1 1AR





 
CREDO (HOLDINGS) LIMITED
 

CONTENTS



Page
Accountants' report
 
1
Statement of financial position
 
2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 6


  
  img00dd.png
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 Standardsincluding 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 Waleswe 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 2024Our 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
Page 1

 
CREDO (HOLDINGS) LIMITED
REGISTERED NUMBER:09036164

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Cash at bank and in hand
  
1
1

  
1
1

Total assets less current liabilities
  
 
 
1
 
 
1

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 6 
1
1

Total shareholder's funds
  
1
1


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: 




S M Devoy
Director

Date: 29 July 2024

The notes on pages 4 to 6 form part of these financial statements.

Page 2

 
CREDO (HOLDINGS) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total shareholder's funds

£
£
£
£


At 1 January 2022
2,000
99,500
3
101,503


Comprehensive income for the year

Profit for the year
-
-
149,998
149,998
Total comprehensive income for the year
-
-
149,998
149,998


Contributions by and distributions to owners

Dividend in specie
-
-
(251,500)
(251,500)

Share capital reduction
(1,999)
(99,500)
101,499
-


Total transactions with owners
(1,999)
(99,500)
(150,001)
(251,500)



At 1 January 2023
1
-
-
1
Total comprehensive income for the year
-
-
-
-


At 31 December 2023
1
-
-
1


The notes on pages 4 to 6 form part of these financial statements.

Page 3

 
CREDO (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Cash and cash equivalents

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.

  
2.4

Financial instruments

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.

Page 4

 
CREDO (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Dividends

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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.


4.


Income from shares in fixed asset investments.

2023
2022
£
£



Income from other fixed asset investments
-
149,988

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.


5.


Employees

The average monthly number of employees during the year was 0 (2022: 0).






6.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



1,100 (2022: 1,100) Ordinary A shares of £0.00050 each
1
1


Page 5

 
CREDO (HOLDINGS) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Related party transactions

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.


8.


Immediate and ultimate controlling party

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.

Page 6