Company Registration No. 10107471 (England and Wales)
Notino International Limited
Financial statements
for the year ended 30 April 2024
Pages for filing with the registrar
Notino International Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Notino International Limited
Statement of financial position
As at 30 April 2024
30 April 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
2,316,015
1,623,239
Cash at bank and in hand
172,432
272,977
2,488,447
1,896,216
Creditors: amounts falling due within one year
5
(2,186,671)
(1,666,615)
Net current assets
301,776
229,601
Capital and reserves
Called up share capital
6
15,000
15,000
Profit and loss reserves
286,776
214,601
Total equity
301,776
229,601
The director of the company has elected not to include a copy of the income statement 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 and signed by the director and authorised for issue on 29 July 2024.
Michal Daniel
Director
Company Registration No. 10107471
Notino International Limited
Notes to the financial statements
For the year ended 30 April 2024
2
1
Accounting policies
Company information
Notino International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
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 Company has applied amendments to FRS 102 issued by the FRC in July 2023, for the first time during the year. These amendments introduce a temporary exception to the accounting for deferred tax arising from Pillar Two legislation and require related targeted disclosures.
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
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is taken to be the point at which a sales order is received.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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 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.
Notino International Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies (continued)
3
Basic financial assets
Basic financial assets, which include debtors, 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.
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.
1.5
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.
1.6
Taxation
The tax expense represents tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
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 in the period are included in profit or loss.
Notino International Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
4
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
80,725
41,537
Adjustments in respect of prior periods
(440)
Total current tax
80,725
41,097
The Company is expected to be in scope of legislation relating to Pillar Two of the OECD Global Anti-Base Erosion Model Rules, due to the size of the wider group. The director does not expect there to be a tax charge under this legislation for Notino International Limited.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
115,286
181,327
Amounts owed by group undertakings
1,953,449
1,255,832
Other debtors
247,280
186,080
2,316,015
1,623,239
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
402,234
380,676
Amounts owed to group undertakings
100,000
Corporation tax
47,725
21,167
Other taxation and social security
916,874
807,110
Other creditors
819,838
357,662
2,186,671
1,666,615
Notino International Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
5
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
All shares rank equally with regards to voting rights, rights in respect of dividends, capital and distribution of capital in the event of the company being wound up.
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:
Luke Hanratty
Statutory Auditors:
Saffery LLP
8
Parent company
The immediate and ultimate parent company is Notino Europe Limited, which is a company incorporated in Cyprus.
The parent of the smallest and largest group, for which consolidated financial statements are drawn up, is Notino Europe Limited, the registered office of which is Hourdovadgis House, Nicosia, Athinon 5, 1015, Cyprus.