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No description of principal activity
2022-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
12290905
2022-11-01
2023-10-31
12290905
2023-10-31
12290905
2022-10-31
12290905
2021-11-01
2022-10-31
12290905
2022-10-31
12290905
2021-10-31
12290905
core:PlantMachinery
2022-11-01
2023-10-31
12290905
bus:Director1
2022-11-01
2023-10-31
12290905
core:PlantMachinery
2022-10-31
12290905
core:PlantMachinery
2023-10-31
12290905
core:WithinOneYear
2023-10-31
12290905
core:WithinOneYear
2022-10-31
12290905
core:RetainedEarningsAccumulatedLosses
2023-10-31
12290905
core:RetainedEarningsAccumulatedLosses
2022-10-31
12290905
core:PlantMachinery
2022-10-31
12290905
bus:SmallEntities
2022-11-01
2023-10-31
12290905
bus:AuditExemptWithAccountantsReport
2022-11-01
2023-10-31
12290905
bus:SmallCompaniesRegimeForAccounts
2022-11-01
2023-10-31
12290905
bus:PrivateLimitedCompanyLtd
2022-11-01
2023-10-31
12290905
bus:FullAccounts
2022-11-01
2023-10-31
12290905
core:OfficeEquipment
2022-11-01
2023-10-31
12290905
core:OfficeEquipment
2022-10-31
12290905
core:OfficeEquipment
2023-10-31
12290905
bus:Director1
1
2022-11-01
2023-10-31
12290905
core:AllAssociates
2022-11-01
2023-10-31
COMPANY REGISTRATION NUMBER:
12290905
Filleted Unaudited Financial Statements |
|
Year ended 31 October 2023
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
Statement of Financial Position |
|
31 October 2023
Fixed assets
Tangible assets |
5 |
134,747 |
133,242 |
|
|
|
|
Current assets
Debtors |
6 |
945,156 |
1,334,314 |
Cash at bank and in hand |
5,857,882 |
3,686,431 |
|
------------ |
------------ |
|
6,803,038 |
5,020,745 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
17,499,144 |
12,836,616 |
|
------------- |
------------- |
Net current liabilities |
10,696,106 |
7,815,871 |
|
------------- |
------------ |
Total assets less current liabilities |
(
10,561,359) |
(
7,682,629) |
|
------------- |
------------ |
Net liabilities |
(
10,561,359) |
(
7,682,629) |
|
------------- |
------------ |
|
|
|
|
Capital and reserves
Profit and loss account |
(
10,561,359) |
(
7,682,629) |
|
------------- |
------------ |
Shareholders deficit |
(
10,561,359) |
(
7,682,629) |
|
------------- |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 October 2023
These financial statements were approved by the
board of directors
and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Mr M C Gasparotti |
Director |
|
Company registration number:
12290905
Notes to the Financial Statements |
|
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Us & Co Monument, 7 Harp Lane, London, EC3R 6DP, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
36
(2022:
49
).
5.
Tangible assets
|
Plant and machinery |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 November 2022 |
8,636 |
193,609 |
202,245 |
Additions |
– |
46,420 |
46,420 |
|
------- |
--------- |
--------- |
At 31 October 2023 |
8,636 |
240,029 |
248,665 |
|
------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 November 2022 |
3,294 |
65,709 |
69,003 |
Charge for the year |
1,335 |
43,580 |
44,915 |
|
------- |
--------- |
--------- |
At 31 October 2023 |
4,629 |
109,289 |
113,918 |
|
------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 October 2023 |
4,007 |
130,740 |
134,747 |
|
------- |
--------- |
--------- |
At 31 October 2022 |
5,342 |
127,900 |
133,242 |
|
------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
143,120 |
120,364 |
Other debtors |
802,036 |
1,213,950 |
|
--------- |
------------ |
|
945,156 |
1,334,314 |
|
--------- |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
212,951 |
73,319 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
16,835,255 |
12,212,673 |
Social security and other taxes |
108,534 |
258,625 |
Other creditors |
342,404 |
291,999 |
|
------------- |
------------- |
|
17,499,144 |
12,836,616 |
|
------------- |
------------- |
|
|
|
8.
Directors' advances, credits and guarantees
During the year a director received advances of £4,191 (2022: £nil) and repayments of £2,576 (2022: £nil) were made. No interest was charged on this loan. At the year end the director owed the company £4,191 (2022: £2,576). During the year a director received advances of £4,000 (2022: £nil) and repayments of £nil (2022: £nil) were made. No interest was charged on this loan. At the year end the director owed the company £4,138 (2022: £138). During the year a director received advances of £4,000 (2022: £nil) and repayments of £nil (2022: £nil) were made. No interest was charged on this loan. At the year end the director owed the company £4,000 (2022: £nil).
9.
Related party transactions
At the year end the company owed £16,835,255 (2022: £12,212,673) to its parent company.
10.
Share capital
There is £0.01 of Ordinary Share capital in issue, as the financial statements are prepared to the nearest whole £1 the share capital of £0.01 does not appear in Statement Of Financial Position.
11.
Controlling party
The company is a wholly owned subsidiary of
Emitwise INC
. a company incorporated in Delaware US.