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REGISTERED NUMBER: 02330741 (England and Wales)










COSMOMATE (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)






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


COSMOMATE (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: H Handa
N C Patel
K G O'Brien
B Scannell



SECRETARY: Mrs R Agourakis



REGISTERED OFFICE: 69-71 East Street
Epsom
Surrey
KT17 1BP



REGISTERED NUMBER: 02330741 (England and Wales)



SENIOR STATUTORY AUDITOR: Hazel Day BSC (Hons) FCA DChA



AUDITORS: Xeinadin Auditing
Chartered Accountants and Statutory Auditors
Becket House
36 Old Jewry
London
EC2R 8DD

COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 4,000,000 4,000,000
Investments 6 197,802 359,773
4,197,802 4,359,773

CURRENT ASSETS
Debtors 7 407,007 469,003
Cash at bank 468,545 643,183
875,552 1,112,186
CREDITORS
Amounts falling due within one year 8 2,294,242 2,625,330
NET CURRENT LIABILITIES (1,418,690 ) (1,513,144 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,779,112

2,846,629

CREDITORS
Amounts falling due after more than one
year

9

(748,199

)

(748,199

)

PROVISIONS FOR LIABILITIES (207,553 ) -
NET ASSETS 1,823,360 2,098,430

CAPITAL AND RESERVES
Called up share capital 992,555 992,555
Share premium 2,613,035 2,613,035
Revaluation reserve 10 2,851,447 3,059,000
Retained earnings (4,633,677 ) (4,566,160 )
SHAREHOLDERS' FUNDS 1,823,360 2,098,430

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 24 June 2024 and were signed on its behalf by:





N C Patel - Director


COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Cosmomate (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. STATEMENT OF COMPLIANCE

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 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Cosmomate (Uk) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 by 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.

Investments
Investments in unlisted companies are included at cost less amounts written off. Other unlisted investments are included at the directors' valuation. Profit or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities.

COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 4,000,000
NET BOOK VALUE
At 31 December 2023 4,000,000
At 31 December 2022 4,000,000

All tangible fixed assets are included at cost with the exception of the freehold property, which is included at valuation reviewed by the directors as at 31 December 2023 of £4 million.

Deferred taxation has been provided on the revaluation surplus. It is estimated that, if the freehold investment property were to be sold for the amount at which it is included in the financial statements, corporation tax would fall due once capital losses available for use by the company at the date of sale and other reliefs were applied.

Cost or valuation at 31 December 2023 is represented by:

Land and
buildings
£   
Valuation in 2002 1,050,000
Valuation in 2007 100,000
Valuation in 2010 100,000
Valuation in 2015 300,000
Valuation in 2020 1,000,000
Valuation in 2022 500,000
Cost 950,000
4,000,000

If freehold investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 950,000 950,000

Value of land in freehold land and buildings 4,000,000 4,000,000

Freehold investment property was valued on an open market value basis on 31 December 2022 by the directors .

COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 1,186,881
PROVISIONS
At 1 January 2023 827,108

Impairments 161,971
At 31 December 2023 989,079
NET BOOK VALUE
At 31 December 2023 197,802
At 31 December 2022 359,773

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2004 9,000
Cost 1,177,881
1,186,881

The company's investments at the Balance Sheet date in the share capital of companies include the following:

The Travel Professionals Limited
Registered office: 69-71 East Street, Epsom, Surrey, KT17 1BP
Nature of business: Travel agents
%
Class of shares: holding
Ordinary share capital 100.00
Preference share capital 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 188,801 182,744
Profit/(loss) for the year 6,057 (27,989 )

Worldmate Services Limited
Registered office: 69-71 East Street, Epsom, Surrey, KT17 1BP
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 46,469 46,469

COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS - continued

Suncity Travel Limited
Registered office: 69-71 East Street, Epsom, Surrey, KT17 1BP
Nature of business: Non trading - name protection
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 4,848 4,848

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 301,683 301,183
Amounts owed by ultimate parent
undertaking

105,324

167,820
407,007 469,003

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 2,175,341 2,508,631
Other creditor 68,260 68,260
Accrued expenses 50,641 48,439
2,294,242 2,625,330

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Due to parent undertaking 748,199 748,199

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023 3,059,000
Deferred Tax (207,553 )

At 31 December 2023 2,851,447

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

The Report of the Auditors was unqualified.

Hazel Day BSC (Hons) FCA DChA (Senior Statutory Auditor)
for and on behalf of Xeinadin Auditing

COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RELATED PARTY DISCLOSURES

The company shares premises with its subsidiary undertakings, The Travel Professionals Limited and Worldmate Services Limited and a number of related companies. Some common expenses are paid by one company and recharged to the others as appropriate.

The company owes £1,912,171 (2022: £2,012,187) to Cosmomate Australia PTY (a company incorporated in Australia), a fellow subsidiary undertaking of the World Mate (Japan) group of companies.

The company owes £748,199 (2022: £748,199) to the ultimate parent undertaking of this UK group, Worldmate (Japan). Certain expenses are recharged directly to the parent undertaking and an amount of £105,324 (2022: £168,820) remained due in this regard at the balance sheet date.

13. RISK MANAGEMENT POLICIES

The company's principal financial instruments comprise bank balances, bank loans and overdrafts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

A level of group debt is denominated in foreign currency, so the company and group have exposure in this regard, which is taken into consideration.