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Registered number: 08010712














COGENCY GLOBAL (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
COGENCY GLOBAL (UK) LIMITED
 
 
COMPANY INFORMATION


Director
B Jacobi 




Registered number
08010712



Registered office
6 Lloyds Avenue
Unit 4cl

London

EC3N 3AX




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
COGENCY GLOBAL (UK) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9


 
COGENCY GLOBAL (UK) LIMITED
REGISTERED NUMBER:08010712

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,321
6,604

Investments
 5 
1
1

  
3,322
6,605

Current assets
  

Debtors: amounts falling due within one year
 6 
219,819
217,352

Cash at bank and in hand
  
1,856,296
1,600,972

  
2,076,115
1,818,324

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(454,236)
(374,290)

Net current assets
  
 
 
1,621,879
 
 
1,444,034

Total assets less current liabilities
  
1,625,201
1,450,639

Creditors: amounts falling due after more than one year
 8 
(1,570,547)
(1,271,895)

  

Net assets
  
54,654
178,744


Capital and reserves
  

Called up share capital 
 9 
2
2

Share premium account
  
186,323
186,323

Other reserves
  
186,020
186,020

Profit and loss account
  
(317,691)
(193,601)

  
54,654
178,744


Page 1

 
COGENCY GLOBAL (UK) LIMITED
REGISTERED NUMBER:08010712
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 statement of comprehensive income 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 on 31 July 2024.


B Jacobi
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Cogency Global (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Lloyds Avenue, Unit 4Cl, London, EC3N 3AX.
The principal activity of the company continued to be that of process service agents.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements by virtue of section 402 of the Companies Act 2006.

 
2.3

Going concern

The Director considers that the company is a going concern and will continue to be so for the foreseeable future. In arriving at this conclusion, the director has considered the large cash reserves of £1,856,296 (2023 - £1,600,972), along with the continued support of its ultimate parent company.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Turnover

Turnover represents amounts receivable for process agent and other services net of VAT.
Turnover from process agent services is recognised over the period of the contract on a time apportioned basis. 
Turnover relating to all other services is recognised in the same period as the services were performed.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
Fully depreciated
Fixtures and fittings
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at the transaction price, less any impairment.

 
2.12

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.

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 6).

Page 5

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 April 2023
5,136
9,066
14,156
28,358



At 31 March 2024

5,136
9,066
14,156
28,358



Depreciation


At 1 April 2023
5,136
6,322
10,296
21,754


Charge for the year on owned assets
-
798
2,485
3,283



At 31 March 2024

5,136
7,120
12,781
25,037



Net book value



At 31 March 2024
-
1,946
1,375
3,321



At 31 March 2023
-
2,744
3,860
6,604


5.


Fixed asset investments





Investments in subsidiary company

£



Cost


At 1 April 2023
1



At 31 March 2024
1




Page 6

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Entity Central Corporate Services (UK) Limited
6 Lloyds Avenue, Unit 4 CL, London, England, EC3N 3AX
Ordinary
100%

The subsidiary is dormant. 


6.


Debtors

2024
2023
£
£


Trade debtors
172,525
142,532

Amounts owed by group undertakings
4,827
46,584

Other debtors
13,264
9,360

Prepayments and accrued income
29,203
18,876

219,819
217,352



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,651
13,487

Amounts owed to group undertakings
4,214
-

Other taxation and social security
-
4,004

Other creditors
15,564
4,527

Accruals and deferred income
414,807
352,272

454,236
374,290



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
1,570,547
1,271,895



9.


Share capital

2024
2023
Page 7

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.Share capital (continued)

£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



10.


Reserves

Other reserves
The other reserve consists of a cancellation of shares and the premium paid on them at issue. This reserve is a distributable reserve.


11.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £20,437 (2023 - £5,032). Contributions totalling £2,662 (2023 - £564) were payable to the fund at the reporting date and are included in creditors.


12.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
44,861
47,325

Later than 1 year and not later than 5 years
44,861
95,000

89,722
142,325


13.


Related party transactions

The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.


14.


Controlling party

The ultimate parent and controlling undertaking is Cogency Global Inc, a company registered at 850 New Burton Road, Suite 201, 19904, in the United States of America. Cogency Global Inc is the parent company of the largest and smallest group of which Cogency Global (UK) Limited is a member and for which group financial statements are drawn up.

Page 8

 
COGENCY GLOBAL (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 31 July 2024 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 9