REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AUDAX MANAGEMENT COMPANY (UK) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AUDAX MANAGEMENT COMPANY (UK) LIMITED |
AUDAX MANAGEMENT COMPANY (UK) LIMITED (REGISTERED NUMBER: 14030237) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
AUDAX MANAGEMENT COMPANY (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
25 Churchill Place |
Canary Wharf |
London |
E14 5EY |
AUDAX MANAGEMENT COMPANY (UK) LIMITED (REGISTERED NUMBER: 14030237) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Statement of Profit or Loss and Other Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AUDAX MANAGEMENT COMPANY (UK) LIMITED (REGISTERED NUMBER: 14030237) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Audax Management Company (UK) Limited ("the Company") 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 company's functional and presentational currency is pounds sterling (GBP) and the financial statements are rounded to the nearest pound (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. The financial statements have been prepared under the historical cost convention and on a going concern basis. The comparative values presented for prior year are for period from 6.4.2022 to 31.12.2022 and therefore the amounts presented in the financial statements are not entirely comparable. |
Turnover |
Turnover represents amounts charged to the Company's parent under a service agreement, excluding value added tax. Turnover is recognised when chargeable costs are incurred. |
Financial instruments |
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
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 initially recognised at transaction price. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Statement of Profit or Loss and Other Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current taxation is 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 statement of financial position date. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to Statement of Profit or Loss and Other Comprehensive Income on a straight-line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to Statement of Profit or Loss and Other Comprehensive Income in the period to which they relate. |
AUDAX MANAGEMENT COMPANY (UK) LIMITED (REGISTERED NUMBER: 14030237) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Amounts owed by group undertakings |
Other receivables |
Rent deposit | 31,200 | 20,160 |
VAT receivable |
Amounts owed by group undertakings are interest free, unsecured and repayable on demand. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Tax (Note 5) |
Social security and other taxes |
Accrued expenses |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/23 | 31/12/22 |
£ | £ |
Within one year |
Operating lease rent charged to Statement of Profit or Loss and Other Comprehensive income for the period amounted to £97,089. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
8. | ULTIMATE CONTROLLING PARTY |
Audax Management Company LLC is the company's immediate and ultimate parent company, with registered office at 101 Huntington Avenue, 24th Floor, Boston, MA 02199 USA. It is also the largest and smallest group in which the results of the company are consolidated. |
9. | SUBSEQUENT EVENTS |
Management has considered the effects, if any, of events occurring after the date of the financial statements and throughout the date the financial statements were authorised to be issued. The Company has concluded that there are no material items that warrant disclosure. |