REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AL KHALEEJIAH (UK) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AL KHALEEJIAH (UK) LIMITED |
AL KHALEEJIAH (UK) LIMITED (REGISTERED NUMBER: 02450499) |
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 |
AL KHALEEJIAH (UK) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
AL KHALEEJIAH (UK) LIMITED (REGISTERED NUMBER: 02450499) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
AL KHALEEJIAH (UK) LIMITED (REGISTERED NUMBER: 02450499) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Al Khaleejiah (Uk) Limited is a |
The financial statements are prepared in pounds Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest '£'. |
2. | ACCOUNTING POLICIES |
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. |
The financial statements have been prepared on a going concern basis under the historical cost convention. |
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in accordance with paragraph 1.12 of FRS 102. Exemptions have been taken in relation to: |
- Financial instruments |
- Presentation of a cash flow statement |
- Compensation of key management personnel |
Al Khaleejiah (UK) Limited is a wholly owned subsidiary of Al Khaleejiah Advertising & Public Relations Co. Ltd and the results of Al Khaleejiah (UK) Limited are included in the consolidated financial statements of Al Khaleejiah Advertising & Public Relations Co. Ltd which are available from PO Box 14699, Makkah Road, Riyadh, 21434, Saudi Arabia. |
The principle accounting policies adopted are set out below. |
Going concern |
The Company has generated an operating profit, and has positive net current assets and shareholder's funds. The director has at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements. |
AL KHALEEJIAH (UK) LIMITED (REGISTERED NUMBER: 02450499) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover comprises amounts receivable for the provision of advertising services, net of trade discounts, value added tax and other sales related taxes. Costs incurred are recharged to the Company's parent Company after including an agreed profit element of 10%. All turnover arises from continuing activities in the United Kingdom. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. |
Financial assets |
Financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less impairment cost 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. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
Financial liabilities |
Financial liabilities are initially measured 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the Company's obligations are discharged, cancelled, or they expire. |
Equity instruments |
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company. |
Taxation |
The tax expense represents the sum of the 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 profit and loss account because it excludes items of income or expense that are taxable or dedeuctible in other years and it furthers 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. |
Related party transactions |
The Company discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the director, separate disclosure is necessary to understand the effect of the transactions on the financial statements. |
AL KHALEEJIAH (UK) LIMITED (REGISTERED NUMBER: 02450499) |
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 NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY TRANSACTIONS |
The Company has not entered into related party transactions during the year other than with wholly owned group Companies. In accordance with FRS 102 therefore these transactions have not been disclosed. |
Saudi Research and Media Group has provided the company with a guarantee that the amounts owed by group undertakings will be settled by Saudi Research and Media Group in the event of loan not being prepared by the undertaking. |
AL KHALEEJIAH (UK) LIMITED (REGISTERED NUMBER: 02450499) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | CONTROLLING PARTY |
The Company's immediate parent undertaking is Al Khaleejiah Advertising & Public Relations Co. Limited, a Company registered in Saudi Arabia, PO Box 22304, Makkah Road, Riyadh, 11495, Saudi Arabia. This is the smallest group in which the Company's results are included. |
The directors consider the Company's ultimate parent undertaking and controlling party to be Saudi Research and Media Group, which is incorporated and registered in the Kingdom of Saudi Arabia. Therefore, the parent undertaking of the largest group of companies into which the results of the Company are consolidated is Saudi Research and Media Group. Copies of its financial statements, which include the Company, are available from PO Box 53108, Riyadh 11583, Saudi Arabia. |
10. | DIRECTOR'S REMUNERATION |
The director's remuneration for the current year is paid by the ultimate Parent Company Saudi Research and Media Group. |