CREDORAX HOLDINGS UK LIMITED |
|
Statement of financial position as at 31 December 2023 |
|
|
|
|
31.12.2023 |
|
31.12.2022 |
|
Notes |
|
£ |
£ |
|
£ |
|
Fixed asset investment |
5 |
|
|
0 |
|
0 |
|
Current assets |
|
Creditors: amounts falling due |
within one year |
6 |
|
(11,032) |
|
|
(11,032) |
|
|
|
|
|
|
|
Net current liabilities |
|
|
|
(11,032) |
|
(11,032) |
|
|
|
|
|
|
|
Total net assets |
|
|
|
£ (11,032) |
|
£ (11,032) |
|
|
|
|
|
|
|
Capital and deficit |
|
|
|
31.12.2023 |
|
31.12.2022 |
|
|
|
£ |
£ |
|
£ |
|
Share capital |
7 |
|
1 |
|
|
1 |
Profit and loss account |
|
|
(11,033) |
|
|
(11,033) |
Capital and deficit |
|
|
|
£ (11,032) |
|
£ (11,032) |
|
|
|
|
|
|
|
|
For the year ending 31 December 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. |
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities. |
The notes on pages 2 to 3 form an integral part of these financial statements. |
The financial statements on pages 1 to 3 were approved by the Board of Directors and were signed on its behalf by: |
|
|
|
|
|
|
Igal Rotem |
Director |
7 August 2024 |
|
CREDORAX HOLDINGS UK LIMITED |
|
Notes to the financial statements - 31 December 2023 |
|
COMPANY INFORMATION |
|
1. Company Information |
Credorax Holdings UK Limited is a private limited company incorporated and domiciled in the UK. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ. |
The company is a wholly owned subsidiary of Credorax Inc., a company registered in the USA. |
2. Statement of Compliance |
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
|
3. Accounting Policies |
Basis of accounting |
The financial statements have been prepared on a going concern basis, under historical cost convention. |
The financial statements are presented in Pound Sterling (£). |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
Financial instruments |
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
(i) Financial assets |
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
(ii) Financial liabilities |
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
|
Group Accounts |
The company and its subsidiary comprise a small size group and therefore has taken |
the advantages of the exemptions provided by section 398 of the Companies Act 2006 not |
to prepare group accounts. |
|
Going concern |
The company is a holding company that does not have any activities. |
The parent company will continue to support the company and guarantees to meet all its future liabilities. |
Based on the above the director is in the view that the financial statements can be prepared on a going concern basis. |
|
Investment in subsidiary company: |
Investment in subsidiary company is presented at cost less accumulated impairment loss. |
At each balance sheet date, the investment is assessed whether there is an indication that the |
assets may be impaired, and if so, an impairment test is carried out to verify if impairment |
losses are arisen. |
|
CREDORAX HOLDINGS UK LIMITED |
|
Notes to the financial statements - 31 December 2023 |
|
4. |
Employees |
|
|
2023 |
|
2022 |
|
Number of employees |
0 |
|
0 |
|
|
|
|
|
5. |
Fixed asset investment |
|
|
The investment in subsidiary company represents the whole share capital of Credorax |
|
Japan K.K., a trading company incorporated in Japan. |
|
The original investment cost of £2,168,751 was fully impaired in previous years. |
|
6. |
Creditors: amounts falling due |
|
within one year |
|
|
31.12.2023 |
|
31.12.2022 |
|
|
£ |
|
£ |
|
|
Parent company |
11,032 |
|
11,032 |
|
Accruals |
- |
|
- |
|
|
11,032 |
|
11,032 |
|
|
|
|
|
|
7. |
Share capital |
|
|
31.12.2023 |
|
31.12.2022 |
|
|
£ |
|
£ |
|
Allotted, called up and fully paid: |
|
100 ordinary shares of £0.01 each |
1 |
|
1 |
|
|
|
|
|
|
8. |
Related party transactions |
|
|
Control: |
|
The immediate parent company is Credorax Inc., a private company incorporated and registered in the British Virgin Islands. |
|
The director is in opinion that there is no ultimate controlling party. |
|
Credorax Inc is the smallest and largest group to prepare consolidated accounts. |
|
|
Transaction: |
|
The company is exempt from disclosing transactions with related parties that are wholly |
|
owned within the same group in accordance with FRS 102 Section 33(1)A. |