REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
FACILITATE EUROPE LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
FACILITATE EUROPE LTD |
FACILITATE EUROPE LTD (REGISTERED NUMBER: 11557167) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FACILITATE EUROPE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
Statutory Auditor |
First Floor |
25 King Street |
Bristol |
BS1 4PB |
FACILITATE EUROPE LTD (REGISTERED NUMBER: 11557167) |
BALANCE SHEET |
30 JUNE 2023 |
30/6/23 | 30/6/22 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FACILITATE EUROPE LTD (REGISTERED NUMBER: 11557167) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Facilitate Europe Ltd is a |
The Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£). |
2. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
The principal accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied. |
Basis of preparing the financial statements and statement of compliance |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements, and they have taken into account a best estimate of the impacts of uncertainties such as the economic outlook. The company is reliant on the ongoing support of the wider group (including related entities under common control) to be able to meet liabilities as they fall due. The directors of the company have received confirmation from a related company that the related company will continue its support for a period no shorter than twelve months from the date of approval of these financial statements. Accordingly, taking into consideration the directors' enquiries regarding the financial position of the wider group and related entities, these financial statements have been prepared on the going concern basis. |
Turnover |
Turnover includes income receivable from third parties and from related entities for the provision of project management, design, and build services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Revenue from a contract to provide services is recognised over time as the services are rendered based on costs incurred to date as a percentage of total estimated costs for each contract. Where the amount invoiced to date exceeds the revenue to be recognised that excess is classified as deferred income within liabilities. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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 balance sheet 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. |
FACILITATE EUROPE LTD (REGISTERED NUMBER: 11557167) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or 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. |
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 profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits. |
Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of debtors are recognised in the Statement of profit and loss in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
Cost or valuation |
At 1 July 2022 |
Additions |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
Cost or valuation at 30 June 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Cost | 44,469 |
FACILITATE EUROPE LTD (REGISTERED NUMBER: 11557167) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 153, boulevard Haussmann,75008 Paris |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/Prim 19 - Low right Madrid 28004-Madrid,Spain |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Unit 5440, Almas Tower, Jumeirah Lakes Towers, Dubai, United Arab Emirates |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Pariser Platz 6a, 10117 Berlin |
Nature of business: |
% |
Class of shares: | holding |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Trade debtors |
Corporation tax |
VAT |
Deferred tax asset |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/23 | 30/6/22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/23 | 30/6/22 |
value: | £ | £ |
Ordinary Share Capital | 1 | 10 | 10 |
FACILITATE EUROPE LTD (REGISTERED NUMBER: 11557167) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
The senior statutory auditor was Stuart Crisp BSc FCA. |
The auditor was Corrigan Accountants Limited. |
9. | RELATED PARTY DISCLOSURES |
The company transacted with Facilitate Corporation Pty Ltd in the period, an entity which is under common ownership. |
Revenues of £NIL (2022: £NIL) were receivable from Facilitate Corporation Pty Ltd for the year costs of £113,439 (2022: £153,201) were payable to the company and a net creditor balance of £912,355 (2022: £979,525) was due to Facilitate Corporation Pty Ltd at the year end. |
Transactions in the year and year-end balances between Facilitate Europe Limited and other entities are as detailed below: |
Facilitate DMCC (UAE incorporation) |
Loan Payable to Facilitate DMCC - £337,012 (2022: £49,443 Receivable) |
Costs paid to Facilitate DMCC. - £12,539 (2022: £NIL) |
Revenue received from Facilitate DMCC. - £175,196 (2022: £NIL) |
Facilitate Germany |
Loan Receivable from Facilitate Germany - £35,573 (2022: £NIL) |
Facilitate France SARL |
Loan Receivable from Facilitate France - £NIL (2022: £67,049) |
Revenue received from Facilitate France - £45,968 (2022: £93,211) |
Receivable from Facilitate France - £15,067 (2022: £68,437) |
Facilitate USA Inc |
Loan Payable to Facilitate USA Inc. - £NIL (2022: £8,402) |
Costs paid to Facilitate USA Inc. - £52,944 (2022: £10,500) |
Revenue received from Facilitate USA Inc. - £152,538 (2022: £216,796) |
Payable to Facilitate USA Inc. - £52,944 (2022: £8,428 receivable) |
Facilitate Workplace Solutions Spain SL |
Revenue received from Facilitate Spain. - £124,534 (2022: £NIL) |
10. | PARENT UNDERTAKING |
Grimala Pty Ltd (incorporated in Australia) is regarded by the directors as being the company's ultimate parent company. |
The largest and smallest group in which the results of the company are consolidated is that by Grimala Pty Ltd. a company incorporated in Australia, with its principal place of business at Level 15, 216 Georges Terrace, Perth, WA, 6000, Australia. |