GUESTY UK LIMITED
Directors: A. Soto
Registered Office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 13043598 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane
N3 1LQ
Annual report and financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-6
GUESTY UK LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Fixed assets 5 1,306 2,472
Current assets
Debtors 6 40,382 51,328
Cash at bank and in hand 362,801 719,307
403,183 770,635
Creditors: amounts falling due
within one year 7 (256,431) (685,394)
Total current assets 146,752 85,241
Total assets £ 148,058 £ 87,713
Capital and Reserve
£ £
Called up share capital 9 1 1
Other fund 3,190 3,190
Profit and loss account 144,867 84,522
Shareholders' funds £ 148,058 £ 87,713
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
____________________________
A. Soto
Director
Company number: 13043598
27 August 2024
GUESTY UK LIMITED
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Guesty UK Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Cental House, 1 Ballards Lane, N3 1LQ.
The company is a wholly owned subsidiary of Guesty Inc, a company registered in Israel.
2. Accounting Policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in 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.
2.2 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 year.
(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.
2.3 Going concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Guesty group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
On the basis of the above, the directors consider it appropriate to prepare the financial statement on a going concern basis.
2.4 Turnover
Turnover represents net invoiced services, excluding VAT.
GUESTY UK LIMITED
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.5 Revenue recognition
The company generates revenues from software cloud based services, revenue from the sale of services are recognised on a straight line basis over the period of a related service agreement.
2.6 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.7 Creditors
Basic financial liabilities including trade, other payable and amounts due to group companies are measured at transaction price.
2.8 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.9 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate 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 the transaction.
GUESTY UK LIMITED
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.10 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
(ii) Bonus plan
The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made.
(iii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
(iv) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees. The corresponding credit is recognised as a component of equity.
3. Employee information
The average number of staff employed by the company during the financial year was:
2023 2022
Number Number
5 4
4. Director' emoluments
No remunerations paid to any of the directors during the year.
GUESTY UK LIMITED
Notes to the financial statements - 31 December 2023
5. Tangible fixed assets
Computers Total
£ £
Cost:
At 1 January 2023 3,498 3,498
At 31 December 2023 3,498 3,498
Depreciation:
At 1 January 2023 1,026 1,026
Charge for the Year 1,166 1,166
At 31 December 2023 2,192 2,192
Net Book Value:
At 31 December 2023 1,306 1,306
At 31 December 2022 2,472 2,472
6. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 25,048 0
Other debtors 0 18,854
Amounts owed to group company 6,749 26,395
Employees 85 79
Prepayments & accrued revenue 8,500 6,000
40,382 51,328
7. Creditors: amounts falling due within one year
31.12.2023 31.12.2022
£ £
Amounts owed to parent undertaking 56,115 496,857
Trade creditors 0 33,220
VAT 150,974 126,159
Corporation tax 21,346 14,380
Accruals 27,996 14,778
256,431 685,394
GUESTY UK LIMITED
Notes to the financial statements - 31 December 2023
8. Deferred tax
Deferred tax asset relating to excess of share based payment over NBV is not disclosed as the amount is immaterial.
9. Share capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
1 ordinary shares at £1 1 1
10. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 27 August 2024
Name of director signing accounts: A. Soto
Date director signed accounts: 27 August 2024
11. Related party transactions
Control:
The immediate and ultimate parent company is Guesty Inc a company incorporated and registered in US.
Guesty Inc is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
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.
12. Commitment
As at 31.12.2023 the company does not have any commitments.
GUESTY UK LIMITED 13043598 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts (tagged by user) October 2023 release 2 Name of director signing accounts: A. Soto No description of principal activity 13043598 2022-01-01 2022-12-31 13043598 core:WithinOneYear 2022-12-31 13043598 core:ShareCapital 2022-12-31 13043598 core:RetainedEarningsAccumulatedLosses 2022-12-31 13043598 2023-01-01 2023-12-31 13043598 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13043598 bus:Audited 2023-01-01 2023-12-31 13043598 bus:Director1 2023-01-01 2023-12-31 13043598 bus:Director40 2023-01-01 2023-12-31 13043598 bus:FRS102 2023-01-01 2023-12-31 13043598 bus:FullAccounts 2023-01-01 2023-12-31 13043598 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13043598 2023-12-31 13043598 core:WithinOneYear 2023-12-31 13043598 core:ShareCapital 2023-12-31 13043598 core:RetainedEarningsAccumulatedLosses 2023-12-31 13043598 2022-12-31 iso4217:GBP xbrli:pure