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Registered number: 10189331










FALCONVEST UK LTD

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 JUNE 2024
 






 



 






 
FALCONVEST UK LTD
REGISTERED NUMBER: 10189331

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
-

Current assets
  

Debtors: amounts falling due within one year
 6 
14,000
2,691

Cash at bank and in hand
 7 
79,300
99,690

  
93,300
102,381

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(7,200)
(7,094)

Net current assets
  
 
 
86,100
 
 
95,287

  

Net assets
  
86,100
95,287


Capital and reserves
  

Called up share capital 
 9 
271,000
271,000

Share premium account
 10 
25,000
25,000

Capital redemption reserve
 10 
25,000
25,000

Profit and loss account
 10 
(234,900)
(225,713)

Shareholders' funds
  
86,100
95,287


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Combs
Director

Date: 12 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
FALCONVEST UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Falconvest UK Ltd is a private company, limited by shares and registered in England and Wales, registration number 10189331. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

These financial statements are presented in sterling, the Company's functional currency, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the Company was in a net asset position despite being loss making during the year. The income recorded in the accounts for the current year relates to administration support in respect of services rendered in supporting the parent Company.
The Directors conclude that the going concern basis remains an appropriate basis of preparation for these financial statements. The Directors cite the fact that the Company has sufficient cash to meet its liabilities as they fall due. The Directors have also indicated their willingness to provide ongoing working capital support to the Company for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

 
FALCONVEST UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and
assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of
contingent assets and liabilities. Use of available information and application of judgement are inherent in
the formation of estimates, together with past experience and expectations of future events that are
believed to be reasonable under the circumstances. Actual results in the future could differ from such
estimates.
 
Management do not consider the Company to have any key sources of estimation uncertainty nor
significant judgements or assumptions in preparing these financial statements. 

Page 3

 
FALCONVEST UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
2,072



At 30 June 2024

2,072



Depreciation


At 1 July 2023
2,072



At 30 June 2024

2,072



Net book value



At 30 June 2024
-



At 30 June 2023
-


6.


Debtors

2024
2023
£
£


Trade debtors
6,809
-

Amounts owed by group undertakings
2,691
2,691

Prepayments and accrued income
4,500
-


Amounts owed by group undertakings are interest free and repayable on demand.


7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
79,300
99,690


Page 4

 
FALCONVEST UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Accruals and deferred income
7,200
7,094



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



271,000 (2023 - 271,000) Ordinary shares of £1.00 each
271,000
271,000



10.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares, net of issue costs.

Capital redemption reserve

The capital redemption reserve represents a non-distributable reserve into which amounts are transferred following the redemption or purchase of the Company's own shares.

Profit and loss account

The profit and loss accounts represents cumulative profits and losses net of all adjustments.


11.


Related party transactions

The Company is exempt under the terms of Financial Reporting Standard 102 (FRS102) Section 33 paragraph 1A, from disclosing related party transactions with other group companies, on the grounds that the Company is wholly owned within the Group and the Company is included in the consolidated financial statements prepared by the Group.


12.


Controlling party

The Company's parent company is Falconvest Group Limited, a company incorporated in the Cayman Islands. 
The registered office of Falconvest Group Limited is Boundary Hall, Cricket Square, PO Box 1111, Grand Cayman, KY1-1102, Cayman Islands. The consolidated statements are available from the registered office.

Page 5

 
FALCONVEST UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 12 September 2024 by Robin John FCA CTA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.


14.


MIFIDPRU 8 Disclosure

The overarching approach is designed to encourage the alignment of the risks taken by the Firm’s staff, its clients, mandates, and the Firm itself.

When the Firm assesses individual performance to determine the amount of variable remuneration it will consider both financial and non-financial criteria. As conduct is crucial to the compliance culture of the Firm, if an employee shows poor conduct, this may override their performance in financial areas. Conduct is therefore the biggest metric within non-financial considerations.

The Governing Body is responsible for the Firm’s remuneration policy.

The Firm distinguishes between criteria for setting fixed and variable remuneration and ensures that remuneration is clearly categorised as one or the other.   

In line with the FCA’s guidance, the Firm considers the difference between the two as follows:

Fixed remuneration primarily reflects a staff member’s professional experience and organisational responsibility as set out in the staff member’s job description and terms of employment. It should be pre-determined, non-discretionary and not dependent on performance. 
Variable remuneration should be based on performance and should reflect long-term performance, as well as performance above and beyond their job description. It includes discretionary pension benefits and carried interest. 

The firm assesses performance across the firm, business units and individuals considering the following criteria:

Financial metrics including contribution to revenue/ sales growth as well as cost reduction; and 
Non-financial metrics including: the building and maintenance of positive customer relationships and outcomes; alignment with our strategy or values, for example by displaying leadership, teamwork or creativity; adhering to our compliance policies & procedures; and meeting other non-financial targets relating to environmental, social and governance factors and diversity and inclusion.

All the above factors in assessing performance are considered at firm, business unit and individual level as applicable. Overall, greater weight is placed on non-financial metrics when assessing performance. All variable remuneration is adjusted in line with capital and liquidity requirements.

Fixed Remuneration: £0

Variable Remuneration: £0

Page 6