Company registration number 06706288 (England and Wales)
INVERTO UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INVERTO UK LIMITED
COMPANY INFORMATION
Directors
S Agarwal
M Kaivan
(Appointed 1 May 2023)
T P Pucken
(Appointed 1 May 2023)
Secretary
R Machon
Company number
06706288
Registered office
No.1 Royal Exchange
London
EC3V 3DG
Auditor
F M C B
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
Business address
No.1 Royal Exchange
London
EC3V 3DG
Bankers
Deutsche Bank AG London
6 Bishopsgate
London
EC2P 2AT
INVERTO UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
INVERTO UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

INVERTO UK Limited (“the Company”) is a consultancy specialized in procurement and supply chain management. The Company is a member of the INVERTO Group (“the Group”) which is made up of INVERTO GmbH and its subsidiaries.

 

INVERTO's clients include market-leading medium-sized companies, large corporations from industry and commerce, as well as renowned private equity firms. INVERTO leverages over 20 years of experience to achieve significant cost reductions and performance improvements for these clients.

 

Notably, due to effective collaboration with The Boston Consulting Group (“BCG”), INVERTO’s ultimate parent company, the number of top references in various industries was further expanded in the past fiscal year. For many decision-makers, INVERTO is synonymous with the consistent realization of cost reductions and performance improvements in procurement and supply chain management.

Review of the business

The directors are pleased to report an extraordinarily successful year of economic and business development results with a revenue increase of 77.51% as well as an increase of profit of 950.70% vs 2022. The results of the Company are set out in the financial statements.

Principal risks and uncertainties

The Company’s business entails a number of risks and uncertainties. The board of management has implemented an effective risk management system to identify and manage significant risk exposures throughout the Company which is embedded within a holistic risk management system of the Group and BCG.

 

Significant investments have been made into the HR function to mitigate the risk of consulting capacity shortages through effective recruiting and retention measures. Extensive training and development programs, competitive compensation and benefits as well as targeted branding initiatives ensure the recruitment and retention of highly qualified employees.

 

Financial risks associated with the provision of consulting services are managed through a precise description of deliverables, performance assessments and approval processes in client agreements. Continuous controlling of project performance as well as close monitoring of payments ensure a sustainable availability of cash flow.

 

Macroeconomic developments are constantly changing the demands towards the Company’s offering. Industry expert groups and innovation centers are established to identify market trends and adjust the Company’s service portfolio.

 

A set of key performance indicators is used by the management on a regular basis to monitor financials, business development, HR and risk and compliance aspects. Set includes:

 

 

 

2023

 

2022

 

£

 

£

Revenue

21,819,832

 

12,291,965

 

 

 

 

Gross margin

16,047,069

 

6,919,848

 

 

 

 

Revenue by geography:

 

 

 

UK

18,199,149

 

11,122,980

Europe

581,531

 

233,755

North America

3,039,152

 

935,230

 

 

INVERTO UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Development and performance

A large portion of the Company’s revenues is generated through mid to long-term programs with key clients securing a sustainable future revenue stream. Trustful client relationships are managed intensively to generate follow-on engagements and a close collaboration with BCG with a broad range of key clients across many industries is creating a continuous demand for the Company’s services.

 

Bi-annual performance appraisal processes accompanied by intensive training and development programs as well as tailored recruiting activities ensure the recruiting and retention of employees essential to further grow the Company’s business and secure high quality service provision. All recruiting activities are following Company’s policies on diversity, equity and inclusion guaranteeing a fair and equitable provision of opportunities to all groups or individuals.

 

The extension of the Company’s industry practices and the attraction of related experts is planned to further penetrate the market and intensify the collaboration with BCG and key clients inside and outside of the UK.

 

 

The company is in regular contact with its employees, clients, key suppliers and shareholders to ensure sustainable relationships and continuous alignment on strategy and targets. Internally presentations are held to employees and key updates shared through the intranet, regular strategy meetings are conducted with shareholder and regular business reviews are organized with key clients and suppliers.

 

A world wide code of conduct is in place and followed by all Group’s companies to maintain the highest standards of work ranging commitments to employees, clients and the communities. The company’s values and business conduct are the center of any decision meant to carefully consider the implications on reputation.

 

Signed on behalf of the board of directors by

S Agarwal
Director
1 August 2024
INVERTO UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Agarwal
M Kaivan
(Appointed 1 May 2023)
T J E B Lecat
(Resigned 3 May 2023)
T P Pucken
(Appointed 1 May 2023)
Auditor

F M C B were appointed auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor are aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

INVERTO UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Signed on behalf of the board of directors by
S Agarwal
M Kaivan
Director
Director
1 August 2024
INVERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INVERTO UK LIMITED
- 5 -
Opinion

We have audited the financial statements of INVERTO UK LIMITED (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

INVERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INVERTO UK LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered information including the following:

 

 

 

INVERTO UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF INVERTO UK LIMITED (CONTINUED)
- 7 -

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

 

 

In addition to the above procedures the engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jeffrey Zinkin FCA
Senior Statutory Auditor
For and on behalf of F M C B
1 August 2024
Chartered Accountants
Statutory Auditor
3rd Floor
Hathaway House
Popes Drive
Finchley
London
N3 1QF
INVERTO UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
21,819,832
12,291,965
Cost of sales
(5,849,995)
(5,364,363)
Gross profit
15,969,837
6,927,602
Administrative expenses
(9,675,214)
(6,327,083)
Other operating income
15,039
-
0
Operating profit
4
6,309,662
600,519
Interest receivable and similar income
7
87,689
-
0
Profit before taxation
6,397,351
600,519
Tax on profit
8
(1,540,793)
(120,885)
Profit for the financial year
4,856,558
479,634

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INVERTO UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,022
3,473
Current assets
Debtors
10
7,428,763
1,396,818
Investments
11
3,587,689
-
0
Cash at bank and in hand
4,793,983
5,645,460
15,810,435
7,042,278
Creditors: amounts falling due within one year
12
(8,885,513)
(4,946,365)
Net current assets
6,924,922
2,095,913
Total assets less current liabilities
6,925,944
2,099,386
Creditors: amounts falling due after more than one year
13
-
0
(30,000)
Net assets
6,925,944
2,069,386
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
6,925,844
2,069,286
Total equity
6,925,944
2,069,386

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
S Agarwal
M Kaivan
Director
Director
Company registration number 06706288 (England and Wales)
INVERTO UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
100
1,589,652
1,589,752
Year ended 31 December 2022:
Profit and total comprehensive income
-
479,634
479,634
Balance at 31 December 2022
100
2,069,286
2,069,386
Year ended 31 December 2023:
Profit and total comprehensive income
-
4,856,558
4,856,558
Balance at 31 December 2023
100
6,925,844
6,925,944
INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

INVERTO UK LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is No.1 Royal Exchange, London, EC3V 3DG.

1.1
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

 

- Section 33 ‘Related Party Disclosures.

 

1.2
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33.3% Straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ’Basic Financial Instruments’ and section 12 ‘Other financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Financial assets include debtors and cash and bank balances.    

 

Debtors and cash and bank balances which are basic financial assets are measured at transaction price less any impairment.

 

Debtors and cash and bank balances in foreign currencies are initially recorded at transaction price and subsequently at fair value less any impairment. Any changes in fair value are recognised in the profit or loss.

 

Financial assets are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Financial liabilities includes creditors and debt instruments.

 

Creditors and debt instruments which are basic financial liabilities are measured at transaction price.

 

Creditors and debt instruments in foreign currencies are initially recorded at transaction price and subsequently at fair value. Any changes in fair value are recognised in the profit or loss.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Services
21,819,832
12,291,965
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
18,199,148
11,122,980
Europe
581,532
233,755
Other
3,039,152
935,230
21,819,832
12,291,965
2023
2022
£
£
Other revenue
Interest income
87,689
-
INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
108,860
283,552
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
9,000
Depreciation of owned tangible fixed assets
2,451
2,449
5
Employees

The average monthly number of persons (including directors) employed by the company during year was:

2023
2022
Number
Number
Office and management
39
29

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
5,211,513
3,397,741
Social security costs
705,424
535,099
Pension costs
327,741
190,536
6,244,678
4,123,376
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,167,024
1,078,298
Company pension contributions to defined contribution schemes
42,333
32,178
1,209,357
1,110,476
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
569,046
760,893
Company pension contributions to defined contribution schemes
21,000
22,112
INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
87,689
-
0
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,540,793
120,885

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
6,397,351
600,519
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,504,663
114,099
Tax effect of expenses that are not deductible in determining taxable profit
36,130
6,786
Taxation charge for the year
1,540,793
120,885
9
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023 and 31 December 2023
7,354
Depreciation and impairment
At 1 January 2023
3,881
Depreciation charged in the year
2,451
At 31 December 2023
6,332
Carrying amount
At 31 December 2023
1,022
At 31 December 2022
3,473
INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,277,172
55,200
Amounts owed by group undertakings
5,230,791
1,155,162
Other debtors
918,395
182,873
Prepayments and accrued income
2,405
3,583
7,428,763
1,396,818
11
Current asset investments
2023
2022
Notes
£
£
Short term loans to group undertakings
3,587,689
-
0
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
138,474
21,087
Amounts owed to group undertakings
3,029,921
1,659,133
Corporation tax
1,541,918
122,011
Other taxation and social security
1,139,202
836,230
Deferred income
14
1,017,823
864,190
Other creditors
-
0
(627)
Accruals and deferred income
2,018,175
1,444,341
8,885,513
4,946,365
13
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
30,000
14
Deferred income
2023
2022
£
£
Other deferred income
1,017,823
864,190
INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
321,521
190,536

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
INVERTO UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
17
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is set out in note 6 to these financial statements.

Other information

The company has applied Section 33.1A of FRS 102: Related Party Disclosures, which enable it to exclude disclosure of transactions with the group and its wholly owned subsidiaries.

18
Ultimate controlling party

Inverto GmbH is the parent company and it holds 100% of the ordinary share capital of Inverto UK Limited. The Boston Consulting Group is the parent company and the controlling party of Inverto GmbH. The ultimate controlling party of Inverto UK Limited is The Boston Consulting Group. The registered address of the parent company is Lichtstraße 43i, 50825, Köln, Germany.

 

Group accounts are available to the public at https://www.bundesanzeiger.de/pub/de/suchen2?3

 

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