Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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GOODSHAPE UK LIMITED
COMPANY INFORMATION
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GOODSHAPE UK LIMITED
CONTENTS
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GOODSHAPE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
2023 was a transformational year, we transitioned the business onto our new proprietory technology platform, creating a data-led Software as a Servce (SAAS) business enhancing efficiency, scalability, improving our gross margin by 46%, gross profit by 60% and reducing quarterly losses by two-thirds. The combination of these factors has meant that the business is now well on track regarding profitability with expected breakeven mid 2024.
All of our existing customers were migrated onto the new platform and digitally-enabled within a 6-month window. This also coincided with winning several awards including the prestigious UK Business Tech Awards - App of the Year. The main target market continues to be both public and private sector organisations in the United Kingdom, the need for the GoodShape proven proposition has been recently stimulated by extensive media coverage and Government intervention on sickness absence and its effect on productivity. The new platform has significantly enhanced the overall appeal of the proposition with added features such as digital content and AI data analytics providing unique accurate predictive forecasting, all contributing to enhancing employee wellbeing, reducing costs and mitigating risks for the clients. This has resulted in a more strategic and unique positioning for GoodShape and direct engagement at C-Suite level, which has accelerated pipeline growth and created valuable commercial relationships with insurers, employee benefits advisors and large consultancies. The business continues to invest in the new platform, Goodshape Central, to enhance service capabilities, create additional data products and prepare for international growth.
The Company has identified the following factors as potential risks to, and uncertainties concerning the successful operation of the business:
The company is reliant on a related party loans funded by external bank debt. The company prepares long-term cashflow and financing forecasts to de-risk its long term strategy, forecast future working capital and long-term financing needs. These are reviewed regularly by management and updated as necessary. The wider Group has secured additional funding in 2023, which together with the significantly improving financial profile, being on track, satisfies future funding requirements.
The interest rate is fixed on the related party loans and the loans attract payment-in-kind interest. No material impact has been considered and the rate has not been hedged.
We feel we are able to ride a down-turn in the market as our proposition supports productivity issues highlighted by the government, especially as regards getting long-term sick back to work. We have a strong ROI from our proposition and have a broad mix of industries for our customer base. This balanced porfolio of private and public sector organisations helps mitigate risk.
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GOODSHAPE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors have reviewed the KPIs and are targeting a revenue and margin growth strategy. As such, the main metrics are Revenue £6.1M (2022: £5.6M) +8% (as the majority of the year was dedicated to transformation projects), AAOV (Average annual order value) £88k (2022: £75k) Gross Profit £3.3M (2022: £2.1M) a 60% increase and 54% gross margin in year (2022: 37%) a 46% increase. These metrics have all improved in the year and we are looking to significantly improve these over 2024.
This report was approved by the board on 28 June 2024 and signed on its behalf.
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GOODSHAPE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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 to 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The loss for the year, after taxation, amounted to £4,956,886 (2022 - loss £7,733,697).
The loss reduction was because of a 60% increase in gross profit to £3.3M. This was because of an 8% revenue improvement of £0.4M and a reduction in cost of sales of £0.8M, this improved gross margin by 18 percentage points to 54%, £1.2M. Overheads reduced by £1.6M which was over £2.5M but included an increase in one-time expenditure linked with restructuring of £0.9M. The savings were due to an efficiency programme to better resource the business to meet its strategic goals and to achieve cashflow breakeven in 2024.
The directors who served during the year were:
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GOODSHAPE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors intend to further grow the Company’s revenue from investing in sales & marketing activities and continued platform iteration.
• so far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware, and • the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Haysmacintyre LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GOODSHAPE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODSHAPE UK LIMITED
We have audited the financial statements of Goodshape 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 the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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GOODSHAPE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODSHAPE UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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GOODSHAPE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODSHAPE UK LIMITED (CONTINUED)
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 Auditors' 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:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements for the Investment advisory business and trade regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: • inspecting correspondence with regulators and tax authorities; • inquires with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; • evaluating management’s controls designed to prevent and detect irregularities; • identifying and testing journals, in particular journal entries posted with unusual account combinations, postings with high value transactions or rounded entries; and • challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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GOODSHAPE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOODSHAPE UK LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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GOODSHAPE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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GOODSHAPE UK LIMITED
REGISTERED NUMBER: 05297929
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 25 form part of these financial statements.
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GOODSHAPE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Goodshape UK Limited is a private company limited by shares and incorporated in England and Wales. Its registered head office is located at 28 Clarendon Road, Watford, England, WD17 1JJ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company is exempt from preparing consolidated financial statements in accordance with section 400 of Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Goodshape UK Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The directors have reviewed the Company's business model including effects from arising macro-economic uncertainties such as impending recession, war in Ukraine and Gaza, Brexit and Covid-19 as well as the current growth stage of the company's business model. They have stress-tested cash flows with a number of sensitivities up until June 2025.
The Company has reviewed its cash flow forecasts, considering the impact on going concern it has concluded that the going concern basis remains an appropriate basis of preparation of these financial statements given the likely cash flow impact of operations 12 months from the date of signing this report. Management will continue to review and stress test these forecasts on an ongoing basis to manage funds flow until such point as it is cash-generative on an on-going basis. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life.
The estimated useful lives range as follows:
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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:
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference
between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Leases that do not transfer all the risks and rewards or ownership are classified as operating leases. Payments under operating leases are charges to profit or loss account on a straight-line basis over the period of time.
Ordinary shares are classified as equity.
Related party transactions are recorded on an arms-length basis and are detailed in the notes to these accounts.
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Assumptions and accounting estimates are subject to regular review. Any revisions required to accounting estimates are recognised in the period in which the revisions are made including all future periods affected. The following are the significant estimates used in applying the accounting policies of the Company that have the most significant effect on the financial statements: Intangible assets capitalisation policy The Company establishes a reliable capitalisation policy for costs which are directly attributable to the development of the new software platform. This estimate is based on a variety of factors such as payroll costs, project development and third party costs. For all projects that have been capitalised, their economic benefits are assessed alongside the technical feasibility of completing the projects. All projects capitalised are intended to be used in the manner set out in the project plan. It has been noted that obsolete software has been written off in the year as it has been replaced within our Goodshape Central Platform. Useful lives of depreciable assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software.
Analysis of turnover by country of destination:
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
As at 31 December 2023 the company had £15,157,951 of pre-1 April 2017 trade losses (2022: £15,157,951) and £28,218,082 of post-1 April 2017 trading losses (2022: £23,261,196) to offset against future profits. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be available against which the company can utilise the benefits therefrom.
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Each ordinary share have attached to them full voting rights, dividend rights and capital distribution rights and rank equally on winding up; they do not confer any rights of redemption. The issued shares in the year were 1,100 1p shares for total consideration of £6,118,444 of which £6,118,433 went to the share premium account.
The ordinary B shares have attached to them full voting rights, dividend rights and capital distribution rights and rank equally on winding up; they do not confer any rights of redemption.
Share premium account
Profit and loss account
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £103,351 (2022: £119,991). Contributions totalling £47,336 (2022: £31,306) were payable to the fund at the balance sheet date and are included in creditors.
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GOODSHAPE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company's immediate parent undertaking which provides group accounts is Goodshape UK Group
Limited. The registered office for this company is situated at 10 Upper Berkeley Street, London, United Kingdom, W1H 7PE. The Company's ultimate parent undertaking is MIHS No. 2 Limited, a company registered in England and Wales.
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