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COMPANY REGISTRATION NUMBER: 09064577
COGNITY UK LIMITED
Unaudited Financial Statements
31 December 2023
COGNITY UK LIMITED
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Income statement
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
COGNITY UK LIMITED
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Principal activities
The principal activity of the company during the year was the provision of information technology services.
Directors
The directors who served the company during the year were as follows:
Mr Athanasios Sampanis
Mr Athanasios Vareias
Mr Georgios Gazepis
Mr Theodoros Sampanis
Fiduci-Corp Directors Limited
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 July 2024 and signed on behalf of the board by:
Mr Athanasios Sampanis
Mr Athanasios Vareias
Director
Director
Mr Georgios Gazepis
Mr Theodoros Sampanis
Director
Director
Fiduci-Corp Directors Limited
Fiduci-Corp (UK) Services Limited
Director
Company Secretary
COGNITY UK LIMITED
Income Statement
Year ended 31 December 2023
2023
2022
Note
Turnover
8,920,582
11,534,384
Cost of sales
( 8,276,988)
( 10,907,157)
------------
-------------
Gross profit
643,594
627,227
Administrative expenses
( 222,426)
( 60,298)
---------
---------
Operating profit
421,168
566,929
Other interest receivable and similar income
30,301
---------
---------
Profit before taxation
451,469
566,929
Tax on profit
( 109,982)
( 114,140)
---------
---------
Profit for the financial year
341,487
452,789
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
COGNITY UK LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
Current assets
Debtors
5
25,040,619
25,698,382
Cash at bank and in hand
10,459,101
4,722,396
-------------
-------------
35,499,720
30,420,778
Creditors: amounts falling due within one year
6
33,782,318
29,044,863
-------------
-------------
Net current assets
1,717,402
1,375,915
------------
------------
Total assets less current liabilities
1,717,402
1,375,915
------------
------------
Net assets
1,717,402
1,375,915
------------
------------
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss account
1,707,402
1,365,915
------------
------------
Shareholders funds
1,717,402
1,375,915
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COGNITY UK LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Mr Athanasios Sampanis
Mr Athanasios Vareias
Director
Director
Mr Georgios Gazepis
Mr Theodoros Sampanis
Director
Director
Fiduci-Corp Directors Limited
Director
Company registration number: 09064577
COGNITY UK LIMITED
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
At 1 January 2022
10,000
913,126
923,126
Profit for the year
452,789
452,789
--------
---------
---------
Total comprehensive income for the year
452,789
452,789
At 31 December 2022
10,000
1,365,915
1,375,915
Profit for the year
341,487
341,487
--------
------------
------------
Total comprehensive income for the year
341,487
341,487
--------
------------
------------
At 31 December 2023
10,000
1,707,402
1,717,402
--------
------------
------------
COGNITY UK LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, 6th Floor, 15 Hanover Square, London, W1S 1HS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in euro, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
2023
2022
Trade debtors
23,527,838
24,667,666
Prepayments and accrued income
1,508,194
1,025,809
Other debtors
4,587
4,907
-------------
-------------
25,040,619
25,698,382
-------------
-------------
6. Creditors: amounts falling due within one year
2023
2022
Trade creditors
25,440,939
20,700,522
Accruals and deferred income
8,090,498
8,089,302
Corporation tax
109,982
114,140
Shareholder account - credit balance
140,899
140,899
-------------
-------------
33,782,318
29,044,863
-------------
-------------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
No.
Ordinary shares of € 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
8. Related party transactions
The company was under the control of Mr Georgios Gazepis , Mr Theodoros Sampanis Sampanis, Mr Athanasios Vareias and Mr Athanasios Sampanis throughout the current and previous year.