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COMPANY REGISTRATION NUMBER: 12160249
ARISTEUS SERVICES (UK) LTD
Unaudited Financial Statements
31 December 2023
ARISTEUS SERVICES (UK) LTD
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
ARISTEUS SERVICES (UK) LTD
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 to provide exclusively to the Parent Company Investment Research Services.
Directors
The directors who served the company during the year were as follows:
Mr Henry Christodoulos Leventis
Mr Robert Kyriakos Ioannou
(Appointed 30 September 2023)
Mrs Tsingi Kristiana
(Resigned 10 October 2023)
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 31 July 2024 and signed on behalf of the board by:
Mr Henry Christodoulos Leventis
Mr Robert Kyriakos Ioannou
Director
Director
ARISTEUS SERVICES (UK) LTD
Income Statement
Year ended 31 December 2023
Period from
Year to
1 Sep 21 to
31 Dec 23
31 Dec 22
Note
Turnover
759,136
824,110
---------
---------
Gross profit
759,136
824,110
Administrative expenses
( 738,786)
( 720,854)
---------
---------
Operating profit
20,350
103,256
---------
---------
Profit before taxation
5
20,350
103,256
Tax on profit
6
( 11,702)
( 11,248)
--------
---------
Profit for the financial year
8,648
92,008
--------
---------
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.
ARISTEUS SERVICES (UK) LTD
Statement of Financial Position
31 December 2023
2023
2022
Note
Fixed assets
Intangible assets
7
17,780
Tangible assets
8
13,824
8,027
--------
--------
13,824
25,807
Current assets
Debtors
9
20,729
84,743
Cash at bank and in hand
84,529
5,680
---------
--------
105,258
90,423
Creditors: amounts falling due within one year
10
99,877
69,507
---------
--------
Net current assets
5,381
20,916
--------
--------
Total assets less current liabilities
19,205
46,723
--------
--------
Net assets
19,205
46,723
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
19,203
46,721
--------
--------
Shareholders funds
19,205
46,723
--------
--------
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 .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr Henry Christodoulos Leventis
Mr Robert Kyriakos Ioannou
Director
Director
Company registration number: 12160249
ARISTEUS SERVICES (UK) LTD
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
At 1 September 2021
2
( 45,287)
( 45,285)
Profit for the year
92,008
92,008
----
--------
--------
Total comprehensive income for the year
92,008
92,008
At 31 December 2022 (as previously reported)
2
46,721
46,723
Prior period adjustments
8,834
8,834
----
--------
--------
At 31 December 2022 (restated)
2
55,555
55,557
----
--------
--------
Profit for the year
8,648
8,648
----
--------
--------
Total comprehensive income for the year
8,648
8,648
Dividends paid and payable
( 45,000)
( 45,000)
----
--------
--------
Total investments by and distributions to owners
( 45,000)
( 45,000)
----
--------
--------
At 31 December 2023
2
19,203
19,205
----
--------
--------
ARISTEUS SERVICES (UK) LTD
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 8 Kensington Park Road, London, W11 3BU, 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 sterling, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging:
Period from
Year to
1 Sep 21 to
31 Dec 23
31 Dec 22
Amortisation of intangible assets
8,889
Depreciation of tangible assets
2,426
2,002
-------
-------
6. Tax on profit
Major components of tax expense
Period from
Year to
1 Sep 21 to
31 Dec 23
31 Dec 22
Current tax:
UK current tax expense
2,868
11,248
Adjustments in respect of prior periods
8,834
--------
--------
Total current tax
11,702
11,248
--------
--------
--------
--------
Tax on profit
11,702
11,248
--------
--------
7. Intangible assets
Patents, trademarks and licences
Cost
At 1 January 2023
26,669
Additions
34,801
Transfers
( 61,470)
--------
At 31 December 2023
--------
Amortisation
At 1 January 2023
8,889
Charge for the year
Transfers
( 8,889)
--------
At 31 December 2023
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
17,780
--------
8. Tangible assets
Plant and machinery
Fixtures and fittings
Total
Cost
At 1 January 2023
4,018
6,011
10,029
Additions
8,223
8,223
--------
-------
--------
At 31 December 2023
12,241
6,011
18,252
--------
-------
--------
Depreciation
At 1 January 2023
1,328
674
2,002
Charge for the year
1,224
1,202
2,426
--------
-------
--------
At 31 December 2023
2,552
1,876
4,428
--------
-------
--------
Carrying amount
At 31 December 2023
9,689
4,135
13,824
--------
-------
--------
At 31 December 2022
2,690
5,337
8,027
--------
-------
--------
9. Debtors
2023
2022
Trade debtors
49,203
Other debtors
20,729
35,540
--------
--------
20,729
84,743
--------
--------
10. Creditors: amounts falling due within one year
2023
2022
Trade creditors
4,416
43,941
Accruals and deferred income
3,311
4,519
Corporation tax
2,868
11,248
Social security and other taxes
9,799
Other creditors
89,282
--------
--------
99,877
69,507
--------
--------