Contents of the Financial Statements
for the Period Ended 31 December 2023
Balance sheet
As at
31 December 2023
|
Notes
|
2023
|
2022
|
|
|
£
|
£
|
Called up share capital not paid: |
|
0
|
0
|
Fixed assets |
Intangible assets: |
|
0
|
0
|
Tangible assets: |
|
0
|
0
|
Investments: |
|
0
|
0
|
Total fixed assets: |
|
0
|
0
|
Current assets |
Stocks: |
|
0
|
0
|
Debtors: |
3 |
21,842,617
|
17,556,930
|
Cash at bank and in hand: |
|
2,009,593
|
1,306,033
|
Investments: |
|
0
|
0
|
Total current assets: |
|
23,852,210
|
18,862,963
|
Creditors: amounts falling due within one year: |
4 |
(21,903,585)
|
(17,714,783)
|
Net current assets (liabilities): |
|
1,948,625
|
1,148,180
|
Total assets less current liabilities: |
|
1,948,625
|
1,148,180
|
Creditors: amounts falling due after more than one year: |
5 |
(14,976)
|
(36,391)
|
Provision for liabilities: |
|
(46,512)
|
(31,768)
|
Total net assets (liabilities): |
|
1,887,137
|
1,080,021
|
Capital and reserves |
Called up share capital: |
|
100
|
100
|
Other reserves: |
|
500,761
|
Profit and loss account: |
|
1,386,276
|
1,079,921
|
Shareholders funds: |
|
1,887,137
|
1,080,021
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
17 September 2024
and signed on behalf of the board by:
Name:
Samuel Zales
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Turnover policy
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.Tangible fixed assets and depreciation policy
N/AIntangible fixed assets and amortisation policy
N/AValuation and information policy
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all
of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis
or to realise the asset and settle the liability simultaneously
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured
at their transaction price including transaction costs and are subsequently carried at their amortised cost using
the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing
transaction, where the transaction is measured at the present value of the future receipts discounted at a market
rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents,
trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries,
associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction
price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the
profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured
reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future
cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the
difference between the current carrying amount and the present value of the future cash flows at the asset(s)
original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment
can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the
original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the
profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of
the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans, are initially
measured at their transaction price after transaction costs. When this constitutes a financing transaction, the
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of
business from suppliers. Trade payables are classified as current liabilities if the payment is due within one
year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction
price and subsequently are measured at amortised cost using the effective interest method. Discounting is
omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when
the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If
significant risks and rewards of ownership are retained after the transfer to another party, then the Company
will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or
cancelledOther accounting policies
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared on a going concern basis under the historical cost convention
unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 judgement in applying the Company's accounting
policies (see note 3).
The financial statements fully comply with Section 1A of Financial Reporting Standard 102.
The following principal accounting policies have been applied:
2.2 FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the
dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items
measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at
period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised
in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the
Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and
losses are presented in profit or loss within 'administration expenses'.
2.4 INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
2.5 PENSIONS
Defined Contribution Pension Plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension
plan under which the Company pays fixed contributions into a separate entity. Once the contributions have
been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are
shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the
Company in independently administered funds.
2.6 CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a
charge attributable to an item of income and expense recognised as other comprehensive income or to an item
recognised directly in equity is also recognised in other comprehensive income or directly in equity
respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the Balance Sheet date in the countries where the Company operates and generates
income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed
by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business
combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and
the future tax deductions available for them and the differences between the fair values of liabilities acquired
and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been
enacted or substantively enacted by the Balance Sheet date.
2.7 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.
2.8 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 90 days
from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of
change in value.
2.9 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.
2.10 PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation
that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the
amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the
obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle
the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet
Notes to the Financial Statements
for the Period Ended 31 December 2023
2. Employees
|
2023 |
2022 |
Average number of employees during the period |
20
|
25
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
3. Debtors
| 2023 |
2022 |
| £ | £ |
Debtors due after more than one year: |
0
|
0
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
4. Creditors: amounts falling due within one year note
CREDITORS: Amounts falling due within one year
2023 ; 2022
Trade creditors 964 ; 1,107
Amounts owed to group undertakings 21,481,374 ; 17,248,011
Corporation tax - 0 ; 6,032
Other taxation and social security 96,815 ; 101,317
Other creditors 48,659 ; 46,183
Accruals 275,773 ; 312,133
21,903,585 ; 17,714,783
Notes to the Financial Statements
for the Period Ended 31 December 2023
5. Creditors: amounts falling due after more than one year note
CREDITORS: Amounts falling due after more than one year
2023 ; 2022
Other creditors 14,976 ; 36,391
Notes to the Financial Statements
for the Period Ended 31 December 2023
6. Related party transactions
Name of the related party: |
|
Relationship: |
Group Company Members
|
Description of the Transaction: |
The Company was availed of the exemption under FRS 102 Section 33.1A to not disclose transactions with group members where the subsidiary which is party to the transactions is wholly owned by such a member.
|
£ |
Balance at 01 January 2023 |
|
17,248,011
|
Balance at 31 December 2023 |
|
21,481,374
|
Name of the related party: |
|
Relationship: |
Group Company Members
|
Description of the Transaction: |
The Company was availed of the exemption under FRS 102 Section 33.1A to not disclose transactions with group members where the subsidiary which is party to the transactions is wholly owned by such a member.
|
£ |
Balance at 01 January 2023 |
|
17,527,030
|
Balance at 31 December 2023 |
|
21,736,380
|