5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,196 439 439 1,757 2,196 xbrli:pure xbrli:shares iso4217:GBP 14040883 2023-01-01 2023-12-31 14040883 2023-12-31 14040883 2022-12-31 14040883 2022-04-12 2022-12-31 14040883 2022-12-31 14040883 2022-04-11 14040883 bus:Director1 2023-01-01 2023-12-31 14040883 core:WithinOneYear 2023-12-31 14040883 core:WithinOneYear 2022-12-31 14040883 core:AfterOneYear 2023-12-31 14040883 core:AfterOneYear 2022-12-31 14040883 core:ShareCapital 2023-12-31 14040883 core:ShareCapital 2022-12-31 14040883 core:RetainedEarningsAccumulatedLosses 2023-12-31 14040883 core:RetainedEarningsAccumulatedLosses 2022-12-31 14040883 bus:SmallEntities 2023-01-01 2023-12-31 14040883 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 14040883 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 14040883 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14040883 bus:FullAccounts 2023-01-01 2023-12-31 14040883 core:ComputerEquipment 2023-01-01 2023-12-31 14040883 core:ComputerEquipment 2023-12-31 14040883 core:ComputerEquipment 2022-12-31 14040883 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 14040883
Agio Ratings Limited
Filleted Unaudited Financial Statements
31 December 2023
Agio Ratings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,757
2,196
Current assets
Debtors
6
46,730
67,844
Cash at bank and in hand
2,249,811
851,459
------------
---------
2,296,541
919,303
Creditors: amounts falling due within one year
7
( 109,539)
( 283,568)
------------
---------
Net current assets
2,187,002
635,735
------------
---------
Total assets less current liabilities
2,188,759
637,931
Creditors: amounts falling due after more than one year
8
( 3,531,817)
( 1,082,321)
------------
------------
Net liabilities
( 1,343,058)
( 444,390)
------------
------------
Capital and reserves
Called up share capital
62
79
Profit and loss account
( 1,343,120)
( 444,469)
------------
---------
Shareholders deficit
( 1,343,058)
( 444,390)
------------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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 .
Agio Ratings Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
K D Hampaul
Director
Company registration number: 14040883
Agio Ratings 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 10 Orange Street, Haymarket, London, WC2H 7DQ, 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.
Comparatives
These accounts are for the year to 31 December 2023. The comparative results are for the period from incorporation on 12 April 2022 to 31 December 2022 and are not therefore entirely comparable.
Going concern
The accounts have been prepared on a going concern basis, notwithstanding the deficit on shareholders funds. The loan term creditors relate to convertible loans which will not be requested for repayment in the foreseeable future. The directors are therefore of the opinion that the company can continue as a going concern for at least 12 months from the date of approval of these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration receivable for services rendered in relation to statistical ratings and anomaly reports, stated net of discounts. Turnover is recognised in the period in which the service is provided.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
20% 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 3 ).
These persons include the directors and key management personnel.
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
2,196
-------
Depreciation
At 1 January 2023
Charge for the year
439
-------
At 31 December 2023
439
-------
Carrying amount
At 31 December 2023
1,757
-------
At 31 December 2022
2,196
-------
6. Debtors
2023
2022
£
£
Other debtors
46,730
67,844
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20
Trade creditors
35,128
50,209
Social security and other taxes
26,898
Pensions payable
255
Other creditors
47,258
233,339
---------
---------
109,539
283,568
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other loans
3,531,817
1,082,321
------------
------------
Creditors due after more than one year relate to convertible loans .
9. Other financial commitments
As at 31 December 2023 the company had no capital or other commitments or contracts for capital expenditure in place (2022: £nil).
10. Related party transactions
No transactions were undertaken with related parties as such that are required to be disclosed under FRS 102 1A.