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Finalsite Holdings (UK) Limited
























Financial statements



for the year ended 31 December 2023



Registered number: 10497133

 
Finalsite Holdings (UK) Limited - Registered number: 10497133

Statement of financial position
as at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
3,598,462
3,948,462

  
3,598,462
3,948,462

  

Creditors: amounts falling due within one year
 5 
(6,080,497)
(6,418,580)

Net current liabilities
  
 
 
(6,080,497)
 
 
(6,418,580)

Total assets less current liabilities
  
(2,482,035)
(2,470,118)

Creditors: amounts falling due after more than one year
 6 
(10,062,265)
(10,000,068)

  

Net liabilities
  
(12,544,300)
(12,470,186)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(12,544,301)
(12,470,187)

  
(12,544,300)
(12,470,186)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J F Calabrese
Director

Date: 26 September 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
Finalsite Holdings (UK) Limited

 
Notes to the financial statements
for the year ended 31 December 2023

1.


General information

Finalsite Holdings (UK) Limited is a private company limited by shares and incorporated in England and Wales. The registered office 130 Wood Street, London, EC2V 6DL. The principal place of business is 655 Winding Brook Drive, Glastonbury, CT 06033, USA. The company number is 10497133. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared 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 Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities at the reporting date and is currently dependent upon the financial support of its parent company, Finalsite Holdings, Inc. 
Creditors payable in less than one year consist solely of amounts payable to the parent company. The directors have received confirmation from the parent company that it will continue to provide financial support to the company for a period of at least twelve months from the date of approval of these financial statements. The directors also have no reason to believe that this support will not be forthcoming.
Having regard for the foregoing, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements therefore do not include any adjustments that would result from the withdrawal of support from Finalsite Holdings, Inc.

 
2.3

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
Finalsite Holdings (UK) Limited

Notes to the financial statements
for the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.


3.


Employees

The average monthly number of employees during the year was nil (2021 - nil).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
9,848,462



At 31 December 2023

9,848,462



Impairment


At 1 January 2023
5,900,000


Charge for the period
350,000



At 31 December 2023

6,250,000



Net book value



At 31 December 2023
3,598,462



At 31 December 2022
3,948,462


5.


Creditors: amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
6,080,497
6,418,580


Page 3

 
Finalsite Holdings (UK) Limited

 
Notes to the financial statements
for the year ended 31 December 2023

6.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
10,062,265
10,000,068


On 21 December 2017, the company received a loan of $7,500,000 from its parent, Finalsite Holdings, Inc. Interest is accruing on this loan at 10% per annum. This loan is listed on The International Stock Exchange but in practice is not freely transferable..


7.


Inclusion in group financial statements

The smallest group of companies of which the company is a member and for which group financial statements are prepared is that headed by Finalsite Holdings, Inc., a company incorporated in the United States of America. The registered office is 655 Winding Brook Drive, Glastonbury, CT 06033.


8.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 September 2024 by Katherine White (Senior statutory auditor) on behalf of Buzzacott LLP.

Page 4