REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Abysse UK Ltd |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Abysse UK Ltd |
Abysse UK Ltd (Registered number: 11524634) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Abysse UK Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
47 Islington Park Street |
London |
N1 1QB |
Abysse UK Ltd (Registered number: 11524634) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Abysse UK Ltd (Registered number: 11524634) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Abysse UK Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. Turnover is recognised at the point that goods are despatched. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over itsestimated useful life. |
Computer equipment - 20% on cost |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
As a result of the material uncertainty regarding going concern the director believes that it is not prudent to account for deferred tax assets nor necessary to account for deferred tax liabilities within these financial statements. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Abysse UK Ltd (Registered number: 11524634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Interest in |
other |
participating |
interests |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 4,390,000 |
NET BOOK VALUE |
At 31 December 2023 | 4,390,000 |
At 31 December 2022 | 4,390,000 |
6. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
Abysse UK Ltd (Registered number: 11524634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
Abysse UK Ltd (Registered number: 11524634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for disclaimer of opinion |
Within the financial statements stock is included at £10,991 (2022: £7,546). We were unable to obtain sufficient appropriate audit evidence to confirm that stock was stated at the lower of cost or net realisable value at 31 December 2023, 31 December 2022 or 31 December 2021. Since opening and closing stock affects the determination of the results of operations, we were unable to determine whether adjustments to these amounts, cost of sales and retained earnings were necessary in 2023 and 2022. |
Other operating income includes amounts invoiced by the company to its parent company of £260,000 (2022: £255,000) for services provided by the company to its parent company. We were unable to obtain sufficient appropriate audit evidence to support these figures. Consequently, we were unable to determine whether any adjustment to these amounts and retained earnings were necessary. |
Cost of sales is stated after the deduction of £176,455 (2022: nil) relating to a recharge of costs by the company to its wholly owned subsidiary, GB Eye Ltd. We were unable to obtain sufficient appropriate audit evidence to support these figures. Consequently, we were unable to determine whether any adjustment to these amounts and retained earnings were necessary. |
The company acquired 100% of the share capital of GB Eye Ltd on 27 February 2021 for £4,390,000. Within these financial statements the value of GB Eye Ltd is included at its cost of £4,390,000. GB Eye Ltd's financial statements for the year ended 31 December 2023 record a loss of £3,661,524 (2022: £2,107,367) and net liabilities of £3,640,202 (2022: net assets of £21,322). Furthermore, the auditor's report for GB Eye Ltd for the year ended 31 December 2023 contains a material uncertainty relating to going concern. We were unable to obtain sufficient appropriate audit evidence to determine how much the carrying value of GB Eye Ltd should have been impaired. Consequently, we were unable to quantify the necessary adjustments to the carrying value of £4,390,000. Since opening and closing carrying value affects the determination of impairment, we were unable to determine whether adjustments to these amounts, the income statement and retained earnings might be necessary in 2023 and 2022. |
The acquisition of GB Eye Ltd was funded by a loan of £4,390,000 from the company's immediate parent company. This loan is classified within these financial statements as payable after one year. There is no formal documentation regarding this loan and consequently we were unable to determine whether this classification is correct. |
The company depends on its parent company for the provision of various administrative and other services and has also received a loan of £4,390,000 from its parent company. However, no costs for these services, nor any interest related to the loan, have been recognized in the financial statements. These omissions have a potential impact on the company's Corporation Tax obligations. Additionally, other matters previously noted could also have tax implications. As a result, we are unable to determine whether adjustments to the company's Corporation Tax charge and retained earnings for 2023 and 2022 may be necessary. |
As a result of these matters, we were unable to determine whether any adjustments were necessary in respect | of recorded or unrecorded items described above and contained within the income statement and balance sheet. | Consequently, we are issuing a disclaimer of opinion on the financial statements. |
for and on behalf of |
10. | AUDITOR LIABILITY LIMITATION |
The company has limited the maximum aggregate amount of the Auditor's Liability to the company to not more than (1) the sum of 5 times the fees payable (excluding expenses and Value Added Tax) under the Engagement Letter referable to the financial year in question, or (2) £30,000, whichever is the lesser amount. |
Abysse UK Ltd (Registered number: 11524634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | ULTIMATE CONTROLLING ENTITY |
The ultimate controlling party is |
The company's immediate parent is Abysse Corp, a company incorporated in France whose registered office is Avenue de Caen, Grand Couronne, 76530, France. The ultimate parent undertaking is Greville Developpement Eurl, a company incorporated in France. The largest and smallest company preparing consolidated financial statements is Greville Developpement Eurl. These financial statements are available from its registered office at Avenue de Caen, Grand Couronne, 76530, France. |