Company Registration No. 05598455 (England and Wales)
ORIGIN INVESTMENTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ORIGIN INVESTMENTS LTD
COMPANY INFORMATION
Directors
Mr R J Cook
Mr R L Simmonds
Company number
05598455
Registered office
1350-1360 Montpellier Court
Brockworth
Gloucester
GL3 4AH
Auditor
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
ORIGIN INVESTMENTS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 19
ORIGIN INVESTMENTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report and financial statements for the year ended 31 December 2023.
The principal activity of the company is that of providing oversight and monitoring services for investment management.
Review of the business
The company manages the arrangement and execution of deals within products.
The results for the company show a pre tax profit of £565,115 for the year (2022 : £399,358) on turnover of £4,315,516 (2022 : £2,980,960).
The company paid dividends of £nil (2022 : £254,063) to its parent company, Blackfinch Group Limited and there were no significant events requiring disclosure in the financial statements after the balance sheet date.
The company has external borrowings of £nil (2022 : £nil) and shareholder's funds amount to £747,225 (2022 : £301,082).
Principal risks and uncertainties
Key risks and uncertainties relate to inflation and base rate increases. Investments performed in line with expectations. The group has continued to raise a healthy flow of new funds and investment management activities continue to generate revenue. The management team are confident in the group's resilience and ability to trade and adjust to the ‘new normal’.
Mr R J Cook
Director
10 September 2024
ORIGIN INVESTMENTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is that of providing oversight and monitoring services for investment management.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R J Cook
Mr R L Simmonds
Auditor
In accordance with the company's articles, a resolution proposing that Kendall Wadley LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr R J Cook
Director
10 September 2024
ORIGIN INVESTMENTS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ORIGIN INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORIGIN INVESTMENTS LTD
- 4 -
Opinion
We have audited the financial statements of Origin Investments Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ORIGIN INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ORIGIN INVESTMENTS LTD
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the industry;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
ORIGIN INVESTMENTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ORIGIN INVESTMENTS LTD
- 6 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Elizabeth Needham ACA CTA (VAT)
Senior Statutory Auditor
For and on behalf of Kendall Wadley LLP
10 September 2024
Chartered Accountants
Statutory Auditor
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
ORIGIN INVESTMENTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
4,315,516
2,980,960
Cost of sales
(2,157,758)
(1,490,480)
Gross profit
2,157,758
1,490,480
Administrative expenses
(1,571,266)
(1,088,110)
Operating profit
4
586,492
402,370
Interest payable and similar expenses
7
(199)
Amounts written off investments
8
(21,178)
(3,012)
Profit before taxation
565,115
399,358
Tax on profit
9
(118,972)
(37,422)
Profit for the financial year
446,143
361,936
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ORIGIN INVESTMENTS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
273,032
294,210
Current assets
Debtors
14
1,866,795
1,105,490
Cash at bank and in hand
6,161
12,720
1,872,956
1,118,210
Creditors: amounts falling due within one year
15
(1,398,763)
(1,111,338)
Net current assets
474,193
6,872
Net assets
747,225
301,082
Capital and reserves
Called up share capital
17
90,000
90,000
Profit and loss reserves
657,225
211,082
Total equity
747,225
301,082
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr R J Cook
Director
Company registration number 05598455 (England and Wales)
ORIGIN INVESTMENTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
90,000
103,209
193,209
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
361,936
361,936
Dividends
10
-
(254,063)
(254,063)
Balance at 31 December 2022
90,000
211,082
301,082
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
446,143
446,143
Balance at 31 December 2023
90,000
657,225
747,225
ORIGIN INVESTMENTS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
105,790
301,623
Interest paid
(199)
Income taxes paid
(112,150)
(8,168)
Net cash (outflow)/inflow from operating activities
(6,559)
293,455
Investing activities
Purchase of investments
-
(26,839)
Net cash used in investing activities
(26,839)
Financing activities
Dividends paid
(254,063)
Net cash used in financing activities
(254,063)
Net (decrease)/increase in cash and cash equivalents
(6,559)
12,553
Cash and cash equivalents at beginning of year
12,720
167
Cash and cash equivalents at end of year
6,161
12,720
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Origin Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1350-1360 Montpellier Court, Brockworth, Gloucester, GL3 4AH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of BF Inter Ltd. These consolidated financial statements are available from its registered office, 1350-1360 Montpellier Court, Brockworth, Gloucester, GL3 4AH.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for arrangement fees, legal fees and exit fees.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Arranagement and Monitoring fees
3,825,558
2,468,658
Exit fees
489,958
512,302
4,315,516
2,980,960
2023
2022
£
£
Turnover analysed by geographical market
UK sales
4,315,516
2,980,960
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
7,800
7,800
5
Employees
2023
2022
Number
Number
Staff
16
12
Directors
2
2
Total
18
14
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,344,796
925,607
Social security costs
148,041
110,289
Pension costs
66,891
47,172
1,559,728
1,083,068
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
172,000
173,748
Company pension contributions to defined contribution schemes
10,320
10,425
182,320
184,173
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
199
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
8
Amounts written off investments
2023
2022
£
£
Other gains and losses
(21,178)
(3,012)
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
137,902
76,450
Adjustments in respect of prior periods
(18,930)
(39,028)
Total current tax
118,972
37,422
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
565,115
399,358
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
132,921
75,878
Group relief
13,357
Adjustments in respect of financial assets
4,981
572
Research and development tax credit
(18,930)
(52,385)
Taxation charge for the year
118,972
37,422
The adjustment in the prior period relates to research and development claim for 2022. For 2022 the adjustment relates to research and development claims for 2021 and group relief.
10
Dividends
2023
2022
£
£
Final paid
254,063
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2023
2022
Notes
£
£
In respect of:
Fixed asset investments
12
21,178
3,012
Recognised in:
Amounts written off investments
21,178
3,012
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
246,193
267,371
Unlisted investments
26,839
26,839
273,032
294,210
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
267,371
26,839
294,210
Valuation changes
(21,178)
-
(21,178)
At 31 December 2023
246,193
26,839
273,032
Carrying amount
At 31 December 2023
246,193
26,839
273,032
At 31 December 2022
267,371
26,839
294,210
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Subsidiaries
(Continued)
- 17 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Sound Wave Music 1 Limited
England and Wales
Music Industry
A & B Ordinary shares
100.00
0
Sound Wave Music 2 Limited
England and Wales
Music Industry
A & B Ordinary shares
100.00
0
Sound Wave Music 3 Limited
England and Wales
Music Industry
A & B Ordinary shares
100.00
0
Sound Wave Music 4 Limited
England and Wales
Music Industry
A & B Ordinary shares
100.00
0
Sound Wave Music 5 Limited
England and Wales
Music Industry
A & B Ordinary shares
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
£
Sound Wave Music 1 Limited
82,061
Sound Wave Music 2 Limited
52,840
Sound Wave Music 3 Limited
54,480
Sound Wave Music 4 Limited
32,705
Sound Wave Music 5 Limited
21,095
Sound Wave Music 1 - 5 Limited are currently going through liquidation and the Capital and Reserves figures are taken from the notice of statutory declaration of solvency.
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,861,125
1,074,515
Other debtors
30,975
Prepayments and accrued income
5,670
1,866,795
1,105,490
15
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
1,242,472
1,021,031
Corporation tax
75,136
68,314
Accruals and deferred income
81,155
21,993
1,398,763
1,111,338
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
66,891
47,172
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
9,000,000
9,000,000
90,000
90,000
18
Related party transactions
The company is a 100% owned subsidiary of Blackfinch Group Limited. The company has therefore elected to make use of the exemption provided in FRS102.33.1A (Related Party Transactions) not to disclose related party transactions with other members of the group.
19
Ultimate controlling party
The immediate parent company is Blackfinch Group Limited, a company registered in England and Wales, who own 100% of the issued share capital. The ultimate parent company is BF Inter Limited, also incorporated in England and Wales. Copies of group accounts can be obtained from 1350-1360 Montpellier Court, Gloucester Business Park, Gloucester, GL3 4AH.
The ultimate controlling party is Richard Cook who owns 55% of the share capital in BF Inter Limited.
20
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
446,143
361,936
Adjustments for:
Taxation charged
118,972
37,422
Finance costs
199
Other gains and losses
21,178
3,012
Movements in working capital:
Increase in debtors
(761,305)
(867,238)
Increase in creditors
280,603
766,491
Cash generated from operations
105,790
301,623
ORIGIN INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
21
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
12,720
(6,559)
6,161
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr R J CookMr R L Simmondsfalsefalse055984552023-01-012023-12-3105598455bus:Director12023-01-012023-12-3105598455bus:Director22023-01-012023-12-3105598455bus:RegisteredOffice2023-01-012023-12-31055984552023-12-31055984552022-01-012022-12-31055984552022-12-3105598455core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105598455core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105598455core:CurrentFinancialInstruments2023-12-3105598455core:CurrentFinancialInstruments2022-12-3105598455core:ShareCapital2023-12-3105598455core:ShareCapital2022-12-3105598455core:RetainedEarningsAccumulatedLosses2023-12-3105598455core:RetainedEarningsAccumulatedLosses2022-12-3105598455core:ShareCapital2021-12-3105598455core:RetainedEarningsAccumulatedLosses2021-12-31055984552021-12-3105598455core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31055984552022-12-310559845512023-01-012023-12-310559845512022-01-012022-12-3105598455core:UKTax2023-01-012023-12-3105598455core:UKTax2022-01-012022-12-3105598455core:Non-currentFinancialInstruments2023-12-3105598455core:Non-currentFinancialInstruments2022-12-3105598455core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-12-3105598455core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-12-3105598455bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105598455bus:FRS1022023-01-012023-12-3105598455bus:Audited2023-01-012023-12-3105598455bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP