IRIS Accounts Production v24.2.0.383 11524634 director 1.1.23 31.12.23 31.12.23 24.9.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh115246342022-12-31115246342023-12-31115246342023-01-012023-12-31115246342021-12-31115246342022-01-012022-12-31115246342022-12-3111524634ns15:EnglandWales2023-01-012023-12-3111524634ns14:PoundSterling2023-01-012023-12-3111524634ns10:Director12023-01-012023-12-3111524634ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111524634ns10:SmallEntities2023-01-012023-12-3111524634ns10:Audited2023-01-012023-12-3111524634ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111524634ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111524634ns10:FullAccounts2023-01-012023-12-3111524634ns10:RegisteredOffice2023-01-012023-12-3111524634ns5:CurrentFinancialInstruments2023-12-3111524634ns5:CurrentFinancialInstruments2022-12-3111524634ns5:Non-currentFinancialInstruments2023-12-3111524634ns5:Non-currentFinancialInstruments2022-12-3111524634ns5:ShareCapital2023-12-3111524634ns5:ShareCapital2022-12-3111524634ns5:RetainedEarningsAccumulatedLosses2023-12-3111524634ns5:RetainedEarningsAccumulatedLosses2022-12-3111524634ns5:PlantMachinery2022-12-3111524634ns5:PlantMachinery2023-01-012023-12-3111524634ns5:PlantMachinery2023-12-3111524634ns5:PlantMachinery2022-12-3111524634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111524634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 11524634 (England and Wales)















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: Mr Rene Xavier Greville Sartoris





REGISTERED OFFICE: c/o AccountsCo
47 Islington Park Street
London
N1 1QB





REGISTERED NUMBER: 11524634 (England and Wales)





AUDITORS: PG & E Professional Services Ltd
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 4 393 2,057
Investments 5 4,390,000 4,390,000
4,390,393 4,392,057

CURRENT ASSETS
Stocks 10,991 7,546
Debtors 6 678,547 393,500
Prepayments and accrued income 410,761 356,449
Cash at bank 68,203 102,878
1,168,502 860,373
CREDITORS
Amounts falling due within one year 7 1,166,609 915,087
NET CURRENT ASSETS/(LIABILITIES) 1,893 (54,714 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,392,286

4,337,343

CREDITORS
Amounts falling due after more than
one year

8

4,390,000

4,390,000
NET ASSETS/(LIABILITIES) 2,286 (52,657 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,286 (53,657 )
2,286 (52,657 )

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

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 23 September 2024 and were signed by:





Mr Rene Xavier Greville Sartoris - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1 (2022 - 2 ) .

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 8,315
DEPRECIATION
At 1 January 2023 6,258
Charge for year 1,664
At 31 December 2023 7,922
NET BOOK VALUE
At 31 December 2023 393
At 31 December 2022 2,057

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 3,125 83,969
Amounts owed by group undertakings 590,379 225,692
Other debtors 2,092 1,849
595,596 311,510

Amounts falling due after more than one year:
Amounts owed by group undertakings 82,951 81,990

Aggregate amounts 678,547 393,500

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 - 16,657
Amounts owed to group undertakings 1,099,001 883,644
Taxation and social security 59,608 6,786
Accruals and deferred income 8,000 8,000
1,166,609 915,087

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£ £
Amounts owed to group undertakings 4,390,000 4,390,000

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.

Mr Simon Edrich (Senior Statutory Auditor)
for and on behalf of PG & E Professional Services Ltd

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 Greville Developpement Eurl.

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.