REGISTERED NUMBER: |
ADVISOR360DEGREES UK, LTD. |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
ADVISOR360DEGREES UK, LTD. |
Financial Statements for the Year Ended 31 December 2023 |
ADVISOR360DEGREES UK, LTD. (Registered number: NI686501) |
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 |
ADVISOR360DEGREES UK, LTD. |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
2nd Floor |
1 Bell Street |
London |
NW1 5BY |
ADVISOR360DEGREES UK, LTD. (Registered number: NI686501) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 4 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT 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 Board of Directors and authorised for issue on |
ADVISOR360DEGREES UK, LTD. (Registered number: NI686501) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
ADVISOR360DEGREES UK, LTD. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis as the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a foreseeable future and the holding company has undertaken to provide continuing financial support so that the company is able to pay its debts as and when they fall due. |
In order to assess the going concern assumption, the company has prepared and considered trading and cashflow forecasts for the period covering at least 12 months from the date of approval of theses financial statements. |
Having considered the information available to him to the date of signing the financial statements, the director is satisfied that the company remains a going concern. |
Turnover |
Turnover, which is stated net of value added tax, represents management fees receivable from the parent company during the year. |
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, in full, to all of its financial instruments. |
Financial instrument are recognised 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. |
Basic financial assets |
Basic financial assets, which include trade debtors and other debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at a amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value pf the future receipts discontinued at a market rate of interest. |
Classification of financial liabilities |
Basic financial liabilities, including trade and other creditors and amounts owed to group undertakings, 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 payments discontinued at a market rate of interest. |
Debt instruments are subsequently carried out at amortised cost, using the effective interest rate method. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. |
ADVISOR360DEGREES UK, LTD. (Registered number: NI686501) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
$ | $ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
ADVISOR360DEGREES UK, LTD. (Registered number: NI686501) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | RELATED PARTY DISCLOSURES |
During the year, the company had received all its income from its parent company, Advisor360,LLC, for the management services it had provided. The parent company also had provided working capital to Advisor360degrees,UK Ltd. At the year end, amount payable to parent company was $133,700 (2022:$Nil). |
8. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, the company is under the control of Gratitude Advisor360, Inc. a company whose registered office is 133 Boston Post Road, Weston, Massachusetts 02493 USA. |
The immediate parent company is Advisor360 International Holdings, LLC a company incorporated in the United States whose registered office is 133 Boston Post Road, Weston, Massachusetts 02493 USA. |