Andile Holding Limited 13764557 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true false false true false false 13764557 2023-03-01 2024-02-29 13764557 2024-02-29 13764557 bus:OrdinaryShareClass1 2024-02-29 13764557 bus:OrdinaryShareClass2 2024-02-29 13764557 core:CurrentFinancialInstruments 2024-02-29 13764557 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13764557 core:AllSubsidiaries 2024-02-29 13764557 core:ParentEntities 2024-02-29 13764557 bus:SmallEntities 2023-03-01 2024-02-29 13764557 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13764557 bus:FilletedAccounts 2023-03-01 2024-02-29 13764557 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13764557 bus:RegisteredOffice 2023-03-01 2024-02-29 13764557 bus:Director1 2023-03-01 2024-02-29 13764557 bus:Director2 2023-03-01 2024-02-29 13764557 bus:Director3 2023-03-01 2024-02-29 13764557 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13764557 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 13764557 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13764557 core:AllSubsidiaries 2023-03-01 2024-02-29 13764557 core:ParentEntities 2023-03-01 2024-02-29 13764557 core:Subsidiary1 2023-03-01 2024-02-29 13764557 core:Subsidiary1 1 2023-03-01 2024-02-29 13764557 core:Subsidiary1 countries:AllCountries 2023-03-01 2024-02-29 13764557 core:Subsidiary2 2023-03-01 2024-02-29 13764557 core:Subsidiary2 1 2023-03-01 2024-02-29 13764557 core:Subsidiary2 countries:AllCountries 2023-03-01 2024-02-29 13764557 1 2023-03-01 2024-02-29 13764557 countries:England 2023-03-01 2024-02-29 13764557 core:CostValuation 2023-02-28 13764557 2021-11-25 2023-02-28 13764557 2023-02-28 13764557 bus:OrdinaryShareClass1 2023-02-28 13764557 bus:OrdinaryShareClass2 2023-02-28 13764557 core:CurrentFinancialInstruments 2023-02-28 13764557 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13764557 core:AllSubsidiaries 2023-02-28 13764557 core:ParentEntities 2023-02-28 13764557 core:Subsidiary1 1 2021-11-25 2023-02-28 13764557 core:Subsidiary2 1 2021-11-25 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13764557

Andile Holding Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Andile Holding Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Andile Holding Limited

Company Information

Directors

A Brink

P J Kelbrick

C J Claassen

Registered office

Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Andile Holding Limited

(Registration number: 13764557)
Balance Sheet as at 29 February 2024

Note

2024
US$

2023
US$

Fixed assets

 

Investments

4

753,663

753,663

Current assets

 

Debtors

5

550,000

550,000

Cash at bank and in hand

 

7,362

1,215

 

557,362

551,215

Creditors: Amounts falling due within one year

6

(81,956)

(71,141)

Net current assets

 

475,406

480,074

Net assets

 

1,229,069

1,233,737

Capital and reserves

 

Called up share capital

7

61,961

55,352

Share premium reserve

1,185,954

1,192,563

Retained earnings

(18,846)

(14,178)

Shareholders' funds

 

1,229,069

1,233,737

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
A Brink
Director

 

Andile Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR
England

These financial statements were authorised for issue by the Board on 18 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency during the period is US Dollars and as such the company have decided to present the accounts in US Dollars in the current year updating comparatives for the previous year as per GAAP.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Andile Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Andile Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

4

Investments

2024
US$

2023
US$

Investments in subsidiaries

753,663

753,663

Subsidiaries

US$

Cost or valuation

At 1 March 2023

753,663

Provision

Carrying amount

At 29 February 2024

753,663

At 28 February 2023

753,663

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Andile Group Holdings (PTY) Ltd

Republic of South Africa

Capital

100%

100%

Andile International Ltd

Republic of Mauritius

Capital

100%

100%

 

Andile Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Subsidiary undertakings

Andile Group Holdings (PTY) Ltd

The principal activity of Andile Group Holdings (PTY) Ltd is the activities of an investment Company.

Andile International Ltd

The principal activity of Andile International Ltd is the provision of professional services entity who implements, maintains and service bank software and systems..

5

Debtors

Note

2024
US$

2023
US$

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

550,000

550,000

 

550,000

550,000

Details of non-current trade and other debtors

US$200,000 (2023 -US$200,000) of Loan to subsidiary is classified as non current. Included in the receivables is a total of $200,000 due from a subsidiary payable after one year with no interest

 

Andile Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
US$

2023
US$

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

78,910

68,910

Accruals and deferred income

 

3,046

2,231

 

81,956

71,141

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

US$

No.

US$

Ordinary A 1p of US$0.01 each

5,000,000

61,961

4,466,535

55,350

Ordinary B 1 GBP of US$1.24 each

1

1

1

1

5,000,001

61,962

4,466,536

55,352

8

Related party transactions

Summary of transactions with parent

42Markets Group Holdings Ltd
(a company incorporated in England Company number 13449293)

 

Summary of transactions with subsidiaries

Andile International Ltd
(a company incorporated in the Republic of Mauritius Registration Number: C145125)

Andile Group Holdings (PTY) Ltd
(a company incorporated in the Republic of South Africa Registration Number: 2016/156701/07)

 

Income and receivables from related parties

2024

Subsidiary
US$

Amounts receivable from related party

550,000

 

Andile Holding Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2023

Subsidiary
US$

Amounts receivable from related party

550,000

Expenditure with and payables to related parties

2024

Parent
US$

Subsidiary
US$

Amounts payable to related party

72,910

6,000

2023

Parent
US$

Subsidiary
US$

Amounts payable to related party

62,910

6,000

9

Parent and ultimate parent undertaking

The company's immediate parent is 42Markets Group Holding Limited, incorporated in England.