REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
S8UK Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
S8UK Limited |
S8UK Limited (Registered number: 12640831) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
S8UK Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
S8UK Limited (Registered number: 12640831) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
Other changes in directors holding office are as follows: |
SUMMARY OF REMUNERATION POLICY AND PRACTICES |
The following overview of the Company's remuneration policy and practices is provided in accordance with the Company's regulatory disclosure obligations as an FCA-authorised firm (as set out in the FCA Handbook, MIFIDPRU 8.6). |
The overarching approach is designed to encourage the alignment of the risks taken by the Company’s staff, its clients, mandates, and the Company itself. |
When the Company assesses individual performance to determine the amount of variable remuneration it will consider both financial and non-financial criteria. As conduct is crucial to the compliance culture of the Company if an employee shows poor conduct, this may override their performance in financial areas. Conduct is therefore the biggest metric within non-financial considerations. |
KEY CHARACTERISTICS OF REMUNERATION POLICY AND PRACTICES |
The Company distinguishes between criteria for setting fixed and variable remuneration and ensures that remuneration is clearly categorised as one or the other. |
In line with the FCA’s guidance, the Company considers the difference between the two as follows: |
- | Fixed remuneration primarily reflects a staff member’s professional experience and organisational responsibility as set out in the staff member’s job description and terms of employment. It should be pre-determined, non-discretionary and not dependent on performance. |
- | Variable remuneration should be based on performance and should reflect long-term performance, as well as performance above and beyond their job description. |
Fixed remuneration is made up of salary. |
Variable remuneration is made up of bonus. |
The Company assesses performance across the Company, business units and individuals considering the following criteria: |
- | Financial metrics including contribution to revenue/ sales growth as well as cost reduction; and |
- | Non-financial metrics including: the building and maintenance of positive customer relationships and outcomes; alignment with our strategy or values, for example by displaying leadership, teamwork or creativity; adhering to our compliance policies & procedures; and meeting other non-financial targets relating to environmental, social and governance factors and diversity and inclusion. |
All the above factors in assessing performance are considered at Company, business unit and individual level as applicable. Overall, greater weight is placed on non-financial metrics when assessing performance. All variable remuneration is adjusted in line with capital and liquidity requirements. |
REMUNERATION AWARDED TO ALL STAFF FOR THE YEAR |
The amount of remuneration paid to employees during the year were as follows: |
2024 |
£ |
Fixed remuneration | 598,105 |
Variable remuneration | 257,600 |
855,705 |
S8UK Limited (Registered number: 12640831) |
Report of the Directors |
for the Year Ended 30 June 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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; |
- | 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
S8UK Limited |
Opinion |
We have audited the financial statements of S8UK Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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). The comparative information presented within the financial statements of S8UK Limited, for the year ended 30 June 2024, was derived from the prior year unaudited financial statements, and has not been audited, reviewed or compiled and accordingly we do not express an opinion on it. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 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. |
Basis for opinion |
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 Auditors' 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
S8UK Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page three, 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 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. |
Auditors' 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 a Report of the Auditors 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: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with |
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent |
to which our procedures are capable of detecting irregularities, including fraud is detailed below. |
We considered the nature of the company's industry and its control environment, and reviewed the company's |
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also |
enquired of management about their own identification and assessment of the risks of irregularities. |
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key |
laws and regulations that: |
- Had a direct effect on the determination of material of amounts and disclosures in the financial statements. These included |
the UK Companies Act, pensions legislation, tax legislation; and |
- Do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's |
ability to operate or to avoid a material penalty. These included the Financial Conduct Authority regulations. |
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the |
company for fraud and how and where fraud might occur in the financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
S8UK Limited |
Use of our 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 a Report of the Auditors 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. |
for and on behalf of |
TOR |
Saint-Cloud Way |
Maidenhead |
Berkshire |
SL6 8BN |
S8UK Limited (Registered number: 12640831) |
Income Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 3 |
Administrative expenses |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest receivable and similar income |
131,411 | (69,396 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
S8UK Limited (Registered number: 12640831) |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Note |
Prior year adjustment | 9 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
120,624 |
S8UK Limited (Registered number: 12640831) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 | 320,356 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
S8UK Limited (Registered number: 12640831) |
Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Deficit for the year | - | (77,391 | ) | (77,391 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 June 2023 |
Prior year adjustment | - |
As restated |
Changes in equity |
Profit for the year | - | 113,172 | 113,172 |
Total comprehensive income | - |
Issue of share capital | - |
Balance at 30 June 2024 |
S8UK Limited (Registered number: 12640831) |
Cash Flow Statement |
for the Year Ended 30 June 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Share issue |
Net cash from financing activities |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
474,683 |
Cash and cash equivalents at end of year | 2 | 368,224 | 341,491 |
S8UK Limited (Registered number: 12640831) |
Notes to the Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Finance costs | - | 543 |
Finance income | (394 | ) | (51 | ) |
135,844 | (65,066 | ) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 368,224 | 341,491 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
as restated |
£ | £ |
Cash and cash equivalents | 341,491 | 474,683 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank | 341,491 | 26,733 | 368,224 |
341,491 | 368,224 |
Total | 341,491 | 26,733 | 368,224 |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
S8UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. |
The following principal accounting policies have been applied: |
Significant judgements and estimates |
In the application of the company's accounting policies the director is required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The company does not make significant estimates and assumptions concerning the future. |
During December 2023, the directors have decided to evaluate if the company can be VAT registered. After careful consideration, the directors have decided in April 2024 to register the company for VAT with the aim to claim back input VAT from its incorporation date. As it's allowed by local laws and regulation for an entity which is registering for VAT to claim back 4 years' worth of input VAT, which the company has valid VAT invoices for, management has prepared an estimate on the amount that is considered to be claimable, which has been included in the 2024 financial statements. There however remains some estimation uncertainty as the recoverable amount of VAT will only be known when it is finalised, submitted, and approved by the HMRC, and as such the actual amount recoverable within the following year might differ. |
Going concern |
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the director's report and financial statements. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover, which is stated net of value added tax arises from market development services which are recognised on an accruals basis. |
Turnover is recognised when the service is provided and when the sale is made. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Office equipment - 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays a fixed contribution into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. |
3. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
as restated |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
as restated |
£ | £ |
United States of America |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Administration |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director for the year ended 30 June 2024 is as follows: |
2024 |
£ |
Emoluments etc |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
2024 | 2023 |
as restated |
£ | £ |
Other operating leases |
Depreciation - owned assets |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
as restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
11,500 |
- |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank interest |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit/(loss) |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Utilisation of tax losses | ( |
) |
Tax losses carried forward | - | 12,456 |
Deferred tax | 2,115 | - |
Total tax charge | 18,239 | - |
9. | PRIOR YEAR ADJUSTMENT |
During the 2023 financial year, payments were made by the company on behalf of the shareholder to the value of £7,401, which was previously accounted for as insurance expenditure, but should have been recognised as a shareholder's loan. Consequently, the comparatives have been restated to correct this error and to be inline with the applicable financial reporting framework. The financial impact has been to reduce the administrative expenditure by £7,401 and to increase the interest received by £51 for the year ended 30 June 2023, with a reduction in the trading losses carried forward relating to corporation tax. The cumulative balance sheet impact at 30 June 2023 was an increase in the shareholder loan (included in debtors) of £7,452 and an increase in opening profit and loss reserves of £7,452. |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Shareholder Loan | 19,815 | 7,452 |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax |
Other timing differences | 2,115 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 30 June 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary Shares | £0.01 | 220,010 | 10 |
22,000,000 Ordinary Shares shares of £0.01 each were allotted and fully paid for |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Prior year adjustment |
Profit for the year |
At 30 June 2024 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,713k (2023: £11,533k). Pension contributions totalling £1,651 (2023: £660) were payable to the pension fund at the year end and are included in creditors due less than 1 year. |
18. | RELATED PARTY TRANSACTIONS |
Manual Anguita Lopez |
Manual Anguita Lopez is the 100% shareholder of S8UK Limited and is related due to their significant influence over the company. |
During the period S8UK Limited paid Bupa medical costs on behalf of Manual Anguita Lopez. As at the statement of financial position date, Manual Anguita Lopez owed S8UK Limited £19,815 (2023: £7,452). |
The shareholders balance is unsecured, accrues interest at the base rate and is repayable on demand of S8UK Limited. The shareholder loan has been repaid subsequent to year end. |
S8UK Limited (Registered number: 12640831) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |