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Company No: 10548913 (England and Wales)

18 DEGREES BELOW LTD

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

18 DEGREES BELOW LTD

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

18 DEGREES BELOW LTD

COMPANY INFORMATION

For the financial year ended 31 January 2024
18 DEGREES BELOW LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Kate Beale (Appointed 01 August 2023)
Paul Antony Beale
REGISTERED OFFICE Studio 20 The Gantry
1 Waterden Road
London
E15 2HB
England
United Kingdom
COMPANY NUMBER 10548913 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
18 DEGREES BELOW LTD

BALANCE SHEET

As at 31 January 2024
18 DEGREES BELOW LTD

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 18,143 24,191
Tangible assets 4 12,668 5,948
30,811 30,139
Current assets
Stocks 5 7,450 0
Debtors 6 270,802 200,858
Cash at bank and in hand 27,886 43,406
306,138 244,264
Creditors: amounts falling due within one year 7 ( 128,989) ( 87,556)
Net current assets 177,149 156,708
Total assets less current liabilities 207,960 186,847
Creditors: amounts falling due after more than one year 8 ( 36,160) ( 57,664)
Provision for liabilities ( 2,407) ( 1,129)
Net assets 169,393 128,054
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 169,293 127,954
Total shareholder's funds 169,393 128,054

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of 18 Degrees Below Ltd (registered number: 10548913) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

Paul Antony Beale
Director
18 DEGREES BELOW LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
18 DEGREES BELOW LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

18 Degrees Below Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Studio 20 The Gantry, 1 Waterden Road, London, E15 2HB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 60,479 60,479
At 31 January 2024 60,479 60,479
Accumulated amortisation
At 01 February 2023 36,288 36,288
Charge for the financial year 6,048 6,048
At 31 January 2024 42,336 42,336
Net book value
At 31 January 2024 18,143 18,143
At 31 January 2023 24,191 24,191

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 37,400 37,400
Additions 13,145 13,145
Disposals ( 1,082) ( 1,082)
At 31 January 2024 49,463 49,463
Accumulated depreciation
At 01 February 2023 31,452 31,452
Charge for the financial year 5,703 5,703
Disposals ( 360) ( 360)
At 31 January 2024 36,795 36,795
Net book value
At 31 January 2024 12,668 12,668
At 31 January 2023 5,948 5,948

5. Stocks

2024 2023
£ £
Stocks 7,450 0

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2024 2023
£ £
Trade debtors 75,202 125,786
Amounts owed by Parent undertakings 173,983 61,776
Corporation tax 0 6,003
Other debtors 21,617 7,293
270,802 200,858

Amounts owed by Parent undertakings are repayable on demand and do not bear interest.

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 18,840 18,309
Trade creditors 13,822 6,986
Taxation and social security 79,778 42,933
Other creditors 16,549 19,328
128,989 87,556

There are no amounts included above in respect of which any security has been given by the small entity.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 36,160 57,664

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
25 Ordinary B shares of £ 1.00 each 25 25
25 Ordinary C shares of £ 1.00 each 25 25
100 100

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 55,830 18,309
between one and five years 242,420 57,664
298,250 75,973

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 638 491

The Company had no material capital commitments at the year ended 31 January 2024.

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.