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No description of principal activities is disclosed
2022-12-30
Sage Accounts Production 24.0 - FRS102_2024
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Company registration number:
10834141
Cisive, Limited
Filleted financial statements
29 December 2023
Cisive, Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Cisive, Limited
Directors and other information
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Directors |
B E Berger |
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J Hunsrao |
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Company number |
10834141 |
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Registered office |
Parkgates, Bury New Road |
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Prestwich |
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Manchester |
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M25 0JW |
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Auditor |
Alexander Bursk Ltd |
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Parkgates, Bury New Road |
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Prestwich |
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Manchester |
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Lancs |
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M25 0JW |
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Cisive, Limited
Directors responsibilities statement
Year ended 29 December 2023
The directors are responsible for preparing the directors report 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 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; and
-
make judgments and accounting estimates that are reasonable and prudent.
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.
Cisive, Limited
Statement of financial position
29 December 2023
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2023 |
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2022 |
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Note |
$ |
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$ |
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$ |
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$ |
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Fixed assets |
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Investments |
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4 |
611,001 |
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611,001 |
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_______ |
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_______ |
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611,001 |
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611,001 |
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Current assets |
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Debtors |
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5 |
86,070 |
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94,450 |
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_______ |
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_______ |
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86,070 |
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94,450 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
2,986,500) |
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(
2,978,510) |
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_______ |
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_______ |
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Net current liabilities |
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(
2,900,430) |
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(
2,884,060) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
2,289,429) |
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(
2,273,059) |
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_______ |
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_______ |
Net liabilities |
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(
2,289,429) |
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(
2,273,059) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Profit and loss account |
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(
2,289,430) |
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(
2,273,060) |
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_______ |
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_______ |
Shareholder deficit |
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(
2,289,429) |
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(
2,273,059) |
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_______ |
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_______ |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
26 December 2024
, and are signed on behalf of the board by:
B E Berger
Director
Company registration number:
10834141
Cisive, Limited
Notes to the financial statements
Year ended 29 December 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Parkgates, Bury New Road, Prestwich, Manchester, M25 0JW.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
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 on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in United States Dollars(USD).This differs from the functional currency of the entity which is Great British Pounds (GBP)
Going concern
The Director has received confirmation from Carco Group Inc. that the Group will continue to support the operations of the company for the forseeable future to allow it to be able to meet its own liabilities as they fall due .On the basis of his assessment of the Company's financial position,the Company's Director has a reasonable expectation that the Company will be able to continue in operational existence for the forseeable future
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals paid under operating leases are charged to the Statement of Income on a straight-line basis over the lease term.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
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Shares in group undertakings and participating interests |
Total |
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$ |
$ |
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Cost |
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At 30 December 2022 and 29 December 2023 |
611,001 |
611,001 |
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_______ |
_______ |
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Impairment |
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At 30 December 2022 and 29 December 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 29 December 2023 |
611,001 |
611,001 |
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_______ |
_______ |
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At 29 December 2022 |
611,001 |
611,001 |
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_______ |
_______ |
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5.
Debtors
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2023 |
2022 |
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$ |
$ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
84,436 |
69,136 |
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Other debtors |
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1,634 |
25,314 |
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_______ |
_______ |
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86,070 |
94,450 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2023 |
2022 |
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$ |
$ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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2,972,738 |
2,962,716 |
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Social security and other taxes |
|
- |
1,642 |
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Other creditors |
|
13,762 |
14,152 |
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_______ |
_______ |
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2,986,500 |
2,978,510 |
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_______ |
_______ |
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7.
Summary audit opinion
The auditor's report dated
27 December 2024
was unqualified.
The senior statutory auditor was
Barry Fine
for and on behalf of
Alexander Bursk Ltd
8.
Related party transactions
The Company has taken advantage of the exemption within FRS 102 not to disclose transactions with other wholly owned members of the group on the basis that the company is a wholly owned subsidiary .There are no other transactions with or balances due to or from related parties
9.
Controlling party
The controlling party is Carco Group Inc., a company domiciled and incorporated in the United States,by virtue of its significant shareholding. Group accounts for the smallest group of undertakings in which the company is consolidated are prepared by Carco Group Inc., and can be obtained from Corporation Trust Center,1209 Orange Street ,City of Wilmington, New Castle, Delaware, United States 19801. The ultimate controlling party is CIP Capital. The address of the registered office of CIP Capital is 400 Madison Avenue ,Suite 3A, New York, NY 10017.
10.
Going concern
Carco Group Inc. have confirmed that the Group will continue to support the operations of the company for the next twelve months to allow it to be able to meet its own liabilities as they fall due. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.