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Registration number: 09595901

Preminen Price Comparison Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Preminen Price Comparison Holdings Ltd

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 22

Non-statutory pages

23 to 24

Detailed Profit and Loss Account

23

 

Preminen Price Comparison Holdings Ltd

Company Information

Directors

Mr Marco Pescarmona

Mr Filippo Tenderini

Ms Simona Belinghieri

Company secretary

Lea Secretaries Limited

Registered office

5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

Accountants

DTL Advisory Limited
Chartered certified accountants5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

 

Preminen Price Comparison Holdings Ltd

Strategic Report for the Year Ended 31 December 2023

The directors present their report for the year ended 31 December 2023.

Fair review of the business

The Company is focussed on developing as a base from which to explore extra-European markets for price comparison, with a subsidiary operating in Mexico and a participation in Bahrain.

The Company's loss after tax for the year was €15,314 (2022 - loss of €679,845) and the net asset position as at 31 December 2023 was €4,401,763 (2022 - €4,417,325).

Principal risks and uncertainties

The key risk is that developing new operations overseas could fail to produce sustainable, profitable long term businesses, which could result in the impairment of Investments in subsidiaries. Management will continue to apply a conservative approach to expansion and seek to mitigate this risk. Competitor activity in the marketplaces in which the underlying subsidiaries operate is considered the greatest risk to the Company. The development of technology and knowledge sharing across the fellow Group subsidiary comparison platforms will be a priority for the Company to combat this.

The Company's activities expose it primarily to financial risk relating to credit risk and liquidity risk.

Credit risk:
Credit risk is defined by the Company as the risk of loss if another party fails to perform its obligations. The key exposure of the Company to credit risk is through bank deposits and amounts relating to intercompany receivables. To mitigate the risk over bank deposits, cash balances and deposits are placed only with highly rated credit institutions. Group policies prescribes business oversight and control in relation to the risk over intercompany receivables.

Liquidity risk:
Liquidity risk is the risk that the Company does not have sufficient, available financial resources to enable it to meet its obligations as they fall due or can only secure them at excessive cost.

The primary liquidity risk of the Company is the amounts owed to group undertakings, which have no fixed repayment terms. The group undertakings are not seeking recovery of the intercompany payables that are due.

Approved by the board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr Marco Pescarmona
Director

 

Preminen Price Comparison Holdings Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the unaudited financial statements for the year ended 31 December 2023.

This report has been prepared in accordance with the provisions applicable to companies entitled to small companies exemptions. The company has taken the small companies exemption to not disclose the strategic report.

Directors' of the company

The directors, who held office during the year, were as follows:

Mr Marco Pescarmona (appointed 1 February 2023)

Mr Filippo Tenderini (appointed 14 March 2023)

Ms Deborah Helen Chandler (resigned 1 February 2023)

Mr Angel Hidalgo Queipo (resigned 14 March 2023)

Mr Lorenzo Baffo (appointed 14 March 2023 and resigned 15 January 2024)

Ms Louise O'Shea (resigned 1 February 2023)

Mr Pablo Ferrer Vela (appointed 1 January 2023 and Resigned 14 March 2023)

The following director was appointed after the year end:

Ms Simona Belinghieri (appointed 15 January 2024)

Branches outside the United Kingdom

The Company has one branch outside of the United Kingdom: Preminen Price Comparison Holdings Sucursal en Espana

Going concern

The Directors have considered the appropriateness of the going concern basis of preparation in these financial statements, as set out in note 2, Given the result of this assessment, the Directors are satisfied that the going concern basis of preparation is appropriate.

Approved by the board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr Marco Pescarmona
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Preminen Price Comparison Holdings Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Preminen Price Comparison Holdings Ltd for the year ended 31 December 2023 set out on pages 5 to 22 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of Preminen Price Comparison Holdings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Preminen Price Comparison Holdings Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/
factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Preminen Price Comparison Holdings Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Preminen Price Comparison Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Preminen Price Comparison Holdings Ltd. You consider that Preminen Price Comparison Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Preminen Price Comparison Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DTL Advisory Limited
Chartered certified accountants
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

30 September 2024

 

Preminen Price Comparison Holdings Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023

2022

Turnover

4

14,971

-

Administrative expenses

 

(92,580)

(647,421)

Other operating income

5

5,283

-

Operating loss

6

(72,326)

(647,421)

Income from shares in group undertakings

 

10,932

-

Interest receivable and similar income

7

-

9

Interest payable and similar expenses

8

148

(5,194)

 

11,080

(5,185)

Loss before tax

 

(61,246)

(652,606)

Tax on loss

10

45,932

(27,239)

Loss for the year

 

(15,314)

(679,845)

The above results were derived from continuing operations.

 

Preminen Price Comparison Holdings Ltd

(Registration number: 09595901)
Balance Sheet as at 31 December 2023

Note

31 December
2023

31 December
2022

Fixed assets

 

Tangible assets

11

-

3,797

Investments

12

2,195,186

4,584,990

 

2,195,186

4,588,787

Current assets

 

Trade and other debtors

13

1,741,301

47,168

Cash at bank and in hand

14

492,008

243,368

 

2,233,309

290,536

Creditors: Amounts falling due within one year

15

(26,732)

(462,246)

Net current assets/(liabilities)

 

2,206,577

(171,710)

Net assets

 

4,401,763

4,417,077

Capital and reserves

 

Called up share capital

16

3,500,000

3,500,000

Capital redemption reserve

 

16,500,000

16,500,000

Other reserves

 

9,660

9,660

Retained earnings

 

(15,607,897)

(15,592,583)

Shareholders' funds

 

4,401,763

4,417,077

For the financial year ending 31 December 2023 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 accounts have been prepared in accordance with the provisions applicable to companies entitled to small companies exemptions.

Approved by the board on 30 September 2024 and signed on its behalf by:
 

.........................................
Mr Marco Pescarmona
Director

 

Preminen Price Comparison Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital

Capital redemption reserve

Other reserves

Retained earnings

Total

At 1 January 2023

3,500,000

16,500,000

9,660

(15,592,583)

4,417,077

Loss for the year

-

-

-

(15,314)

(15,314)

Total comprehensive income

-

-

-

(15,314)

(15,314)

At 31 December 2023

3,500,000

16,500,000

9,660

(15,607,897)

4,401,763

Share capital

Capital redemption reserve

Other reserves

Retained earnings

Total

At 1 January 2022

20,000,000

-

9,660

(10,564,165)

9,445,495

Loss for the year

-

-

-

(679,845)

(679,845)

Total comprehensive income

-

-

-

(679,845)

(679,845)

Purchase of own share capital

-

-

-

(4,348,573)

(4,348,573)

Other ordinary share capital movements

(16,500,000)

-

-

-

(16,500,000)

Other capital redemption reserve movements

-

16,500,000

-

-

16,500,000

At 31 December 2022

3,500,000

16,500,000

9,660

(15,592,583)

4,417,077

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the board on 30 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.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

Summary of disclosure exemptions

In these financial statements, the company has taken advantage of the exemptions available under FRS 101 in respect of the following disclosures:

Paragraphs 45(b) and 46 to 52 of IFRS 2 - ‘Share-based payments’ (how the fair value of goods/services received or equity instruments granted was determined and details of the number and weighted average exercise prices of share options).

IFRS 7 - ‘Financial instruments: Disclosures’.

Paragraphs 91 to 99 of IFRS 13 - ‘Fair value measurement’ (disclosure of valuation techniques and inputs used for fair value measurement of assets and liabilities).

The requirements of paragraph 52 [lessee], the second sentence of paragraph 89, and paragraphs 90, 91 and 93 [lessor] of IFRS 16 - ‘Leases’ (lessee disclosures and lessor disclosures in relation to finance leases and lease income on operating leases).

Paragraph 38 of IAS 1 - ‘Presentation of financial statements’ (comparative information requirements in respect of):

The following paragraphs of IAS 1 - ‘Presentation of financial statements’ (removing the requirement to present):

IAS 7 - ‘Statement of cash flows’.

Paragraphs 30 and 31 of IAS 8 - ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective).

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Paragraph 17 of IAS 24 - ‘Related party disclosures’ (key management compensation).

The requirements in IAS 24, ‘Related party disclosures’ (to disclose related party transactions entered into between two or more members of a group).

The requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36, 'Impairment of Assets'

Going concern

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 January 2023 have had a material effect on the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of Tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

over 4 years

Computer equipment

over 4 years

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investments

Investments in securities are classified on initial recognition as available-for-sale and are carried at fair value, except where their fair value cannot be measured reliably, in which case they are carried at cost, less any impairment.

Unrealised holding gains and losses other than impairments are recognised in other comprehensive income. On maturity or disposal, net gains and losses previously deferred in accumulated other comprehensive income are recognised in income.

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 changes in value.

Trade Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as Fixed assets.

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 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 Trade debtors.

Trade 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, 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.

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Initial recognition

Financial assets and financial liabilities comprise all assets and liabilities reflected in the balance sheet, although excluding tangible assets, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.

The company recognises financial assets and financial liabilities in the balance sheet when, and only when, the company becomes party to the contractual provisions of the financial instrument.

Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.

All regular way purchases and sales of financial assets and financial liabilities classified as fair value through profit or loss (“FVTPL”) are recognised on the trade date, i.e. the date on which the company commits to purchase or sell the financial assets or financial liabilities. All regular way purchases and sales of other financial assets and financial liabilities are recognised on the settlement date, i.e. the date on which the asset or liability is received from or delivered to the counterparty. Regular way purchases or sales are purchases or sales of financial assets that require delivery within the time frame generally established by regulation or convention in the market place.

Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.

Classification and measurement

Financial instruments are classified at inception into one of the following categories, which then determine the subsequent measurement methodology:-

Financial assets are classified into one of the following three categories:-
· financial assets at amortised cost;
· financial assets at fair value through other comprehensive income (FVTOCI); or
· financial assets at fair value through the profit or loss (FVTPL).

Financial liabilities are classified into one of the following two categories:-
· financial liabilities at amortised cost; or
· financial liabilities at fair value through the profit or loss (FVTPL).

The classification and the basis for measurement are subject to the company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets, as detailed below:-

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial assets at amortised cost

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:-
· the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit or loss (FVTPL).

If a financial asset meets the amortised cost criteria, the company may choose to designate the financial asset at FVTPL. Such an election is irrevocable and applicable only if the FVTPL classification significantly reduces a measurement or recognition inconsistency.

Financial assets at fair value through other comprehensive income (FVTOCI)

A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:-
· the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

On initial recognition of an equity investments that is not held for trading, the company may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.

If an equity investment is designated as FVTOCI, all gains and losses, except for dividend income, are recognised in other comprehensive income and are not subsequently included in the statement of income.

Financial assets at fair value through the profit or loss (FVTPL)

Financial assets not otherwise classified above are classified and measured as FVTPL.

Financial liabilities at amortised cost

All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using the effective interest rate method.

Financial liabilities at fair value through the profit or loss

Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes derivative liabilities.

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Derecognition

Financial assets

The company derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire,
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.

Any cumulative gain or loss recognised in OCI in respect of equity investment securities designated as FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the company is recognised as a separate asset or liability.

The company enters into transactions whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised.

When the company derecognises transferred financial assets in their entirety, but has continuing involvement in them then the entity should disclose for each type of continuing involvement at the reporting date:

(a) The carrying amount of the assets and liabilities that are recognised in the entity’s balance sheet and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised.

(b) The fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;

(c) The amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined

(d) The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets

Financial liabilities

The company derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Modification of financial assets and financial liabilities

Financial assets

If the terms of a financial asset are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial asset is recognised at either amortised cost or fair value.

If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the company recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.

Financial liabilities

If the terms of a financial liabilities are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised and new financial liabilities are recognised at either amortised cost or fair value.

If the cash flows are not substantially different, then the modification does not result in derecognition of the financial liabilities. In this case, the company recalculates the gross carrying amount of the financial liabilities and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Impairment of financial assets

Measurement of Expected Credit Losses

The company recognises loss allowances for expected credit losses (ECL) on financial instruments that are not measured at FVTPL, namely:

- Financial assets that are debt instruments
- Accounts and other receivables
- Financial guarantee contracts issued; and
- Loan commitments issued.

The company classifies its financial instruments into stage 1, stage 2 and stage 3, based on the applied impairment methodology, as described below:

Stage 1: for financial instruments where there has not been a significant increase in credit risk since initial recognition and that are not credit-impaired on origination, the company recognises an allowance based on the 12-month ECL.

Stage 2: for financial instruments where there has been a significant increase in credit risk since initial recognition but they are not credit-impaired, the company recognises an allowance for the lifetime ECL.

Stage 3: for credit-impaired financial instruments, the company recognises the lifetime ECL.

The company measures loss allowances at an amount equal to the lifetime ECL, except for the following, for which they are measured as a 12-month ECL:

- debt securities that are determined to have a low credit risk (equivalent to investment grade rating) at the reporting date; and
- other financial instruments on which the credit risk has not increased significantly since their initial recognition.

The company considers a debt security to have low credit risk when their credit risk rating is equivalent to the globally understood definition of ‘investment grade’.

A 12-month ECL is the portion of the ECL that results from default events on a financial instrument that are probable within 12 months from the reporting date.

Provisions for credit-impairment are recognised in the statement of income and are reflected in accumulated provision balances against each relevant financial instruments balance.

Evidence that the financial asset is credit-impaired include the following;

- Significant financial difficulties of the borrower or issuer;
- A breach of contract such as default or past due event;
- The restructuring of the loan or advance by the company on terms that the company would not consider otherwise;
- It is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
- The disappearance of an active market for the security because of financial difficulties; or
- There is other observable data relating to a group of assets such as adverse changes in the payment status of borrowers or issuers in the company, or economic conditions that correlate with defaults in the company.

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

For trade Trade debtors, the company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the Trade debtors.

To measure the expected credit losses, trade Trade debtors and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade Trade debtors for the same types of contracts. The company has therefore concluded that the expected loss rates for trade Trade debtors are a reasonable approximation of the loss rates for the contract assets.

The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 December 2023 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the Trade debtors. The company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.

3

Critical accounting judgements and key sources of estimation uncertainty

Critical accounting judgements are defined as those, apart from those involving estimations, that have the most significant effect on the amounts recognised in the financial statements.

In applying the accounting policies as described above, management has primarily applied judgement in the impairment testing of the Company's investment in subsidiary undertakings. Management has applied judgement in determining whether the carrying value of the investment or asset may be supported, and initially consider whether an indicator of impairment is present for each investment or asset.

If an indicator is present, management asses whether the carrying value is supported by the recoverable amount, being the higher of the fair value less costs to sell, and the value in use, calculated as the the net present value of future cash-flows arising from the asset.


The preparation of financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingencies and the reported amount of revenue and expenses during the year. The Company evaluates its estimates and assumptions on an ongoing basis. Such estimates and judgements are based upon historical experience and other factors it believes to be reasonable under the circumstances, which form the basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources.

Investment asset carrying values
Management performs an assessment at each balance sheet date of assets where risks of impairment has been identified. Key judgement areas include the carrying values of investments in subsidiary undertakings. The recovery of these assets is dependent on factors which include financial position of the entities and market factors. Where risk of impairment has been identified an impairment review has been performed.

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2023

2022

Rendering of services

14,971

-

5

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023

2022

Miscellaneous other operating income

5,283

-

6

Operating loss

Arrived at after charging/(crediting)

2023

2022

Depreciation expense

35

71

7

Interest receivable and similar income

2023

2022

Interest income on bank deposits

-

9

8

Interest payable and similar expenses

2023

2022

Foreign exchange (losses)/gains

(148)

5,194

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023

2022

Wages and salaries

(500)

388,753

Social security costs

-

14,946

Other short-term employee benefits

-

1,625

Other employee expense

(7,493)

-

(7,993)

405,324

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
No.

2022
No.

Administration and support

1

1

1

1

10

Income tax

Tax charged/(credited) in the profit and loss account

2023

2022

Current taxation

UK corporation tax

(45,932)

27,239

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Tangible assets

Furniture, fittings and equipment

Total

Cost or valuation

At 1 January 2023

11,148

11,148

Disposals

(11,148)

(11,148)

At 31 December 2023

-

-

Depreciation

At 1 January 2023

7,351

7,351

Charge for the year

35

35

Eliminated on disposal

(7,386)

(7,386)

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

3,797

3,797

12

Investments

Subsidiaries

Cost or valuation

At 1 January 2023

6,454,782

Disposals

(2,389,804)

At 31 December 2023

4,064,978

Provision

At 1 January 2023

1,904,482

At 31 December 2023

1,904,482

Carrying amount

At 31 December 2023

2,160,496

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Details of the subsidiaries as at 31 December 2023 are as follows:

Name of subsidiary
 

Principal activity
 

Registered office
 

Holding
 

Proportion of ownership interest and voting rights held
2023

2022

Preminen Mexico Sociedad Anonima de Capital Variable

office 501, Colonia Juárez, Cuauhtemoc, Ciudad de Mexico

Mexico

Ordinary shares

95%

95%

Preminen Price Comparison India Private Limited

F-2902, Ireo Grand Arch, Sector 58, Gurgaon, Haryana, India, 122011

India

Ordinary

100%

100%

Associates

Cost or valuation

At 1 January 2023

34,690

At 31 December 2023

34,690

Provision

Carrying amount

At 31 December 2023

34,690

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Details of the associates as at 31 December 2023 are as follows:

Name of associate

Principal activity

Registered office

Proportion of ownership interest and voting rights held
2023

2022

Preminen MENA Price Comparison W.L.L.

30%

30%


13

Trade and other debtors

Trade and other debtors falling due within one year

31 December
2023

31 December
2022

Trade debtors from related parties

1,723,006

25,574

Other Trade debtors

18,295

21,594

1,741,301

47,168

14

Cash at bank and in hand

31 December
2023

31 December
2022

Cash at bank

492,008

243,368

15

Creditors: amounts falling due within one year

31 December
2023

31 December
2022

Trade Trade creditors

26,732

-

Accrued expenses

-

10,577

Amounts due to related parties

-

399,809

Social security and other taxes

-

7,212

Income tax liability

-

44,648

26,732

462,246

16

Share capital

Allotted, called up and fully paid shares

 

Preminen Price Comparison Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

31 December
2023

31 December
2022

No.

No.

"A" Ordinary shares of €0.18 each

10,000,000

1,750,000

10,000,000

1,750,000

"B" Ordinary Shares of €0.18 each

10,000,000

1,750,000

10,000,000

1,750,000

20,000,000

3,500,000

20,000,000

3,500,000

17

Parent and ultimate parent undertaking

The company's immediate parent is ZPG Comparison Services Holdings UK Limited.

 

Preminen Price Comparison Holdings Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023

2022

Turnover (analysed below)

14,971

-

Gross profit (%)

100%

0%

Administrative expenses (analysed below)

(92,580)

(647,421)

Other operating income (analysed below)

5,283

-

Operating loss

(72,326)

(647,421)

Income from shares in group undertakings (analysed below)

10,932

-

Interest receivable and similar income (analysed below)

-

9

Interest payable and similar expenses (analysed below)

148

(5,194)

11,080

(5,185)

Loss before tax

(61,246)

(652,606)

Turnover

Sales - type 2, UK

14,971

-

Administrative expenses

Wages and salaries

500

(388,753)

Staff NIC (Employers)

-

(14,946)

Private health insurance

-

(1,625)

Staff training

7,493

-

Rent

(88)

(18,000)

Insurance

-

(295)

Telephone and fax

(116)

(477)

Computer software and maintenance costs

(454)

(885)

Printing, postage and stationery

(95)

(649)

Courier services

(75)

-

Sundry expenses

(748)

-

Travel and subsistence

(4,317)

(12,420)

Accountancy fees

(9,606)

-

Consultancy fees

-

(106,794)

Legal and professional fees

(62,673)

(770)

Bank charges

(2,425)

(1,974)

Exceptional administrative expenses

-

(99,762)

Depreciation of fixtures and fittings (owned)

-

(71)

Depreciation of office equipment (owned)

(35)

-

Exceptional (profit)/loss on sale or termination of operations - discontinued operations

(19,941)

-

(92,580)

(647,421)

Other operating income

Other income

5,283

-

 

Preminen Price Comparison Holdings Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023

2022

Income from shares in group undertakings

Interest from group companies

10,932

-

Interest receivable and similar income

Bank interest receivable

-

9

Interest payable and similar expenses

Foreign currency (gains)/losses

148

(5,194)