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Audacter Limited

Registered Number
11852547
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Audacter Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Mr D Clive

Registered Address

Fora Soho
33 Broadwick Street
London
W1F 0DQ

Registered Number

11852547 (England and Wales)
Audacter Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,7571,210
Investments4930,8501,677,183
932,6071,678,393
Current assets
Debtors53,750,7303,655,119
Cash at bank and on hand2,276,01783,553
6,026,7473,738,672
Creditors amounts falling due within one year6(5,965,179)(4,715,722)
Net current assets (liabilities)61,568(977,050)
Total assets less current liabilities994,175701,343
Provisions for liabilities7(55,438)(31,389)
Net assets938,737669,954
Capital and reserves
Profit and loss account938,737669,954
Shareholders' funds938,737669,954
The financial statements were approved and authorised for issue by the Director on 28 January 2025, and are signed on its behalf by:
Mr D Clive
Director
Registered Company No. 11852547
Audacter Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The financial statements report the financial results only of the company and are presented in Sterling (£).
Statement of compliance
The financial statements have been prepared in compliance with Section 1A of Financial Reporting Standard 102 and Companies Act 2006 as these apply to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
After making enquiries, the director has 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, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue from rendering of services
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The company's principal activity is that of making short term loans available. The interest receivable on these loans is recognised in turnover by the company. Interest is recognised on an accruals basis and an adjustment is made to reflect the interest in the accounting period to which it relates.
Current taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: • The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets and depreciation
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. 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. 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 all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial assets, including trade and other debtors, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the profit and loss account. Financial assets are derecognised when (i) the contractual rights to the cashflows from the asset expire or are settled, or (ii) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (iii) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.Average number of employees
The average number of employees include directors.

20242023
Average number of employees during the year11
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 April 233,2963,296
Additions2,0322,032
At 31 March 245,3285,328
Depreciation and impairment
At 01 April 232,0862,086
Charge for year1,4851,485
At 31 March 243,5713,571
Net book value
At 31 March 241,7571,757
At 31 March 231,2101,210
4.Fixed asset investments

Investments in groups1

Other investments2

Total

£££
Cost or valuation
At 01 April 23981,677,0851,677,183
Revaluations-95,64895,648
Disposals-(841,981)(841,981)
At 31 March 2498930,752930,850
Net book value
At 31 March 2498930,752930,850
At 31 March 23981,677,0851,677,183

Notes

1Investments in group undertakings and participating interests
2Other investments other than loans
5.Debtors: amounts due within one year

2024

2023

££
Amounts owed by group undertakings3,750,6353,341,779
Other debtors-283,965
Prepayments and accrued income9529,375
Total3,750,7303,655,119
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-703
Bank borrowings and overdrafts-514,530
Taxation and social security92,892117,997
Other creditors5,859,5874,078,924
Accrued liabilities and deferred income12,7003,568
Total5,965,1794,715,722
Included in other creditors due within one year is £5,899,587 (2023: £4,078,924) due to the director. This amount is interest free, unsecured and repayable on demand.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)55,43831,389
Total55,43831,389
8.Share capital
The share capital of the company as at 31 March 2024 and 31 March 2023 is 1 Ordinary Share of £0.01, issued and paid up in full at nominal value.
9.Related party transactions
The Company has taken advantage of the exemption provided under FRS 102 Section 1A from disclosing transactions that are concluded under normal market conditions. As at the year end, the company was owed £nil (2023: £283,965) by Audacter Prop (CT13) Limited.