Registration number:
TwentyEighty Strategy Execution (UK) Ltd
for the Year Ended 30 April 2024
Pages for filing with Registrar
TwentyEighty Strategy Execution (UK) Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
TwentyEighty Strategy Execution (UK) Ltd
Company Information
Directors |
T Goodes R Rozek J Kuai C Mcaloney |
Registered office |
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Registered number |
08643475 |
Auditors |
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TwentyEighty Strategy Execution (UK) Ltd
(Registration number: 08643475)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Current assets |
|||
Debtors |
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1,479,197 |
|
Cash at bank and in hand |
59,018 |
40,715 |
|
1,479,532 |
1,519,912 |
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Creditors: Amounts falling due within one year |
(1,279,337) |
(1,283,428) |
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Net assets |
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236,484 |
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Capital and reserves |
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Called up share capital |
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100,001 |
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Share premium reserve |
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10,104,827 |
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Other reserves |
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5,088,777 |
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Profit and loss account |
( |
(15,057,121) |
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Total equity |
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236,484 |
Approved and authorised by the
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TwentyEighty Strategy Execution (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements were prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
On 1 May 2020 the company sold its UK trade and assets to Korn Ferry UK Limited, and also sold its Sweden trade and assets to Personnel Decisions International Scandinavia Akitebolag. Both purchasers are companies within the same group as this company. The company retained its Dubai branch.
The company is reliant on support from the wider group to be able to meet liabilities as they fall due. The company's parent company has confirmed that it will continue to provide this support for the period no shorter than twelve months from the date of approval of these financial statements. The directors believe that, taking into consideration uncertainties such as the wider economic outlook, the company will continue receiving financial support from the parent company and so the financial statements have been prepared on a going concern basis.
TwentyEighty Strategy Execution (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover 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 from courses is deferred initially and then recognised once the course has taken place. Turnover is shown net of sales tax, value added tax, returns, rebates and discounts.
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's activities.
Turnover includes amounts receivable in respect of the recharging to customers of certain direct costs.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. These foreign exchange gains and losses are taken to the profit and loss account, and classified within administrative expenses.
Tax
The tax expense or credit for the period comprises current and deferred 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.
TwentyEighty Strategy Execution (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
2 |
Accounting policies (continued) |
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of 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 receivables.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost, using the effective interest method if the balance is due in more than one year.
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.
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.
Staff numbers |
The average number of persons employed by the company during the year, was
TwentyEighty Strategy Execution (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Revenue |
The company earned no revenue in the year. The negative revenue of £27,550 reported in the prior year related to revisions to the value of services provided in the previous period.
Debtors: amounts falling due within one year |
2024 |
2023 |
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Amounts owed by group undertakings |
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1,397,404 |
Other debtors |
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32,138 |
Prepayments |
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23,211 |
Corporation tax |
|
26,444 |
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1,479,197 |
Creditors |
2024 |
2023 |
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Amounts falling due within one year |
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Trade creditors |
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459 |
Amounts owed to group undertakings |
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1,278,767 |
Accruals and deferred income |
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4,202 |
1,279,337 |
1,283,428 |
TwentyEighty Strategy Execution (UK) Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
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100,001 |
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100,001 |
Reserves |
Capital contribution reserve
During the prior period, an amount owed to a group undertaking of £820,111 was waived by the creditor. Since the company and the creditor have the same parent company, the credit was recognised as a capital contribution.
Parent and ultimate parent undertaking |
The company's immediate parent is Boca U.K. Holding Ltd, incorporated in the United Kingdom.
The ultimate parent is Korn Ferry , incorporated in Delaware, USA.
The parent of both the largest and smallest group in which these financial statements are consolidated is Korn Ferry. The address of the principal executive office of Korn Ferry is: 1900 Avenue of the Stars, Suite 2600, Los Angeles, California, USA.
Audit report |
As the profit and loss account has been omitted from the filing copy of the financial statements the following information is in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
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• The auditor was