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No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
11267938
2024-01-01
2024-12-31
11267938
2024-12-31
11267938
2023-12-31
11267938
2023-01-01
2023-12-31
11267938
2023-12-31
11267938
2022-12-31
11267938
bus:Director4
2024-01-01
2024-12-31
11267938
core:FurnitureFittings
2023-12-31
11267938
core:FurnitureFittings
2024-12-31
11267938
core:WithinOneYear
2024-12-31
11267938
core:WithinOneYear
2023-12-31
11267938
core:ShareCapital
2024-12-31
11267938
core:ShareCapital
2023-12-31
11267938
core:RetainedEarningsAccumulatedLosses
2024-12-31
11267938
core:RetainedEarningsAccumulatedLosses
2023-12-31
11267938
core:FurnitureFittings
2024-01-01
2024-12-31
11267938
core:FurnitureFittings
2023-12-31
11267938
bus:SmallEntities
2024-01-01
2024-12-31
11267938
bus:AuditExempt-NoAccountantsReport
2024-01-01
2024-12-31
11267938
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
11267938
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
11267938
bus:FullAccounts
2024-01-01
2024-12-31
11267938
core:ComputerEquipment
2024-12-31
11267938
core:ComputerEquipment
2023-12-31
11267938
core:ComputerEquipment
2024-01-01
2024-12-31
COMPANY REGISTRATION NUMBER:
11267938
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
Tangible assets |
7 |
22,007 |
42,927 |
|
|
|
|
Current assets
Stocks |
8 |
(
40,151) |
398,330 |
Debtors |
9 |
(
93,694) |
1,351,144 |
Cash at bank and in hand |
6,321 |
83,820 |
|
--------- |
------------ |
|
(
127,524) |
1,833,294 |
|
|
|
|
Creditors: amounts falling due within one year |
10 |
666,363 |
2,629,168 |
|
--------- |
------------ |
Net current liabilities |
793,887 |
795,874 |
|
--------- |
--------- |
Total assets less current liabilities |
(
771,880) |
(
752,947) |
|
--------- |
--------- |
Net liabilities |
(
771,880) |
(
752,947) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
(
771,980) |
(
753,047) |
|
--------- |
--------- |
Shareholders deficit |
(
771,880) |
(
752,947) |
|
--------- |
--------- |
|
|
|
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.
For the year ending 31 December 2024 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
17 January 2025
, and are signed on behalf of the board by:
MRS. C S M L QUERARD |
Director |
|
Company registration number:
11267938
Notes to the Financial Statements |
|
Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor One London Wall, London, EC2Y 5EB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company made a profit in the year and has net current liabilities. The company is dependent on the support from the group to continue as a going concern. The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.
Judgements and key sources of estimation uncertainty
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Debtors
Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Cash and cash equivalent
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 change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
3 years straight line |
|
Equipment |
- |
3 years straight line |
|
|
|
|
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.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, the only significant judgement relates to the depreciation of tangible fixed assets.
5.
Dividends
There were no dividends paid or proposed in either the current or previous year.
6.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2024 |
2023 |
|
No. |
No. |
Production staff |
5 |
5 |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
2024 |
2023 |
|
£ |
£ |
Wages and salaries |
58,935 |
207,904 |
Social security costs |
4,734 |
5,085 |
Other pension costs |
5,090 |
11,577 |
|
-------- |
--------- |
|
68,759 |
224,566 |
|
-------- |
--------- |
|
|
|
7.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2024 and 31 December 2024 |
490,838 |
833 |
491,671 |
|
--------- |
---- |
--------- |
Depreciation |
|
|
|
At 1 January 2024 |
447,911 |
833 |
448,744 |
Charge for the year |
20,920 |
– |
20,920 |
|
--------- |
---- |
--------- |
At 31 December 2024 |
468,831 |
833 |
469,664 |
|
--------- |
---- |
--------- |
Carrying amount |
|
|
|
At 31 December 2024 |
22,007 |
– |
22,007 |
|
--------- |
---- |
--------- |
At 31 December 2023 |
42,927 |
– |
42,927 |
|
--------- |
---- |
--------- |
|
|
|
|
8.
Stocks
|
2024 |
2023 |
|
£ |
£ |
Raw materials and consumables |
(
40,151) |
398,330 |
|
-------- |
--------- |
|
|
|
9.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
449,306 |
Other debtors |
(
93,694) |
901,838 |
|
-------- |
------------ |
|
(
93,694) |
1,351,144 |
|
-------- |
------------ |
|
|
|
10.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
1,907 |
707,365 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
612,435 |
1,335,227 |
Other creditors |
52,021 |
586,576 |
|
--------- |
------------ |
|
666,363 |
2,629,168 |
|
--------- |
------------ |
|
|
|
11.
Controlling party
The company's immediate parent company is Repossi S.A.S, a company incorporated in France. The ultimate parent company is UFILUG S.A. (publ), a company incorporated in Luxembourg by virtue of its majority shareholding in the group. The director considers there to be no one ultimate controlling party. The parent company of the smallest group to prepare consolidated financial statements which include Repossi UK Ltd. is Repossi S.A.S. Copies of these financial statements can be obtained from Repossi S.A.S., 282 Boulevard Saint Germain 75007 Paris, France. The parent company of the largest group to prepare consolidated financial statements is UFILUG S.A. (publ). Copies of these financial statements can be obtained from UFILUG S.A. Avenue Marie-Therese 2-4, 2132, Luxembourg.