Crestbridge Family Office Holdings Limited
Annual report and unaudited financial statements for the year ended 30 June 2024
Company Registration: 12030527
Crestbridge Family Office Holdings Limited
Contents 30 June 2024
Page
Company information
2
Directors' report
3
Statement of comprehensive income
5
Statement of financial position
6
Statement of changes in equity
7
Notes to the unaudited financial statements
8
1
Crestbridge Family Office Holdings Limited Company information
30 June 2024
Directors
S
Drewett P Hunter
P J Windsor G Stebbing
(Resigned 2 October 2023)
(Appointed 22 February 2024)
(Appointed 22 February 2024)
Registered office
133-137 Alexandra Road
London, SW19 7JY
Company secretary
Crestbridge UK Limited
WSM Services Limited
(Resigned 22 February 2024)
(Appointed 22 February 2024)
Registered number
12030527
2
Crestbridge Family Office Holdings Limited Directors' report
30 June 2024
Directors' report
The directors of Crestbridge Family Office Holdings Limited (the "Company") present the report and the unaudited financial statements for the year ended 30 June 2024.
Incorporation
The Company was incorporated in England and Wales on 3 June 2019 (Company number 12030527) as a private company limited by shares. Its registered office is 133-137 Alexandra Road, London, SW19 7JY.
The Company has two subsidiaries incorporated in England and Wales on 6 June 2019, Crestbridge Fiduciary Company One Limited ("CFC1L") and Crestbridge Fiduciary Company Two Limited ("CFC2L"). CFC1L and CFC2L have not traded since their incorporation.
On 30 June 2023, the Company acquired a subsidiary incorporated in Wyoming, United States of America, Crestbridge US Holdings LLC ("CUSHLLC"). CUSHLLC is a holding company, and holds a 50% joint venture investment into a trust and fiduciary services business in Wyoming.
Principal activities
The principal activity of the Company is to act as a holding company.
Results
The Company has not traded since its incorporation. The Company received no income and incurred no expenditure during the year except for the foreign exchange gain arising on revaluation of the related party receivables.
Directors
The following persons were directors of Crestbridge Family Office Holdings Limited during the year and up to the date of this report:
G Stebbing (Appointed 22 February 2024)
S Drewett (Resigned 2 October 2023) P Hunter
P J Windsor (Appointed 22 February 2024)
Going Concern
The directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and that no material uncertainty exists that casts doubt on the Company's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.
Statement of directors' responsibilities in respect of the financial statements
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year in accordance with generally accepted accounting principles, and which give a true and fair view of the state of affairs of the Company and the profit and loss of the Company for that year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Standards comprising FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland Section 1A, and applicable law.
In preparing the financial statements, the directors are required to:
Select suitable accounting policies and then apply them consistently;
Make judgements and accounting estimates that are reasonable and prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and
Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors confirm that they have complied with the above requirements in preparing the financial statements.
3
Crestbridge Family Office Holdings Limited
Directors' report 30 June 2024 (continued)
Directors' report (continued)
Statement of directors' responsibilities in respect of the financial statements (continued)
The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the Company and to enable them to ensure that the financial statements comply with 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 error and non compliance with law and regulations.
Small companies note
In preparing this report, the directors have taken the advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Audit Exemption
The Company is entitled to exemption from the requirements of section 480 of the Companies Act 2006 relating to the audit of the financial statements of the year as it has not traded since its incorporation.
Approved by the board of directors on
and signed on its behalf by:
.........................................................
Director
Registered Office
133-137 Alexandra Road London
England SW19 7JY
4
Crestbridge Family Office Holdings Limited Statement of comprehensive income
For the year ended 30 June 2024
30 June
2024
£
30 June
2023
£
Income
Gain on foreign exchange
149
-
Total comprehensive income for the year
149
-
There were no recognised gains and losses for the year other than those included in the statement of comprehensive income.
The notes on pages 8 to 10 are an integral part of these financial statements
5
Crestbridge Family Office Holdings Limited Statement of financial position
As at 30 June 2024
30 June
(Restated) 30 June
Notes
2024
£
2023
£
Non-current assets
Investment in subsidiaries
3
4
4
Current assets
Related party receivables
4
55,351
55,202
Cash and cash equivalents
1
1
55,352
55,203
Creditors: Amounts falling due within one year
Other creditors
4
4
Net current assets
55,348
55,199
Net assets
55,352
55,203
Capital and reserves
Ordinary shares
5
1
1
Reserves
55,202
55,202
Retained earnings
149
-
Total shareholder's funds
55,352
55,203
(a)
For the year ended 30 June 2024 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
(b)
Members have not required the Company to obtain an audit for the reporting period in accordance with section 476 of the Companies Act 2006.
(c)
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
(d)
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime under section 415A of the Companies Act 2006.
The financial statements on pages 6 to 10 were approved and authorised for issue by the board of directors on and were signed on its behalf by:
................................................................
Director
The notes on pages 8 to 10 are an integral part of these financial statements
6
Crestbridge Family Office Holdings Limited Statement of changes in equity
For the year ended 30 June 2024
Share capital
Capital reserve
Retained earnings
Total equity
£
£
£
£
Balance at 1 July 2022
1
-
-
1
Transactions with owners (restated)
Related party receivable acquired
-
55,202
-
55,202
Balance at 30 June 2023 (restated)
1
55,202
-
55,203
Share capital
Capital reserve
Retained earnings
Total equity
£
£
£
£
Balance at 1 July 2023
1
55,202
-
55,203
Total comprehensive income for the year
-
-
149
149
Balance at 30 June 2024
1
55,202
149
55,352
The notes on pages 8 to 10 are an integral part of these financial statements
7
Crestbridge Family Office Holdings Limited Notes to the unaudited financial statements 30 June 2024
1
General information
Crestbridge Family Office Holdings Limited (the "Company") is a private company limited by shares incorporated in England and Wales on 3 June 2019 (Company number 12030527). Its registered office is 133-137 Alexandra Road, London, SW19 7JY.
The Company has two subsidiaries incorporated in England and Wales on 6 June 2019, Crestbridge Fiduciary Company One Limited ("CFC1L") and Crestbridge Fiduciary Company Two Limited ("CFC2L"). CFC1L and CFC2L have not traded since their incorporation.
On 30 June 2023, the Company acquired a subsidiary incorporated in Wyoming, United States of America, Crestbridge US Holdings LLC. Crestbridge US Holdings LLC is a holding company, and holds a 50% joint venture investment into a trust and fiduciary services business in Wyoming.
2
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, unless otherwise stated.
(a)
Basis of preparation
The financial statements are prepared under the historical cost convention and in accordance with United Kingdom Accounting Standards (FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A).
(b)
Going concern
The directors have a reasonable expectation that the Company will continue in operational existence for the foreseeable future and that no material uncertainty exists that casts doubt on the Company's ability to continue as a going concern. Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.
(c)
Prior year restatement
During the preparation of these financial statements, it was discovered that the acquisition of a related party receivable in the sum of US$70,000 on 30 June 2023 had not been correctly accounted for in the prior year financial statements.
Accordingly, the comparative figures have been restated to reflect the transaction. There is no impact on the statement of comprehensive income in the prior year. The net assets as at 30 June 2023 were increased by £55,202 as a result of the restatement.
(d)
Foreign currency translation
(i)
Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which it operates (''the functional currency''). The financial statements are presented in pounds, which is the Company's functional and presentation currency.
(ii)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.
8
Crestbridge Family Office Holdings Limited Notes to the unaudited financial statements
30 June 2024 (continued)
2 Summary of significant accounting policies (continued)
(e)
Exemptions for qualifying entities
Under FRS 102 Section 1A the Company is exempt from:
preparing a statement of changes in equity;
preparing a cash flow statement.
The Companies Act 2006 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, including and on the basis that the Company falls within the small companies regime and is a wholly owned subsidiary. The Company has taken advantage of the following exemptions:
from including a Strategic Report with these financial statements;
from presenting consolidated financial statements.
(f)
Investments in subsidiaries
Investments in subsidiaries are accounted for at cost less accumulated impairment.
(g)
Basic financial instruments
(i)
Financial assets
Basic financial assets, including trade and other receivables 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled; or
(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party; or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii)
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables 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. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(h) Classification of shares as debt or equity
The Company's ordinary shares are classified as equity.
9
Crestbridge Family Office Holdings Limited Notes to the unaudited financial statements
30 June 2024 (continued)
3 Investment in subsidiaries
Country of incorporation
Nature of business
% Held
30 June
2024
30 June
2023
£
£
Crestbridge Fiduciary Company One Limited
United Kingdom
Holds appointments for corporate trustees
100
1
1
Crestbridge Fiduciary Company Two Limited
United Kingdom
Holds appointments for corporate trustees
100
1
1
State of
Crestbridge US Holdings LLC
Wyoming, USA
Holding company
100
2
2
4
4
4 Related party receivable
30 June
(Restated) 30 June
2024
2023
£
£
Crestbridge US Holdings LLC (US$ 70,000)
55,351
55,202
On 30 June 2023, as part of restructuring of the wider group, the benefit of a loan due from Crestbridge US Holdings LLC ("CUSHLLC") in the sum of US$70,000 was contributed to the Company by Bridgecrest Holdings Limited, the parent company of the Company's shareholder, Crestbridge Fiduciary Holdings Limited.
The amount due from CUSHLLC is unsecured, interest free and repayable on demand.
5 Called-up share capital
30 June
30 June
2024
2023
£
£
Authorised
1 ordinary share of £1.00
1
1
Allotted, called up and fully paid
1 ordinary share of £1.00
1
1
6
Related party transactions
As disclosed in note 4, on 30 June 2023, as part of restructuring of the wider group, the benefit of a loan due from the Company's subsidiary, CUSHLLC, in the sum of US$70,000 was contributed to the Company by Bridgecrest Holdings Limited ("BHL"). BHL is the parent company of the Company's shareholder.
7
Parent undertaking and ultimate parent
The Company's immediate parent company is Crestbridge Fiduciary Holdings Limited, a company incorporated in Jersey. The Company's ultimate parent company is Neslo Partners No.1 Limited, a company also incorporated in Jersey.
10
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