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Registered number: 14264668









EPFR LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EPFR LTD
REGISTERED NUMBER: 14264668

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
80,935
-

  
80,935
-

Current assets
  

Debtors: amounts falling due within one year
 5 
412,872
5,525

Cash at bank
 6 
416,768
399,980

  
829,640
405,505

Creditors: amounts falling due within one year
 7 
(649,725)
(349,054)

Net current assets
  
 
 
179,915
 
 
56,451

Total assets less current liabilities
  
260,850
56,451

  

Net assets
  
260,850
56,451


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
260,849
56,450

  
260,850
56,451


Page 1

 
EPFR LTD
REGISTERED NUMBER: 14264668
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 February 2025.




D M Rooney
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
EPFR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

EPFR Ltd is a private company limited by shares, incorporated in England and Wales. The company's registered and principal office is Blue Fin Office Building, 110 Southwark Street, Southward, London, England, SE1 0TA.
The principal activity of the Company in the year was to act as a service company to EPFR Inc.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

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 following criteria must also be met before revenue is recognised:

Revenue, which is stated net of any value added tax, represents fees received from EPFR, Inc, for the provision of services during the period.

Page 3

 
EPFR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss 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.

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 income.


 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
EPFR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 23 (period ended 31 December 2022 - 17).


4.


Intangible assets




Development costs

£



Cost


Additions
80,935



At 31 December 2023

80,935






Net book value



At 31 December 2023
80,935



At 31 December 2022
-

Intangible assets are in the development phase, and as such, no amortisation has been charged for the year.



Page 5

 
EPFR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
360,546
-

Other debtors
34,352
5,525

Prepayments and accrued income
17,974
-

412,872
5,525



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank
416,768
399,980

416,768
399,980



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
229,123
33,154

Amounts owed to group undertakings
-
283,229

Corporation tax
284,824
13,241

Accruals and deferred income
135,778
19,430

649,725
349,054



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1


Page 6

 
EPFR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £305,425 (period ending 31 December 2022 - £15,023). 


10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
59,595
-

59,595
-


11.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group companies on the grounds that the Company is a wholly owned subsidiary.


12.


Controlling party

The company's immediate parent undertaking is EPFR, Inc., a company incorporated in the United States of America.
The smallest and largest group preparing consolidated accounts is Fortress Holdings LP.  The registered office of Fortress Holdings LP (USA) is 251 Little Falls Drive, Wilmington, Delaware 19808, United States of America.
The ultimate holding entity of the company  is Montagu Private Equity LLP, a United Kingdom limited liability partnership who manages the funds owning the group.
 
In the opinion of the directors, there is no ultimate controlling party.


13.


Post-balance-sheet event

In August 2024, Fortress Holdings LP was acquired by  Internet Securities LLC. 
The ultimate holding entity of both companies, both before and after the acquisition, is Montague Private Equity LLP ('Montagu'), a United Kingdom limited liability partnership who manages the funds owning the group.

Page 7

 
EPFR LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 February 2025 by  (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 8