Applied Financial Lines Ltd. 12900716 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is 64209 - Activities of other holding companies not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true false true 12900716 2023-06-01 2024-05-31 12900716 2024-05-31 12900716 bus:OrdinaryShareClass1 2024-05-31 12900716 core:RetainedEarningsAccumulatedLosses 2024-05-31 12900716 core:ShareCapital 2024-05-31 12900716 core:CurrentFinancialInstruments 2024-05-31 12900716 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 12900716 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 12900716 core:OfficeEquipment 2024-05-31 12900716 core:AllSubsidiaries 2024-05-31 12900716 bus:SmallEntities 2023-06-01 2024-05-31 12900716 bus:Audited 2023-06-01 2024-05-31 12900716 bus:FilletedAccounts 2023-06-01 2024-05-31 12900716 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12900716 bus:RegisteredOffice 2023-06-01 2024-05-31 12900716 bus:Director3 2023-06-01 2024-05-31 12900716 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 12900716 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12900716 core:OfficeEquipment 2023-06-01 2024-05-31 12900716 core:AllSubsidiaries core:SettlementLiabilities 2023-06-01 2024-05-31 12900716 core:ParentEntities 2023-06-01 2024-05-31 12900716 1 2023-06-01 2024-05-31 12900716 countries:AllCountries 2023-06-01 2024-05-31 12900716 core:CostValuation 2023-05-31 12900716 2022-06-01 2023-05-31 12900716 2023-05-31 12900716 bus:OrdinaryShareClass1 2023-05-31 12900716 core:RetainedEarningsAccumulatedLosses 2023-05-31 12900716 core:ShareCapital 2023-05-31 12900716 core:CurrentFinancialInstruments 2023-05-31 12900716 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 12900716 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 12900716 core:AllSubsidiaries 2023-05-31 12900716 core:AllSubsidiaries core:SettlementLiabilities 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12900716

Applied Financial Lines Ltd.

Filleted Financial Statements

for the Year Ended 31 May 2024

 

Applied Financial Lines Ltd.

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Applied Financial Lines Ltd.

(Registration number: 12900716)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

11,113

 

-

Investments

5

 

7,130,528

 

7,130,528

   

7,141,641

 

7,130,528

Current assets

   

 

Debtors

6

171,936

 

100

 

Cash at bank and in hand

 

104,117

 

-

 

 

276,053

 

100

 

Creditors: Amounts falling due within one year

7

(566,269)

 

(825,384)

 

Net current liabilities

   

(290,216)

 

(825,284)

Total assets less current liabilities

   

6,851,425

 

6,305,244

Creditors: Amounts falling due after more than one year

7

 

-

 

(2,420,721)

Net assets

   

6,851,425

 

3,884,523

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

6,851,325

 

3,884,423

 

Shareholders' funds

   

6,851,425

 

3,884,523

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
H W Smith
Director

 

Applied Financial Lines Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
St Botolph Building
138 Houndsditch
London
EC3A 7AR

These financial statements were authorised for issue by the Board on 20 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

The company has taken advantage of the exemption under Section 399 of the Companies Act 2006 from preparing consolidated financial statements on the grounds that the group is small.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 20 February 2025 was Gillian McLoughlin FCA, who signed for and on behalf of Watson Buckle Limited.

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 the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Applied Financial Lines Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straright Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, 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 asset. 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 and any subsequent reversal 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) 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.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Applied Financial Lines Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

11,122

11,122

At 31 May 2024

11,122

11,122

Depreciation

Charge for the year

9

9

At 31 May 2024

9

9

Carrying amount

At 31 May 2024

11,113

11,113

5

Investments

2024
£

2023
£

Investments in subsidiaries

7,130,528

7,130,528

Subsidiaries

£

Cost or valuation

At 1 June 2023

7,130,528

Carrying amount

At 31 May 2024

7,130,528

At 31 May 2023

7,130,528

6

Debtors

Current

2024
£

2023
£

Amounts owed by related parties

122,636

-

Other debtors

49,300

100

 

171,936

100

 

Applied Financial Lines Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to group undertakings

419,478

12,537

Taxation and social security

19,164

-

Accruals and deferred income

120,073

5,940

Other creditors

7,554

806,907

566,269

825,384


 

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

-

2,420,721

8

Share capital

Allotted, called up and not fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £221,400 (2023 - £Nil). Operating lease

10

Related party transactions

Summary of transactions with parent

Any further costs incurred by the company not included in the P&L are borne by the parent company.
 

Expenditure with and payables to related parties

2024

Subsidiary
£

Settlement of liabilities

178,377

Amounts payable to related party

43,906

 

Applied Financial Lines Ltd.

Notes to the Financial Statements for the Year Ended 31 May 2024

2023

Subsidiary
£

Settlement of liabilities

4,800

Amounts payable to related party

4,800

11

Parent and ultimate parent undertaking

The company's immediate parent is United Risk Global LLC , incorporated in United States of America.

 The ultimate parent is Bernard Acquisition Company LLC, incorporated in United States of America.