Silverfin false 13 March 2025 31 January 2025 Daniel Howarth FCA Gravita Audit ll Limited 17,953,352 9,277,929 false true 31/12/2023 01/01/2023 31/12/2023 Richard Valtr 01/09/2016 Matthijs Welle 07/11/2019 31 January 2025 The principal activity of the Company during the financial year was that of providing administrative support services to other Group entities. 10355686 2023-12-31 10355686 bus:Director1 2023-12-31 10355686 bus:Director2 2023-12-31 10355686 2022-12-31 10355686 core:CurrentFinancialInstruments 2023-12-31 10355686 core:CurrentFinancialInstruments 2022-12-31 10355686 core:Non-currentFinancialInstruments 2023-12-31 10355686 core:Non-currentFinancialInstruments 2022-12-31 10355686 core:ShareCapital 2023-12-31 10355686 core:ShareCapital 2022-12-31 10355686 core:RetainedEarningsAccumulatedLosses 2023-12-31 10355686 core:RetainedEarningsAccumulatedLosses 2022-12-31 10355686 core:OtherResidualIntangibleAssets 2022-12-31 10355686 core:OtherResidualIntangibleAssets 2023-12-31 10355686 core:LeaseholdImprovements 2022-12-31 10355686 core:OfficeEquipment 2022-12-31 10355686 core:LeaseholdImprovements 2023-12-31 10355686 core:OfficeEquipment 2023-12-31 10355686 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 10355686 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 10355686 core:CurrentFinancialInstruments 10 2023-12-31 10355686 core:CurrentFinancialInstruments 10 2022-12-31 10355686 core:ImmediateParent core:Non-currentFinancialInstruments 2023-12-31 10355686 core:ImmediateParent core:Non-currentFinancialInstruments 2022-12-31 10355686 core:ImmediateParent core:MoreThanFiveYears 2023-12-31 10355686 core:ImmediateParent core:MoreThanFiveYears 2022-12-31 10355686 core:WithinOneYear 2023-12-31 10355686 core:WithinOneYear 2022-12-31 10355686 core:BetweenOneFiveYears 2023-12-31 10355686 core:BetweenOneFiveYears 2022-12-31 10355686 2023-01-01 2023-12-31 10355686 bus:FilletedAccounts 2023-01-01 2023-12-31 10355686 bus:SmallEntities 2023-01-01 2023-12-31 10355686 bus:Audited 2023-01-01 2023-12-31 10355686 2022-01-01 2022-12-31 10355686 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10355686 bus:Director1 2023-01-01 2023-12-31 10355686 bus:Director2 2023-01-01 2023-12-31 10355686 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 10355686 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 10355686 core:OfficeEquipment core:BottomRangeValue 2023-01-01 2023-12-31 10355686 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 10355686 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 10355686 core:LeaseholdImprovements 2023-01-01 2023-12-31 10355686 core:OfficeEquipment 2023-01-01 2023-12-31 10355686 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 10355686 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 10355686 (England and Wales)

MEWS SYSTEMS LIMITED

Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MEWS SYSTEMS LIMITED

Financial Statements

For the financial year ended 31 December 2023

Contents

MEWS SYSTEMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
MEWS SYSTEMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Richard Valtr
Matthijs Welle
REGISTERED OFFICE 91 Waterloo Road
London
SE1 8RT
United Kingdom
COMPANY NUMBER 10355686 (England and Wales)
AUDITOR Gravita Audit ll Limited
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
MEWS SYSTEMS LIMITED

BALANCE SHEET

As at 31 December 2023
MEWS SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 635 1,331
Tangible assets 4 234,431 262,040
235,066 263,371
Current assets
Stocks 0 375
Debtors
- due within one year 5 3,634,475 2,355,114
- due after more than one year 5 0 333,000
Cash at bank and in hand 64,465 185,104
3,698,940 2,873,593
Creditors: amounts falling due within one year 6 ( 30,444,436) ( 8,025,183)
Net current liabilities (26,745,496) (5,151,590)
Total assets less current liabilities (26,510,430) (4,888,219)
Creditors: amounts falling due after more than one year 7 0 ( 3,668,859)
Net liabilities ( 26,510,430) ( 8,557,078)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 26,510,530 ) ( 8,557,178 )
Total shareholder's deficit ( 26,510,430) ( 8,557,078)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mews Systems Limited (registered number: 10355686) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Matthijs Welle
Director
MEWS SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MEWS SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mews Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Harling House, Third Floor, 47-51 Great Suffolk Street, London, SE1 0BS, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Mews Systems Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The Company is a subsidiary of Mews Systems BV, domiciled in Amsterdam, Netherlands and relies on its parent for financial support. The continuation of its business operations is dependent upon the continued support from the Parent company.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover consists of fees for the services provided to other Group entities and is calculated on the basis of actual costs incurred by the Company increased by mark up determined in accordance with policies within the Group.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets represent website and computer software costs acquired by the Company and are stated at cost less accumulated impairment losses and are included within other intangible assets. Amortisation is charged to the Profit and Loss Account within administrative expenses on a straight-line basis over the estimated useful economic life of the asset as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Office equipment 3 - 6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the Company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 138 84

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 3,474 3,474
At 31 December 2023 3,474 3,474
Accumulated amortisation
At 01 January 2023 2,143 2,143
Charge for the financial year 696 696
At 31 December 2023 2,839 2,839
Net book value
At 31 December 2023 635 635
At 31 December 2022 1,331 1,331

4. Tangible assets

Leasehold improve-
ments
Office equipment Total
£ £ £
Cost
At 01 January 2023 169,558 270,967 440,525
Additions 0 60,486 60,486
Disposals 0 ( 14,796) ( 14,796)
At 31 December 2023 169,558 316,657 486,215
Accumulated depreciation
At 01 January 2023 65,401 113,084 178,485
Charge for the financial year 17,047 70,184 87,231
Disposals 0 ( 13,932) ( 13,932)
At 31 December 2023 82,448 169,336 251,784
Net book value
At 31 December 2023 87,110 147,321 234,431
At 31 December 2022 104,157 157,883 262,040

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 6,691 6,060
Amounts owed by Group undertakings 2,407,471 322,610
Amounts owed by Parent undertakings 0 1,462,746
Corporation tax 96,964 81,964
Other taxation and social security 63,541 41,337
Other debtors 1,059,808 440,397
3,634,475 2,355,114
Debtors: amounts falling due after more than one year
Other debtors 0 333,000

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 233,641 90,122
Amounts owed to Group undertakings 1,310,338 460,000
Amounts owed to Parent undertakings 27,628,889 6,527,446
Other taxation and social security 503,375 379,562
Other creditors 768,193 568,053
30,444,436 8,025,183

Amounts due from Group and Parent undertakings are subject to interest of 10% per annum and are repayable on demand

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Parent undertakings 0 3,668,859

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Amounts owed to Parent undertakings 0 3,668,859

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 135,450 180,600
between one and five years 0 135,450
135,450 316,050

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 286

9. Related party transactions

None of the directors received any remuneration for their services in the current year nor the prior year as they are remunerated by another Group company and an apportionment is not practicable.

The Company has taken advantage of the exemptions available under FRS 102 Section 33 not to disclose transactions with the Parent company nor with other wholly-owned members of the Group headed by the Parent company.

10. Events after the Balance Sheet date

Post year end a fixed and floating charge has been registered at Companies House over the Company's assets.

11. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Daniel Howarth FCA on behalf of Gravita Audit II Limited.

12. Ultimate controlling party

The Company is a subsidiary of Mews Systems B.V., which is the Parent company of the smallest and largest group for which consolidated financial statements are drawn up. Mews Systems B.V. is incorporated in the Netherlands and registered at Kleine-Gartmanplantsoen 21, 1st floor, 1017 RP, Amsterdam.