Movolytics Group Holdings Limited |
Notes to the Accounts |
for the year ended 31 December 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Martin Leafe |
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Firm: |
Couchman and Leafe Ltd |
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Date of audit report: |
16 April 2025 |
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3 |
Judgements and key sources of estimation uncertainty |
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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Key sources of estimation uncertainty |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
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Impairment of investments |
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The value of the investment held in a subsidiary is reviewed for impairment annually. The directors use their business knowledge and the future prospects of the subsidiary in the assessment. The carrying amount is £2,670,629 (20232: £2,670,629) |
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4 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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5 |
Investments |
Shares in |
subsidiaries |
£ |
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Cost |
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At 1 January 2024 |
2,670,629 |
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At 31 December 2024 |
2,670,629 |
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Amortisation |
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At 31 December 2024 |
- |
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Net book value |
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At 31 December 2024 |
2,670,629 |
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At 31 December 2023 |
2,670,629 |
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6 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
100 |
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100 |
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7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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1,489,312 |
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1,134,792 |
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Taxation and social security costs |
- |
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362,255 |
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1,489,312 |
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1,497,047 |
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8 |
Subsidiaries |
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Details of the company's subsidiaries at 31 December 2023 are as follows: |
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Class of |
% Held |
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Name of undertaking |
Registered office |
shares held |
Direct |
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Indirect |
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Movolytics Holdings Ltd |
England and Wales |
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Ordinary |
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100 |
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- |
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Movolytics Ltd |
England and Wales |
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Ordinary |
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- |
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100 |
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Movolytics Spain S. L. |
Spain |
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Ordinary |
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- |
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100 |
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9 |
Called up share capital |
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2023 |
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2022 |
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2023 |
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2022 |
Number |
Number |
£ |
£ |
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Ordinary share capital |
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Issued and fully paid |
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Ordinary share of 1p each |
100,000 |
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100,000 |
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100 |
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100 |
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10 |
Controlling party |
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The immediate parent undertaking is Abax UK Limited, a company incorporated in England. The ultimate parent undertaking and controlling party is Apollo Limited, a company incorporated in the Cayman Islands. It is considered that no individual party has control of Apollo Limited. |
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11 |
Other information |
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Movolytics Group Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Abax Allia Business Centre |
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London Road |
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Peterborough |
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PE2 8AN |