Company Registration No. 15707849 (England and Wales)
Acquiom Agency Services Ltd
Financial statements
for the period ended 31 December 2024
Pages for filing with the registrar
Acquiom Agency Services Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Acquiom Agency Services Ltd
Statement of financial position
As at 31 December 2024
1
2024
Notes
£
£
Current assets
Debtors
5
784,731
Cash at bank and in hand
49,478
834,209
Creditors: amounts falling due within one year
6
(834,208)
Net current assets
1
Capital and reserves
Called up share capital
7
1
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
Simon Sotomey
Director
Company Registration No. 15707849
Acquiom Agency Services Ltd
Notes to the financial statements
For the period ended 31 December 2024
2
1
Accounting policies
Company information
Acquiom Agency Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Love Lane, Third Floor, London, EC2V 7JN. The company was incorporated on 8 May 2024.
1.1
Reporting period
These financial statements cover a period of eight months from the incorporation date which is 8 May 2024 to 31 December 2024. The change in its accounting period is to align with other members of the group.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors adopt the going concern basis of accounting in preparing the financial statements.
In making their assessment, the directors have received a letter of support from their parent company and considered the potential funding requirements from the group as part of their detailed business plan, the directors future plans are to set up and grow operations in the UK and they have considered potential sensitivities around revenue achieved and funding required.
1.4
Turnover
Turnover represents a combination of the income earned from delivering independent, third-party loan agency services and intercompany charges. Revenue with connected group companies in respect of intercompany charges, is in accordance with relevant transfer pricing arrangements. Revenue is recognised on an accruals basis when the corresponding expenses are incurred.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Acquiom Agency Services Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
3
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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, 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.
Classification of financial liabilities
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.
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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Acquiom Agency Services Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2024
1
Accounting policies (continued)
4
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Critical accounting judgements and key sources of estimation uncertainty
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.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Recharge and re-allocation of intercompany costs
The company income statement includes allocated costs and recharges from the immediate parent company, SRS Acquiom Holdings UK Limited in line with the group's transfer pricing policy. The allocation of intercompany costs involves significant judgement, as it requires careful consideration of the basis and methodology used to ensure fair and accurate representation in the financial statement.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
£
Turnover analysed by class of business
Loan agency services
16,223
Intercompany charges
645,167
661,390
2024
£
Other revenue
Interest income
173
Acquiom Agency Services Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2024
5
4
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
5
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
646,119
Other debtors
138,612
784,731
6
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
783,649
Other creditors
50,559
834,208
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary share capital of £1 each
1
1
On incorporation the company issued one share of £1.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Acquiom Agency Services Ltd
Notes to the financial statements (continued)
For the period ended 31 December 2024
8
Audit report information (continued)
6
Senior Statutory Auditor:
Roger Weston
Statutory Auditors:
Saffery LLP
Date of audit report:
25 April 2025
9
Related party transactions
The Company is a wholly owned subsidiary of SRS Acquiom Holdings UK Limited and has taken advantage of the exception conferred by FRS 102 paragraph 33.1A not to disclose transactions with SRS Acquiom Holdings UK Limited or other wholly owned subsidiaries within the group.
10
Parent company
The Company's immediate parent company is SRS Acquiom Holdings UK Ltd. SRS Acquiom Holdings UK Ltd is registered in England & Wales, and a copy of its individual financial statements is available from Companies House.
The company’s ultimate parent company is SRS Acquiom Holdings Inc.