4
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
10,649
9,536
869
10,405
244
1,113
176,160
1,498,584
xbrli:pure
xbrli:shares
iso4217:GBP
08712474
2023-07-01
2024-06-30
08712474
2024-06-30
08712474
2023-06-30
08712474
2022-07-01
2023-06-30
08712474
2023-06-30
08712474
2022-06-30
08712474
bus:Director1
2023-07-01
2024-06-30
08712474
core:WithinOneYear
2024-06-30
08712474
core:WithinOneYear
2023-06-30
08712474
core:AfterOneYear
2024-06-30
08712474
core:AfterOneYear
2023-06-30
08712474
core:ShareCapital
2024-06-30
08712474
core:ShareCapital
2023-06-30
08712474
core:RetainedEarningsAccumulatedLosses
2024-06-30
08712474
core:RetainedEarningsAccumulatedLosses
2023-06-30
08712474
bus:SmallEntities
2023-07-01
2024-06-30
08712474
bus:AuditExempt-NoAccountantsReport
2023-07-01
2024-06-30
08712474
bus:SmallCompaniesRegimeForAccounts
2023-07-01
2024-06-30
08712474
bus:PrivateLimitedCompanyLtd
2023-07-01
2024-06-30
08712474
bus:FullAccounts
2023-07-01
2024-06-30
08712474
core:ComputerEquipment
2023-07-01
2024-06-30
08712474
core:ComputerEquipment
2024-06-30
08712474
core:ComputerEquipment
2023-06-30
08712474
core:ImmediateParent
2023-07-01
2024-06-30
08712474
core:ImmediateParent
2024-06-30
08712474
core:ImmediateParent
2023-06-30
08712474
core:UltimateParent
2023-07-01
2024-06-30
08712474
core:UltimateParent
2024-06-30
08712474
core:UltimateParent
2023-06-30
08712474
core:OtherGroupMember1
2023-07-01
2024-06-30
08712474
core:OtherGroupMember1
2024-06-30
08712474
core:ImmediateParent
2022-06-30
COMPANY REGISTRATION NUMBER:
08712474
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
|
Tangible assets |
5 |
|
244 |
1,113 |
|
|
|
|
|
Current assets
|
Debtors |
6 |
1,446,706 |
|
1,149,186 |
|
Cash at bank and in hand |
24,042 |
|
30,504 |
|
------------- |
|
------------- |
|
1,470,748 |
|
1,179,690 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,100,626 |
|
2,236,710 |
|
------------- |
|
------------- |
|
Net current assets/(liabilities) |
|
370,122 |
(
1,057,020) |
|
|
---------- |
------------- |
|
Total assets less current liabilities |
|
370,366 |
(
1,055,907) |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
1,241,833 |
19,167 |
|
|
------------- |
------------- |
|
Net liabilities |
|
(
871,467) |
(
1,075,074) |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
1 |
1 |
|
Profit and loss account |
|
(
871,468) |
(
1,075,075) |
|
|
---------- |
------------- |
|
Shareholders deficit |
|
(
871,467) |
(
1,075,074) |
|
|
---------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
14 May 2025
, and are signed on behalf of the board by:
Company registration number:
08712474
|
Notes to the Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, TW12 2BX, UK.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is dependent upon the other group companies for its continuing operations. The directors have prepared the accounts on a going concern basis on the assumption that this support will be ongoing for a period of at least 12 months from the date of approval of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
|
Equipment |
|
£ |
|
Cost |
|
|
At 1 July 2023 and 30 June 2024 |
10,649 |
|
--------- |
|
Depreciation |
|
|
At 1 July 2023 |
9,536 |
|
Charge for the year |
869 |
|
--------- |
|
At 30 June 2024 |
10,405 |
|
--------- |
|
Carrying amount |
|
|
At 30 June 2024 |
244 |
|
--------- |
|
At 30 June 2023 |
1,113 |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
172,918 |
37,117 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,201,180 |
1,020,500 |
|
Other debtors |
72,608 |
91,569 |
|
------------- |
------------- |
|
1,446,706 |
1,149,186 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
10,000 |
10,000 |
|
Trade creditors |
1,495 |
256 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
176,160 |
1,498,584 |
|
Social security and other taxes |
106,229 |
26,449 |
|
Other creditors |
806,742 |
701,421 |
|
------------- |
------------- |
|
1,100,626 |
2,236,710 |
|
------------- |
------------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Bank loans and overdrafts |
9,167 |
19,167 |
|
Other creditors |
1,232,666 |
– |
|
------------- |
--------- |
|
1,241,833 |
19,167 |
|
------------- |
--------- |
|
|
|
9.
Related party transactions
The company was a subsidiary of
OtherLevels Inc
, incorporated in the US. The ultimate parent company was OtherLevels Holdings Limited
, incorporated in Australia. At the period end the company owed £ 176,160
(2023: £ 1,498,584
) to its parent company OtherLevels Inc and the company was owed £ 1,107,353
(2023: £926,660) by OtherLevels Pty Limited
a sister subsidiary, incorporated in Australia. The company is owed £ 93,827
(2023: £ 93,840
) by the ultimate parent company OtherLevels Holdings Limited at 30 June 2024.It is the intention that these loans will be repaid over time.