Registration number: 03635068

BDO Remit (UK) Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

BDO Remit (UK) Ltd

Company Information

Directors

R O Sipat G T Gloria

Registered office

142 Strand Strand Bridge House London WC2R 1HH

Auditors

Thomas Alexander & Co Ltd 590 Green Lanes Palmers Green London N13 5RY

BDO Remit (UK) Ltd

(Registration number: 03635068)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	3,615	5,452
Current assets
Debtors	5	88,532	154,476
Cash at bank and in hand		1,072,952	1,293,554
		1,161,484	1,448,030
Creditors: Amounts falling due within one year	6	(731,413)	(913,586)
Net current assets		430,071	534,444
Net assets		433,686	539,896
Capital and reserves
Called up share capital	8	6,556,209	6,556,209
Retained earnings		(6,122,523)	(6,016,313)
Shareholders' funds		433,686	539,896

These financial statements have been prepared and 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 May 2025 and signed on its behalf by:
 

......................................... R O Sipat Director

......................................... G T Gloria Director

BDO Remit (UK) Ltd

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

1	General information

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

The address of its registered office is:
142 Strand
Strand Bridge House
London
WC2R 1HH

The principal place of business is:
142 Strand
Strand Bridge House
London
WC2R 1HH

These financial statements were authorised for issue by the Board on 20 May 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 20 May 2025 was Andreas Odysseos, who signed for and on behalf of Thomas Alexander & Co Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown as net fees levied

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

BDO Remit (UK) Ltd

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

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.

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
Furniture, fittings & equipment	25% Reducing balance basis
Leasehold improvements	Over the lease period
Plant and machinery	25% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

BDO Remit (UK) Ltd

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

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	86,099	234,428	320,527
At 31 December 2024	86,099	234,428	320,527
Depreciation
At 1 January 2024	86,099	228,976	315,075
Charge for the year	-	1,837	1,837
At 31 December 2024	86,099	230,813	316,912
Carrying amount
At 31 December 2024	-	3,615	3,615
At 31 December 2023	-	5,452	5,452

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

	Note	2024 £	2023 £
Trade debtors		-	44,211
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	37,600	57,589
Prepayments		24,626	26,370
Other debtors		26,306	26,306
		88,532	154,476

BDO Remit (UK) Ltd

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

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	31,709	7,216
Taxation and social security	10,315	14,511
Accruals and deferred income	31,767	36,022
Other creditors	657,622	855,837
	731,413	913,586

7

Taxation

The Company has tax losses amounting to £5,456,043 (2023: £5,354,123) available to be carried forward against future trading profits. An associated deferred tax asset has not been recognised as the directors cannot predict the utilisation of these trading losses in the foreseeable future.

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary Shares of £1 each	6,556,209	6,556,209	6,556,209	6,556,209

 

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 £198,021 (2023 - £286,929). Operating leases

10	Related party transactions

Included in other creditors is a sum of £175,645 (2023: £336,211) owed to BDO Unibank Inc, the ultimate Parent company. The company also received on an arm's length basis a sum of £225,600 (2023: £225,600) being commission from BDO Unibank Inc for services rendered during this year. Included in other debtors is an amount of £37,600 (2023: £57,589) due from BDO Unibank Inc .The company also paid a sum of £18,169 (2023:£18,169) to BDO Unibank Inc being management charges for the services provided during the year

BDO Remit (UK) Ltd

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

11	Parent and ultimate parent undertaking

The company's immediate parent is BDO Capital & Investment Corporation, a company incorporated in the Philippines . The ultimate Parent Company is BDO Unibank Inc, a company incorporated in the Philippines.