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REGISTERED NUMBER: 05876382 (England and Wales)







FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GAPFORCE (LONDON) LTD.

GAPFORCE (LONDON) LTD. (REGISTERED NUMBER: 05876382)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GAPFORCE (LONDON) LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr L Andrews
Mr J Catterall
Ms C La Monica-Lunn





REGISTERED OFFICE: 80 Cheapside
London
EC2V 6EE





REGISTERED NUMBER: 05876382 (England and Wales)





AUDITORS: Cube Partners Limited
Chartered Accountants and Registered Auditors
5 Giffard Court
Millbrook Close
Northampton
Northamptonshire
NN5 5JF

GAPFORCE (LONDON) LTD. (REGISTERED NUMBER: 05876382)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,289 165

CURRENT ASSETS
Debtors 5 182,105 114,152
Cash at bank 163,198 96,710
345,303 210,862
CREDITORS
Amounts falling due within one year 6 1,061,983 664,303
NET CURRENT LIABILITIES (716,680 ) (453,441 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(715,391

)

(453,276

)

CREDITORS
Amounts falling due after more than one year 7 21,146 31,136
NET LIABILITIES (736,537 ) (484,412 )

CAPITAL AND RESERVES
Called up share capital 410,100 410,100
Retained earnings (1,146,637 ) (894,512 )
(736,537 ) (484,412 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by:





Mr J Catterall - Director


GAPFORCE (LONDON) LTD. (REGISTERED NUMBER: 05876382)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Gapforce (London) Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The Directors have prepared these financial statements on a going concern basis. They have considered all information available to them concerning the foreseeable future and concluded that the financial statements should be prepared on a going concern basis but have identified that a material uncertainty exists because of the continued losses reported by the company, and the net liability position of the balance sheet at the reporting date.

The company is reliant on the continued support from the ultimate parent company, InterExchange Inc. At the balance sheet date, the company has net liabilities of £736,537 (2023: £484,412), which includes £750,624 (2023: £506,625) due to the parent company, Interests Abroad Holdings Inc.

The directors have received reassurances from InterExchange Inc, that financial support will continue for the foreseeable future. Consequently, the directors have a reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

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.

Turnover
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from services is recognised when the service is provided and the right to consideration earned. To the extent that the service is provided but no billing made, the amount is recognised as revenue and recorded as accrued income. Sales made in advance of services being provided are recognised as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). 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.

GAPFORCE (LONDON) LTD. (REGISTERED NUMBER: 05876382)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

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 balance sheet 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 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 and loans from fellow group companies 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

GAPFORCE (LONDON) LTD. (REGISTERED NUMBER: 05876382)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2024 1,181
Additions 1,124
At 31 December 2024 2,305
DEPRECIATION
At 1 January 2024
and 31 December 2024 1,016
NET BOOK VALUE
At 31 December 2024 1,289
At 31 December 2023 165

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 163,723 68,230
Amounts owed by group undertakings 2,760 27,794
Other debtors 15,622 18,128
182,105 114,152

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,990 9,868
Trade creditors 18,435 12,095
Amounts owed to group undertakings 750,624 506,625
Taxation and social security 5,953 -
Other creditors 276,981 135,715
1,061,983 664,303

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 21,146 31,136

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Jones (Senior Statutory Auditor)
for and on behalf of Cube Partners Limited

9. RELATED PARTY DISCLOSURES

Included within debtors is £2,760 (2023: £27,794) due from the ultimate parent company, InterExchange Inc.

Included within creditors is £750,624 (2023: £506,625) due to the parent company, Interests Abroad Holdings Inc. Interests Abroad Holdings Inc has confirmed in a letter of support that they will not call upon the balance for a period of at least twelve months from when the financial statements are authorised for issue.

GAPFORCE (LONDON) LTD. (REGISTERED NUMBER: 05876382)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. ULTIMATE CONTROLLING PARTY

The parent company of Gapforce (London) Ltd. is Interests Abroad Holdings Inc, a company incorporated in the United States of America with registered address 100 Wall Street, Suite 301, New York, NY 10005, United States of America.

The largest group in which the results of the company are consolidated is that headed by the ultimate parent company, InterExchange Inc, a company incorporated in the United States of America with registered address 100 Wall Street, Suite 301, New York, NY 10005, United States of America.