Company No:
Contents
| Directors | K Cambray (Resigned 15 July 2024) |
| J T McGonagle (Appointed 15 April 2024) | |
| L Morton (Appointed 12 April 2025) | |
| C Naples (Appointed 15 April 2024, Resigned 11 April 2025) |
| Registered office | Mill Court |
| Furrlongs | |
| Newport | |
| Isle Of Wight | |
| PO30 2AA | |
| United Kingdom |
| Company number | 02374256 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| 2nd Floor | |
| 168 Shoreditch High Street | |
| London | |
| E1 6RA |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Debtors | 5 |
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| 823,090 | 823,090 | |||
| Creditors: amounts falling due within one year | 6 | (
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(
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| Net current assets | 756,468 | 756,468 | ||
| Total assets less current liabilities | 756,468 | 756,468 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Share premium account |
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| Other reserves |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Invaluable Group Limited (registered number:
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J T McGonagle
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Invaluable Group Limited is a private company, limited by shares, incorporated under Companies Act 2006 and incorporated and domiciled in England. The address of its registered office and principal place of business is Mill Court, Furrlongs, Newport, Isle of Wight, PO30 2AA. The principal activity is that of a investment holding company. The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Investments in subsidiaries are measured at cost less accumulated impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
estimates.
The estimate 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.
Valuation of investments
Determining whether investments require impairment requires an estimation of the value in use of each subsidiary. The value in use calculation requries an estimation of the future profitability expected to arise from each subsidiary and a suitable discount rate to calculate present value. The fixed asset investment has been impaired by £12,218,344 (2023: £12,218,344).
Bad debt provision
The directors make judgements based on experience on the level of provision required to account for potential unpaid receivables. At the balance sheet date, the company has recognised no bad debt provision in the current or prior year in respect of unpaid receivables in Note 5.
| 2024 | 2023 | ||
| Number | Number | ||
| The Company has no employees other than the directors, who did not receive any remuneration |
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Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 January 2024 |
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| At 31 December 2024 |
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| Provisions for impairment | |
| At 01 January 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to Group undertakings |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 4,735,550 | 4,735,550 |
The company has taken advantage of the exemptions conferred by Section 33.1A of FRS 102 not to disclose transactions between other members of the group.
Artfact UK LLC, the immediate parent company, is bearing the cost of the audit and accountancy fees of the company.