Company registration number 07355750 (England and Wales)
ANGLEPOINT (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ANGLEPOINT (UK) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
ANGLEPOINT (UK) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
242,710
269,678
Tangible assets
5
14,281
35,641
Investments
6
320,247
256,991
625,566
Current assets
Debtors
7
854,511
1,353,353
Cash at bank and in hand
479,858
419,090
1,334,369
1,772,443
Creditors: amounts falling due within one year
8
(1,495,433)
(2,039,233)
Net current liabilities
(161,064)
(266,790)
Total assets less current liabilities
95,927
358,776
Creditors: amounts falling due after more than one year
9
(705,602)
(1,312,724)
Net liabilities
(609,675)
(953,948)
Capital and reserves
Called up share capital
100
100
Equity reserve
918
1,630
Other reserves
1,258,461
1,258,461
Profit and loss reserves
(1,869,154)
(2,214,139)
Total equity
(609,675)
(953,948)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2025-08-01
..............................................
Mr B J Papay
Director
Company registration number 07355750 (England and Wales)
ANGLEPOINT (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Equity reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
100
1,258,461
(1,453,521)
(194,960)
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(760,618)
(760,618)
Other movements
-
1,630
-
-
1,630
Balance at 31 December 2023
100
1,630
1,258,461
(2,214,139)
(953,948)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
344,985
344,985
Other movements
-
(712)
-
-
(712)
Balance at 31 December 2024
100
918
1,258,461
(1,869,154)
(609,675)
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Anglepoint (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 30 Dukes Place, London, EC3A 7LP.
1.1
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has net liabilities of £586,439 (2023: £953,948) at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the shareholders have given assurance that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The company also has support from Anglepoint Group Inc. in the USA who has a strong cash position.true
The directors are confident that the company’s sales and revenue will continue to grow in the foreseeable future and that the business will remain profitable going forward. In addition, while the company is in a net current liability position as at the reporting date, a large portion of the liability relates to deferred revenue amounts, the majority of which have been realised and recognised as income during the first quarter of the 2025 financial year.
Having considered the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
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.
Management fee income represents amounts receivable for services provided to the parent company, net of VAT.
Revenue from the provision of the services is recognised when the service has been provided, in the year which it relates to and in accordance with the agreed terms. The fees are determined by the way of an uplift on costs which the company incurs in providing the services.
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
33%
Computer equipment
33%
Furniture and fittings
33%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.9
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.
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.
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
31
31
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
3
Taxation
As of the balance sheet date, the company has accumulated tax losses of approximately £1.7 million. The company has not recognized a deferred tax asset for these losses. This decision is based on the absence of a reliable assessment of future taxable income, which is necessary to determine the realizability of the deferred tax asset.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
269,678
Amortisation and impairment
At 1 January 2024
Amortisation charged for the year
26,968
At 31 December 2024
26,968
Carrying amount
At 31 December 2024
242,710
At 31 December 2023
269,678
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
91,648
Depreciation and impairment
At 1 January 2024
56,007
Depreciation charged in the year
21,360
At 31 December 2024
77,367
Carrying amount
At 31 December 2024
14,281
At 31 December 2023
35,641
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
320,247
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 & 31 December 2024
320,247
Impairment
At 1 January 2024
-
Write off
320,247
At 31 December 2024
320,247
Carrying amount
At 31 December 2024
-
At 31 December 2023
320,247
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
308,434
453,416
Other debtors
546,077
899,937
854,511
1,353,353
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
32,075
Trade creditors
13,553
51,025
Amounts owed to group undertakings
677,580
513,118
Taxation and social security
82,847
43,172
Other creditors
721,453
1,399,843
1,495,433
2,039,233
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
705,602
1,312,724
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
Other creditors include:
A loan of £650,000 from Anglepoint Group Inc., the immediate parent company was repaid in full during the year. The initial loan was a facility draw down of £750,000 with £100,000 repaid in the prior year. The loan was interest free and was repayable in even instalments.
10
Other reserves
2024
2023
£
£
At the beginning and end of the year
1,258,461
1,258,461
Other reserves relate to capital contributions made by shareholders in 2022 which are not to be repaid in future and are not distributable.
11
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Daniel Rose
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
Date: .............................................
2025-08-04
12
Related party transactions
Exemption is taken for subsidiaries whereby 100% of voting rights are controlled within the group. The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
705,602
662,724
ANGLEPOINT (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Related party transactions
(Continued)
- 10 -
During 2022, the company entered into a loan agreement of £600,000 with Crayon Group SAS, the ultimate controlling party, repayable on 15 August 2029. The loan bears interest 6.47% (2023: 7.80%) derived as the sum of the borrower required gross trading margin, country risk and floating rate. During the year, interest of £42,878 (2023: £62,724) was capitalised to the loan. The outstanding balance of the loan is £705,602 (2023: £662,724).
13
Parent company
The company's immediate parent undertaking is Anglepoint Group Inc and ultimate parent company is Crayon Group ASA by the virtue of 77% ownership of the shares. It has included the company in its financial statements, copies of which are available from its website : https://www.crayon.com/uk/about-us/subsidiaries-and-non-controlling-interests/
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