| OPERATIVE (UK) LIMITED |
| Notes to the financial statements - 31 December 2024 |
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COMPANY INFORMATION |
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| 1. |
Company Information |
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Operative (UK) Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 6.12 CentralHouse, 1 Ballards Lane London, N3 1LQ. |
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The company is a wholly owned subsidiary of SintecMedia NYC, a company registered in the USA. |
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| 2. |
Accounting Policies |
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| 2.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The company financial statements are prepared in sterling. |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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| 2.2 |
Going concern |
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The company managed to achieve profit this year. In the period up to the date of signing the accounts, the company managed to achieve a profit. The company has negative equity and net current liability. The negative equity is covered by a short term credit from another group company. The group company guarantees that it will continue to cover the cash flow requirements for the company in the next 12 months and will not demand the repayment of the balance due to it, in the next 12 months. |
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| 2.3 |
Turnover |
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Turnover is derived from ordinary activities and represents net invoiced value of goods excluding VAT. |
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| 2.4 |
Revenue recognition |
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Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts. |
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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 the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Revenue from the sale of goods is recognised when all the significant risks and rewards of ownership of the goods have passed to the buyer and the seller no longer retains continual managerial involvement. The delivery date is usually the date on which ownership passes. |
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| 2.5 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange |
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ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at |
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the rate of exchange ruling at the date of the transaction. |
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| OPERATIVE (UK) LIMITED |
| Notes to the financial statements - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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| 2.6 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction. Long term intercompany loan that was advanced to the company interest free is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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| 2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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| 2.8 |
Creditors |
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Basic financial liabilities including trade and other payable, amounts owed to group companies are measured at transaction price. |
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Long term loan advanced by group companies is measured at present value, discounted at a market rate of interest. |
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| 2.9 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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| OPERATIVE (UK) LIMITED |
| Notes to the financial statements - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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| 2.10 |
Employee benefits |
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The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. |
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(i) Short term benefits |
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Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. |
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(ii) Defined contribution pension plans |
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The company operated a defined contribution plan for its employees. A defined contribution plan is pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
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(iii) Bonus plan |
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The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made. |
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(iv) Share based payments |
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Where the company participates in a share-based payment arrangement established by a group company it takes advantage of the alternative treatment allowed under Section 26 of FRS 102. The company recognises the share-based payment expense based on an allocation of its share of the group's total expense, calculated in proportion to the number of participating employees. The corresponding credit is recognised in retained earnings as a component of equity. |
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| 3. |
Employees |
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2024 |
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2023 |
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Number of employees |
1 |
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1 |
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No remuneration was paid to any of the directors during 2024 (2023 Nil). |
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| 4. |
Debtors |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Trade debtors |
45,265 |
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37,125 |
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Prepayments and accrued income |
1,443 |
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1,443 |
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46,708 |
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38,568 |
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| OPERATIVE (UK) LIMITED |
| Notes to the financial statements - 31 December 2024 |
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| 5. |
Creditors: amounts falling due |
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within one year |
31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Amounts owed to group company |
200,000 |
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250,000 |
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VAT |
4,394 |
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8,592 |
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Accruals and deferred income |
35,742 |
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38,975 |
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240,136 |
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297,567 |
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| 6. |
Creditors: amounts falling due |
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after one year |
31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Group company |
1,097,836 |
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938,802 |
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1,097,836 |
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938,802 |
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| 7. |
Shareholders' Funds |
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31.12.2024 |
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31.12.2023 |
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£ |
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£ |
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Allotted, called up and fully paid: |
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2 Ordinary Shares at £1 each |
2 |
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2 |
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| 8. |
Commitment |
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There are no financial commitments as at 31 December 2024 (2023 nil). |
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| 9. |
Audit report information |
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As the income statement has been omitted from the filing 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 was unqualified. |
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The senior statutory auditor was Mr.Ran Shahmoon. |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 4 August 2025 |
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Name of director signing accounts: P. Bryan-Harris |
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Date director signed accounts: 4 August 2025 |
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| 10. |
Related Party Transactions |
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Control: |
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The immediate parent company is Operative Media Inc, a company incorporated in the USA; 530 5th Avenue (between 44th & 45th St.) Suite 19A New York, NY 10036. |
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The ultimate parent company is SM Lux Top Co S.A , a Luxembourg company. |
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The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A. |