Company No:
Contents
| DIRECTORS | J Nikkel |
| P N Nikkel |
| REGISTERED OFFICE | 24 Greville Street |
| London | |
| EC1N 8SS | |
| United Kingdom |
| COMPANY NUMBER | 11000048 (England and Wales) |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
|
|
|
| Investments | 4 |
|
|
|
| 75,337,644 | 67,700,820 | |||
| Current assets | ||||
| Debtors | 5 |
|
|
|
| Cash at bank and in hand | 6 |
|
|
|
| 66,741,589 | 55,232,437 | |||
| Creditors: amounts falling due within one year | 7 | (
|
(
|
|
| Net current assets | 66,642,745 | 55,017,409 | ||
| Total assets less current liabilities | 141,980,389 | 122,718,229 | ||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Share premium account |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Tipping Canoe UK Limited (registered number:
|
P N Nikkel
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.
Tipping Canoe UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 24 Greville Street, London, EC1N 8SS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
| Other intangible assets | not amortised |
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the company financial statements, investments in associates are accounted for at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
|
|
| Other intangible assets | Total | ||
| £ | £ | ||
| Cost/Valuation | |||
| At 01 January 2024 |
|
|
|
| Additions |
|
|
|
| Revaluation |
|
|
|
| At 31 December 2024 |
|
|
|
| Accumulated amortisation | |||
| At 01 January 2024 |
|
|
|
| At 31 December 2024 |
|
|
|
| Net book value | |||
| At 31 December 2024 |
|
|
|
| At 31 December 2023 |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Subsidiary undertakings |
|
|
|
| Participating interests |
|
|
|
| Other investments and loans |
|
|
|
| 45,120,409 | 56,467,747 |
Investments in subsidiaries
| 2024 | |
| £ | |
| Cost | |
| At 01 January 2024 |
|
| Disposals | (
|
| At 31 December 2024 |
|
| Provisions for impairment | |
| At 01 January 2024 |
|
| Impairment |
|
| At 31 December 2024 |
|
| Carrying value at 31 December 2024 |
|
| Carrying value at 31 December 2023 |
|
| Investments in associates | Other investments | Total | |||
| £ | £ | £ | |||
| Cost or valuation before impairment | |||||
| At 01 January 2024 |
|
|
|
||
| Additions |
|
|
|
||
| Disposals |
|
(
|
(
|
||
| Movement in fair value |
|
(
|
(
|
||
| Foreign exchange differences |
|
|
|
||
| At 31 December 2024 |
|
|
|
||
| Provisions for impairment | |||||
| At 01 January 2024 |
|
|
|
||
| Impairment |
|
|
|
||
| At 31 December 2024 |
|
|
|
||
| Carrying value at 31 December 2024 |
|
|
|
||
| Carrying value at 31 December 2023 |
|
|
|
Investments in shares
Details of the company's subsidiaries at 31 December 2024 are as follows:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Ownership 31.12.2023 |
|
|
24 Greville Street, London | Holding company |
|
|
|
|
|
Mötzelbach 18, D-07407 Uhlstädt-Kirchhasel | Investment propert |
|
|
|
|
|
360 Main Street, Winnipeg, MB | Investment property |
|
|
|
| Tipping Canoe UG (liquidated in the period) | Torstraße 164, 10115 Berlin, Germany | Holding company | Ordinary | 0.00% | 100.00% |
| XWRBLE Ltd (liquidated in the period) | 24 Greville Street, London | Marketing | Ordinary | 0.00% | 80.00% |
|
|
24 Greville Street, London | Holding company |
|
|
|
|
|
6 Snow Hill, London | Cashback provider |
|
|
|
Investments in associates
Details of associates at 31 December 2024 are as follows:
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Ownership 31.12.2023 |
|
|
Vale do Mondego Lote 1, 3140 - 363, Santo Varao, Portugal | Investment property |
|
|
|
|
|
Edisonstr. 63, 12459 Berlin | Holding Company |
|
|
|
|
|
200-171, Mcdermot Avenue, Winnipeg. Canada | Consumer technology |
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by group undertakings (note 9) |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
|
|
|
| Short-term deposits |
|
|
|
| 52,839,055 | 43,493,356 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
(
|
|
| Other creditors |
|
|
|
|
|
|
Contingent assets
Transactions with subsidiaries
At the year end, the Company had outstanding loan balances due from the following subsidiary companies:
- £999,849 (2023 - £1,051,840) from Quonset Quark GmbH, a subsidiary based in Germany.
- £5,804,787 (2023 - £6,196,038) from Trotzdem Inc, a subsidiary based in Canada.
The loans are all unsecured, interest-free and repayable on demand.
The only transactions with subsidiaries during the year related to foreign exchange movements arising from intercompany balances.
As part of a review of its investments, the Company wrote off loan balances totalling £7,804 (2023 - £nil) in relation to subsidiaries that were liquidated in the period. This has been recognised in the profit and loss account. Additionally, £14,842 which had previously been written off as a bad debt in respect of a subsidiary company has been reversed in the year to reflect the final payout on sale.
Transactions with associates
At the year end, the balance owed by Honest Crocodile, Lda, an associated company based in Portugal, amounted to £3,040,102 (2023 - £3,186,254). The loan is unsecured, interest-free and repayable on demand. The only related party transactions in the year related to foreign exchange movements arising from intercompany balances.
Other related party transactions
At the year end, the balance owed by Alias Cafune, a related company based in Portugal whose sole director is Paul Nikkel, amounted to £827,411 (2023 - £827,411). The loan is unsecured, interest-free and repayable on demand. The only transactions during the year related to foreign exchange movements arising from intercompany balances.
During the year, the company incurred costs of £426,814 (2023 - £nil) from Grue Foundation GmbH, a related company based in Germany. All transactions were incurred at arm’s length under normal market conditions.
Dividends paid
Dividends of £60,000 (2024 - £500,000) were declared and paid to the directors of the Company during the year.
As at 31 December 2024 the Company is controlled directly by the directors.