Registration number:
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Socius Investments Limited
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Brebners
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Socius Investments Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Socius Investments Limited
Company Information
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Directors |
JTMM Investments Limited G S Sidhu R J Clarke K W Harris |
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Registered office |
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Auditor |
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Socius Investments Limited
Strategic Report for the Period from 1 April 2023 to 30 June 2024
The directors present their strategic report for the period from 1 April 2023 to 30 June 2024.
Principal activity
The principal activity of the company is that of an investment holding company.
The company's direct subsidiaries are GEM Green Energy Services Limited (GEM GES) and GEM Environmental Building Services Limited (GEM EBS), which are both trading companies.
The principal activity of GEM EBS is the provision of building services and maintenance. The principal activity of GEM GES is the provision of environmental consulting services.
For the period under review GEM EBS has continued building on its core skills to become a pioneer provider of Eco services, through a range of associated proprietary technologies in the form of its agility, smart and heat metering software and firmware products.
These enable customers to meet the increasingly stringent regulations surrounding the ever-growing pressure to achieve a national net-zero carbon footprint. High demand for these products is driven by statute, underwritten by local authority contracts, and guaranteed by legislation.
Across the period, the group has therefore continued its financial support investing in the ongoing development of the GEM GES Eco business. During the period £0.9m (2023 - £0.8m) has been invested in continuing to build a team, in infrastructure and in providing advocacy for government and clients in the district heating sector ahead of the introduction of the new Energy Act for which the Group has identified significant customer solutions through its agility and smart offerings.
Given the nature of the company's business, it has no turnover or administrative expenses.
On 30 June 2024 the company had net assets of £1,703,480.
Executive Chairman's Statement and Business Review
As Executive Chairman I am pleased to provide an update on the group’s progress with its development plans for all of its services, against the backdrop of the most challenging environment post COVID, and the substantial inflationary pressure reported in the 2023 annual report.
This report covers the fifteen-month period from 1 April 2023 to 30 June 2024.
Socius Investments Limited
Strategic Report for the Period from 1 April 2023 to 30 June 2024
Key highlights for the period
• Successful deployment of Smart IOT solution into local authority dwellings enabling customers to measure energy consumption, light levels, ventilation, and mould risks, with this roll-out continuing post period end.
• Growing projects pipeline with the final quarter run rate £2.4m versus £1.5m in prior quarters, a trend which continues into 24/25.
• Further consultancy service agreements added in the final quarter with two more local authorities (Royal Borough of Kensington & Chelsea and LB of Lambeth) engaging the group to identify and propose solutions to meet their requirements under the Energy Act.
• Continued use of the innovative agility software by Southern Housing, Islington Council and Westminster City Council. Due to this software’s agnostic approach to measuring and monitoring heat networks and communal heating, it is regarded as an extremely competitive solution to clients.
• Positive EBITDA in Quarter 4, stalled by a material event in May 2024, a trend which has continued into the post period end quarters.
By building on these key achievements the directors believe that the group is well placed to exploit future opportunities as and when they arise.
Assessment of Risks
• Inflation - The group's focus is on inflation within the supply chain and workforce, and customers’ budget constraints, all of which must be balanced against residents’ own cost of living pressures. The wider world conflicts and uncertainties will continue to drive inflation and fuel poverty pressures. This inevitably affects our people, our purchasing power, our clients, end-users, and the resultant annual pricing reviews with our clients.
That said, from a client perspective, given the legislative, environmental, and Health & Safety agenda within government, the solutions the group can offer provide considerable leverage for the group in terms of clients’ needs to ensure the solutions the group offers are made a priority.
• Credit - both in the context of credit insurers’ appetite to the wider construction sector, and with the historic losses within the group, access to credit via supply chain credit limits in particular presents a challenge, especially in the light of the group's growth trajectory and so need for further working capital.
The return to profitability, increasing order book for project work, which generates a higher gross profit margin, and roll-out of recurring revenue technology is and will improve access to credit over time.
Socius Investments Limited
Strategic Report for the Period from 1 April 2023 to 30 June 2024
Corporate Governance
GEM EBS has achieved, and is continually improving on, its ISO Certification and is progressing toward Tier 1 & 2 ESG requirements, which cover activities such as Leadership & Purpose, Board Composition, Director Responsibilities, Opportunity and Risk, Remuneration, Health, and Well-being & Safety.
As of 30 June 2024, GEM EBS hold the accreditations listed herewith: BESA; ISO -9001, 14001 and 45001; CHAS; Construction Online - Silver and Bronze; Constructionline; Social Value; Gas Safe; FORS - Bronze; IGEM EBS; LRQA; NAPIT, NICEIC and Sage Contractor.
The group reviews its key policies and terms of reference on an annual basis and makes relevant changes to maintain best practices and support ever changing legislation, which has seen the continuation of separate Remuneration, Audit, ESG and Health, Well-being and Safety Committees to emphasise the importance of these within our growing company.
Board Composition
The composition of the board is currently;
Executive Members:
• Richard Clarke - Executive Chairman
• Keith Harris - Managing Director
Non-Executive Members:
• Mitchell Barney - Social Values and Brand
• Gurmail Sidhu - Legal Professional
Other contributors:
• Peter Wall - SME Investor and Mentor
Board meetings
Board meetings are held monthly as a minimum.
At every board meeting the directors review the operational effectiveness, governance, and financial aspects of the group comprehensively, with a particular focus on the overall strategy and KPIs.
Shareholder relations
The board meets with the ultimate shareholders on a regular basis, at a minimum monthly, to review progress towards the strategic goals set.
Research and development
The group continues to undertake research and development to improve and diversify its service offering.
Socius Investments Limited
Strategic Report for the Period from 1 April 2023 to 30 June 2024
Future Prospects
Since 30 June 2024 the group has returned to a positive EBITDA.
In addition to the ongoing Servicing & Repair revenues, GEM EBS has a substantial projects pipeline of £25.4m, either via committed purchase orders, projects commenced awaiting purchase order (£8.4m) or a proportion of works which have been priced and verbally agreed and awaiting purchase order.
A sizeable proportion of these projects revenues are to enable the infrastructure for, or the actual installation of smart and agility software, sensors and platforms. Once complete there are recurring revenues alongside the enabling and installation income, currently included in project revenues.
Given all the above the business has identified the need to raise substantial additional funds to provide sufficient working capital, build credit ratings and secure better materials pricing. Post the period end date professional advisers have been appointed for this work. In tandem with this a new leadership team for the group’s finances has been put in place to control the growing business.
As we look forward to 2024/25, the group enjoys a positive outlook with a stable service and maintenance business, substantial and growing project works, and an exciting solution for many local authorities and other property owners with exposure to district heat networks which will ultimately generate recurring revenues. Thus, the business is expected to grow quickly in the next 6-18 months.
Approved by the
.........................................
Director
Socius Investments Limited
Directors' Report for the Period from 1 April 2023 to 30 June 2024
The directors present their report and the financial statements for the period from 1 April 2023 to 30 June 2024.
Directors of the company
The directors who held office during the period were as follows:
Dividends
No interim dividends were declared and paid (2023, £nil). No final dividend is proposed.
Disclosure of information included in the Strategic Report
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.
Directors' liabilities
As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the director on
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R J Clarke
Director
Socius Investments Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Socius Investments Limited
Independent Auditor's Report to the Members of Socius Investments Limited
for the Period from 1 April 2023 to 30 June 2024
Opinion
We have audited the financial statements of Socius Investments Limited (the 'company') for the period from 1 April 2023 to 30 June 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its results for the period 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. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Socius Investments Limited
Independent Auditor's Report to the Members of Socius Investments Limited
for the Period from 1 April 2023 to 30 June 2024
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 7), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Socius Investments Limited
Independent Auditor's Report to the Members of Socius Investments Limited
for the Period from 1 April 2023 to 30 June 2024
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
Socius Investments Limited
Independent Auditor's Report to the Members of Socius Investments Limited
for the Period from 1 April 2023 to 30 June 2024
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
130 Shaftesbury Avenue
London
W1D 5AR
Socius Investments Limited
Statement of Income and Retained Earnings for the Period from 1 April 2023 to 30 June 2024
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Note |
2024 |
2023 |
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Turnover |
- |
- |
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Administrative expenses |
- |
( |
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Operating loss |
- |
( |
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Income from shares in group undertakings |
- |
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- |
2,107,479 |
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Profit before tax |
- |
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Profit for the financial period |
- |
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Retained earnings brought forward |
1,698,813 |
18,834 |
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Retained earnings carried forward |
1,698,813 |
1,698,813 |
Socius Investments Limited
Statement of Financial Position as at 30 June 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,667 |
4,667 |
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Retained earnings |
1,698,813 |
1,698,813 |
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Shareholders' funds |
1,703,480 |
1,703,480 |
Approved and authorised by the
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R J Clarke
Director
Company registration number: 11875921
Socius Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of an investment holding company.
The principal place of business is:
1 Torriano Mews
London
NW5 2RZ
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS102:
(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Group accounts not prepared
Disclosure of long or short period
Socius Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
Going concern
The company had net assets at 30 June 2024 of £1,703,480.
The company's affairs as an investment holding company are straight forward with no significant overheads. However, the company's own ability to continue as a going concern is dependent upon the financial position and performance of its trading subsidiaries. The directors of the parent undertaking have produced cash flow forecasts for the group based upon estimated levels of activity which demonstrate that the group has sufficient working capital for a period exceeding 12 months from the approval of the financial statements.
On the basis of the above, and after making enquiries, 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 in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable
income.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Dividends on equity securities are recognised in income when receivable.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Socius Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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Staff costs |
The average number of persons employed by the company during the period, was
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Auditor's remuneration |
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1 April 2023 to 30 June 2024 |
Year ended 31 March 2023 |
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Auditor's remuneration |
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Current taxation |
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UK corporation tax |
- |
- |
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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Profit before tax |
- |
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Corporation tax at standard rate |
- |
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Effect of expense not deductible in determining taxable profit (tax loss) |
- |
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Tax decrease from effect of dividends from UK companies |
- |
( |
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Total tax charge/(credit) |
- |
- |
The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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Profit before tax |
- |
|
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Corporation tax at standard rate |
- |
|
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Effect of expense not deductible in determining taxable profit (tax loss) |
- |
|
|
Tax decrease from effect of dividends from UK companies |
- |
( |
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Total tax charge/(credit) |
- |
- |
Socius Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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Investments |
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30 June |
31 March 2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 31 March 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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130 Shaftesbury Avenue
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Ordinary |
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130 Shaftesbury Avenue
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Ordinary |
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GEM Environmental Business Services Limited
The principal activity of GEM Environmental Building Services Limited is that of building services and maintenance.
GEM Green Energy Services Limited
The principal activity of GEM Green Energy Services Limited is that of plumbing, heat and air-conditioning installation and environmental consulting.
Socius Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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Debtors |
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30 June 2024 |
31 March 2023 |
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Other debtors |
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|
|
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Creditors |
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30 June 2024 |
31 March 2023 |
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Due within one year |
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Trade creditors |
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|
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Amounts due to group undertakings |
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Other payables |
|
- |
|
|
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
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No. |
£ |
No. |
£ |
|
|
|
|
4,666.67 |
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4,666.67 |
There are no restrictions on the repayment of capital or the distribution of dividends.
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Financial commitments, guarantees and contingencies |
The total amount of guarantees not included in the financial statements is £1,233,333 (2023: £1,733,333) in respect of a group bank loan. No liability is expected to arise.
This guarantee is supported by a fixed and floating charge over the assets and undertakings of the company.
Socius Investments Limited
Notes to the Financial Statements for the Period from 1 April 2023 to 30 June 2024
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Transactions with directors |
At 30 June 2024 an amount of £233 (2023: £233) was due from the directors. No interest is payable to the company and there are no agreed terms.
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Related party transactions |
In accordance with FRS102 paragraph 33.1A exemption is taken not to disclose transactions or amounts due between wholly owned undertakings.
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Relationship between entity and parents |
The company's immediate and ultimate parent undertaking is JTMM Investments Limited.
The parent of the smallest and largest group preparing group accounts incorporating the results of the company is JTMM Investments Limited, whose financial statements are publicly available from Companies House. The registered address of JTMM Investments Limited is 130 Shaftesbury Avenue, 2nd Floor, London, W1D 5EU.
The ultimate controlling party is M. Barney.