Centiro Solutions Ltd
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Registration number:
Centiro Solutions Ltd
for the Year Ended 31 December 2024
Centiro Solutions Ltd
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Centiro Solutions Ltd
Company Information
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Director |
N Hedin |
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Registered office |
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Independent auditor |
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Centiro Solutions Ltd
(Registration number: 09240960)
Statement of Financial Position as at 31 December 2024
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2024 |
2023 |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net assets |
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Equity |
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Called up share capital |
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Retained earnings |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Section 1A of FRS102.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.
The financial statements of Centiro Solutions Ltd were approved and authorised for issue by the
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Director
Centiro Solutions Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024
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General information |
Centiro Solutions Ltd (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the director's report on page 2.
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Accounting policies |
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.
Going concern
The director has considered the company’s financial position, liquidity and future performance together with financial projections for the company over the foreseeable future and has also reviewed the ongoing committed financial support from the company's parent undertaking and is confident that this will be available for the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements.
Centiro Solutions Ltd is reliant on the support of Centiro Group AB as the parent company which is committed to the UK market and has demonstrated its support through a letter of support.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Summary of disclosure exemptions
The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent, Molvento AB, which may be obtained from Vevgaten 6, 504 64 Boras, Sweden. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel.
Centiro Solutions Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Critical judgements and key sources of estimation uncertainties
There were no key sources of estimation uncertainties or critical judgements made by the director in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.
Revenue recognition
Revenue represents amounts chargeable to the company's parent undertaking under an intercompany services agreement, net of value added tax. Revenue is recognised when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.
Cash and cash equivalents
Cash and cash equivalents comprise of bank current account balances and are subject to an insignificant risk of change in value.
Receivables
Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.
Centiro Solutions Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Accounting policies (continued) |
Payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable.
Financial instruments
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Staff numbers |
The average number of persons employed by the company during the year, was
Centiro Solutions Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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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 |
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The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher 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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Increase from effect of changes in tax rates |
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Effect of expense not deductible in determining taxable profit |
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Total tax charge |
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Receivables |
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2024 |
2023 |
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Amount owed by group undertaking |
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Other receivables |
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The amount owed by group undertaking disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing.
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Cash and cash equivalents |
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2024 |
2023 |
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Cash at bank |
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Centiro Solutions Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Payables |
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2024 |
2023 |
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Due within one year |
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Trade payables |
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Corporation tax |
15,519 |
12,767 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals and deferred income |
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Share capital and reserves |
Allotted, called up and fully paid share
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
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Dividends |
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2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
35,000 |
15,000 |
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Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
Centiro Solutions Ltd
Notes to the Financial Statements
for the Year Ended 31 December 2024 (continued)
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
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Events after the financial period |
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Audit report |