Company No:
Contents
DIRECTOR | M J Elsenga |
REGISTERED OFFICE | 27/28 Eastcastle Street |
London | |
W1W 8DH | |
United Kingdom |
COMPANY NUMBER | 04021839 (England and Wales) |
BANKERS | HSBC |
31 Holborn | |
London | |
EC1N 2HR | |
United Kingdom |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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2,165,159 | 2,165,159 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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0 | 7,033 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (1,479,926) | (1,486,476) | ||
Total assets less current liabilities | 685,233 | 678,683 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Novagraaf IP UK Limited (registered number:
M J Elsenga
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.
Novagraaf IP 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 27/28 Eastcastle Street, London, W1W 8DH, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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.
The functional currency of Novagraaf IP UK Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
For the year ended 31 December 2021, the Company made a profit of £6,550 (2020: loss £778,343) and had net current liabilities of £1,479,926 (2020: £1,486,476). The Company is dependent for its working capital on funds provided to it by Novagraaf Nederland BV ("Novagraaf BV"). Novagraaf BV has committed that it will provide financial and other support to the Company for at least 12 months from the date of these financial statements. On this basis, and on the assessment of the Company's financial position, the Company's director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Novagraaf IP UK Limited is a wholly owned subsidiary of Novagraaf Group B.V and the results of Novagraaf IP UK Limited are included in the consolidated financial statements of Questel Unite SAS which are available from 23 rue d’Antin, 75002 Paris, France.
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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Investments
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for relief from the recognition of share premium, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investments in subsidiaries
2021 | |
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Cost | |
At 01 January 2021 |
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At 31 December 2021 |
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Provisions for impairment | |
At 01 January 2021 |
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At 31 December 2021 |
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Carrying value at 31 December 2021 |
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Carrying value at 31 December 2020 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2021 |
Ownership 31.12.2020 |
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27/28 Eastcastle Street, London, United Kingdom, W1W 8DH | Trademark agent |
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27/28 Eastcastle Street, London, United Kingdom, W1W 8DH | Trademark agent |
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27/28 Eastcastle Street, London, United Kingdom, W1W 8DH | Intellectual property management and consultancy |
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2021 | 2020 | ||
£ | £ | ||
Amounts owed by Group undertakings |
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2021 | 2020 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Accruals |
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Corporation tax |
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The Company has taken advantage of the exemption granted within Section 33 of FRS 102, which does not require disclosure of transactions between a subsidiary undertaking and other Group undertakings, as 100% of the Company's voting rights are controlled within the Group.
The director received no emoluments in the year (2020: £nil) and there are no other key management personnel.
The immediate parent undertaking is Novagraaf Group B.V., incorporated in The Netherlands.
The ultimate parent undertaking is Questel Unite SAS, incorporated in France being the parent to the largest and smallest group in which the results of the Company are consolidated in. The consolidated financial statements of this group are available to the public and may be obtained from 23 rue d’Antin, 75002 Paris, France.