Company Registration No. 06359421 (England and Wales)
7P UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
7P UK LIMITED
COMPANY INFORMATION
Directors
G Duentzer
Dr M P Pesch
(Appointed 12 July 2021)
Company number
06359421
Registered office
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ
Auditor
Fortus South Limited
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ
7P UK LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 16
7P UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Principal activities
The principal activity of the company continued to be that of providing specialised consultancy to the mobile communications industry.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Duentzer
Dr J Philippi
(Resigned 31 July 2021)
Dr M P Pesch
(Appointed 12 July 2021)
Auditor
Fortus South Limited are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
G Duentzer
Director
21 April 2022
7P UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
The directors are responsible 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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
7P UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 7P UK LIMITED
- 3 -
Opinion
We have audited the financial statements of 7P UK Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 31 December 2020 and of its profit for the year 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.
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 financial statements are 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
7P UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 7P UK LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the company is not entitled to claim exemption in preparing a strategic report due to it being a member of an ineligible group.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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.
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 .
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.
We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.
7P UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 7P UK LIMITED
- 5 -
Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.
We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
Mark Rogers FCCA (Senior Statutory Auditor)
For and on behalf of Fortus South Limited
26 April 2022
Chartered Accountants and Statutory Auditor
3 Richfield Place
Richfield Avenue
Reading
Berkshire
RG1 8EQ
7P UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
2020
2019
Notes
€
€
Turnover
3
6,062,404
3,408,580
Cost of sales
(5,611,315)
(2,376,321)
Gross profit
451,089
1,032,259
Administrative expenses
(664,978)
(1,121,165)
Other operating income
221,974
Profit/(loss) before taxation
8,085
(88,906)
Tax on profit/(loss)
6
Profit/(loss) for the financial year
8,085
(88,906)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
7P UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 7 -
2020
2019
Notes
€
€
€
€
Fixed assets
Tangible assets
7
2,289
3,311
Current assets
Debtors
8
1,238,821
713,048
Cash at bank and in hand
101,710
406,672
1,340,531
1,119,720
Creditors: amounts falling due within one year
9
(1,127,854)
(916,150)
Net current assets
212,677
203,570
Net assets
214,966
206,881
Capital and reserves
Called up share capital
11
136
136
Profit and loss reserves
214,830
206,745
Total equity
214,966
206,881
The financial statements were approved by the board of directors and authorised for issue on 21 April 2022 and are signed on its behalf by:
G Duentzer
Director
Company Registration No. 06359421
7P UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
Share capital
Profit and loss reserves
Total
€
€
€
Balance at 1 January 2019
136
295,651
295,787
Year ended 31 December 2019:
Loss and total comprehensive expense for the year
-
(88,906)
(88,906)
Balance at 31 December 2019
136
206,745
206,881
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
8,085
8,085
Balance at 31 December 2020
136
214,830
214,966
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
1
Accounting policies
Company information
7P UK Limited (registration number 06359421) is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Richfield Place, Richfield Avenue, Reading, Berkshire, RG1 8EQ.
The principal place of business is 12 Cleveland Place, London, W2 6DH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
Euros
which is the
presentational
currency of the company.
The functional currency is considered to be Sterling.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The reason for presenting these financial statements in a different currency to the functional currency is to be consistent with the group.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
:
The
disclosure
requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of Seven Principles AG, a company registered in Germany. These consolidated financial statements are available from its registered office, Erna-Scheffler-Straße 1a, 51103 Cologne, German
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 10 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Three years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets
.
A provision is made for any impairment loss and taken to the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company
only enters into
b
asic financial instrument transactions
.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 11 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Such debt instruments are subsequently carried at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than
euros
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
2
Judgements and key sources of estimation uncertainty
(Continued)
- 13 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Revenue recognition
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
€
€
Turnover analysed by class of business
Sales of services
6,062,404
3,408,580
2020
2019
€
€
Turnover analysed by geographical market
Sales to EU countries
6,004,041
3,289,783
Sales to UK
58,363
118,797
6,062,404
3,408,580
4
Operating profit/(loss)
2020
2019
Operating profit/(loss) for the year is stated after charging/(crediting):
€
€
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(42,624)
28,236
Fees payable to the company's auditor for the audit of the company's financial statements
12,384
10,509
Depreciation of owned tangible fixed assets
1,022
1,259
Operating lease charges
60,346
80,107
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 14 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Administration
1
1
Sales
3
3
Total
4
4
Their aggregate remuneration comprised:
2020
2019
€
€
Wages and salaries
249,054
474,979
Social security costs
23,159
45,841
Pension costs
10,984
12,067
283,197
532,887
6
Taxation
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
€
€
Profit/(loss) before taxation
8,085
(88,906)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
1,536
(16,892)
Tax effect of expenses that are not deductible in determining taxable profit
237
605
Unutilised tax losses carried forward
16,287
Utilisation of tax losses
(1,773)
Taxation charge for the year
-
-
In the Spring Budget 2021, the Government announced that from the 1 April 2023 the corporation tax rate will increase to 25%. As the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effect is not included in these financial statements. It is likely that the overall effect of the change, had it have been substantively enacted by the balance sheet date, would have been immaterial to the financial statements.
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 15 -
7
Tangible fixed assets
Fixtures, fittings & equipment
€
Cost
At 1 January 2020 and 31 December 2020
28,356
Depreciation and impairment
At 1 January 2020
25,045
Depreciation charged in the year
1,022
At 31 December 2020
26,067
Carrying amount
At 31 December 2020
2,289
At 31 December 2019
3,311
8
Debtors
2020
2019
Amounts falling due within one year:
€
€
Trade debtors
243,161
15,714
Amounts owed by group undertakings
622,049
446,464
Other debtors
373,611
218,539
Prepayments and accrued income
32,331
1,238,821
713,048
9
Creditors: amounts falling due within one year
2020
2019
€
€
Trade creditors
784,653
613,874
Taxation and social security
11,283
6,599
Other creditors
79
Accruals and deferred income
331,918
295,598
1,127,854
916,150
7P UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 16 -
10
Retirement benefit schemes
2020
2019
Defined contribution schemes
€
€
Charge to profit or loss in respect of defined contribution schemes
10,984
12,067
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Share capital
2020
2019
€
€
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
136
136
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2020
2019
€
€
Within one year
49,631
99,263
Between two and five years
49,631
49,631
148,894
13
Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
14
Ultimate controlling party
The ultimate parent company is Seven Principles AG, a company registered in Germany.
The ultimate controlling party is Johannes Mohn who owns 96% of the shareholding in the ultimate parent company, Seven Principals AG.
The smallest and largest group the company is consolidated into is Seven Principles AG. These can be obtained from Erna-Scheffler-Straße 1a, 51103 Cologne, German or https://7p-group.com/en/investor-relations/.
2020-12-31
2020-01-01
false
CCH Software
CCH Accounts Production 2022.100
G Duentzer
Dr J Philippi
G Duentzer
06359421
2020-01-01
2020-12-31
06359421
bus:Director3
2020-01-01
2020-12-31
06359421
bus:Director5
2020-01-01
2020-12-31
06359421
bus:Director4
2020-01-01
2020-12-31
06359421
bus:Director1
2020-01-01
2020-12-31
06359421
bus:Director2
2020-01-01
2020-12-31
06359421
bus:RegisteredOffice
2020-01-01
2020-12-31
06359421
2020-12-31
06359421
2019-01-01
2019-12-31
06359421
core:RetainedEarningsAccumulatedLosses
2019-01-01
2019-12-31
06359421
core:RetainedEarningsAccumulatedLosses
2020-01-01
2020-12-31
06359421
2019-12-31
06359421
core:FurnitureFittings
2020-12-31
06359421
core:FurnitureFittings
2019-12-31
06359421
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
06359421
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
06359421
core:CurrentFinancialInstruments
2020-12-31
06359421
core:CurrentFinancialInstruments
2019-12-31
06359421
core:ShareCapital
2020-12-31
06359421
core:ShareCapital
2019-12-31
06359421
core:RetainedEarningsAccumulatedLosses
2020-12-31
06359421
core:RetainedEarningsAccumulatedLosses
2019-12-31
06359421
core:ShareCapital
core:RestatedAmount
2018-12-31
06359421
core:RestatedAmount
2018-12-31
06359421
core:FurnitureFittings
2020-01-01
2020-12-31
06359421
core:UKTax
2020-01-01
2020-12-31
06359421
core:UKTax
2019-01-01
2019-12-31
06359421
1
2020-01-01
2020-12-31
06359421
1
2019-01-01
2019-12-31
06359421
core:FurnitureFittings
2019-12-31
06359421
core:WithinOneYear
2020-12-31
06359421
core:WithinOneYear
2019-12-31
06359421
core:BetweenTwoFiveYears
2020-12-31
06359421
core:BetweenTwoFiveYears
2019-12-31
06359421
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
06359421
bus:FRS102
2020-01-01
2020-12-31
06359421
bus:Audited
2020-01-01
2020-12-31
06359421
bus:FullAccounts
2020-01-01
2020-12-31
xbrli:pure
xbrli:shares
iso4217:GBP