REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 30 SEPTEMBER 2023 |
FOR |
KPMG ACCELERIS LIMITED |
PREVIOUSLY KNOWN AS |
ACCELERIS CAPITAL LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 APRIL 2022 TO 30 SEPTEMBER 2023 |
FOR |
KPMG ACCELERIS LIMITED |
PREVIOUSLY KNOWN AS |
ACCELERIS CAPITAL LIMITED |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 April 2022 to 30 September 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
KPMG ACCELERIS LIMITED |
COMPANY INFORMATION |
for the Period 1 April 2022 to 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
Bridle Road |
Bootle |
Liverpool |
Mersyside |
L30 4GB |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
STATEMENT OF FINANCIAL POSITION |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 April 2022 to 30 September 2023 |
1. | STATUTORY INFORMATION |
KPMG Acceleris Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has made a trading loss of £2,329,475 (2022 - profit £30,214) and has net liabilities of £2,182,390 (2022 - net assets £147,095). However, within liabilities is a loan from KPMG Holdings Limited of £1.66 million, which is not due to be repaid within 12 months. After making enquiries and considering current trade, future plans and forecasts, the directors have confirmed that, whilst the company is dependent on financial support from its main shareholder KMPG Holdings Limited, it has adequate working capital to continue trade in the foreseeable future. |
On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, and represents services provided. |
Revenue from contracts for the provision of professional services is recognised be 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, 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. |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 April 2022 to 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are recognised at cost less accumulated depreciation and amortisation. |
Impairment of fixed assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
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 date. |
Financial assets are impaired where there ia objective evidence that, as a result of one or more events that occurred after 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 cashflows discounted at the assets original effective interest rate. The impairment loss is recognised in profit and loss. |
If there is a decrease in impairment loss arising from an event occuring 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. |
Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors, overdrafts and related party loans, are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method. |
Investments |
Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially recorded 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 the profit and loss. |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 April 2022 to 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Rentals payable under operating leases are charged to profit and loss on a straight line basis over the term of the relevant lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government income |
The government has claimed monies from HMRC as part of the government furlough scheme. This is recognised immediately the benefit becomes due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 April 2022 to 30 September 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other investments not loans |
Additional information is as follows: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 125,188 |
Additions | 2,000 |
Revaluations | ( |
) | ( |
) | (75,971 | ) |
At 30 September 2023 | 51,217 |
NET BOOK VALUE |
At 30 September 2023 | 51,217 |
At 31 March 2022 | 125,188 |
Cost or valuation at 30 September 2023 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2020 | 10,022 | (44,888 | ) | (34,866 | ) |
Valuation in 2022 | - | 14,546 | 14,546 |
Valuation in 2023 | (8,094 | ) | (67,877 | ) | (75,971 | ) |
Cost | 10,000 | 137,508 | 147,508 |
11,928 | 39,289 | 51,217 |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 April 2022 to 30 September 2023 |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Warrants | - | 6,598 |
Warrants are held at fair value using the latest share issue price, less the price to exercise and discounted to reflect the uncertain nature of the investment. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | - | 48,758 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Loan from KPMG Holdings Limited | 1,665,106 | - |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | OPERATING LEASE COMMITMENTS |
The company had total operating lease commitments at the balance sheet date of £232,273 (2022: £45,745). |
KPMG ACCELERIS LIMITED (REGISTERED NUMBER: 08817319) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 April 2022 to 30 September 2023 |
11. | RELATED PARTY DISCLOSURES |
On 1 November 2022 KPMG Holdings Limited acquired 50% of the issued share capital of the company, creating a joint venture. |
During the period the company received funds amounting to £1,665,106 which remains outstanding at the period end. Interest of £65,106 has been charged. |
During the period the company entered into a provision of services agreement with KPMG LLP. The company incurred charges amounting to £442,364 which remains outstanding at the period end. |
12. | ULTIMATE CONTROLLING PARTY |
The company is under the control of its board of directors. |