0
2 June 2023
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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
951,009
951,009
951,009
xbrli:pure
xbrli:shares
iso4217:GBP
08825511
2021-01-01
2021-12-31
08825511
2021-12-31
08825511
2020-12-31
08825511
2020-12-31
08825511
core:NetGoodwill
2021-01-01
2021-12-31
08825511
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-01-01
2021-12-31
08825511
core:Subsidiary1
2021-01-01
2021-12-31
08825511
core:Subsidiary2
2021-01-01
2021-12-31
08825511
core:Subsidiary3
2021-01-01
2021-12-31
08825511
core:Subsidiary4
2021-01-01
2021-12-31
08825511
core:Subsidiary5
2021-01-01
2021-12-31
08825511
core:Subsidiary6
2021-01-01
2021-12-31
08825511
core:Subsidiary7
2021-01-01
2021-12-31
08825511
core:Subsidiary8
2021-01-01
2021-12-31
08825511
bus:Director1
2021-01-01
2021-12-31
08825511
bus:Director2
2021-01-01
2021-12-31
08825511
bus:Director3
2021-01-01
2021-12-31
08825511
core:NetGoodwill
2020-12-31
08825511
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-12-31
08825511
core:NetGoodwill
2021-12-31
08825511
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-12-31
08825511
core:WithinOneYear
2021-12-31
08825511
core:WithinOneYear
2020-12-31
08825511
core:ShareCapital
2021-12-31
08825511
core:ShareCapital
2020-12-31
08825511
core:RetainedEarningsAccumulatedLosses
2021-12-31
08825511
core:RetainedEarningsAccumulatedLosses
2020-12-31
08825511
core:NetGoodwill
2020-12-31
08825511
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2020-12-31
08825511
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
08825511
core:Non-currentFinancialInstruments
2021-12-31
08825511
core:Non-currentFinancialInstruments
2020-12-31
08825511
bus:SmallEntities
2021-01-01
2021-12-31
08825511
bus:Audited
2021-01-01
2021-12-31
08825511
bus:FullAccounts
2021-01-01
2021-12-31
08825511
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
08825511
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
08825511
Filleted Financial Statements |
|
Statement of Financial Position |
|
31 December 2021
Fixed assets
Intangible assets |
4 |
|
2,183 |
188,403 |
Investments |
5 |
|
951,009 |
951,009 |
|
|
--------- |
------------ |
|
|
953,192 |
1,139,412 |
|
|
|
|
|
Current assets
Debtors |
6 |
18,221,239 |
|
16,500,527 |
Cash at bank and in hand |
7,132 |
|
30,888 |
|
------------- |
|
------------- |
|
18,228,371 |
|
16,531,415 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
21,556,671 |
|
19,991,691 |
|
------------- |
|
------------- |
Net current liabilities |
|
3,328,300 |
3,460,276 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
(
2,375,108) |
(
2,320,864) |
|
|
------------ |
------------ |
Net liabilities |
|
(
2,375,108) |
(
2,320,864) |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
1,000 |
1,000 |
Profit and loss account |
|
(
2,376,108) |
(
2,321,864) |
|
|
------------ |
------------ |
Shareholder deficit |
|
(
2,375,108) |
(
2,320,864) |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Statement of Financial Position (continued) |
|
31 December 2021
These financial statements were approved by the
board of directors
and authorised for issue on
17 April 2023
, and are signed on behalf of the board by:
Mr J C Wilcox |
Mr M Otaibi |
Director |
Director |
|
|
Company registration number:
08825511
Notes to the Financial Statements |
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Grosvenor Street, London, W1K 4QU.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
At 31 December 2021, the balance sheet shows net current liabilities of £3,328,300 (2020: £3,460,276) and a net deficit of £2,375,108 (2020: £2,320,864). The directors of the company have given an undertaking to financially support the company for at least 12 months from the date of the signature on the Balance Sheet. The situation will be reviewed after this time. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Provisions and accruals
Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
Taxation for the year 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 balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
20% straight line |
|
Domain Name |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Intangible assets
|
Goodwill |
Domain Name |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2021 and 31 December 2021 |
2,440,488 |
7,706 |
2,448,194 |
|
------------ |
------- |
------------ |
Amortisation |
|
|
|
At 1 January 2021 |
2,255,810 |
3,981 |
2,259,791 |
Charge for the year |
184,678 |
1,542 |
186,220 |
|
------------ |
------- |
------------ |
At 31 December 2021 |
2,440,488 |
5,523 |
2,446,011 |
|
------------ |
------- |
------------ |
Carrying amount |
|
|
|
At 31 December 2021 |
– |
2,183 |
2,183 |
|
------------ |
------- |
------------ |
At 31 December 2020 |
184,678 |
3,725 |
188,403 |
|
------------ |
------- |
------------ |
|
|
|
|
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2021 and 31 December 2021 |
951,009 |
|
--------- |
Impairment |
|
At 1 January 2021 and 31 December 2021 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 December 2021 |
951,009 |
|
--------- |
At 31 December 2020 |
951,009 |
|
--------- |
|
|
Subsidiaries, associates and other investments
|
Class of share |
Percentage of shares held |
Subsidiary undertakings |
|
|
Floreat Merchant Banking Limited |
Ordinary |
100 |
Floreat Capital Markets Limited |
Ordinary |
50 |
Floreat Real Estate Limited |
Ordinary |
100 |
Floreat Wealth Management Limited |
Ordinary |
100 |
Floreat Private Limited |
Ordinary |
100 |
Floreat Principal Investing Limited |
Ordinary |
100 |
Floreat House Limited |
Ordinary |
100 |
Floreat Aviation Capital Limited |
Ordinary |
100 |
|
|
|
6.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
35,375 |
111,746 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
4,381,927 |
4,316,772 |
Other debtors |
13,803,937 |
12,072,009 |
|
------------- |
------------- |
|
18,221,239 |
16,500,527 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Trade creditors |
147,860 |
90,261 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
15,652,293 |
12,402,877 |
Other creditors |
5,756,518 |
7,498,553 |
|
------------- |
------------- |
|
21,556,671 |
19,991,691 |
|
------------- |
------------- |
|
|
|
8.
Contingencies
At the balance sheet date, debtors include an amount of £2,030,025 due from a subsidiary undertaking, the recovery of which has been called into question. However, the directors are unable to quantify how much of the balance is likely to be recovered and therefore feel that no impairment should be made at this time.
9.
Summary audit opinion
The auditor's report for the year dated
2 June 2023
was
unqualified
.
The senior statutory auditor was
Zara Dunster FCA
, for and on behalf of
Town & Forest
.