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UPHOLD EUROPE LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2020 |
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UPHOLD EUROPE LIMITED |
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Financial Statements |
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for the Year Ended 31 December 2020 |
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UPHOLD EUROPE LIMITED (REGISTERED NUMBER: 09281410) |
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Contents of the Financial Statements |
for the year ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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UPHOLD EUROPE LIMITED |
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Company Information |
for the year ended 31 December 2020 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Chartered Accountants and Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
UPHOLD EUROPE LIMITED (REGISTERED NUMBER: 09281410) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank | 6 |
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Creditors |
Amounts falling due within one year | 7 |
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Net current (liabilities)/assets | ( |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital | 8 |
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Capital contribution |
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Retained earnings |
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Shareholders' funds |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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UPHOLD EUROPE LIMITED (REGISTERED NUMBER: 09281410) |
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Notes to the Financial Statements |
for the year ended 31 December 2020 |
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1. | Statutory information |
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Uphold Europe Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on the going concern basis as the directors believe that the company will continue to have access to adequate funding from the parent company to enable it to continue to operate as a going concern. |
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Following the emergence and spread of the coronavirus (COVID-19) the director has examined the possible effects on the business of the company and believe its impact will be minimal with no disruption to operations. |
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Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents recharges of services provided to other group companies. Turnover is recognised in arrears at the end of the period in line with the service agreement. |
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Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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Taxation |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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UPHOLD EUROPE LIMITED (REGISTERED NUMBER: 09281410) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Share based payments |
Employees of the company receive remuneration in the form of share based payments, whereby employees render services as consideration. The consideration is equity settled. Share options granted are over the Parent's equity and are accounted for in the company's individual financial statements as an expense in profit or loss and a capital contribution from the company's parent. |
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Equity-settled transactions |
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. The transactions are recognised at group level and are charged to the company based the allocation of employees entity of employment. The cost is recognised, together with a corresponding increase in other capital reserves in equity, over the period in which the performance and/or service conditions are fulfilled in employee benefits expense. The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects the extent to which the vesting period has expired and the company's best estimate of the number of equity instruments that will ultimately vest. The statement of profit or loss expense or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefit expense. |
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No expense is recognised for awards that do not ultimately vest. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Fixed asset investments |
Other |
investments |
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Cost |
Additions |
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At 31 December 2020 |
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Net book value |
At 31 December 2020 |
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UPHOLD EUROPE LIMITED (REGISTERED NUMBER: 09281410) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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5. | Debtors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings | 5,769,493 | 13,035,061 |
Other debtors |
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VAT |
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Prepayments and accrued income |
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6. | Cash at bank |
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Included in cash at bank is £7,450,708 (2019: £5,930,747 ) which represents customers' funds held on behalf of fellow subsidiaries in cash and cash equivalents. While no legal restriction is placed on the use of these assets, the company voluntarily restricts the use of the assets underlying the user obligations. |
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7. | Creditors: amounts falling due within one year |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Other creditors |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Auditors' Report was unqualified. |
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for and on behalf of
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The audit report in the full accounts makes reference to the accounting policy on going concern highlighting the uncertainty caused by COVID-19. |
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10. | Capital contribution |
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The capital contribution is as a result of Incentive Stock Options awarded to employees and is subject to the terms and conditions of the 2016 Equity Incentive Plan of the parent company. Black-Scholes is the pricing model utilised. |