REGISTERED NUMBER:
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Residently Holdings Limited |
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Unaudited Financial Statements |
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for the Period 1st July 2021 to 31st March 2022 |
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REGISTERED NUMBER:
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Residently Holdings Limited |
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Unaudited Financial Statements |
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for the Period 1st July 2021 to 31st March 2022 |
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Residently Holdings Limited (Registered number: 10965217) |
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Contents of the Financial Statements |
for the Period 1st July 2021 to 31st March 2022 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Residently Holdings Limited |
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Company Information |
for the Period 1st July 2021 to 31st March 2022 |
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Directors: |
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Registered office: |
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Registered number: |
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Accountants: |
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Accountants |
4th Floor |
100 Fenchurch Street |
London |
EC3M 5JD |
Residently Holdings Limited (Registered number: 10965217) |
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Statement of Financial Position |
31st March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
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Current assets |
Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
7 |
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Net assets |
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Capital and reserves |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Residently Holdings Limited (Registered number: 10965217) |
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Statement of Financial Position - continued |
31st March 2022 |
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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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Residently Holdings Limited (Registered number: 10965217) |
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Notes to the Financial Statements |
for the Period 1st July 2021 to 31st March 2022 |
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1. | Statutory information |
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Residently Holdings Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Residently Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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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 statement of financial position date. |
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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. |
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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 period 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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3. | Employees and directors |
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The average number of employees during the period was
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Residently Holdings Limited (Registered number: 10965217) |
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Notes to the Financial Statements - continued |
for the Period 1st July 2021 to 31st March 2022 |
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4. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1st July 2021 |
and 31st March 2022 |
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Net book value |
At 31st March 2022 |
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At 30th June 2021 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Registered office: 4th Floor 100 Fenchurch Street, London, United Kingdom, EC3M 5JD |
Nature of business: |
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Class of shares: | holding |
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2022 | 2021 |
£ | £ |
Aggregate capital and reserves | ( |
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Profit/(loss) for the period/year |
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( |
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Registered office: 4th Floor 100 Fenchurch Street, London, United Kingdom, EC3M 5JD |
Nature of business: |
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Class of shares: | holding |
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2022 | 2021 |
£ | £ |
Aggregate capital and reserves |
( |
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( |
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Loss for the period/year | ( |
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5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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Residently Holdings Limited (Registered number: 10965217) |
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Notes to the Financial Statements - continued |
for the Period 1st July 2021 to 31st March 2022 |
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7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Other creditors |
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£2,500,000 of other creditors relates to a Future Fund Convertible Loan Agreement. This will either convert to equity on the completion of the next funding round or be repayable in 3 years time. Interest is charged at 8% per annum, non compounding. |
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8. | Related party disclosures |
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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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The company acts as a guarantor for a loan of up to $3,500,000 undertaken by Residently USA LLC, a subsidiary of the group. The loan is subject to security in the form of a debenture over all the company's assets and undertakings, together with an inter-company cross guarantee from Residently Services (UK) Limited. The balance outstanding on the loan as at 31st March 2022 was $1,296,806 (2021 - $2,125,735). |