Infinity Works Management Limited
Registered number: 11878869
Annual report and
financial statements
For the period ended 31 August 2020
|
INFINITY WORKS MANAGEMENT LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants
&
Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFINITY WORKS MANAGEMENT LIMITED
CONTENTS
|
|
|
|
|
|
Independent Auditor's Report
|
|
Statement of Comprehensive Income
|
|
Statement of Financial Position
|
|
Statement of Changes in Equity
|
|
Notes to the Financial Statements
|
|
|
INFINITY WORKS MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 AUGUST 2020
The directors present the strategic report of Infinity Works Management Limited (the “Company”) for the period ended 31 August 2020.
The Company provides management services to its subsidiary holding, Infinity Works Consulting Limited.
Principal risks and uncertainties
|
The current global COVID-19 pandemic is having a significant effect on the UK economy. There is a risk to the Company that the Infinity Works Holdings Limited group, of which the Company is a part, is impacted adversely by its clients reducing their investment in technology. However the directors consider the Company to be well placed to manage the ongoing financial risks associated with the COVID-19 pandemic.
A degree of uncertainty remains in the marketplace with respect to Brexit. However the Company has seen minimal impact to date and does not deem this to pose a significant threat to the Company’s ongoing performance.
Financial key performance indicators
|
Revenue for the period was £590,274 and gross profit was £nil. The Company had a loss after taxation of £6,634,736 for the period.
Other key performance indicators
|
Given the principal activity of the Company the directors deem it appropriate not to monitor any non-financial key performance indicators.
Directors' statement of compliance with duty to promote the success of the Company
The directors are well aware of and comply with their duty under section 172 of the Companies Act 2006 to act in a way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members and stakeholders as a whole and, in doing so, to have regard (amongst other matters) to:
- the likely consequences of any decision in the long term;
- the interests of the Company's employees; and
- the desirability of the Company maintaining a reputation for high standards of business conduct.
The directors recognise the importance of maintaining the Company’s high standards of conduct, professionalism and care for its employees and this is always given high priority. Engagement with our stakeholder groups plays a valuable role throughout our business. The directors are aware that each stakeholder group requires a different engagement approach to build mutually beneficial relationships. This is then taken into consideration in boardroom discussions and decisions.
Employees
- The directors are conscious that the provision of the Company’s services is very much reliant on its employees. Promoting technical excellence and ensuring the Infinity Works culture remains one of collaboration and support is a key part of our management approach.
- 1 -
|
INFINITY WORKS MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2020
Directors' statement of compliance with duty to promote the success of the Company (continued)
|
Customer
- Providing high quality management services to the Company's customer is the focus of the business and the directors work with the companies across the Infinity Works Holdings Limited group to understand the customer’s needs and future requirements.
Shareholder
– The Company’s shareholder is a fellow group company with shared directorships. Directors of the immediate and ultimate parent company are all represented on our Board and attend the monthly board meetings to ensure their interests are represented.
This report was approved by the board on 12 February 2021
and signed on its behalf.
- 2 -
|
INFINITY WORKS MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2020
The Directors present their report and the financial statements for the period ended
31 August 2020
.
Incorporation
The Company was incorporated on 13 March 2019 and commenced trading on 22 March 2019. On incorporation the Company issued 1 Ordinary share with nominal value £1.
Directors' responsibilities statement
|
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgments 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; and
∙
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 to 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.
The principal activity of the Company is the provision of management services.
The loss for the period, after taxation, amounted to £
6,634,736.
The Directors do not recommend a dividend for the period ended 31 August 2020.
- 3 -
|
INFINITY WORKS MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2020
The Directors who served during the period were:
S J Alton
(appointed
1 July 2019
)
|
P J Henshaw
(appointed
22 March 2019
)
|
R Shaw
(appointed
22 March 2019
)
|
A S Thomson
(appointed
13 March 2019
)
|
D M Rathbone
(appointed
22 March 2019
, resigned
10 August 2020
)
|
T S H Walton
(appointed
22 March 2019
, resigned
10 August 2020
)
|
The Company expects to continue providing management services to its subsidiary holdings for the foreseeable future.
Matters covered in the strategic report
|
Certain information is not shown in the Directors' Report because it is shown in the Strategic Report instead under s414C(11).
Disclosure of information to auditor
|
Each of the persons who are
Directors at the time when this Directors' Report is approved has confirmed that:
∙
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙
the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
|
There have been no significant events affecting the Company since the period end.
The auditor, Mazars LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
12 February 2021
and signed on its behalf.
- 4 -
|
INFINITY WORKS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFINITY WORKS MANAGEMENT LIMITED
Opinion
We have audited the financial statements of Infinity Works Management Limited (the ‘Company’) for the period ended 31 August 2020 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of 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 August 2020 and of its
loss for the period 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.
Basis for opinion
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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
- 5 -
|
INFINITY WORKS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFINITY WORKS MANAGEMENT LIMITED
Other information (continued)
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or
∙
we have not received all the information and explanations we require for our audit.
.
- 6 -
|
INFINITY WORKS MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INFINITY WORKS MANAGEMENT LIMITED
Responsibilities of Directors
As explained more fully in the directors' responsibilities statement set out on page 3, 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 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
Ian Wrightson
(Senior statutory auditor)
for and on behalf of
Mazars LLP
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
12 February 2021
- 7 -
|
INFINITY WORKS MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from shares in group undertakings
|
|
|
Interest payable and similar expenses
|
|
|
|
|
|
Loss for the financial period
|
|
|
There were no recognised gains and losses for the period ended 31 August 2020 other than those included in the statement of comprehensive income.
|
There was no other comprehensive income for the period ended 31 August 2020.
|
The notes on pages 11 to 20 form part of these financial statements.
|
- 8 -
|
INFINITY WORKS MANAGEMENT LIMITED
REGISTERED NUMBER:
11878869
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
12 February 2021
.
The notes on pages 11 to 20 form part of these financial statements.
- 9 -
|
INFINITY WORKS MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 AUGUST 2020
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
|
Shares issued during the period
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
The notes on pages 11 to 20 form part of these financial statements.
|
- 10 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
Infinity Works Management Limited (the "Company") is a private company which is limited by shares, incorporated in the United Kingdom and registered in England and Wales with registration number 11878869. The address of the registered office is Apsley House, 78 Wellington Street, Leeds, England, LS1 2EQ.
The principal activity of the Company is the provision of management services.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The functional and presentational currency of the Company is pounds sterling and the financial statements are drafted to the nearest whole pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
|
|
Financial reporting standard 102 - reduced disclosure exemptions
|
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Infinity Works Holdings Limited as at 31 August 2020 and these financial statements may be obtained from Apsley House, 78 Wellington Street, Leeds, LS1 2EQ.
|
|
Exemption from preparing consolidated financial statements
|
The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its ultimate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
- 11 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
2.
Accounting policies (continued)
The Company has incurred a loss during the period and has net liabilities as at 31 August 2020. However, the Company has the strong support of other group companies within the Infinity Works Holdings Limited group and on 6 January 2021 the Company received a dividend of £2.6m from a subsidiary undertaking.
In the opinion of the directors, the Company therefore has sufficient resources to continue in operation for the foreseeable future and to meet its financial obligations when they fall due. As such, the directors have adopted the going concern basis of accounting in preparing these financial statements.
Revenue is generated by recharging the time costs of employees for work performed relating to the management of other group companies.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.
- 12 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
2.
Accounting policies (continued)
|
|
Current and deferred taxation
|
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 13 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
2.
Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
- 14 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The critical judgement that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements is now discussed:
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with investments in subsidiary undertakings and intercompany receivables the directors have considered both external and internal sources of estimation such as market values, budgets and forecasts, changes in technological, economic and legal environments, evidence of obsolescence and decline in economic performance.
The directors do not consider there to be any key assumptions concerning the future or any other key sources of estimation uncertainty that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The whole of the turnover is attributable to providing management services and arose in the United Kingdom.
|
Fees payable to the Company's auditor for the audit of the Company's annual financial statements
|
|
|
The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.
|
- 15 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
|
|
|
Staff costs, including Directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution pension scheme
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the Directors, during the period was as follows:
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
During the period retirement benefits were accruing to
3
Directors in respect of defined contribution pension schemes.
|
|
The highest paid Director received remuneration of £
133,359
.
|
|
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £
13,978
.
|
- 16 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on loss on ordinary activities
|
|
|
Factors affecting tax charge for the period
|
|
The tax assessed for the period is higher than the standard rate of corporation tax in the UK of
19
%. The differences are explained below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on ordinary activities before tax
|
|
|
Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19%
|
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
|
|
|
|
Total tax charge for the period
|
|
|
Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
- 17 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
|
|
Investments in subsidiary companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following was a subsidiary undertaking of the Company:
|
|
|
|
|
|
|
Infinity Works Consulting Limited
|
Apsley House, 78 Wellington Street, Leeds, LS1 2EQ
|
Ordinary, A Ordinary and B Ordinary
|
|
|
The aggregate of the share capital and reserves as at 31 August 2020 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:
|
|
|
Aggregate of share capital and reserves
|
|
|
Infinity Works Consulting Limited
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
- 18 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
The intercompany balances attract an interest rate of 8% per annum.
|
|
|
|
|
Financial liabilities measured at amortised cost
|
|
|
Financial liabilities measured at amortised cost comprise other creditors.
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
1
Ordinary
share of £
1.00
|
|
The Ordinary share has attached to it full voting, dividend and capital distribution (including on winding up) rights. It does not confer any rights of redemption nor a right to a fixed income.
Profit & loss account
The profit and loss account represents the accumulated losses of the Company.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £76,518. There were no contributions payable to the fund at the reporting date.
- 19 -
|
INFINITY WORKS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2020
18.
Other financial commitments
The Company is a party to a fixed charge on all estates, plant and equipment, shares, investments, intellectual property, goodwill and book debts dated 22 March 2019 and a floating charge on all other property and assets, both present and future, dated 22 March 2019 in respect of banking facilities in other Group companies.
|
Related party transactions
|
|
The Company has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' from the requirements to disclose transactions between wholly owned group companies of Infinity Works Holdings Limited group on the grounds that consolidated financial statements are prepared by the ultimate parent company.
The remuneration paid to directors during the period is outlined in note 7.
|
|
Post balance sheet events
|
There have been no other significant events affecting the Company since the period end.
|
Immediate and ultimate parent Company and controlling party
|
In the opinion of the directors, there is no single controlling party.
The Company's immediate parent Company is Infinity Works Midco Limited, a company incorporated in the United Kingdom.
The Company's ultimate parent Company is Infinity Works Holdings Limited, a company incorporated in the United Kingdom. Infinity Works Holdings Limited prepares group financial statements and copies can be obtained from Apsley House, 78 Wellington Street, Leeds, LS1 2EQ.
- 20 -
|