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Financial Statements for the Year Ended 31 December 2020 |
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Northstar Research Partners (UK) Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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for |
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Northstar Research Partners (UK) Limited |
Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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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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Northstar Research Partners (UK) Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITOR: |
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Statutory Auditor |
Owner |
PO Box 27075 |
London |
N2 0FZ |
Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT 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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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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Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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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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Northstar Research Partners (UK) 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 subsidiary company established in Indonesia ceased operating in November 2017. The value of the investment and debts due from the subsidiary have been written off in the previous accounting periods. The subsidiary is in the process of being dissolved under the Indonesian regulatory process. Consequently, these financial statements deal with the results of the company as a single entity. |
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Turnover |
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Office equipment | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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 |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date. |
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Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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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 |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
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Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance (expense)/income'. All other foreign exchange gains and losses are presented in the profit and loss account within 'Other operating (losses)/gains'. |
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Pension costs and other post-retirement benefits |
The Company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
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For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. |
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Work in progress |
Long-term contracts are assessed on a contract by contract basis and are reflected in the income statement by recording turnover on the basis of project completed and related costs as contract activity progresses. Where the outcome of each long-term contract can be assessed with reasonable certainty before its conclusion the attributable profit is recognised in the income statement as the difference between the reported turnover and related costs for that contract. |
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The amounts earned that exceed amounts invoiced are included in amounts recoverable on contracts within debtors, amounts invoiced on contracts that exceed amounts earned are shown as payments on account within creditors where the outcome of the contract cannot be assessed with reasonable certainty, work done to date is included in work in progress at the lower of cost and net realisable value unless the costs are recoverable, in which case they are included in revenue to the extent that they are recoverable. |
Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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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 |
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Government grants |
The grant in respect of furloughed employees is shown as income within the profit or loss.` |
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Operating lease |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. |
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Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease. |
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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. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | Office | and | Computer |
improvements | equipment | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | STOCKS |
2020 | 2019 |
£ | £ |
Work-in-progress long term |
contract balances |
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Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts recoverable on long |
term contracts | 156,986 | 69,784 |
Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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Debtors over more than one year relates to the rent deposit. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Payments received on account |
of long term contracts | 91,167 | 853,867 |
Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 122,001 | 186,510 |
Other creditors |
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Accrued expenses |
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The company entered into a lease on 26 June 2020 for a period of 3 years at an annual rental of £125,752. The total commitment at 31 December 2020 is £314,380. |
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Amounts owed to group undertakings include £13,239 owed re share compensation (2019 £13,239). |
Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted called up and fully paid |
Equity Interests: |
1,770 Ordinary shares class A of 10p each | 177 | 177 |
1,000 Ordinary shares class B of 10p each | 100 | 100 |
1,723 Deferred shares of £1 | 1,723 | 1,723 |
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2,000 | 2,000 |
Allotted called up and partly paid |
Non-equity interests |
311,600 Preference shares class A of £1 | 202,540 | 202,540 |
16,400 Preference shares class B of £1 each | 10,660 | 10,660 |
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215,200 | 215,200 |
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The A and B Preference Shares shall be separate classes of shares and shall not receive a dividend unless the Board recommends a payment of a dividend. They can be redeemed at any time at the Company's discretion as outlined in the Memorandum and Articles and Association. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditor was unqualified. |
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Statutory Auditor |
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10. | RELATED PARTY DISCLOSURES |
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Northstar Research Partners Inc. |
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Parent company |
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£137,207 £ (2019 - £168,912) Net salaries recharged to UK subsidiary. |
Net salaries recharged to UK included in purchases Nil (2019-£139,469.00l) |
Revenue received was £8726 (2019 - Nil) |
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2020 | 2019 |
£ | £ |
Amount due from related party at the balance sheet date | - | 391 |
Northstar Research Partners (UK) Limited (Registered number: 04131126) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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10. | RELATED PARTY DISCLOSURES - continued |
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MDC Partners Inc |
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Ultimate parent company |
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During the year the Company borrowed £1,097,211 (£2,480,199 - 2019) for working capital from MDC and repaid all of the loan. Intercompany loan interest paid to MDC Partners Inc £5,987 (13,920 - 2019) |
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Northstar Research Partners(USA) LLC |
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Subsidiary of parent |
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Northstar Research Partners (USA) LLC controls some of the Northstar UK projects and acts as a point of convenience in respect of these and other jobs in North America. They contract for and pay 3rd party liabilities regarding these jobs if it is convenient to do so in the USA. On occasions they collect monies on behalf of Northstar UK. |
Net revenue received £87,326 (£10,353 - 2019l) |
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2020 | 2019 |
£ | £ |
Amount due from related party at the balance sheet date | 57,135 | 10,134 |
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11. | ULTIMATE CONTROLLING PARTY |
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The controlling party is MDC Partners Inc. |
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MDC Partners Inc - One World Trade Center, Floor 65 New York NY10007 |
a company incorporated in Canada. |
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The parent company consolidates this subsidiary in its accounts. |
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12. | BANK CHARGE ON ALL THE ASSETS OF THE COMPANY |
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There is a fixed and floating charge on all assets of the Company in respect of borrowings from Wells Fargo Capital Finance LLC by its Ultimate Parent Company MDC Partners Inc. |