Company Registration No. 04531285 (England and Wales)
Advantage Worldwide (UK) Limited
Unaudited financial statements
for the year ended 31 December 2021
Pages for filing with the Registrar
Advantage Worldwide (UK) Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Advantage Worldwide (UK) Limited
Statement of financial position
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
98,695
121,447
Investments
5
200
200
98,895
121,647
Current assets
Debtors
6
3,662,851
1,798,398
Cash at bank and in hand
1,850,889
1,348,102
5,513,740
3,146,500
Creditors: amounts falling due within one year
7
(4,116,352)
(2,257,863)
Net current assets
1,397,388
888,637
Total assets less current liabilities
1,496,283
1,010,284
Provisions for liabilities
8
(100,000)
Net assets
1,396,283
1,010,284
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,396,281
1,010,282
Total equity
1,396,283
1,010,284
Advantage Worldwide (UK) Limited
Statement of financial position (continued)
As at 31 December 2021
Page 2
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 March 2022
David Stevens
Director
Company Registration No. 04531285
Advantage Worldwide (UK) Limited
Statement of changes in equity
For the year ended 31 December 2021
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
2
858,547
858,549
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
263,671
263,671
Dividends
-
(111,936)
(111,936)
Balance at 31 December 2020
2
1,010,282
1,010,284
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
623,935
623,935
Dividends
-
(237,936)
(237,936)
Balance at 31 December 2021
2
1,396,281
1,396,283
Advantage Worldwide (UK) Limited
Notes to the financial statements
For the year ended 31 December 2021
Page 4
1
Accounting policies
Company information
Advantage Worldwide (UK) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
St John's Court, Easton Street, High Wycombe, HP11 1JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principle accounting policies have been set out below.
1.2
Turnover
Turnover is recognised
to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be measured reliably, Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.
Revenue from
the
provision of services is recognised
in the period in which the services are provided in such that the amount of revenue due can be measured reliably.
Revenue in relation to import sales is recognised once the goods have been delivered.
Revenue in relation to export sales is recognised once the goods have been shipped.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and equipment
20-33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Advantage Worldwide (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 5
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Advantage Worldwide (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 6
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently
payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
Advantage Worldwide (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 7
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Other significant revenue
£
£
Interest income
154
881
Dividends received
-
126,284
Grants received
30,363
128,081
Advantage Worldwide (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 8
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
37
34
4
Tangible fixed assets
Leasehold property improvements
Plant and equipment
Total
£
£
£
Cost
At 1 January 2021
178,916
266,055
444,971
Additions
6,247
6,247
At 31 December 2021
178,916
272,302
451,218
Depreciation and impairment
At 1 January 2021
110,923
212,601
323,524
Depreciation charged in the year
6,799
22,200
28,999
At 31 December 2021
117,722
234,801
352,523
Carrying amount
At 31 December 2021
61,194
37,501
98,695
At 31 December 2020
67,993
53,454
121,447
5
Fixed asset investments
2021
2020
£
£
Investment in subsidiaries
200
200
Advantage Worldwide (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
5
Fixed asset investments (continued)
Page 9
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2021 & 31 December 2021
200
Carrying amount
At 31 December 2021
200
At 31 December 2020
200
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,375,634
1,499,957
Corporation tax recoverable
965
Amounts owed by group undertakings
828
828
Other debtors
286,389
296,648
3,662,851
1,798,398
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,005,502
1,637,117
Amounts owed to group undertakings
100
100
Corporation tax
149,161
53,902
Other taxation and social security
37,382
54,383
Other creditors
924,207
512,361
4,116,352
2,257,863
Advantage Worldwide (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 10
8
Provisions for liabilities
2021
2020
£
£
Dilapidations
100,000
-
Movements on provisions:
Dilapidations
£
At 1 January 2021
-
Additional provisions in the year
100,000
At 31 December 2021
100,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
1,226,384
1,182,184
10
Related party transactions
At the year end a balance of £6,946 (2020 - £10,892) was owed to the director of the company.
11
Controlling party
The company was under the control of David Stevens throughout the current and previous year, by virtue of his and his close family member's shareholdings. David Stevens is the managing director of the company.
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29 March 2022
CCH Software
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David Stevens
Susan Stevens
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