REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
A PLACE IN THE SUN CURRENCY LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
A PLACE IN THE SUN CURRENCY LIMITED |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Contents of the Financial Statements |
for the year ended 31st March 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
A PLACE IN THE SUN CURRENCY LIMITED |
Company Information |
for the year ended 31st March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Statement of Financial Position |
31st March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Notes to the Financial Statements |
for the year ended 31st March 2023 |
1. | STATUTORY INFORMATION |
A Place in the Sun Currency Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the gross margin arising on currency transactions. |
Turnover is recognised in the period in which the services are provided when all of the following conditions can be satisfied: |
- | the amount of turnover can be measured reliably; |
- | it is probable that the company will receive the consideration due; |
- | and the stage of completion of the service at the end of the reporting period can be measured reliably. |
Government grants |
Government grants are recognised at the fair value of the asset received 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 proceeds are received or are receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Government grants included within the financial statements are comprised of council grants and furlough payments to staff members as part of the government's package of measures to cover the impact of COVID-19. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis: |
Fixtures and fittings | - 25% on cost |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amounts and are recognised in the Statement of Comprehensive Income. |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
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 cost less impairment, the impairment loss is measured at the difference between an asset's carrying amount and the 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 statement of financial position date. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
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. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Creditors |
Short term creditors are measured at the transaction price. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1st April 2022 | 111,960 |
Additions | 23,567 |
At 31st March 2023 | 135,527 |
NET BOOK VALUE |
At 31st March 2023 | 135,527 |
At 31st March 2022 | 111,960 |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
7. | CASH AT BANK |
31.3.23 | 31.3.22 |
£ | £ |
Barclays bank accounts | 763,458 | 569,782 |
The company pledged £250,000 (2022 - £250,000) of its cash balance as collateral to Barclays Bank Plc as part of its bank facility. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary A | 1 | 36 | 36 |
Ordinary B | 1 | 60 | 60 |
Ordinary C | 1 | 4 | 4 |
100 | 100 |
A PLACE IN THE SUN CURRENCY LIMITED (REGISTERED NUMBER: 06586857) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
11. | AUDITOR'S INFORMATION |
The audit report provided to the members of A Place in the Sun Currency Limited on the financial statements for the year ended 31 March 2023 was not qualified. |
The audit report was signed by Patrick duCassé (Senior Statutory Auditor) for and on behalf of Simpson Wreford & Partners, Chartered Accountants and Statutory Auditor. |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is APITS Limited, which owns 60% of the share capital. The company is registered in England and Wales and its registered office address is Suffolk House, George Street, Croydon. CR0 0YN. |
The ultimate controlling parties of the ultimate parent company are P Lavelle and A Palmer, both owning 36.67% of the share capital. |
APITS Limited does not prepare consolidated financial statements due to the size the group being small and therefore exempt. |