Company Registration No. 07462194 (England and Wales)
6CATS INTERNATIONAL LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
6CATS INTERNATIONAL LTD.
COMPANY INFORMATION
Directors
M Reilly
J Hoskin
(Appointed 25 January 2022)
K Missah
(Appointed 25 January 2022)
Amy Dunn
Stefanie Cook
Company number
07462194
Registered office
1-3 Sun Street
1st Floor
London
EC2A 2EP
Auditor
M J Bushell Ltd
8 High Street
Brentwood
Essex
CM14 4AB
6CATS INTERNATIONAL LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 19
6CATS INTERNATIONAL LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The principal activity of the
company
is to provide compliance advice and contractor management solutions to contractors working internationally
.
The results for the year and the financial position of the company are shown in the annexed financial statements. The
company's
key financial and other performance indicators during the year were as follows:
Principal risks and uncertainties
The principal risk and uncertainty faced by the company is the regulatory risk relating to changes to employment and tax legislation in each of the jurisdictions in which its contractors operate. The company is committed to responding positively and proactively to changes in legislation, although changes could adversely impact the resources within the business. The company is also exposed to foreign currency risk, with its principal operating currency being the Euro. The company manages its exposure by using foreign currency accounts. Credit risk is the risk that customers or counterparties will not be able to meet their obligations to the company. Policies are aimed at minimising such risk and possible losses. Liquidity risk is the risk that the company will be unable to meet its financial obligations as they fall due. The company ensures that sufficient liquid assets are available on a day to day basis to meet cash flow requirements.
Future developments
The company's strategic objectives are:
• Continue to grow business a
round the world
• Develop
product offering and solution portfolio
• Increase net margin
• Review
company reporting
•
Review third party cost control
•
Continue to streamline processes
•
Develop process around software platform
• Continue PR
, branding and marketing strategy
M Reilly
Director
26 May 2022
6CATS INTERNATIONAL LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
The directors present their report and financial statements for the year ended 31 December 2021.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Reilly
J Hoskin
(Appointed 25 January 2022)
K Missah
(Appointed 25 January 2022)
Amy Dunn
Stefanie Cook
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £144,000. The directors do not recommend payment of a final dividend.
Auditor
The auditor, M J Bushell Ltd, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of
i
nformation that
would have been included in the business review and the principal risks and uncertainties.
6CATS INTERNATIONAL LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
M Reilly
Director
26 May 2022
6CATS INTERNATIONAL LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
The directors are responsible for preparing the annual 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, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
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 and then apply them consistently;
-
make judgements 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;
-
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 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.
6CATS INTERNATIONAL LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF 6CATS INTERNATIONAL LTD.
- 5 -
Opinion
We have audited the financial statements of 6CATS International Ltd.
(the 'company')
for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows 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 December 2021 and of its profit for the year 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.
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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year 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.
6CATS INTERNATIONAL LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF 6CATS INTERNATIONAL LTD.
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where 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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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
either
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member for our audit work, for this report, or for the opinions we have formed.
Corné von Wielligh ACA (Senior Statutory Auditor)
For and on behalf of M J Bushell Ltd
9 June 2022
Chartered Accountants
Statutory Auditor
8 High Street
Brentwood
Essex
CM14 4AB
6CATS INTERNATIONAL LTD.
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2021
2020
Notes
£
£
Turnover
3
63,032,816
50,885,022
Cost of sales
(60,673,501)
(49,024,478)
Gross profit
2,359,315
1,860,544
Administrative expenses
(1,847,696)
(1,591,774)
Other operating income
276
Profit before taxation
511,619
269,046
Tax on profit
7
(97,208)
(48,398)
Profit for the financial year
414,411
220,648
Retained earnings brought forward
230,852
222,204
Dividends
8
(144,000)
(212,000)
Retained earnings carried forward
501,263
230,852
The profit and loss account has been prepared on the basis that all operations are continuing operations.
6CATS INTERNATIONAL LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
9
100,729
100,729
Current assets
Debtors
11
6,055,105
4,329,137
Cash at bank and in hand
2,240,956
3,411,787
8,296,061
7,740,924
Creditors: amounts falling due within one year
12
(7,895,427)
(7,610,701)
Net current assets
400,634
130,223
Net assets
501,363
230,952
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
501,263
230,852
Total equity
501,363
230,952
The financial statements were approved by the board of directors and authorised for issue on 26 May 2022 and are signed on its behalf by:
M Reilly
Director
Company Registration No. 07462194
6CATS INTERNATIONAL LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
17
(928,084)
1,842,947
Income taxes paid
(98,747)
(15,293)
Net cash (outflow)/inflow from operating activities
(1,026,831)
1,827,654
Financing activities
Dividends paid
(144,000)
(212,000)
Net cash used in financing activities
(144,000)
(212,000)
Net (decrease)/increase in cash and cash equivalents
(1,170,831)
1,615,654
Cash and cash equivalents at beginning of year
3,411,787
1,796,133
Cash and cash equivalents at end of year
2,240,956
3,411,787
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
1
Accounting policies
Company information
6CATS International Ltd. is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1-3 Sun Street, 1st Floor, London, EC2A 2EP.
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.
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 £
1
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements present information about the company as an individual undertaking and
not
about its group. The company has not prepared group accounts as its sole
trading
subsidiary
u
ndertaking is not
material for the purpose of the financial statements giving a true and fair view and can therefore be
excluded from consolidation under section 405 of the Companies Act 2006.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due, net of value added tax.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Cash and cash equivalents
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.
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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
and cash and bank balances, 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
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.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
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.
1.11
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.
1.12
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.
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Contractor management services
63,032,816
50,885,022
2021
2020
£
£
Turnover analysed by geographical market
Rest of Europe
63,032,816
50,885,022
2021
2020
£
£
Other significant revenue
Commissions received
276
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
20,792
(3,655)
Operating lease charges
62,906
52,540
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 15 -
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,100
6,250
For other services
Taxation compliance services
750
750
All other non-audit services
16,050
2,100
16,800
2,850
6
Employees
The company had no employees during the year or the previous year.
2021
2020
Number
Number
Admin staff
1
1
Contractors
724
744
Total
725
745
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
60,673,501
49,024,478
7
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
97,208
48,398
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
Taxation
(Continued)
- 16 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
511,619
269,046
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
97,208
51,119
Group relief
(2,721)
Taxation charge for the year
97,208
48,398
8
Dividends
2021
2020
£
£
Interim paid
144,000
212,000
9
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
10
100,729
100,729
10
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
6CATS AB
Sweden
Management services
Ordinary
100.00
0
6CATS GMBH
Germany
Management services
Ordinary
100.00
0
6CATS Norway Ltd
UK
Management services
Ordinary
100.00
0
6CATS BV
Natherlands
Management services
Ordinary
100.00
0
6CATS Ireland
Ireland
Management services
Ordinary
100.00
0
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
11
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
419,240
719,780
Amounts owed by group undertakings
371,232
346,484
Other debtors
69,765
68,606
Prepayments and accrued income
5,194,868
3,194,267
6,055,105
4,329,137
12
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
90,788
61,366
Amounts owed to group undertakings
218,714
324,408
Corporation tax
46,879
48,418
Other taxation and social security
1,697,157
3,309,542
Other creditors
85,002
1
Accruals and deferred income
5,756,887
3,866,966
7,895,427
7,610,701
13
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
68,625
68,625
Between two and five years
68,625
137,250
137,250
205,875
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
15
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed to related parties
2021
2020
£
£
Other entities under common control
214,642
324,173
214,642
324,173
Amounts owed by related parties
2021
2020
£
£
Entities with control, joint control or significant influence over the company
247,302
246,559
Entities over which the entity has control, joint control or significant influence
50,594
29,702
297,896
276,261
No guarantees have been given or received.
16
Ultimate controlling party
The company
is a wholly owned subsidiary of 6CATS Group
Ltd, a company incorporated in England
and Wales.
The ultimate controlling party
at the year end was
Michelle Reilly
.
6CATS INTERNATIONAL LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
17
Cash (absorbed by)/generated from operations
2021
2020
£
£
Profit for the year after tax
414,411
220,648
Adjustments for:
Taxation charged
97,208
48,398
Movements in working capital:
(Increase)/decrease in debtors
(1,725,968)
69,326
Increase in creditors
286,265
1,504,575
Cash (absorbed by)/generated from operations
(928,084)
1,842,947
18
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
3,411,787
(1,170,831)
2,240,956
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
M Reilly
J Hoskin
K Missah
Amy Dunn
Stefanie Cook
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