COMPANY REGISTRATION NUMBER:
08109467
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
Year ended 31 December 2022
Notes to the financial statements |
2 |
|
|
31 December 2022
FIXED ASSETS
Tangible assets |
5 |
13,922 |
15,847 |
|
|
|
|
CURRENT ASSETS
Stocks |
57,077 |
42,241 |
Debtors |
6 |
405,510 |
161,270 |
Cash at bank and in hand |
2,265,179 |
427,029 |
|
------------ |
--------- |
|
2,727,766 |
630,540 |
|
|
|
|
CREDITORS: amounts falling due within one year |
7 |
(
9,377,714) |
(
8,838,694) |
|
------------ |
------------ |
NET CURRENT LIABILITIES |
(
6,649,948) |
(
8,208,154) |
|
------------ |
------------ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(
6,636,026) |
(
8,192,307) |
|
------------ |
------------ |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
70 |
70 |
Profit and loss account |
(
6,636,096) |
(
8,192,377) |
|
------------ |
------------ |
SHAREHOLDERS FUNDS |
(
6,636,026) |
(
8,192,307) |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
9 January 2024
, and are signed on behalf of the board by:
Company registration number:
08109467
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 December 2022
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10-11 Albert Embankment, Lambeth, London, SE1 7SP.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
Going concern The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £6,636,026 at the balance sheet date. The company has therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of support from the director and related parties. The director is confident that the company will be able to meet its obligations given the continuing support of the creditors. On the basis of the above, the director considers it appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% straight line |
|
Equipment |
- |
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
49
(2021:
23
).
5.
TANGIBLE ASSETS
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2022 and 31 December 2022 |
7,466 |
|
16,894 |
|
------- |
------- |
-------- |
Depreciation |
|
|
|
At 1 January 2022 |
117 |
|
1,047 |
Charge for the year |
39 |
|
1,925 |
|
------- |
------- |
-------- |
At 31 December 2022 |
156 |
|
2,972 |
|
------- |
------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2022 |
7,310 |
|
13,922 |
|
------- |
------- |
-------- |
At 31 December 2021 |
7,349 |
|
15,847 |
|
------- |
------- |
-------- |
|
|
|
|
6.
DEBTORS
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
196,418 |
9,965 |
Other debtors |
209,092 |
151,305 |
|
--------- |
--------- |
|
405,510 |
161,270 |
|
--------- |
--------- |
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Trade creditors |
1,123,179 |
696,673 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
7,606,987 |
7,751,063 |
Social security and other taxes |
486,564 |
208,409 |
Other creditors |
160,984 |
182,549 |
|
------------ |
------------ |
|
9,377,714 |
8,838,694 |
|
------------ |
------------ |
|
|
|
8.
RELATED PARTY TRANSACTIONS
Included within other creditors/(debtors) is the following balance due to/(from) a related party:
|
|
2022 |
2021 |
|
|
£ |
£ |
Amounts owed to group undertakings |
7,606,987 |
7,751,063 |
|
------------ |
------------ |
|
|
|
|
The balance is interest free and repayable/(receivable) on demand.