Company Registration No. 12284305 (England and Wales)
AFFILIATE SQUARED HOLDINGS LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
AFFILIATE SQUARED HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AFFILIATE SQUARED HOLDINGS LTD
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
Notes
£
£
Fixed assets
Investments
3
200
Current assets
-
Creditors: amounts falling due within one year
5
(100)
Net current liabilities
(100)
Total assets less current liabilities
100
Capital and reserves
Called up share capital
100
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 6 April 2021 and are signed on its behalf by:
Luke Neal
Director
Company Registration No. 12284305
AFFILIATE SQUARED HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2020
- 2 -
1
Accounting policies
Company information
Affiliate Squared Holdings Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Western Gardens, Brentwood, Essex, England, CM14 4SP.
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 principal accounting policies adopted are set out below.
1.2
Reporting period
The company was incorporated on 28 October 2019. The company has prepared its first set of accounts for the period from incorporation to 30 April 2020.
1.3
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
.
1.4
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.
AFFILIATE SQUARED HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 3 -
1.5
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.
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.
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.
1.6
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.
2
Employees
The average monthly number of persons employed by the company during the period was:
2020
Number
Total
AFFILIATE SQUARED HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 4 -
3
Fixed asset investments
2020
£
Shares in group undertakings and participating interests
200
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 28 October 2019
-
Additions
200
At 30 April 2020
200
Carrying amount
At 30 April 2020
200
4
Subsidiaries
Details of the company's subsidiaries at 30 April 2020 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Affiliate Squared Projects Ltd
England & Wales
Investment properties
Ordinary
100.00
Affiliate Squared Limited
England & Wales
Payment processing company
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Affiliate Squared Projects Ltd
100
Affiliate Squared Limited
7,072,558
4,141,744
5
Creditors: amounts falling due within one year
2020
£
Amounts owed to group undertakings
100
AFFILIATE SQUARED HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2020
- 5 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Malcolm Kauder.
The auditor was PMK & Associates LLP.
7
Ultimate controlling party
The ultimate controlling parties are the shareholders of the company by virtues of their shareholdings.