ACCOUNTS - Final Accounts

HANDSHAKE INTERNATIONAL UK LTD - Company Information

Registered number: 12056216 (England and Wales)

HANDSHAKE INTERNATIONAL UK LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020


HANDSHAKE INTERNATIONAL UK LTD

COMPANY INFORMATION

Directors	B M Christensen
	G K Lord
	S G Ringwelski


Registered number	12056216


Registered office	New Penderel House
	4th Floor
	283-288 High Holborn
	London
	WC1V 7HP


Independent auditors	ZEDRA Corporate Reporting Services (UK) Limited
	(Formerly F&L Corporate Reporting Services Limited)


HANDSHAKE INTERNATIONAL UK LTD

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 4


HANDSHAKE INTERNATIONAL UK LTD REGISTERED NUMBER:12056216

BALANCE SHEET

AS AT 31 MARCH 2020

		2020
Note		£


Current assets
Debtors: amounts falling due within one year	4	62,123
Cash at bank and in hand		12,234
		74,357
Creditors: amounts falling due within one year	5	(55,440)
Net current assets			18,917
Total assets less current liabilities			18,917

Net assets			18,917

Capital and reserves
Called up share capital			1
Profit and loss account			18,916
			18,917

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

B M Christensen

Director

Date: 14 December 2020

The notes on pages 2 to 4 form part of these financial statements.

Page 1


HANDSHAKE INTERNATIONAL UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Going concern

Handshake International UK Ltd has received written confirmation from its parent company, Stryder Corp, that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

1.4

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the intercompany service agreement;

∙the costs incurred under the intercompany service agreement can be measured reliably.

Page 2


HANDSHAKE INTERNATIONAL UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

1.Accounting policies (continued)

1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

1.8

Debtors

Short term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans. No interest is charged on these loans.

1.9

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. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

1.10

Creditors

Short term creditors are measured at the transaction price.

2.	Auditors' information

The auditors' report on the financial statements for the period ended 31 March 2020 was unqualified.

The audit report was signed on 15 December 2020 by Dominic King ACA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.

Page 3


HANDSHAKE INTERNATIONAL UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2020

Employees

The average monthly number of employees, including directors, during the period was 3.

Debtors

					2020
					£


	Amounts owed by group undertakings	27,495
	Other debtors	19,893
	Prepayments and accrued income	14,735
		62,123

5.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	9,371
	Corporation tax	5,043
	Other taxation and social security	12,209
	Accruals and deferred income	28,817
		55,440

6.	Financial commitments

At the end of the reporting period, the total amount of financial commitments, guarantees and contingencies that were not included in the balance sheet was £16,275. This amount is due within one year.

7.	Controlling party

Stryder Corp. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 225 Bush Street, 12th Floor, San Francisco, CA 94104, USA.

8.	Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 4