Audacia Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07422546 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

AUDACIA HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Grainger

Mr M C O'Dowd

Mr P M Jarrett

REGISTERED OFFICE:

c/o Addspace Furniture Unit

Braithwell Way

Hellaby Industrial Estate

Rotherham

South Yorkshire

S66 8QY

REGISTERED NUMBER:

07422546 (England and Wales)

AUDITORS:

Gibson Booth Limited

Statutory Auditor

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

HSBC Bank PLC

Carmel House

49-63 Fargate

Sheffield

South Yorkshire

S1 2HD

FIXED ASSETS

Tangible assets

4

83,591

-

Investments

5

950,176

950,176

1,033,767

950,176

CURRENT ASSETS

Debtors

6

48,679

9,254

Cash at bank

263,735

320

312,414

9,574

CREDITORS

Amounts falling due within one year

7

39,199

763,176

NET CURRENT ASSETS/(LIABILITIES)

273,215

(753,602

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,306,982

196,574

CREDITORS

Amounts falling due after more than one year

8

29,906

-

NET ASSETS

1,277,076

196,574

CAPITAL AND RESERVES

Called up share capital

11

600

600

Retained earnings

1,276,476

195,974

SHAREHOLDERS' FUNDS

1,277,076

196,574

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2021 and were signed on its behalf by:

Mr M C O'Dowd - Director

1.	STATUTORY INFORMATION

Audacia Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the time of approval, the UK economy was subject to the impact of the coronavirus pandemic outbreak. Projections and forecasts have been prepared to September 2022 based on a number of underlying assumptions, which are subject to significant uncertainty at this time. These show that the expected income and expenditure is sufficient, together with current reserves for the company to continue as a going concern.

The financial statements do not include any adjustments that might arise if the going concern basis is not appropriate.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts and is recognised in the period to which it relates.

Investment income is recognised as the company's right to receive payment is established.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Motor vehicles - 25% straight line.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost less impairment.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Preparation of consolidated financial statements

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Operating lease commitments

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Government grants

Grants which are received for compensation for expenses or losses which have already been incurred are recognisable in income when the grant is received or receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

85,370

At 30 September 2020

85,370

DEPRECIATION

Charge for year

1,779

At 30 September 2020

1,779

NET BOOK VALUE

At 30 September 2020

83,591

5.	FIXED ASSET INVESTMENTS

Investment

Interest

in group

in

undertakings

associate

Totals

£

£

£

COST

At 1 October 2019

and 30 September 2020

950,076

100

950,176

NET BOOK VALUE

At 30 September 2020

950,076

100

950,176

At 30 September 2019

950,076

100

950,176

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Amounts owed by group undertakings

46,227

-

VAT

2,452

8,963

Prepayments and accrued income

-

291

48,679

9,254

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Hire purchase contracts (see note 9)

34,148

-

Amounts owed to group undertakings

-

317,618

Social security and other taxes

945

446

Other creditors

-

1,728

Directors' current accounts

-

189,095

Directors' loan accounts

-

249,000

Accruals and deferred income

4,106

5,289

39,199

763,176

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Hire purchase contracts (see note 9)

29,906

-

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.20

30.9.19

£

£

Net obligations repayable:

Within one year

34,148

-

Between one and five years

29,906

-

64,054

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Hire purchase contracts

64,054

-

The liabilities are secured on the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

300

Ordinary A

£1

300

300

100

Ordinary B

£1

100

100

100

Ordinary C

£1

100

100

100

Ordinary D

£1

100

100

600

600

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Scott Mell FCA (Senior Statutory Auditor)

for and on behalf of Gibson Booth Limited

13.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £10,420 (2019: £10,420).

14.	RELATED PARTY DISCLOSURES

Companies in which the entity has a participating interest

2020

2019

£

£

Management fee income

120,000

158,000

Amounts due to related parties

-

317,618

Amounts due from related parties

46,227

-

Other related parties

2020

2019

£

£

Consultancy fees

30,000

24,000

Group Debt

The company has provided a Composite Company Limited Multilateral Guarantee with Audacia Property Limited, Addspace Furniture Limited and 2P2M Limited in relation to any group bank borrowings. As at 30 September 2020 group borrowings amounted to £1,128,150 (2019: 1,633,637)

The company has also provided a debenture in relation to bank borrowings secured by a fixed and floating charge over its assets.

15.	POST BALANCE SHEET EVENTS

The directors have considered the global pandemic in producing these financial statements, and those of the trading subsidiaries. Impacts of the initial lockdown have already been reflected in the results of the trading subsidiaries, and any future impact of the pandemic on this company is considered by the directors to be a non adjusting event. At the time of review the effect on the group's activities was limited.