Erevena Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04930990 (England and Wales)

EREVENA LIMITED

Financial Statements

for the Year Ended 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

D Hyde

J Irvine

Registered office:

1 Southampton Street

London

WC2R 0LR

Registered number:

04930990 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

155,457

50,821

Investments

6

200

200

155,657

51,021

Current assets

Debtors

7

3,811,951

2,270,828

Investments

8

58,000

64,712

Cash at bank

2,280,665

2,105,251

6,150,616

4,440,791

Creditors

Amounts falling due within one year

9

5,009,409

1,249,571

Net current assets

1,141,207

3,191,220

Total assets less current liabilities

1,296,864

3,242,241

Creditors

Amounts falling due after more than one year

10

(654,784

)

(933,707

)

Provisions for liabilities

(10,840

)

(6,453

)

Net assets

631,240

2,302,081

Capital and reserves

Called up share capital

12

951

951

Share premium

13

608,664

608,664

Capital redemption reserve

13

101

101

Retained earnings

13

21,524

1,692,365

631,240

2,302,081

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 29 July 2022 and were signed on its behalf by:

J Irvine - Director

1.	Statutory information

Erevena 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.

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.

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

Going Concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available to the company, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full-time employment.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over the life of the lease

Plant and machinery

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

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.

Unlisted investments

Unlisted fixed asset investments are stated at cost less provision for impairment. The carrying values of fixed asset investments are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

3.	Employees and directors

The average number of employees during the year was 54 (2020 - 38 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 January 2021

800,000

Disposals

(800,000

)

At 31 December 2021

-

Amortisation

At 1 January 2021

800,000

Eliminated on disposal

(800,000

)

At 31 December 2021

-

Net book value

At 31 December 2021

-

At 31 December 2020

-

5.	Tangible fixed assets

Long

Plant and

leasehold

machinery

Totals

£

£

£

Cost

At 1 January 2021

222,046

294,762

516,808

Additions

97,750

47,185

144,935

Disposals

(5,730

)

-

(5,730

)

At 31 December 2021

314,066

341,947

656,013

Depreciation

At 1 January 2021

205,186

260,801

465,987

Charge for year

11,616

22,953

34,569

At 31 December 2021

216,802

283,754

500,556

Net book value

At 31 December 2021

97,264

58,193

155,457

At 31 December 2020

16,860

33,961

50,821

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 January 2021

and 31 December 2021

200

Net book value

At 31 December 2021

200

At 31 December 2020

200

Name of company

Class of shares

% holding

Nature of Business

Erevena Online Limited

Ordinary

100%

Dormant company

7.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

2,420,577

988,216

Amounts owed by group undertakings

1,146,668

1,029,266

Other debtors

244,706

253,346

3,811,951

2,270,828

8.	Current asset investments

2021

2020

£

£

Unlisted investments

58,000

64,712

9.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

250,000

226,984

Trade creditors

61,298

52,427

Amounts owed to group undertakings

252,416

56,034

Taxation and social security

1,093,816

723,761

Other creditors

3,351,879

190,365

5,009,409

1,249,571

10.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans

604,167

854,167

Other creditors

50,617

79,540

654,784

933,707

11.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

272,949

231,390

Between one and five years

471,733

636,323

744,682

867,713

12.	Called up share capital

Alloted, issued and fully paid:

Number:

Class:

Nominal value:

2021

2020

£

£

78,209

Ordinary

0.001

78

78

23,786

Ordinary A

0.001

24

24

363,107

Ordinary B

0.001

363

363

363,107

Ordinary C

0.001

363

363

123,211

Preferred Ordinary

0.001

123

123

951

951

13.

Reserves

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2021

1,692,365

608,664

101

2,301,130

Profit for the year

3,555,889

-

-

3,555,889

Dividends

(5,226,730

)

-

-

(5,226,730

)

At 31 December 2021

21,524

608,664

101

630,289

14.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Gary Staunton (Senior Statutory Auditor)

for and on behalf of Haines Watts

15.	Ultimate controlling party

The immediate parent undertaking is Erevena Group Limited.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Erevena Holdings Limited. Copies of the Erevena Holdings Limited consolidated financial statements can be obtained from the registered office.