Addidi Holdings Limited Filleted accounts for Companies House (small and micro)

ADDIDI HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06396374

Addidi Holdings Limited

Filleted financial statements

31 December 2021

Addidi Holdings Limited

Statement of financial position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Investments	5		100	100

Current assets

Debtors	6	1,320,000	1,320,000
Cash at bank and in hand		–	342
		-----------	-----------
		1,320,000	1,320,342

Creditors: amounts falling due within one year	7	( 1,068,599)		( 870,000)
		-----------		-----------
Net current assets			251,401	450,342
			---------	---------
Total assets less current liabilities			251,501	450,442
			---------	---------

Capital and reserves

Called up share capital	2,000	2,000
Share premium account	249,501	249,501
Profit and loss account	–	198,941
	---------	---------
Shareholders funds	251,501	450,442
	---------	---------

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 income statement has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 29 September 2022 , and are signed on behalf of the board by:

SM Allen

Director

Company registration number: 06396374

Addidi Holdings Limited

Notes to the financial statements

year ended 31 December 2021

1. General information

The principal activity of the company during the year was financial services . The company is a private company limited by shares (No. 06396374 ), registered in England and Wales. The address of the registered office is 1a Tower Square, Leeds, United Kingdom, LS1 4DL.

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

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors, having made due and careful inquiry and preparation of cashflow forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have thus prepared the accounts on the going concern basis.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Progeny Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 5 ).

5. Investments

	Other investments other than loans
	£

Cost
At 1 January 2021 and 31 December 2021	100
	----
Impairment
At 1 January 2021 and 31 December 2021	–
	----

Carrying amount
At 31 December 2021	100
	----
At 31 December 2020	100
	----

6. Debtors

	2021	2020
	£	£

Amounts owed by group undertakings	1,320,000	1,320,000
	-----------	-----------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£

Amounts owed to group undertakings	1,068,599	870,000
	-----------	---------

8. Summary audit opinion

The auditor's report for the year dated 29 September 2022 was unqualified .

The senior statutory auditor was John Beevers BA FCA , for and on behalf of Sagars Accountants Ltd .

9. Controlling party

The company's immediate parent undertaking is Lawsco Holdings Ltd . Progeny Holdings Ltd is the most senior parent entity preparing consolidated financial statements for the year to December 2021 and these are available from Companies House. Progeny Holdings Ltd was acquired by Pegasus (Bidco) Ltd on the 4th of April 2022. Mr Pierre Olivier Sarkozy is considered to be the ultimate controlling party by virtue of his majority voting rights in Further Global UGP Ltd, this company is registered in the USA and is the ultimate parent company of Pegasus (Bidco) Ltd.