5
false
false
false
false
false
false
false
false
false
true
false
false
true
true
true
false
2020-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
104,778
66,038
7,748
73,786
30,992
38,740
xbrli:pure
xbrli:shares
iso4217:GBP
05699285
2020-01-01
2020-12-31
05699285
2020-12-31
05699285
2019-12-31
05699285
2019-01-01
2019-12-31
05699285
2019-12-31
05699285
bus:Director3
2020-01-01
2020-12-31
05699285
core:WithinOneYear
2020-12-31
05699285
core:WithinOneYear
2019-12-31
05699285
core:FurnitureFittings
2019-12-31
05699285
core:FurnitureFittings
2020-12-31
05699285
core:ShareCapital
2020-12-31
05699285
core:ShareCapital
2019-12-31
05699285
core:RetainedEarningsAccumulatedLosses
2020-12-31
05699285
core:RetainedEarningsAccumulatedLosses
2019-12-31
05699285
core:FurnitureFittings
2020-01-01
2020-12-31
05699285
core:FurnitureFittings
2019-12-31
05699285
bus:SmallEntities
2020-01-01
2020-12-31
05699285
bus:Audited
2020-01-01
2020-12-31
05699285
bus:FullAccounts
2020-01-01
2020-12-31
05699285
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
05699285
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
COMPANY REGISTRATION NUMBER:
05699285
|
Filleted financial statements |
|
|
Statement of financial position |
|
31 December 2020
Fixed assets
|
Tangible assets |
5 |
|
30,992 |
|
38,740 |
|
|
|
|
|
|
Current assets
|
Debtors |
6 |
880,496 |
|
205,995 |
|
|
Cash at bank and in hand |
– |
|
321,783 |
|
|
--------- |
|
--------- |
|
|
880,496 |
|
527,778 |
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
54,353) |
|
(
113,550) |
|
|
--------- |
|
--------- |
|
|
Net current assets |
|
826,143 |
|
414,228 |
|
|
--------- |
|
--------- |
|
Total assets less current liabilities |
|
857,135 |
|
452,968 |
|
|
|
|
|
|
|
Provisions |
|
– |
|
(
7,361) |
|
|
--------- |
|
--------- |
|
Net assets |
|
857,135 |
|
445,607 |
|
|
--------- |
|
--------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
|
100 |
|
Profit and loss account |
|
857,035 |
|
445,507 |
|
|
--------- |
|
--------- |
|
Shareholders funds |
|
857,135 |
|
445,607 |
|
|
--------- |
|
--------- |
|
|
|
|
|
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
24 September 2021
, and are signed on behalf of the board by:
Company registration number:
05699285
|
Notes to the financial statements |
|
year ended 31 December 2020
1.
General information
The principal activity of the company during the year was the provision of financial services
. The company is a private company limited by shares (No. 05699285
), 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 enquiry, 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. In arriving at this conclusion, the directors have given due consideration to the impact of the worldwide Covid-19 pandemic on future operations and the ability of the company to continue to operate as a going concern. The directors recognise that the situation remains fluid and as a result making accurate forecasts on the likely implications is difficult but the directors do recognise that trading over the coming months could potentially be adversely affected. Despite this, the directors remain confident that the company can continue to operate as a going concern.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
20% reducing balance
|
|
|
|
|
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2019:
11
).
5.
Tangible assets
|
Cost |
|
|
At 1 January 2020 and 31 December 2020 |
104,778 |
|
--------- |
|
Depreciation |
|
|
At 1 January 2020 |
66,038 |
|
Charge for the year |
7,748 |
|
--------- |
|
At 31 December 2020 |
73,786 |
|
--------- |
|
Carrying amount |
|
|
At 31 December 2020 |
30,992 |
|
--------- |
|
At 31 December 2019 |
38,740 |
|
--------- |
|
|
6.
Debtors
|
Trade debtors |
– |
145,446 |
|
Amounts owed by group undertakings |
872,996 |
30,000 |
|
Prepayments and accrued income |
7,500 |
30,549 |
|
--------- |
--------- |
|
880,496 |
205,995 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
Amounts owed to group undertakings |
– |
20,000 |
|
Accruals and deferred income |
– |
25,890 |
|
Corporation tax |
54,353 |
53,080 |
|
Social security and other taxes |
– |
13,080 |
|
Other creditors |
– |
1,500 |
|
------- |
--------- |
|
54,353 |
113,550 |
|
------- |
--------- |
|
|
|
8.
Summary audit opinion
The auditor's report for the year dated 24 September 2021 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 is
Addidi Holdings Limited
, incorporated in England and Wales. Progeny Holdings Limited, incorporated in England and Wales, is the parent of the smallest group preparing consolidated financial statements that include the Company. Leoni Sceti Group Limited, incorporated in England and Wales, is the parent of the largest such group, and copies of the financial statements for both of these companies can be obtained from Companies House. The directors consider the Alar Trust to be the ultimate controlling party.
