ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

SCOBY TOPCO LIMITED - Company Information

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Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-01-01No description of principal activity22truetrue 12357447 2022-01-01 2022-12-31 12357447 2021-01-01 2021-12-31 12357447 2022-12-31 12357447 2021-12-31 12357447 c:Director1 2022-01-01 2022-12-31 12357447 c:Director2 2022-01-01 2022-12-31 12357447 c:RegisteredOffice 2022-01-01 2022-12-31 12357447 d:CurrentFinancialInstruments 2022-12-31 12357447 d:CurrentFinancialInstruments 2021-12-31 12357447 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12357447 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12357447 d:ShareCapital 2022-12-31 12357447 d:ShareCapital 2021-12-31 12357447 d:SharePremium 2022-12-31 12357447 d:SharePremium 2021-12-31 12357447 d:RetainedEarningsAccumulatedLosses 2022-12-31 12357447 d:RetainedEarningsAccumulatedLosses 2021-12-31 12357447 c:OrdinaryShareClass1 2022-01-01 2022-12-31 12357447 c:OrdinaryShareClass1 2022-12-31 12357447 c:OrdinaryShareClass1 2021-12-31 12357447 c:FRS102 2022-01-01 2022-12-31 12357447 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 12357447 c:FullAccounts 2022-01-01 2022-12-31 12357447 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12357447









SCOBY TOPCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022
 
SCOBY TOPCO LIMITED
 
 
COMPANY INFORMATION


Directors
PA Cocker 
WJ Pearson 




Registered number
12357447



Registered office
True House
29 Buckingham Gate

London

SW1E 6NF




Accountants
Donald Reid Limited
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

SL6 1DT




 
SCOBY TOPCO LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7

 
SCOBY TOPCO LIMITED
REGISTERED NUMBER: 12357447

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
11,649,960
11,122,110

  
11,649,960
11,122,110

Creditors: amounts falling due within one year
 6 
(4,620)
(3,000)

Net current assets
  
 
 
11,645,340
 
 
11,119,110

Total assets less current liabilities
  
11,645,341
11,119,111

  

Net assets
  
11,645,341
11,119,111


Capital and reserves
  

Called up share capital 
 7 
100,000
100,000

Share premium account
  
10,659,893
10,659,893

Profit and loss account
  
885,448
359,218

  
11,645,341
11,119,111


Page 1
 
SCOBY TOPCO LIMITED
REGISTERED NUMBER: 12357447
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

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 income and retained earnings 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 on 28 September 2023.




WJ Pearson
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2
 
SCOBY TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Scoby Topco Limited is a private company limited by shares. The company is incorporated in the United Kingdom and is registered in England and Wales. The registration number is 12357447. The registered office address is True House, 29 Buckingham Gate, London, United Kingdom, SW1E 6NF. 

2.Accounting policies

 
2.1

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:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3
 
SCOBY TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 4
 
SCOBY TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the
Page 5
 
SCOBY TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Financial instruments (continued)

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
1



At 31 December 2022
1





5.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
11,649,960
11,122,110

11,649,960
11,122,110


Page 6
 
SCOBY TOPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
120
-

Other creditors
1,500
-

Accruals and deferred income
3,000
3,000

4,620
3,000



7.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,000,000 (2021 - 1,000,000) ordinary shares of £0.10 each
100,000
100,000



8.


Related party transactions

At the year end, included in amounts owed by group undertakings is an interest free loan of £11,649,960 (2021: £11,122,110) owed by Scoby Bidco Limited, a subsidiary of the company.

 
Page 7