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Registered number: 00487036
Targeter (UK) Limited
Financial statements
Information for filing with the registrar
For the year ended 31 December 2022
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Targeter (UK) Limited
Registered number: 00487036
Balance sheet
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 comprehensive income 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 29 September 2023.
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2022
Targeter (UK) Limited ('the company') is a private company limited by shares, incorporated and domicile in
England & Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London,
E1 6RA and its principal place of business is Potto Grange, Northallerton, North Yorkshire, DL6 3HH. The
principal activity can be found on page 1.
2.Accounting policies
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Basis of preparation of financial statements
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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:
The financial statements have been prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existance for the foreseeable future and meet its liabilities as and when they fall due for a period of at least 12 months from the date of approval of these financial satemnets.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the company in respect of goods supplied during the
year.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Page 2
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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.
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.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is USD and transactions are rounded to
the nearest $1.
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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 3
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group
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The average monthly number of employees, including directors, during the year was 4 (2021 - 4).
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
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Aggregate of share capital and reserves
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Page 4
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2022
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Page 5
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2022
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Allotted, called up and fully paid
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85,200 (2021 - 85,200) Ordinary shares of $1.00 each
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Revaluation reserve
This reserve represents the revaluation gain recognised on the company's investment less any related
provision for deferred tax
Called up share capital
This represents the nominal value of shares that have been issued by the company.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any
distributions made to the company's shareholders.
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to $23,130 (2021 - $20,084).
Contributions totalling $Nil (2021 - $20,084) were payable to the fund at the balance sheet date and
are included within accruals.
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Related party transactions
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During the year Targeter (UK) Limited sold goods to ETS Wafic Idriss SARL for $186,086 (2021: $Nil). At the 31 December 2022 Targeter (UK) Limited was owed $86,966 (2021: Owed to $273) by ETS Wafic Idriss SARL.
During the year the Tragter International SAL, a connected company, paid for expenses of $23,125 (2021: $15,993) on behalf of the company. As the 31 December 2022 Targeter (UK) Limited owed $2,065 (2021: $Nil)
As at 31 December 2022 Targeter (UK) Limited owed $310,000 to Exetex (UK) Limited, a connected company (2021: $310,000).
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Page 6
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Targeter (UK) Limited
Notes to the financial statements
For the year ended 31 December 2022
The ultimate holding party is the Nabil W. Idriss family, who hold 60% of the issue share capital.
The auditors' report on the financial statements for the year ended 31 December 2022 was qualified.
The qualification in the audit report was as follows:
We have been unable to obtain sufficient evidence on the valuation of the subsidiary investment of $310,000. The subsidiary company has been dormant since 1977 with the only asset being share capital. Consequently, we believe this balance and the related amount included in revaluation reserves to be over-stated
The audit report was signed on 29 September 2023 by Angela Ingham FCA (Senior statutory auditor) on behalf of Azets Audit Services.
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