Advanta Holdings Limited Accounts
Advanta Holdings Limited Accounts
Advanta Holdings Limited Accounts Cover |
Company No. 05171185 | |||||||||
Advanta Holdings Limited Contents |
Pages | |||||||||
Company Information | 2 | ||||||||
Director's Report | 3 | ||||||||
Auditor's Report | 4 to 7 | ||||||||
Profit and Loss Account | 8 | ||||||||
Balance Sheet | 9 | ||||||||
Notes to the Accounts | 10 to 13 | ||||||||
Detailed Profit and Loss Account | 14 to 15 | ||||||||
Advanta Holdings Limited Directors Report |
The Director presents his report and the accounts for the year ended 31 December 2022. | |||||||||
Principal activities | |||||||||
Director | |||||||||
The Director who served at any time during the year was as follows: | |||||||||
Statement of director's responsibilities | |||||||||
The Director is responsible for preparing the Director's report and the accounts in accordance with applicable law and regulations. | |||||||||
Company law requires the director to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to: | |||||||||
* | select suitable accounting policies and then apply them consistently; | ||||||||
* | make judgments and estimates that are reasonable and prudent; | ||||||||
* | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. | ||||||||
The director is responsible for keeping adequate accounting records that show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. | |||||||||
Statement of disclosure of information to auditor | |||||||||
Signed on behalf of the board | |||||||||
G. Viar | |||||||||
Director | |||||||||
19 March 2024 | |||||||||
Advanta Holdings Limited Audit Report Unqualified |
Independent Auditor's Report to the members of Advanta Holdings Limited | |||||||||
Opinion | |||||||||
We have audited the accounts of Advanta Holdings Limited (the 'company') for the year ended 31 December 2022 which comprise the Income Statement, the Balance Sheet and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). | |||||||||
In our opinion the accounts: | |||||||||
• | give a true and fair view of the state of the company's affairs as at 31 December 2022 | ||||||||
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and | ||||||||
• | have been prepared in accordance with the requirements of the Companies Act 2006 | ||||||||
Basis for opinion | |||||||||
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. | |||||||||
Conclusions relating to going concern | |||||||||
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. | |||||||||
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. | |||||||||
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. | |||||||||
Other information | |||||||||
The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. | |||||||||
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. | |||||||||
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. | |||||||||
We have nothing to report in this regard. | |||||||||
Opinion on other matters prescribed by the Companies Act 2006 | |||||||||
• | the information given in the Report of the Directors for the financial year for which the accounts are prepared is consistent with the accounts; and | ||||||||
• | the Report of the Directors has been prepared in accordance with applicable legal requirements. | ||||||||
Matters on which we are required to report by exception | |||||||||
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. | |||||||||
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or | ||||||||
• | the financial statements are not in agreement with the accounting records and returns; or | ||||||||
• | certain disclosures of directors’ remuneration specified by law are not made; or | ||||||||
• | we have not received all the information and explanations we require for our audit; or | ||||||||
• | the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small Companies' exemptions from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. | ||||||||
Responsibilities of directors | |||||||||
In preparing the financial statements , the Directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. | |||||||||
Auditor's responsibilities for the audit of the accounts | |||||||||
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. | |||||||||
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: | |||||||||
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. | |||||||||
The following laws and regulations were identified as being of significance to the entity: | |||||||||
• | Those laws and regulations considered to have a direct effect on the financial statements include financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. | ||||||||
• | Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation and employment legislation. | ||||||||
Those laws and regulations considered to have a direct effect on the financial statements include financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. | |||||||||
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. | |||||||||
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with IAS. | |||||||||
A further description of our responsibilities for the audit of the accounts is located on the FRC's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. | |||||||||
. | |||||||||
Use of this report | |||||||||
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. | |||||||||
Senior Statutory Auditor | |||||||||
For and on behalf of Granite Morgan Smith Limited | |||||||||
Chartered Certified Accountants and Statutory Auditors | |||||||||
122 Feering Hill | |||||||||
Feering | |||||||||
Colchester | |||||||||
Essex | |||||||||
CO5 9PY | |||||||||
Advanta Holdings Limited Profit and Loss Account |
for the year ended 31 December 2022 | ||||||||||
2022 | 2021 | |||||||||
£ | £ | |||||||||
Gross profit | ||||||||||
Distribution costs and selling expenses | ( | ( | ||||||||
Administrative expenses | ( | ( | ||||||||
Operating profit/(loss) | ( | |||||||||
Other interest receivable | ||||||||||
Interest payable and similar charges | ( | |||||||||
Profit/(Loss) on ordinary activities before taxation | ( | |||||||||
Taxation | ( | ( | ||||||||
Profit/(Loss) for the financial year after taxation | ( | |||||||||
Advanta Holdings Limited Balance Sheet |
at | ||||||||||
Company No. | Notes | 2022 | 2021 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Investments | 4 | |||||||||
Current assets | ||||||||||
Debtors | ||||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | ( | ( | ||||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 6 | |||||||||
Profit and loss account | 6 | |||||||||
Total equity | ||||||||||
Approved by the board on 14 March 2024 and signed on its behalf by: | ||||||||||
G. Viar | ||||||||||
Director | ||||||||||
19 March 2024 | ||||||||||
Advanta Holdings Limited Notes to the Accounts |
for the year ended 31 December 2022 | ||||||||||||||||
1 | General information | |||||||||||||||
Advanta Holdings Limited is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||||
Its registered number is: 05171185 | ||||||||||||||||
Its registered office is: | ||||||||||||||||
2 | Accounting policies | |||||||||||||||
Turnover | ||||||||||||||||
Taxation | ||||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||||
Investments | ||||||||||||||||
Work in progress | ||||||||||||||||
Trade and other debtors | ||||||||||||||||
Trade and other creditors | ||||||||||||||||
Foreign currencies | ||||||||||||||||
Leased assets | ||||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||||
Defined contribution pensions | ||||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||||
Provisions | ||||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||||
3 | Employees | |||||||||||||||
2022 | 2021 | |||||||||||||||
Number | Number | |||||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||||
4 | Investments | |||||||||||||||
Total | ||||||||||||||||
£ | ||||||||||||||||
Cost or valuation | ||||||||||||||||
At 1 January 2022 | ||||||||||||||||
At 31 December 2022 | ||||||||||||||||
Provisions/Impairment | ||||||||||||||||
Net book values | ||||||||||||||||
At 31 December 2022 | ||||||||||||||||
At 31 December 2021 | ||||||||||||||||
5 | Share Capital | |||||||||||||||
6 | Reserves | |||||||||||||||
7 | Exemption from audit by parent guarantee | |||||||||||||||
8 | Related party disclosures | |||||||||||||||
Controlling party | ||||||||||||||||
Parent Company | ||||||||||||||||
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member: | ||||||||||||||||
Advanta Global Services Ltd | ||||||||||||||||
The parent's registered office address is: | ||||||||||||||||
Suite 31A, 222, Blackley's Business Centre | ||||||||||||||||
Triq Id-Duluri | ||||||||||||||||
Pieta'Pta 1420 | ||||||||||||||||
Malta | ||||||||||||||||