REGISTERED NUMBER:
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COSMOMATE (UK) LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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REGISTERED NUMBER:
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COSMOMATE (UK) LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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COSMOMATE (UK) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants & |
Registered Auditors |
9 Pound Lane |
Godalming |
Surrey |
GU7 1BX |
COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Revaluation reserve | 10 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Cosmomate (Uk) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Cosmomate (Uk) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Investments |
Investments in unlisted companies are included at cost less amounts written off. Other unlisted investments are included at the directors' valuation. Profit or losses arising from disposals of fixed asset investments are treated as part of the result from ordinary activities. |
COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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5. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST OR VALUATION |
At 1 January 2020 |
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Revaluations |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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All tangible fixed assets are included at cost with the exception of the freehold property, which is included at valuation reviewed by the directors as at 31 December 2020 of £3.5 million. |
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No deferred taxation has been provided on the revaluation surplus. It is estimated that, if the freehold investment property were to be sold for the amount at which it is included in the financial statements, no corporation tax would fall due once capital losses available for use by the company at the date of sale and other reliefs were applied. |
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Cost or valuation at 31 December 2020 is represented by: |
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Land and |
buildings |
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Valuation in 2002 | 1,050,000 |
Valuation in 2007 | 100,000 |
Valuation in 2010 | 100,000 |
Valuation in 2015 | 300,000 |
Valuation in 2020 | 1,000,000 |
Cost | 950,000 |
3,500,000 |
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If freehold investment property had not been revalued it would have been included at the following historical cost: |
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31.12.20 | 31.12.19 |
£ | £ |
Cost | 950,000 | 950,000 |
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Value of land in freehold land and buildings | 3,500,000 | 2,500,000 |
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Freehold investment property was valued on an open market value basis on 31 December 2020 by the directors . |
COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 January 2020 |
and 31 December 2020 |
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PROVISIONS |
At 1 January 2020 |
and 31 December 2020 | 827,108 |
NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Cost or valuation at 31 December 2020 is represented by: |
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Other |
investments |
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Valuation in 2004 | 9,000 |
Cost | 1,177,881 |
1,186,881 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 69-71 East Street, Epsom, Surrey, KT17 1BP |
Nature of business:
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Class of shares: | holding |
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31.12.20 | 31.12.19 |
£ | £ |
Aggregate capital and reserves |
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(Loss)/profit for the year | ( |
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Registered office: 69-71 East Street, Epsom, Surrey, KT17 1BP |
Nature of business:
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Class of shares: | holding |
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31.12.20 | 31.12.19 |
£ | £ |
Aggregate capital and reserves |
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COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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6. | FIXED ASSET INVESTMENTS - continued |
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Registered office: 69-71 East Street, Epsom, Surrey, KT17 1BP |
Nature of business:
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Class of shares: | holding |
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31.12.20 | 31.12.19 |
£ | £ |
Aggregate capital and reserves |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other debtors |
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Amounts owed by ultimate parent
undertaking |
67,428 |
211,340 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed to group undertakings |
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Other creditor | 72,847 | 68,260 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Due to parent undertaking | 748,199 | 748,199 |
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10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2020 |
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Revaluation in year | 1,000,000 |
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At 31 December 2020 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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COSMOMATE (UK) LIMITED (REGISTERED NUMBER: 02330741) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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12. | RELATED PARTY DISCLOSURES |
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The company shares premises with its subsidiary undertakings, The Travel Professionals Limited and Worldmate Services Limited and a number of related companies. Some common expenses are paid by one company and recharged to the others as appropriate. |
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The company owes £2,015,244 (2019: £1,895,414) to Cosmomate Australia PTY (a company incorporated in Australia), a fellow subsidiary undertaking of the World Mate (Japan) group of companies. |
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The company owes £748,199 (2019: £748,199) to the ultimate parent undertaking of this UK group, Worldmate (Japan). Certain expenses are recharged directly to the parent undertaking and an amount of £67,428 (2019: £211,340) remained due in this regard at the balance sheet date. |
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13. | RISK MANAGEMENT POLICIES |
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The company's principal financial instruments comprise bank balances, bank loans and overdrafts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations. |
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Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. |
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In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility. |
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Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
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Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
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A level of group debt is denominated in foreign currency, so the company and group have exposure in this regard, which is taken into consideration. |