South Pole Group UK Limited
Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 09597220 (England and Wales)
South Pole Group UK Limited
Company Information
Directors
Dr C Grobbel
R Heuberger
Company number
09597220
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
South Pole Group UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
South Pole Group UK Limited
Balance Sheet
As at 31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
986
3,525
Current assets
Debtors
5
416,120
348,997
Cash at bank and in hand
82,235
49,541
498,355
398,538
Creditors: amounts falling due within one year
6
(252,133)
(247,640)
Net current assets
246,222
150,898
Total assets less current liabilities
247,208
154,423
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
237,208
144,423
Total equity
247,208
154,423
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 8 June 2020 and are signed on its behalf by:
Dr C Grobbel
Director
Company Registration No. 09597220
South Pole Group UK Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 2
1
Accounting policies
Company information
South Pole Group UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Exemptions for qualifying entities under FRS 102
The entity has taken advantage of the following disclosure exemptions:
-
The requirement of Section 33 Related Party Disclosures under paragraph 33.1(b);
-
The requirement of Section 7 Statement of Cash Flows and Section 3 Financial Statement paragraph 3.17(d) under paragraph 1.12;
1.3
Going concern
The financial statements have been prepared on a going concern basis. The company made profits of £92,875 (2018: £69,379) during the year and the company had net assets of £246,222 at the balance sheet date (2018: £150,898) and is financially supported by its parent company and it therefore has adequate cash resources at its disposal in order to meet its obligations as and when they become due for at least twelve months from the date of approval of the financial statements.
true
The Board expects Covid-19 to have an impact on the business in the short to medium term as government measures are implemented but there is still a large element of uncertainty. As a result, it is too soon to fully understand the impact but with the parent company support, the Directors do not expect Covid-19 to impact the company's ability to continue as a going concern.
It is on this basis that the directors adopt the going concern basis of accounting in preparing the annual financial statements.
1.4
Turnover
Turnover represents
amounts receivable in respect of management recharges and consultancy fees.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
South Pole Group UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 3
1.6
Impairment of fixed assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any
). An impairment loss is recognised immediately in the profit and loss account.
1.7
Cash and cash equivalents
Cash and cash equivalents include deposits held at call with banks
.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
The company has only basic financial instruments recorded at amortised cost. The company has no financial instruments classified as other or basic financial instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
South Pole Group UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 4
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Turnover and other revenue
During the year 100% (2018: 100%) of the company's income derived from markets outside the United Kingdom.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2018 - 22).
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2019 and 31 December 2019
7,617
Depreciation and impairment
At 1 January 2019
4,092
Depreciation charged in the year
2,539
At 31 December 2019
6,631
Carrying amount
At 31 December 2019
986
At 31 December 2018
3,525
South Pole Group UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 5
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
80,471
Amounts due from group undertakings
246,441
222,540
Other debtors
137,029
45,986
383,470
348,997
Amounts falling due after more than one year:
Other debtors
32,650
-
Total debtors
416,120
348,997
6
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
-
17,207
Other creditors
252,133
230,433
252,133
247,640
Included within other creditors is an amount of £6,891 (2018: £4,002) in respect of pension contributions payable.
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
10,000
10,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Jamie Sherman.
The auditor was Moore Kingston Smith LLP.
South Pole Group UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 6
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
212,208
85,500
Between two and five years
159,156
-
371,364
85,500
10
Parent company
The ultimate parent company is South Pole Holding Limited, a company registered in Switzerland.
Copies of the South Pole Holding Limited financial statements can be obtained at Technoparkstrasse 1, 8005, Zurich, Switzerland.
There is no ultimate controlling party.