Albemarle Venture Partner Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00769039 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ALBEMARLE VENTURE PARTNER LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D J Wills

R Cameron-Clarke

SECRETARY:

D J Wills

REGISTERED OFFICE:

c/o Thorne Lancaster Parker

4th Floor, Venture House

27/29 Glasshouse Street

London

London

W1B 5DF

REGISTERED NUMBER:

00769039 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

Chartered Accountants

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

4

663

995

Investments

5

1,327,321

1,576,601

1,327,984

1,577,596

CURRENT ASSETS

Debtors

6

113,166

104,479

Cash at bank

17,725

45,448

130,891

149,927

CREDITORS

Amounts falling due within one year

7

709,657

929,763

NET CURRENT LIABILITIES

(578,766

)

(779,836

)

TOTAL ASSETS LESS CURRENT LIABILITIES

749,218

797,760

CAPITAL AND RESERVES

Called up share capital

9

154,750

154,750

Fair value reserve

10

104,971

230,200

Capital reserve

10

45,250

45,250

Retained earnings

10

444,247

367,560

SHAREHOLDERS' FUNDS

749,218

797,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2019 and were signed on its behalf by:

R Cameron-Clarke - Director

1.	STATUTORY INFORMATION

Albemarle Venture Partner Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Albemarle Venture Partner 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.

Investments

Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at

transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or

loss.

Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be

measured reliably are measured at cost less impairment.

Investment income

Investment income represents the total amount receivable in the ordinary course of business.

Property, plant and equipment

Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated

impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as

intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less

estimated residual value, of each asset on a systematic basis over its expected useful life as follows;

Computer equipment

- 25% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in

circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost less any provision for impairment.

Financial instruments

Other financial assets

Listed equity investments which are not subsidiaries, associates or joint ventures are initially measured at

transaction price and subsequently carried at fair value and the changes in fair value are recognised in profit or

loss.

Unlisted equity investments which are not subsidiaries, associates or joint ventures whose fair values cannot be

measured reliably are measured at cost less impairment.

Other financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or

are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing

additional restrictions.

Basic financial liabilities

Trade and other creditors, accruals, director loans and amounts owed to group undertakings are initially

recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate

method.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

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.

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.

Foreign currencies

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the

standard exchange rate ruling for the period.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of

exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date

of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was

determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on

non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also

recognised in other comprehensive income.

Going concern

At the balance sheet date the company had net current liabilities of £578,766 which included an amount of

£563,968 owed to a director. The director has confirmed that he will not seek repayment of this balance within

12 months of the date of these reports. The financial statements have therefore been prepared on a going concern

basis.

4.	PROPERTY, PLANT AND EQUIPMENT

Computer

equipment

£

COST

At 1 January 2018

and 31 December 2018

1,327

DEPRECIATION

At 1 January 2018

332

Charge for year

332

At 31 December 2018

664

NET BOOK VALUE

At 31 December 2018

663

At 31 December 2017

995

5.	FIXED ASSET INVESTMENTS

2018

2017

£

£

Participating interests

12,500

12,500

Loans to undertakings in which the company has a participating interest

92,500

92,500

Other investments not loans

1,222,321

1,471,601

1,327,321

1,576,601

Additional information is as follows:

Interest

in

Listed

Unlisted

associate

investments

investments

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2018

12,500

1,411,409

60,192

1,484,101

Additions

-

131,267

31,312

162,579

Disposals

-

(327,385

)

-

(327,385

)

Revaluations

-

(84,474

)

-

(84,474

)

At 31 December 2018

12,500

1,130,817

91,504

1,234,821

NET BOOK VALUE

At 31 December 2018

12,500

1,130,817

91,504

1,234,821

At 31 December 2017

12,500

1,411,409

60,192

1,484,101

Cost or valuation at 31 December 2018 is represented by:

Interest

in

Listed

Unlisted

associate

investments

investments

Totals

£

£

£

£

Valuation in 2018

-

104,971

-

104,971

Cost

12,500

1,025,846

91,504

1,129,850

12,500

1,130,817

91,504

1,234,821

If listed investments had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

1,025,846

1,181,209

The company's investments at the Statement of Financial Position date in the share capital of companies include

the following:

Associated company

Room2Spare Limited

Registered office: Unit G Aisecome Way Weston-Super-Mare Avon BS22 8NA

Nature of business: Storage space rental

%

Class of shares:

holding

Ordinary of £1

25.00

2018

2017

£

£

Aggregate capital and reserves

(128,644

)

(132,644

)

Profit for the year

4,000

3,086

Loans to

associates

£

At 1 January 2018

and 31 December 2018

92,500

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Recoverable corporation tax

37

678

Prepayments and accrued income

113,129

103,801

113,166

104,479

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

9

Trade creditors

2,400

-

Amounts owed to group undertakings

521

521

Other creditors

8,946

8,946

Directors' loan accounts

563,968

785,468

Accruals and deferred income

133,822

134,819

709,657

929,763

8.	FINANCIAL INSTRUMENTS

The company has the following financial instruments:

2018

2017

£

£

Financial assets at fair value through profit or loss

- Listed investments

1,130,817

1,411,409

Financial assets that are equity instruments measured at cost less impairment

- Unlisted investments

91,504

60,192

Financial liabilities measured at amortised cost

- Trade creditors

2,400

-

- Amounts owed to group undertakings

521

521

- Other creditors

572,914

794,414

- Accruals

133,822

134,819

709,657

929,754

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

154,750

Ordinary

£1

154,750

154,750

10.

RESERVES

Fair

Retained

value

Capital

earnings

reserve

reserve

Totals

£

£

£

£

At 1 January 2018

367,560

230,200

45,250

643,010

Profit for the year

35,932

-

-

35,932

Revaluation

-

(84,474

)

-

(84,474

)

Transfer

40,755

(40,755

)

-

-

At 31 December 2018

444,247

104,971

45,250

594,468

11.	RELATED PARTY DISCLOSURES

Private Equity Limited (PEL)

At the balance sheet date the amount owed to PEL, the parent undertaking, is £521 (2017: £521).

Room2Spare Limited (R2SL)

At the balance sheet date R2SL, an associated undertaking, owed the company £92,500 by way of an unsecured

loan note, and this amount is included in investments. The loan originally bore interest at 15% p.a. and was

repayable on 31 December 2007. The terms have been informally varied with no fixed repayment date. Interest

of £13,875 has been recognised in the year and unpaid interest amounting to £111,803 is included within

prepayments and accrued income.

At the balance sheet date the amount owed by R2SL is £204,303 (2017: £194,828).

D J Wills

The company received a loan from D J Wills in 2007 and 2008. The loan is unsecured and there are no formal

terms relating to interest or date of repayment. It is intended that the loan be repaid in monthly instalments of

£5,000 and that interest be payable at the rate of 4.5% over base. The total unpaid interest amounts to £125,000

and this amount is included in creditors. The loan has been repaid in full and no interest has been charged in the

current year.

The company received a loan from D J Wills of £2,000,000 in 2011. The loan is unsecured and there are no

formal terms relating to interest or date of repayment. Repayments amounting to £221,500 were made during the

year.

12.	ULTIMATE PARENT COMPANY

The company's ultimate parent company is Private Equity Limited.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director D J Wills.