Signal Ventures Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09297297 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

SIGNAL VENTURES LTD

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

DIRECTOR:

Miss S Ciccone

REGISTERED OFFICE:

83 Cambridge Street

Pimlico

London

SW1V 4PS

REGISTERED NUMBER:

09297297 (England and Wales)

INDEPENDENT AUDITORS:

George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

FIXED ASSETS

Tangible assets

4

-

-

Investments

5

4,254,728

5,039,511

4,254,728

5,039,511

CURRENT ASSETS

Debtors

6

15,000

10,192

Cash at bank

2,846,189

2,923,065

2,861,189

2,933,257

CREDITORS

Amounts falling due within one year

7

482,805

784,043

NET CURRENT ASSETS

2,378,384

2,149,214

TOTAL ASSETS LESS CURRENT LIABILITIES

6,633,112

7,188,725

CREDITORS

Amounts falling due after more than one year

8

(2,844,977

)

(2,816,809

)

PROVISIONS FOR LIABILITIES

9

(45,981

)

(9,063

)

NET ASSETS

3,742,154

4,362,853

CAPITAL AND RESERVES

Called up share capital

148

148

Share premium

5,000,000

5,000,000

Other reserves

155,023

183,191

Retained earnings

(1,413,017

)

(820,486

)

SHAREHOLDERS' FUNDS

3,742,154

4,362,853

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 December 2021 and were signed by:

Miss S Ciccone - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

$

$

$

$

$

Balance at 1 January 2019

148

(1,831,623

)

5,000,000

211,081

3,379,606

Changes in equity

Total comprehensive income

-

1,011,137

-

(27,890

)

983,247

Balance at 31 December 2019

148

(820,486

)

5,000,000

183,191

4,362,853

Changes in equity

Total comprehensive income

-

(592,531

)

-

(28,168

)

(620,699

)

Balance at 31 December 2020

148

(1,413,017

)

5,000,000

155,023

3,742,154

1.	STATUTORY INFORMATION

Signal Ventures Ltd 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 US Dollar ($).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Critical accounting judgements concerning the future or key sources of estimation uncertainty at the Balance Sheet date that may have a significant risk of causing a material adjustment to the financial statements are as follows:

Carrying value of unlisted investments

Management assesses on an ongoing basis whether there is any indication of impairment in relation to unlisted investments. If an indicator or condition is found to exist at the balance sheet date, management will assess the investment for impairment, by calculating its recoverable amount and comparing to its carrying value.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33.33% straight line

Financial instruments

The Company enters into financial 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 and investments in non-puttable ordinary shares, futures and options.

Financial assets that are measured at cost and amortised cost in accordance with Section 11 of FRS 102 are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Listed fixed asset investments are carried at fair value. Revaluation gains/losses are recognised in the Profit and Loss Account. Deferred tax is provided on these gains/losses at the rate expected to apply when the investments are sold.

Unlisted fixed asset investments are stated at historical cost less any provision for impairment.

Financial assets that are measured in accordance with Section 12 of FRS 102 are initially measured at fair value on the date the contract is entered in to and are subsequently measured at fair value through the Profit and Loss Account. Futures and options are carried as assets when the fair value is positive and as liabilities when the fair value is negative.

Financial liabilities that meet the conditions in Section 11 of FRS 102 are measured at amortised cost using the effective interest rate method. Financial liabilities that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. If the arrangement constitutes a financing transaction the company measures the financial liability at the present value of the future payment discounted at a market rate of interest for a similar financial liability.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

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

The accounts are prepared using the United States Dollars ($USD) as the base currency and a Sterling (£GBP) exchange rate of £1:$1.35772 (2019: £1:$1.3116) as at 31 December 2020.

Assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Commissions receivable

Commissions receivable are recognised in the Profit and Loss Account in the period the related contract is performed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 1 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

$

COST

At 1 January 2020

and 31 December 2020

4,805

DEPRECIATION

At 1 January 2020

and 31 December 2020

4,805

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	FIXED ASSET INVESTMENTS

Other

investments

$

COST OR VALUATION

At 1 January 2020

5,039,511

Additions

2,019,174

Disposals

(2,209,690

)

Revaluations

(594,267

)

At 31 December 2020

4,254,728

NET BOOK VALUE

At 31 December 2020

4,254,728

At 31 December 2019

5,039,511

The market value of listed investments as at 31 December 2020 was $1,508,284 (2019: $1,291,302).

At 31 December 2020 there were unlisted investments held at cost less impairment to the value of $2,746,444 (2019: $3,748,209).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

$

$

Amounts owed by group undertakings

-

10,031

Other debtors

-

161

Prepayments

15,000

-

15,000

10,192

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

$

$

Trade creditors

-

2,432

Amounts owed to group undertakings

12

8,639

Other creditors

442,236

741,274

Accrued expenses

40,557

31,698

482,805

784,043

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

$

$

Other creditors - 2-5 years

1,902,932

-

Other creditors > 5 years

942,045

2,816,809

2,844,977

2,816,809

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other creditors > 5 years

942,045

2,816,809

9.	PROVISIONS FOR LIABILITIES

2020

2019

$

$

Deferred tax

45,981

9,063

Deferred

tax

$

Balance at 1 January 2020

9,063

Charge to Profit and Loss Account during year

36,918

Balance at 31 December 2020

45,981

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Davis FCA FCCA (Senior Statutory Auditor)

for and on behalf of George Hay & Company

11.	RELATED PARTY DISCLOSURES

12.	IMPACT OF CORONAVIRUS (COVID-19)

In light of the emergence of the coronavirus (COVID-19) during the period, the director has assessed, on an ongoing basis, the impact on the company's operations and closely monitored its finances, which have not been materially affected as a result of the global pandemic.

The potential for a fall in global equity markets is an event that could negatively impact on the value of the company's investments, however there has been no material impact identified in the current 2021 financial year. It is too early to predict whether there will be any long-term impact on the investment portfolio and operating activity of the company beyond the current 2021 financial year as a result of the global pandemic.