Renaissance Capital Partners Limited - Accounts to registrar (filleted) - small 22.3
Renaissance Capital Partners Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 June 2022 |
| for |
| RENAISSANCE CAPITAL PARTNERS LIMITED |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Contents of the Financial Statements |
| for the year ended 30 June 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| RENAISSANCE CAPITAL PARTNERS LIMITED |
| Company Information |
| for the year ended 30 June 2022 |
| Directors: |
| Registered office: |
| Registered number: |
| Senior statutory auditor: |
| Auditors: |
| Chartered Accountants |
| Statutory Auditor |
| Aissela |
| 46 High Street |
| Esher |
| Surrey |
| KT10 9QY |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Balance Sheet |
| 30 June 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Debtors | 6 |
| Investments | 7 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets/(liabilities) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 9 |
| Net liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 11 |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| 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 Board of Directors and authorised for issue on |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Notes to the Financial Statements |
| for the year ended 30 June 2022 |
| 1. | Statutory information |
| Renaissance Capital Partners Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Going concern |
| The financial statements have been prepared on a going concern basis, despite the company having net liabilities at the year end of £12,601,595 (2021: £4,550,849). |
| The directors consider that this basis is appropriate as the ultimate controlling party, K E Randall has expressed his willingness to continue to provide sufficient finance to enable the company to continue to trade for the foreseeable future. |
| The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Renaissance Capital Partners 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. |
| Key source of estimation, uncertainty and judgement |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| There is significant judgment in determining whether the fixed asset investments show indications of impairment. The directors make an assessment of the need for impairment on an asset by asset basis comparing the carrying amount of the asset against its potential recoverable value. Whilst every effort is made to ensure provisions are as accurate as possible, there remains a risk that the provisions do not match the ultimate recoverable value of the asset. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents the sale of services and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover for services is recognised when the services are rendered. |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2022 |
| 2. | Accounting policies - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, 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: |
| Plant and machinery etc. - Straight line over 4 years |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
| 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. |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2022 |
| 2. | Accounting policies - continued |
| 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. |
| Investments |
| Fixed asset investments are shown at cost less provision for impairment. |
| Assets are initially recognised at the transaction price which includes transaction costs. |
| At the end of each reporting period, the directors make an assessment of whether or not there is evidence of impairment. Impairment loss represents the difference between the asset's carrying amount and the best estimate of the amount that the entity would receive for the asset if it were sold at the reporting date. Impairment losses are immediately recognised in profit or loss. |
| The company's fund investment in publicly traded securities is measured at fair value through profit or loss. Fair value is determined using the market value of the fund as at the balance sheet date. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Fixtures |
| Short | and | Computer |
| leasehold | fittings | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 July 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 June 2022 |
| Depreciation |
| At 1 July 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 June 2022 |
| Net book value |
| At 30 June 2022 |
| At 30 June 2021 |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2022 |
| 5. | Fixed asset investments |
| 2022 | 2021 |
| £ | £ |
| Shares in group undertakings |
| Other investments not loans | 6,904,727 | 5,691,695 |
| Other loans |
| Additional information is as follows: |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| Cost or valuation |
| At 1 July 2021 | 6,484,533 | 6,484,534 |
| Additions | 13,175,639 | 13,175,639 |
| Disposals | (1,136,072 | ) | (1,136,072 | ) |
| Revaluations | (10,423,459 | ) | (10,423,459 | ) |
| At 30 June 2022 | 8,100,641 | 8,100,642 |
| Provisions |
| At 1 July 2021 | - | 795,063 | 795,063 |
| Provision for year | - | 560,322 | 560,322 |
| Eliminated on disposal | - | (150,000 | ) | (150,000 | ) |
| At 30 June 2022 | - | 1,205,385 | 1,205,385 |
| Net book value |
| At 30 June 2022 | 6,895,256 | 6,895,257 |
| At 30 June 2021 | 5,689,470 | 5,689,471 |
| Cost or valuation at 30 June 2022 is represented by: |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| Valuation in 2020 | - | (223,077 | ) | (223,077 | ) |
| Valuation in 2021 | - | 1,293,561 | 1,293,561 |
| Valuation in 2022 | - | (10,423,459 | ) | (10,423,459 | ) |
| Cost | 1 | 17,453,616 | 17,453,617 |
| 1 | 8,100,641 | 8,100,642 |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2022 |
| Investments (neither listed nor unlisted) were as follows: |
| 2022 | 2021 |
| £ | £ |
| Art | 9,471 | 2,225 |
| Other loans |
| £ |
| At 1 July 2021 |
| Transfer |
| Repayment in year | ( |
) |
| Provisions in the year | ( |
) |
| At 30 June 2022 |
| The £6,564,479 above relates to the conversion of convertible loan notes. |
| 6. | Debtors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 7. | Current asset investments |
| 2022 | 2021 |
| £ | £ |
| Other Investments |
| 8. | Creditors: amounts falling due within one year |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | - | 60,631 |
| Other creditors |
| Directors' current accounts | - | 7,237,301 |
| Accrued expenses |
| RENAISSANCE CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06297129) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2022 |
| 9. | Creditors: amounts falling due after more than one year |
| 2022 | 2021 |
| £ | £ |
| Preference shares | 5,000,000 | 5,000,000 |
| Directors loan account |
| 10. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2022 | 2021 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary shares | 1 | 100 | 100 |
| 12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | Contingent liabilities |
| The company has agreed to provide financial support to the subsidiary companies. |
| 14. | Related party disclosures |
| Included within creditors falling due after 1 year is an amount of £15,215,556 (2021: falling due within 1 year £7,237,301) due to a director and owner that holds a participating interest. No interest is charged on the loan. Advances during the year totalled £682,680 (2021: £914,404) and funds introduced totalled £8,660,935 (2021: £4,463,545). At the year-end, the loan was classified as due after 1 year as the director and shareholder will not call in the loan within 1 year of the year-end which has been confirmed in writing. |
| Included within debtors is a balance amounting to £84,486 (2021 creditor: £595,562) in respect of amounts due from a subsidiary company. No interest is charged on the loan which is repayable on demand. At the year-end, part of the balance amounting to £573,000 (2021: £nil) was written off as part of the loan balance was formally forgiven. |