ACCOUNTS - Final Accounts

PHD GENERAL PARTNER (2) LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseUK based privateequity fundfalse2016-04-01Financial assets that are measured at cost and amortised cost 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 Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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. 09296437 2016-04-01 2017-03-31 09296437 2017-03-31 09296437 2014-11-05 2016-03-31 09296437 2016-03-31 09296437 c:Director1 2016-04-01 2017-03-31 09296437 d:CurrentFinancialInstruments 2017-03-31 09296437 d:CurrentFinancialInstruments 2016-03-31 09296437 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 09296437 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 09296437 d:ShareCapital 2017-03-31 09296437 d:ShareCapital 2016-03-31 09296437 d:RetainedEarningsAccumulatedLosses 2017-03-31 09296437 d:RetainedEarningsAccumulatedLosses 2016-03-31 09296437 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 09296437 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-03-31 09296437 c:FRS102 2016-04-01 2017-03-31 09296437 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 09296437 c:FullAccounts 2016-04-01 2017-03-31 09296437 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 09296437

PHD GENERAL PARTNER (2) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

PHD GENERAL PARTNER (2) LIMITED

REGISTERED NUMBER: 09296437

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

		2017		2016
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,116		63,413
Cash at bank and in hand	5	3,115,179		152,728
		3,116,295		216,141
Creditors: amounts falling due within one year	6	(4,051,104)		(752,901)
Net current liabilities			(934,809)		(536,760)
Total assets less current liabilities			(934,809)		(536,760)

Net liabilities			(934,809)		(536,760)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(934,810)	(536,761)
	(934,809)	(536,760)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 October 2017.

A. G. Dodd

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

PHD GENERAL PARTNER (2) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

PHD General Partner (2) Limited is a private limited company, limited by shares, incorporated in England and Wales. It's registered office is c/o Dow Schofield Watts Corporate Finance Limited, 7400 Daresbury Park, Daresbury,Warrington, WA4 4BS. The company number is 09296437.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.4

Financial instruments

The Company only enters into basic financial instruments 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, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost 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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.

Page 2

PHD GENERAL PARTNER (2) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.4

Financial instruments (continued)

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

Debtors

					2017	2016
					£	£


Amounts owed by group undertakings	1,116	63,413
	1,116	63,413

5.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	3,115,179	152,728
	3,115,179	152,728

6.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	286,800	95,600
Amounts owed to other participating interests	2,820,743	120,539
Other creditors	8,750	-
Accruals and deferred income	934,811	536,762
	4,051,104	752,901

Page 3

PHD GENERAL PARTNER (2) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

7.	Financial instruments
		2017	2016
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	3,115,179	152,728
	3,115,179	152,728

Financial assets measured at fair value through profit or loss comprise cash at bank and in hand

8.	Related party transactions

		2017	2016
		£	£

Management fees payable to PHD Equity Partners Limited Liability Partnership	382,400	497,797
Amount due to PHD Equity Partners Limited Liability Partnership	285,684	32,188
	668,084	529,985

The company director, A. G. Dodd, is a designated member of PHD Equity Partners Limited Liability Partnership.

9.	Controlling party

The company is controlled by PHD Equity Partners Limited Liability Partnership.

10.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 4