REFCAP_VENTURES_(1)_LIMIT - Accounts


Company Registration No. 10200755 (England and Wales)
REFCAP VENTURES (1) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
REFCAP VENTURES (1) LIMITED
COMPANY INFORMATION
Directors
Mr R Campbell
(Appointed 26 May 2016)
Mr A Drummond
(Appointed 26 May 2016)
Mr S Eades
(Appointed 26 May 2016)
Company number
10200755
Registered office
6 Stamford Square
London
SW15 2BF
Accountants
Carter Backer Winter LLP
66 Prescot Street
London
E1 8NN
REFCAP VENTURES (1) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
REFCAP VENTURES (1) LIMITED
BALANCE SHEET
AS AT
31 MAY 2017
31 May 2017
- 1 -
2017
Notes
£
£
Current assets
Debtors
2
1,373,629
-
Cash at bank and in hand
34
-
1,373,663
-
Creditors: amounts falling due within one year
3
(1,272,686)
-
Net current assets
100,977
-
Capital and reserves
Called up share capital
4
100
-
Profit and loss reserves
100,877
-
Total equity
100,977
-

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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 20 February 2018 and are signed on its behalf by:
Mr A Drummond
Director
Company Registration No. 10200755
REFCAP VENTURES (1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
- 2 -
1
Accounting policies
Company information

Refcap Ventures (1) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Stamford Square, London, SW15 2BF.

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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the period ended 31 May 2017 are the first financial statements of Refcap Ventures (1) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was . The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Reporting period

The company has first period of accounts from 26 May 2016 to 31 May 2017, due to which the comparative amounts are not presented in the financial statements.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash deposits held at call with banks.

1.4
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

REFCAP VENTURES (1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

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.

REFCAP VENTURES (1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2017
- 4 -
2
Debtors
2017
Amounts falling due within one year:
£
£
Other debtors
1,373,629
-
3
Creditors: amounts falling due within one year
2017
£
£
Corporation tax
24,961
-
Other creditors
1,246,150
-
Accruals
1,575
-
1,272,686
-
4
Called up share capital
2017
£
£
Ordinary share capital
Issued and fully paid
100Ordinary shares of £1 each
100
-
100
-
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