Index Partners Limited Filleted accounts for Companies House (small and micro)

INDEX PARTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04940909

Index Partners Limited

Filleted Unaudited Financial Statements

31 October 2017

Index Partners Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	200	200
Tangible assets	6	22,104	1,358
		--------	-------
		22,304	1,558

Current assets

Debtors	7	186,825	354,092
Cash at bank and in hand		296,593	103,314
		---------	---------
		483,418	457,406

Creditors: amounts falling due within one year	8	212,097		196,415
		---------		---------
Net current assets			271,321	260,991
			---------	---------
Total assets less current liabilities			293,625	262,549
			---------	---------
Net assets			293,625	262,549
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	293,525	262,449
	---------	---------
Shareholders funds	293,625	262,549
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

Index Partners Limited

Statement of Financial Position (continued)

31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 5 March 2018 , and are signed on behalf of the board by:

Mr D Banerjee

Director

Company registration number: 04940909

Index Partners Limited

Notes to the Financial Statements

Year ended 31 October 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 24/25 New Bond Street, Mayfair, London, W1S 2RR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of the principal activity.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	25% reducing balance
		-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 November 2016 and 31 October 2017	200
	----
Amortisation
At 1 November 2016 and 31 October 2017	–
	----
Carrying amount
At 31 October 2017	200
	----
At 31 October 2016	200
	----

This is a 20% holding in Projectbay Limited which is currently a dormant Company. The remaining shares in the Company are owned by Mr Dhruva Banerjee.

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 November 2016	–	12,368	12,368
Additions	28,113	–	28,113
	--------	--------	--------
At 31 October 2017	28,113	12,368	40,481
	--------	--------	--------
Depreciation
At 1 November 2016	–	11,010	11,010
Charge for the year	7,028	339	7,367
	--------	--------	--------
At 31 October 2017	7,028	11,349	18,377
	--------	--------	--------
Carrying amount
At 31 October 2017	21,085	1,019	22,104
	--------	--------	--------
At 31 October 2016	–	1,358	1,358
	--------	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	182,571	168,154
Other debtors	4,254	185,938
	---------	---------
	186,825	354,092
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	119,240	145,000
Corporation tax	82,374	43,709
Social security and other taxes	1,020	2,516
Other creditors	9,463	5,190
	---------	---------
	212,097	196,415
	---------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Banerjee	185,731	–	( 185,731)	–
	---------	----	---------	----

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Banerjee	–	185,731	–	185,731
	----	---------	----	---------

10. Related party transactions

The shareholder loan of £185,731, brought forward as at 01 November 2016 was repaid on 26 July 2017 to the Company by Mr D Banerjee , along with interest of £4,921. Consultancy fees of £514,940 (2016: £145,000) were paid to Index Partners International Limited in relation to a jointly conducted project. Mr D. Banerjee is a director and minority shareholder of Index Partners International Limited.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.

No transitional adjustments were required in equity or profit or loss for the year.