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

REGISTERED NUMBER: 09297297 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2017

FOR

SIGNAL VENTURES LTD

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

DIRECTORS:

G S Coates

G J Mundy

S W Wilson

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

Pimlico

London

SW1V 4PS

FIXED ASSETS

Tangible assets

4

211

1,813

Investments

5

5,596,434

3,008,166

5,596,645

3,009,979

CURRENT ASSETS

Debtors

6

13,908

85,485

Cash at bank

2,387,503

3,095,901

2,401,411

3,181,386

CREDITORS

Amounts falling due within one year

7

(878,285

)

(316,007

)

NET CURRENT ASSETS

1,523,126

2,865,379

TOTAL ASSETS LESS CURRENT LIABILITIES

7,119,771

5,875,358

CREDITORS

Amounts falling due after more than one year

8

(2,761,306

)

(2,733,967

)

PROVISIONS FOR LIABILITIES

(36,329

)

-

NET ASSETS

4,322,136

3,141,391

CAPITAL AND RESERVES

Called up share capital

148

148

Share premium

5,000,000

5,000,000

Other reserves

238,694

266,033

Retained earnings

(916,706

)

(2,124,790

)

SHAREHOLDERS' FUNDS

4,322,136

3,141,391

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25th September 2018 and were signed on its behalf by:

S W Wilson - Director

G S Coates - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

$

$

$

$

$

Balance at 1st January 2016

148

(1,724,352

)

5,000,000

189,426

3,465,222

Changes in equity

Total comprehensive income

-

(400,438

)

-

76,607

(323,831

)

Balance at 31st December 2016

148

(2,124,790

)

5,000,000

266,033

3,141,391

Changes in equity

Total comprehensive income

-

1,208,084

-

(27,339

)

1,180,745

Balance at 31st December 2017

148

(916,706

)

5,000,000

238,694

4,322,136

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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 statements 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 Income Statement.

Listed fixed asset investments are carried at fair value. Revaluation gains/losses are recognised in the Income

Statement. 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 Income

Statement. 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 Income Statement, 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:$1.3491 (2016: £1:$1.2336) as at 31 December 2017.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

$

COST

At 1st January 2017

and 31st December 2017

4,805

DEPRECIATION

At 1st January 2017

2,992

Charge for year

1,602

At 31st December 2017

4,594

NET BOOK VALUE

At 31st December 2017

211

At 31st December 2016

1,813

5.	FIXED ASSET INVESTMENTS

Other

investments

$

COST OR VALUATION

At 1st January 2017

3,008,166

Additions

3,221,013

Disposals

(1,105,538

)

Revaluations

472,793

At 31st December 2017

5,596,434

NET BOOK VALUE

At 31st December 2017

5,596,434

At 31st December 2016

3,008,166

At 31 December 2017 there were unlisted investments held at cost to the value of $4,097,027 (2016:

$1,716,250).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

$

$

Other debtors

3,663

-

Deferred tax

-

76,907

Prepayments

10,245

8,578

13,908

85,485

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

$

$

Trade creditors

13,097

-

Other creditors

850,663

200,981

Financial instruments

-

102,950

Accrued expenses

14,525

12,076

878,285

316,007

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

$

$

Other creditors

2,761,306

2,733,967

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other creditors

2,761,306

2,733,967

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

The Report of the Auditors was unqualified.

Michael Davis (Senior Statutory Auditor)

for and on behalf of George Hay & Company

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY

The controlling party is I Martinos, who owns 100% of the issued share capital.