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Registration number: 10627674

Koriander Holdings Limited

Unaudited Balance Sheet

Period from 20 February 2017 to 31 March 2018

 

Koriander Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 7

 

Koriander Holdings Limited

Company Information

Directors

H A Jones

S P J Matthews

M Veale

Registered office

10 Old Burlington Street
London
W1S 3AG

 

Koriander Holdings Limited

(Registration number: 10627674)

Balance Sheet as at 31 March 2018

Note

2018
£

Fixed assets

 

Other financial assets

4

10,892,814

Current assets

 

Debtors

5

51,710

Cash at bank and in hand

 

3,737,590

 

3,789,300

Creditors: Amounts falling due within one year

6

(60,000)

Net current assets

 

3,729,300

Total assets less current liabilities

 

14,622,114

Creditors: Amounts falling due after more than one year

6

(15,092,718)

Net liabilities

 

(470,604)

Capital and reserves

 

Called up share capital

200,100

Profit and loss account

(670,704)

Total equity

 

(470,604)

For the financial period ending 31 March 2018 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 9 November 2018 and signed on its behalf by:

.........................................

H A Jones

Director

 

Koriander Holdings Limited

Statement of Changes in Equity

Period from 20 February 2017 to 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

Loss for the period

-

(670,704)

(670,704)

Total comprehensive income

-

(670,704)

(670,704)

New share capital subscribed

200,100

-

200,100

At 31 March 2018

200,100

(670,704)

(470,604)

 

Koriander Holdings Limited

Notes to the Financial Statements

Period from 20 February 2017 to 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
10 Old Burlington Street
London
W1S 3AG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. At the year end, the company had net liabilities of £470,604. The company had borrowings of £15,092,718 from the director S P J Matthews' nominee. The loan will not be recalled so as to provide support to the company for at least one year from the date of signature of these financial statements.

Tax

The tax expense for the period comprises deferred tax relating to carried forward losses. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Koriander Holdings Limited

Notes to the Financial Statements

Period from 20 February 2017 to 31 March 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Other financial assets


Where fair value can be reliably measured, financial assets are held at fair value with movements being taken to the profit or loss account. Where fair value cannot be reliably measured, financial assets are held at cost less impairment.
 
 

3

Staff numbers

The average number of persons employed by the company during the period was 0.

 

Koriander Holdings Limited

Notes to the Financial Statements

Period from 20 February 2017 to 31 March 2018

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

11,299,538

11,299,538

Fair value adjustments

(406,724)

(406,724)

At 31 March 2018

10,892,814

10,892,814

Carrying amount

At 31 March 2018

10,892,814

10,892,814

5

Debtors

2018
£

Deferred tax asset

51,610

Other debtors

100

51,710

6

Creditors

Note

2018
£

Due within one year

 

Trade creditors

 

60,000

Due after one year

 

Loans and borrowings

7

15,092,718

 

Koriander Holdings Limited

Notes to the Financial Statements

Period from 20 February 2017 to 31 March 2018

7

Loans and borrowings

2018
£

Non-current loans and borrowings

Other borrowings

15,092,718

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Other borrowings comprise loan notes which are unsecured, non-interest bearing and repayable at par on the redemption date. The loan notes are beneficially owned by a director/shareholder.