Company Registration No. 13096439 (England and Wales)
VIND EQUITY UK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
VIND EQUITY UK LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
VIND EQUITY UK LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr O S Foll
(Appointed 22 December 2020)
Mr E W Datson
(Appointed 22 December 2020)
Mr L Thistlethwaite
(Appointed 22 December 2020)
Company number
13096439
Registered office
c/o TC Group
The Granary, Hones Yard
1 Waverley Lane
Farnham
Surrey
England
GU9 8BB
Auditor
TC Group
Level 1, Devonshire House
One Mayfair Place
London
United Kingdom
W1J 8AJ
VIND EQUITY UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
Notes
£
£
Fixed assets
Investments
4
70,558,970
Current assets
Debtors
5
43,351,084
Cash at bank and in hand
3,967,615
47,318,699
Creditors: amounts falling due within one year
6
(1,889,640)
Net current assets
45,429,059
Total assets less current liabilities
115,988,029
Provisions for liabilities
(1,456,572)
Net assets
114,531,457
Capital and reserves
Called up share capital
10,002
Share premium account
100,009,998
Profit and loss reserves
14,511,457
Total equity
114,531,457
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 23 June 2022 and are signed on its behalf by:
Mr O S Foll
Director
Company Registration No. 13096439
The notes on pages 4 to 9 form part of these financial statements
VIND EQUITY UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
-
14,511,457
14,511,457
Issue of share capital
10,002
100,009,998
-
100,020,000
Balance at 31 December 2021
10,002
100,009,998
14,511,457
114,531,457
The notes on pages 4 to 9 form part of these financial statements
VIND EQUITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
Vind Equity UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o TC Group, The Granary, Hones Yard, 1 Waverley Lane, Farnham, Surrey, England, GU9 8BB.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements are prepared for the reporting period commencing on 22 December 2020 (Date of incorporation) to 31 December 2021.
1.3
Fixed asset investments
Interests in listed securities are initially measured at transaction price excluding transaction costs, and are subsequently measured at market value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in market value is recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
VIND EQUITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Investments in equity instruments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Impairment of financial assets
Interests in euity instruments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
VIND EQUITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
Number
Total
3
3
Directors' remuneration
2021
£
Remuneration paid to directors
20,000
VIND EQUITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 7 -
4
Fixed asset investments
2021
£
Listed investments
70,558,970
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 22 December 2020
-
Additions
115,599,160
Valuation changes
7,666,170
Disposals
(52,706,360)
At 31 December 2021
70,558,970
Carrying amount
At 31 December 2021
70,558,970
5
Debtors
2021
Amounts falling due within one year:
£
Amounts owed by group undertakings
43,351,084
6
Creditors: amounts falling due within one year
2021
£
Bank loans and overdrafts
17,363
Trade creditors
510
Corporation tax
1,866,017
Other creditors
5,750
1,889,640
VIND EQUITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 8 -
7
Non-distributable profits reserve
2021
£
At the beginning of the Period
-
Non distributable profits in the Period
7,666,170
At the end of the Period
7,666,170
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Robert Keen FCCA.
The auditor was TC Group.
9
Related party transactions
Transactions with related parties
During the Period the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2021
Amounts due from related parties
£
Parent company
43,336,134
Other information
The parent company has provided guarantee in relation to the margin account held with Shandinaviske Enskilda Banken AB (SEB) upto a maximum limit of NOK 250,000,000.
VIND EQUITY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 9 -
10
Parent company
At the balance sheet date, the immediate parent undertaking for which consolidated accounts are prepared is Vind AS, a company registered in Norway.
The parent undertaking of the largest and smallest group within which The Company belongs and for which group financial statements are prepare is Tungsten AS, a company registered in Norway.
Copies of consolidated accounts are available from the registered office:
Parkveien 53a, 0256 Oslo, Norway
The ultimate controlling party is Mr. Harold Høegh.
2021-12-312020-12-22false18 July 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityThis audit opinion is unqualifiedMr O S FollMr E W DatsonMr L Thistlethwaite130964392020-12-222021-12-3113096439bus:Director12020-12-222021-12-3113096439bus:Director22020-12-222021-12-3113096439bus:Director32020-12-222021-12-3113096439bus:RegisteredOffice2020-12-222021-12-31130964392021-12-3113096439core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3113096439core:CurrentFinancialInstruments2021-12-3113096439core:ShareCapital2021-12-3113096439core:SharePremium2021-12-3113096439core:RetainedEarningsAccumulatedLosses2021-12-3113096439core:RetainedEarningsAccumulatedLosses2020-12-222021-12-3113096439core:ShareCapital2020-12-222021-12-3113096439core:SharePremium2020-12-222021-12-3113096439bus:PrivateLimitedCompanyLtd2020-12-222021-12-3113096439bus:SmallCompaniesRegimeForAccounts2020-12-222021-12-3113096439bus:FRS1022020-12-222021-12-3113096439bus:Audited2020-12-222021-12-3113096439bus:FullAccounts2020-12-222021-12-31xbrli:purexbrli:sharesiso4217:GBP