REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 December 2019 |
for |
Prefcap Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 December 2019 |
for |
Prefcap Limited |
Prefcap Limited (Registered number: 04958332) |
Contents of the Financial Statements |
for the Year Ended 30 December 2019 |
Page |
Chartered Accountants' Report | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Prefcap Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Prefcap Limited for the year ended 30 December 2019 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Prefcap Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Prefcap Limited and state those matters that we have agreed to state to the Board of Directors of Prefcap Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Prefcap Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Prefcap Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Prefcap Limited. You consider that Prefcap Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Prefcap Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
2nd Floor, Heathmans House |
19 Heathmans Road |
London |
SW6 4TJ |
Prefcap Limited (Registered number: 04958332) |
Balance Sheet |
30 December 2019 |
30.12.19 | 30.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Capital redemption reserve | 8 |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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 and authorised for issue on |
Prefcap Limited (Registered number: 04958332) |
Notes to the Financial Statements |
for the Year Ended 30 December 2019 |
1. | STATUTORY INFORMATION |
Prefcap Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 04958332 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, England, SW6 4TJ. |
The company's principle activity is that of providing funding to unlisted technology companies. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements. |
Turnover |
Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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. |
Prefcap Limited (Registered number: 04958332) |
Notes to the Financial Statements - continued |
for the Year Ended 30 December 2019 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The directors consider that the company is a going concern on the basis that they will continue to provide financial support by way of not recalling the loan of £302,500 (see note 8), for the foreseeable future in order to assist the company in meeting its liabilities as they fall due. |
Trade debtors |
Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price and they are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 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 are subsequently measured at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - |
4. | FIXED ASSET INVESTMENTS |
30.12.19 | 30.12.18 |
£ | £ |
Shares in group undertakings |
Other investments not loans |
Prefcap Limited (Registered number: 04958332) |
Notes to the Financial Statements - continued |
for the Year Ended 30 December 2019 |
4. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Shares in |
group |
undertakin |
£ |
COST |
At 31 December 2018 |
and 30 December 2019 |
NET BOOK VALUE |
At 30 December 2019 |
At 30 December 2018 |
Investments (neither listed nor unlisted) were as follows: |
30.12.19 | 30.12.18 |
£ | £ |
Share Option- Cost | 733,200 | 500,000 |
Share Option- Movement | (456,624 | ) | (106,624 | ) |
276,576 | 393,376 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.19 | 30.12.18 |
£ | £ |
Trade debtors |
Other debtors |
6. | CURRENT ASSET INVESTMENTS |
30.12.19 | 30.12.18 |
£ | £ |
Share Options |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.19 | 30.12.18 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Prefcap Limited (Registered number: 04958332) |
Notes to the Financial Statements - continued |
for the Year Ended 30 December 2019 |
8. | RESERVES |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 31 December 2018 | ( |
) | (5,047,969 | ) |
Deficit for the year | ( |
) | ( |
) |
At 30 December 2019 | ( |
) | (5,148,070 | ) |
9. | POST BALANCE SHEET EVENTS |
Post period end Cube 19 has repaid its loan and Prefcap continues to hold its equity option in the company. |
Since the period end the Company has made two further loan investments to a total value of £250,000 in Wi-Q Limited a web based mobile ordering software company whose customers are in the hospitality sector. |
10. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, there is no single controlling party. |