716 Investments Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 10661685 (England and Wales)
716 Investments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
716 Investments Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
10,338,337
11,180,177
Current assets
Debtors
4
499,250
Investments
5
1,604
1,604
Cash at bank and in hand
137,680
131,338
139,284
632,192
Creditors: amounts falling due within one year
6
(7,777,542)
(8,732,535)
Net current liabilities
(7,638,258)
(8,100,343)
Total assets less current liabilities
2,700,079
3,079,834
Provisions for liabilities
(226,645)
(200,000)
Net assets
2,473,434
2,879,834
Capital and reserves
Called up share capital
7
500,000
500,000
Profit and loss reserves
1,973,434
2,379,834
Total equity
2,473,434
2,879,834
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
716 Investments Limited
Balance Sheet (Continued)
As at 31 March 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 3 October 2023
D Burt
Director
Company Registration No. 10661685
716 INVESTMENTS LIMITED
716 Investments Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
716 Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 80 Cheapside, London, EC2V 6EE.
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, which are those of 716 Investments Limited as an individual entity, have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The comparative figures have been amended to reflect a deferred tax provision of £190,000. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependent on funding from the director who has confirmed he will continue to provide financial support for at least one year from the date of approval of these financial statements and accordingly the financial statements are prepared on a going concern basis.
1.3
Fixed asset investments
Fixed asset investments are initially measured at fair value, which is normally the transaction price, and are subsequently measured at fair value based on the valuation by the Fund Manager.
1.4
Cash at bank and in hand
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
Debtors and creditors
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
716 INVESTMENTS LIMITED
716 Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
10,338,337
11,180,177
Fixed asset investments revalued
Investments are held as units in a UCITS scheme valued at £10,338,337 by the Fund Manager at 31 March 2023. The historic cost of investments is £8,872,254 (2022 £9,191,837).
716 INVESTMENTS LIMITED
716 Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
3
Fixed asset investments
(Continued)
Page 5
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
11,180,177
Valuation changes
(467,036)
Disposals
(374,804)
At 31 March 2023
10,338,337
Carrying amount
At 31 March 2023
10,338,337
At 31 March 2022
11,180,177
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
499,250
5
Current asset investments
2023
2022
£
£
Other investments
1,604
1,604
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
6,615
5,534
Other creditors
7,762,647
8,718,721
Accruals and deferred income
8,280
8,280
7,777,542
8,732,535
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
716 INVESTMENTS LIMITED
716 Investments Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
7
Called up share capital
(Continued)
Page 6
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
7,762,647
8,718,721
This amount is interest free and repayable on demand.