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Company No: 13213866 (England and Wales)

RBN VENTURES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

RBN VENTURES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

RBN VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2023
RBN VENTURES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 595,754 608,139
595,754 608,139
Current assets
Debtors
- due within one year 4 6,967,937 6,560,718
- due after more than one year 4 608,463 377,568
Cash at bank and in hand 5 125,910 18,338
7,702,310 6,956,624
Creditors: amounts falling due within one year 6 ( 9,527,192) ( 7,533,069)
Net current liabilities (1,824,882) (576,445)
Total assets less current liabilities (1,229,128) 31,694
Net (liabilities)/assets ( 1,229,128) 31,694
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account ( 1,229,138 ) 31,684
Total shareholder's (deficit)/funds ( 1,229,128) 31,694

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of RBN Ventures Limited (registered number: 13213866) were approved and authorised for issue by the Director. They were signed on its behalf by:

R Nagioff
Director

29 August 2024

RBN VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
RBN VENTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RBN Ventures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The principal activity of the company is that of an investment company.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

The Company only enters into basic financial instruments and 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, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Fixed asset investments

Investments in associates Other investments Total
£ £ £
Cost or valuation before impairment
At 01 September 2022 130,568 595,754 726,322
Additions 5,437 0 5,437
At 31 August 2023 136,005 595,754 731,759
Provisions for impairment
At 01 September 2022 118,183 0 118,183
Impairment 17,822 0 17,822
At 31 August 2023 136,005 0 136,005
Carrying value at 31 August 2023 0 595,754 595,754
Carrying value at 31 August 2022 12,385 595,754 608,139

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Other debtors 6,967,937 6,560,718
Debtors: amounts falling due after more than one year
Other debtors 608,463 377,568

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 125,910 18,338

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1 1,080
Taxation and social security 0 5,099
Other creditors 9,527,191 7,526,890
9,527,192 7,533,069

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by directors 953,613 0

Included within current assets, is £953,613 (2022: £0) that is owed by the Director, including interest of £4,484. The loan was repaid within 9 months of the year end.