COMPANY REGISTRATION NUMBER:
11425161
VERDION ASSET MANAGEMENT (UK) LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
VERDION ASSET MANAGEMENT (UK) LIMITED |
|
Year ended 31 December 2023
Notes to the financial statements |
2 |
|
|
VERDION ASSET MANAGEMENT (UK) LIMITED |
|
31 December 2023
CURRENT ASSETS
Debtors |
4 |
441,240 |
602,363 |
Cash at bank and in hand |
486,565 |
1,008,865 |
|
--------- |
------------ |
|
927,805 |
1,611,228 |
|
|
|
|
CREDITORS: amounts falling due within one year |
5 |
(
2,152,874) |
(
2,506,197) |
|
------------ |
------------ |
NET CURRENT LIABILITIES |
(
1,225,069) |
(
894,969) |
|
------------ |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(
1,225,069) |
(
894,969) |
|
------------ |
--------- |
NET LIABILITIES |
(
1,225,069) |
(
894,969) |
|
------------ |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
1 |
1 |
Profit and loss account |
(
1,225,070) |
(
894,970) |
|
------------ |
--------- |
SHAREHOLDERS FUNDS |
(
1,225,069) |
(
894,969) |
|
------------ |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
30 August 2024
, and are signed on behalf of the board by:
Company registration number:
11425161
VERDION ASSET MANAGEMENT (UK) LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
Year ended 31 December 2023
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is C/O Acuity Legal Limited, 3 Assembly Square, Britannia Quay, Cardiff, CF10 4PL. The principal place of business is 76 Cannon Street, London, EC4N 6AE.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis. The accounts show that the company had net liabilities of £1,225,069 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of the support from other group companies. The directors are satisfied that these group companies will continue to support the company for at least the next twelve months and that, with this continuing support, the company will be able to meet its liabilities as they fall due. On the basis of the above, the directors consider it appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
404,095 |
269,104 |
Other debtors |
37,145 |
333,259 |
|
--------- |
--------- |
|
441,240 |
602,363 |
|
--------- |
--------- |
|
|
|
5.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
– |
96,771 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,039,041 |
2,408,076 |
Other creditors |
113,833 |
1,350 |
|
------------ |
------------ |
|
2,152,874 |
2,506,197 |
|
------------ |
------------ |
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|
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6.
SUMMARY AUDIT OPINION
The auditor's report for the year dated
6 September 2024
was
unqualified
.
The senior statutory auditor was
Ataf Salim
, for and on behalf of
Kilsby & Williams LLP
.
7.
RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.
8.
CONTROLLING PARTY
The parent undertaking of the smallest group, which includes the company, is Verdion Asset Management Limited, a company registered in Jersey. The parent undertaking of the largest group, which includes the company, is MJH Capital Ltd, a company registered in Jersey.