Company registration number 12310712 (England and Wales)
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,088
2,366
Current assets
Debtors
4
102,727
57,644
Cash and cash equivalents
208,808
241,652
311,535
299,296
Creditors: amounts falling due within one year
5
(171,006)
(88,817)
Net current assets
140,529
210,479
Net assets
141,617
212,845
Capital and reserves
Called up share capital
6
724,438
661,329
Share premium account
7
365,550
168,665
Accumulated profit / (loss)
(948,371)
(617,149)
Total equity
141,617
212,845
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 and in accordance with section 1A of FRS102 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr C J Edmeades
Director
Company Registration No. 12310712
The notes on pages 2 to 6 form part of these financial statements.
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Company information
Minerva Fund Management Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Townfield House, 27-29 Townfield Street, Chelmsford, Essex, CM1 1QL.
The principal activity of the Company is set out in the directors' report.
1.1
Basis of preparation and accounting policies
These financial statements have been prepared in accordance with section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the requirements of the Companies Act 2006.
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. The principal accounting policies adopted are set out below.
Accounting Policies
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
In considering going concern, the directors have reviewed the capital, liquidity and financial position of the Company, including its strategic objectives.
The Company does not have any debt. Additional capital has been raised during the year and subsequent to the year end date. This enables the Company to meet its liabilities as they fall due. Testing has been performed on stressed scenarios to evaluate the severe but plausible financial costs of a risk event, or series of events, occurring. The directors are satisfied that the company has sufficient resources to meets its regulatory requirements and operating expenses under the most likely scenarios.
The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months and beyond from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.
1.3
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the accounts reported. These 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.
Management have not made any material judgements in applying the accounting policies of the company.
1.4
Turnover
Revenue represents management charges as manager to Open Ended Investment Companies "The Funds". The charges comprise a fixed percentage of the monthly net asset valuation for each sub fund within the Funds.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Company information
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.
1.6
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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash at 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Company information
(Continued)
- 4 -
1.8
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.
The Company ordinary shares are classified as equity instruments.
Called up share capital represents the nominal value of shares that have been issued.
Share premium account represents the premium paid on the shares issued.
Accumulated profit/(loss) represents all current and prior period accumulated profit/losses.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Corporation tax on the profit or loss for the periods presented, comprising current tax and deferred tax, is recognised in the statement of comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using rates enacted or substantively enacted at the statement of financial position date and any adjustment to tax payable in respect of previous years.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the Company during the year was:
2024
2023
Number
Number
Total
10
10
3
Tangible assets
Computer equipment
£
Cost
At 1 May 2023 and 30 April 2024
3,835
Depreciation and impairment
At 1 May 2023
1,469
Depreciation charged in the year
1,278
At 30 April 2024
2,747
Carrying amount
At 30 April 2024
1,088
At 30 April 2023
2,366
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
60,547
Other debtors
42,180
57,644
102,727
57,644
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
171,006
88,817
MINERVA FUND MANAGEMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
724,438
661,329
724,438
661,329
7
Share premium account
During the year, 31,998 ordinary £1 shares were issued at a cost of £3.75 per share. Additionally, 31,111 ordinary £1 shares were issued at a cost of £4.50 per share. This resulted in a share premium of £196,885.
8
Pension commitment
Pension commitments for the year were £2,000 (2023: £Nil).
9
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.
Senior Statutory Auditor: Zoe Fitchett BSc FCA (Senior Statutory Auditor)
For and on behalf of Beevers and Struthers
20 August 2024
Statutory Auditor:
One Express
1 George Leigh Street
Manchester, M4 5DL
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
12,703
11,504
11
Controlling Party
In the opinion of the Directors, the Company is controlled by C Edmeades by virtue of his shareholding of the issued share capital of the Company.
12
Post balance sheet events
Subsequent to the year end date, 42,222 ordinary £1 shares have been issued at a cost of £4.50 per share.