ACCOUNTS - Final Accounts

Debtors: amounts falling due within one year

Creditors: amounts falling due within one year

Total assets less current liabilities

Capital and reserves

Called up share capital

Profit and loss account

Called up share capital

Profit and loss account

Comprehensive income for the 17 month period

Profit for the 17 month period

Total comprehensive income for the 17 month period

Contributions by and distributions to owners

Dividends: Equity capital

Shares issued during the 17 month period

Total transactions with owners

The notes on pages 3 to 6 form part of these financial statements.

Basis of preparation of financial statements

Exemption from preparing consolidated financial statements

Valuation of investments

Financial instruments

(i) Financial assets
Basic financial assets, including trade and other debtors and amounts owed by group undertaking, 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.

Financial instruments (continued)

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 Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, 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.
(iii) Offsetting
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.

The average monthly number of employees, including directors, during the 17 month period was 4.

Fixed asset investments

Investments in subsidiary companies

Amounts owed by group undertakings

Creditors: Amounts falling due within one year

Amounts owed to group undertakings

Accruals and deferred income

Allotted, called up and fully paid

1 Ordinary share of £1.00

Related party transactions

Where possible the Company has taken advantage of the exemption conferred by FRS 102 Section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

Auditors' information