Strand Capital Limited
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Registered number: 03747386 |
Directors' Report |
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The directors present their report and accounts for the year ended 31 March 2015. |
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Principal activities |
The company is regulated by the Financial Conduct Authority as a €125k INVPRU firm under reference 494001.
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Financial instrument risk |
The directors consider that currently there are no significant risks associated with the company's activities. |
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Dividends |
The directors do not recommend a dividend in respect of the year. |
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Directors |
The following persons served as directors during the year: |
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J M McNally (resigned 05/08/2014)
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K S Kangellaris (resigned 04/11/2014)
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H J Keats (appointed 23/09/2014)
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Disclosure of information to auditors |
Strand Capital Limited
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Independent auditors' report |
to the member of Strand Capital Limited |
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We have audited the accounts of Strand Capital Limited for the year ended 31 March 2015 which comprise the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
Respective responsibilities of directors and auditors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the accounts in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
Scope of the audit of the accounts |
A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate |
Opinion on the accounts |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion the information given in the Directors' Report and the Strategic Report for the financial year for which the accounts are prepared is consistent with the accounts. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the accounts are not in agreement with the accounting records and returns; or |
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certain disclosures of directors’ remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit. |
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M J Palmer
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(Senior Statutory Auditor) |
106 Mill Studio
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for and on behalf of |
Crane Mead
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Intega
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Ware
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Accountants and Statutory Auditors |
Hertfordshire
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8 September 2015
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SG12 9PY
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Strand Capital Limited
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Notes to the Accounts |
for the year ended 31 March 2015
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards.
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Turnover |
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Turnover represents the net income from the company's execution only broking and corporate finance activity.
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Depreciation |
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Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Office equipment |
20% straight line
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Deferred taxation |
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Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred tax is calculated at the tax rates which are expected to apply in the periods when the timing differences will reverse, and discounted to reflect the time value of money using rates based on the post-tax yields to maturity that could be obtained at the balance sheet date on government bonds with similar maturity dates. |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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2 |
Turnover |
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Turnover is attributable to the company's one continuing activity and arose wholly within the UK. |
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3 |
Operating loss |
2015 |
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2014 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
399 |
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21 |
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Auditors' remuneration for audit services |
1,560 |
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1,500 |
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Auditors' remuneration for other services |
365 |
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360 |
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4 |
Staff costs |
2015 |
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2014 |
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Average number of employees during the year |
Number |
Number |
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Administration |
1 |
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1 |
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5 |
Taxation |
2015 |
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2014 |
£ |
£ |
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Analysis of charge in period |
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Current tax: |
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UK corporation tax on profits of the period |
- |
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772 |
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Deferred tax: |
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Origination and reversal of timing differences |
- |
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- |
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Deferred tax credit |
(4,765) |
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- |
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Tax on (loss)/profit on ordinary activities |
(4,765) |
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772 |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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2015 |
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2014 |
£ |
£ |
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(Loss)/profit on ordinary activities before tax |
(22,392) |
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5,117 |
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Standard rate of corporation tax in the UK |
20% |
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20% |
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£ |
£ |
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Profit on ordinary activities multiplied by the standard rate of corporation tax |
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(4,478) |
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1,023 |
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Effects of: |
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Capital allowances for period in excess of depreciation |
(287) |
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(251) |
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Tax losses carried forward |
4,765 |
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- |
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Current tax charge for period |
- |
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772 |
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6 |
Tangible fixed assets |
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Office equipment |
£ |
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Cost |
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At 1 April 2014 |
1,275 |
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Additions |
4,322 |
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At 31 March 2015 |
5,597 |
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Depreciation |
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At 1 April 2014 |
21 |
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Charge for the year |
399 |
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At 31 March 2015 |
420 |
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Net book value |
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At 31 March 2015 |
5,177 |
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At 31 March 2014 |
1,254 |
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7 |
Debtors |
2015 |
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2014 |
£ |
£ |
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Trade debtors |
119,283 |
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107,250 |
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Deferred tax asset (see note 9) |
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12,985 |
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8,220 |
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Other debtors |
- |
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9,803 |
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132,268 |
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125,273 |
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8 |
Creditors: amounts falling due within one year |
2015 |
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2014 |
£ |
£ |
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Trade creditors |
5,285 |
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3,360 |
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Corporation tax |
772 |
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772 |
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Other creditors |
28,146 |
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12,589 |
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Accruals and deferred income |
15,000 |
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- |
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49,203 |
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16,721 |
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9 |
Deferred taxation |
2015 |
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2014 |
£ |
£ |
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Tax losses carried forward |
(12,985) |
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(8,220) |
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Undiscounted provision for deferred tax |
(12,985) |
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(8,220) |
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2015 |
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2014 |
£ |
£ |
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At 1 April |
(8,220) |
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(8,220) |
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Deferred tax charge in profit and loss account |
(4,765) |
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- |
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At 31 March |
(12,985) |
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(8,220) |
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10 |
Share capital |
Nominal |
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2015 |
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2015 |
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2014 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
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£1 each |
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150,100 |
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150,100 |
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150,100 |
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11 |
Profit and loss account |
2015 |
£ |
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At 1 April 2014 |
(18,346) |
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Loss for the financial year |
(17,627) |
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At 31 March 2015 |
(35,973) |
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12 |
Reconciliation of movement in shareholder's funds |
2015 |
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2014 |
£ |
£ |
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At 1 April |
131,754 |
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127,409 |
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(Loss)/profit for the financial year |
(17,627) |
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4,345 |
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At 31 March |
114,127 |
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131,754 |
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13 |
Gross cash flows |
2015 |
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2014 |
£ |
£ |
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Returns on investments and servicing of finance |
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Interest received |
15,996 |
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10,000 |
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Capital expenditure |
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Payments to acquire tangible fixed assets |
(4,322) |
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(1,275) |
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14 |
Analysis of changes in net debt |
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At 1 Apr 2014 |
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Cash flows |
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Non-cash changes |
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At 31 Mar 2015 |
£ |
£ |
£ |
£ |
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Cash at bank and in hand |
21,948 |
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3,937 |
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25,885 |
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Total |
21,948 |
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3,937 |
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- |
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25,885 |
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15 |
Related party transactions |
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At 31 March 2015 the company had an interest-free loan of £27,382 from Optima Worldwide Group PLC.
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16 |
Ultimate controlling party |
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The company's ultimate controlling party is Optima Worldwide Group PLC.
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