REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED |
SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED (REGISTERED NUMBER: 05535356) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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London, UK |
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SOLICITORS: |
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Riverbank House |
2 Swan Lane |
London |
EC4R 3TT |
SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED (REGISTERED NUMBER: 05535356) |
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ABRIDGED BALANCE SHEET |
30 JUNE 2020 |
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30.6.20 | 30.6.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors |
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Investments |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED (REGISTERED NUMBER: 05535356) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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SUSD Asset Management (Holdings) Limited is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
These accounts have been prepared under the going concern principle although the current liabilities of the Company exceed its current assets. The Company is reliant on the continued support of its shareholders. The Directors are confident that such support will continue to be provided. |
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Cash flow forecasts for the Company have been prepared by the Directors for a period in excess of twelve months from the date of approval of these financial statements, using the Company's assessments of expected economic conditions, together with other risks and uncertainties in the business. Using these forecasts, the board considers the Company has access to sufficient funding to continue operating. |
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As part of the Company's response to COVID-19, these forecasts have been reviewed based on the Directors' current expectation of performance, and the board has considered a range of potential scenarios of escalating impact and duration. Under the scenarios that the Directors evaluated, within a period of twelve months from the signing of these accounts, the Company has access to sufficient funding to meet its obligations and covenants as they fall due. As such the Directors consider the going concern basis of preparation to be appropriate. |
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Preparation of consolidated financial statements |
The financial statements contain information about SUSD Asset Management (Holdings) Limited as an individual Company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED (REGISTERED NUMBER: 05535356) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The Company has a defined contribution pension scheme, Costs charged in the financial statements represents the defined contributions payable by the Company in the period. |
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Financial assets |
The Company classifies its financial assets at fair value through the profit or loss account. Management determines the classification of its financial assets at initial recognition. |
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The value of financial assets reflects shares issued by listed and non-listed companies. Any adjustments to the fair value are recognised in the statement of comprehensive income for the period. |
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Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the statement of comprehensive income. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. |
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Gains or losses arising from changes in the fair value of the 'financial assets at fair value through profit or loss' category are presented in the statement of comprehensive income within 'other gains and losses' in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the statement of comprehensive income as part of other income when the Company's right to receive payments is established. |
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The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Company establishes fair value by using valuation techniques. These include the use of recent arm's length transactions, making maximum use of market inputs and relying as little as possible on entity specific inputs. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 July 2019 |
and 30 June 2020 | 807,625 |
NET BOOK VALUE |
At 30 June 2020 | 807,625 |
At 30 June 2019 | 807,625 |
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5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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SUSD ASSET MANAGEMENT (HOLDINGS) LIMITED (REGISTERED NUMBER: 05535356) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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6. | RELATED PARTY DISCLOSURES |
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Deacon Street Partners Limited |
A company of which Mr I G Robinson is a director |
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Mr I G Robinson, a director of the Company, is also a director of Deacon Street Partners Limited. During the year, the Company was charged £9,750 (2019 - £10,000) by Deacon Street Partners Limited in respect of the services of Mr I G Robinson. At 30 June 2020, £5,700 was outstanding to Deacon Street Partners Limited (2019 - £3,000). |
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7. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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