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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Hycroft (UK) Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Hycroft (UK) Limited |
Hycroft (UK) Limited (Registered number: 06895552) |
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Contents of the Financial Statements |
for the year ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Hycroft (UK) Limited |
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Company Information |
for the year ended 31 December 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Hycroft (UK) Limited (Registered number: 06895552) |
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Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT LIABILITIES | ( |
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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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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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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 by the director and authorised for issue on
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Hycroft (UK) Limited (Registered number: 06895552) |
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Notes to the Financial Statements |
for the year ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Hycroft (UK) Limited is a
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2. | ACCOUNTING POLICIES |
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Going concern |
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As at the year end date the parent company, Hycroft LLC, have confirmed that they will continue to support the company. This should enable to company to continue in operational existence for the foreseeable future. |
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On this basis, it is considered appropriate to prepare the financial statements on a going concern basis. |
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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. |
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Cash and cash equivalents |
In company's statement of cash flows, cash and cash equivalents includes cash on hand and deposits held at call with banks. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
Hycroft (UK) Limited (Registered number: 06895552) |
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Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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6. | RELATED PARTY DISCLOSURES |
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As at 31 December 2020, a balance due from Hycroft LLP remains outstanding £451,020 (2019: £451,020). The loan is a trading intercompany balance. |
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7. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent undertaking and controlling party of the Company is Hycroft LLC, a Company incorporated in the United States of America. |