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REGISTERED NUMBER:
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CRAVEN CAPITAL LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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REGISTERED NUMBER:
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CRAVEN CAPITAL LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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CRAVEN CAPITAL LIMITED (REGISTERED NUMBER: 07209893) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 6 |
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CRAVEN CAPITAL LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
CRAVEN CAPITAL LIMITED (REGISTERED NUMBER: 07209893) |
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STATEMENT OF FINANCIAL POSITION |
31 December 2016 |
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2016 | 2015 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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63,122 |
SHAREHOLDERS' FUNDS |
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The director acknowledges her 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. |
CRAVEN CAPITAL LIMITED (REGISTERED NUMBER: 07209893) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 December 2016 |
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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 on
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CRAVEN CAPITAL LIMITED (REGISTERED NUMBER: 07209893) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Craven Capital Limited is a
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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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Turnover |
Turnover represents investment income that is recognised on an accruals 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 statement of financial position 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 |
statement of financial position 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate |
of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
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Investments |
Fixed asset investments are stated at fair value. |
CRAVEN CAPITAL LIMITED (REGISTERED NUMBER: 07209893) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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3. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
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61,320 |
Additions |
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128 |
Revaluations |
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6,693 |
At 31 December 2016 |
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68,141 |
NET BOOK VALUE |
At 31 December 2016 |
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68,141 |
At 31 December 2015 |
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61,320 |
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The listed investments are valued using quoted prices on an active market. Revaluation gains and losses are |
recognised in the income statement. |
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The historic cost of the above listed investments is £50,827 (2015: £50,699). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Amounts owed by related parties | 24,996 | 26,277 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Taxation |
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Other creditors |
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Directors' current accounts | 35,766 | 28,903 |
Accruals and deferred income |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | as restated |
£ | £ |
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Ordinary | 1 | 100 | 100 |
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7. | RELATED PARTY DISCLOSURES |
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At the year end £35,982 (2015: £28,903) was due to a director. |
CRAVEN CAPITAL LIMITED (REGISTERED NUMBER: 07209893) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2016 |
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8. | POST BALANCE SHEET EVENTS |
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Dividends of £50 per share (totalling £5,000) were paid in April 2017. These financial statements do not reflect |
these dividends paid, which will be accounted for in shareholder's equity as an appropriation of retained |
earnings in the year ended 31 December 2017. |
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9. | FUNDS AT LLOYD'S |
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Cash balances of £4,501 (2015: £3,972) and investments of £65,370 (2015: £50,699) are held as Funds at |
Lloyd's to support the underwriting activities of an LLP in which the company has an interest. |
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The company has entered into a legal agreement with the Corporation of Lloyd's (Lloyd's), which gives Lloyd's |
the right to apply these funds in settlement of any claims arising from the LLP's participation on Lloyd's |
Syndicates. These funds can only be released from the provision of this deed with Lloyd's express permission |
and only in circumstances where the amounts are either replaced by an equivalent asset or after the expiration |
of the LLP's liabilities in respect of underwriting. |
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10. | FIRST YEAR ADOPTION |
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Reconciliation of equity |
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2015 | 2014 |
Note | £ | £ |
Capital and reserves (as previously stated) | 62,175 | 55,272 |
Fair value uplift of investments | i | 947 | 6,903 |
Capital and reserves (as restated) | 63,122 | 62,175 |
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Reconciliation of profit for the year |
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2015 |
Note | £ |
Profit for the year (as previously stated) | 8,339 |
Fair value uplift of investments | i | 947 |
Profit for the year (as restated) | 9,286 |
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i Fair value uplift of investments |
Under previous UK GAAP the company recognised listed investments at cost whereas under FRS102 these |
investments are recognised at fair value. At the date of transition, the investments were revalued to their |
market value which is deemed to be their fair value at that time resulting in an increase in assets and reserves |
of £6,903. At 31 December 2015, a further revaluation of £947 increased both assets and reserves. |