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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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POLITICAL HOLDINGS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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POLITICAL HOLDINGS LIMITED |
POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783) |
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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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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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POLITICAL HOLDINGS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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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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ACCOUNTANTS: |
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21 Marina Court |
Hull |
HU1 1TJ |
POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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31.12.16 | 31.12.15 |
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 | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
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PROVISIONS FOR LIABILITIES |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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 Board of Directors on
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POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783) |
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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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Political Holdings Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These are the first financial statements prepared in accordance with FRS 102, Section 1A. The date of transition is 1 January |
2015. |
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The transition has resulted in a change to the accounting policy for listed investments, which are now carried at fair value |
through profit or loss, with an associated provision for deferred tax. |
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Preparation of consolidated financial statements |
The financial statements contain information about Political Holdings Limited as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the |
Companies Act 2006 not to prepare consolidated financial statements. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less provision for impairment. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost, with changes recognised in profit and loss. Derivative financial |
instruments are initially recognised at cost and thereafter at fair value with changes recognised in profit and loss. |
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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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Investments |
Investments in shares are carried at fair value. |
POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
These accounts have been prepared under the going concern principle although the liabilities of the company exceed its |
assets. The company is reliant on the continued support of its creditors, which the directors are confident will continue to |
be provided. The directors consider that the going concern concept continues to be appropriate and this has therefore |
been applied. If the going concern basis proves not to be appropriate, adjustments would have to be made to reduce the |
balance sheet value of assets to their recoverable amounts and to provide for any further liabilities that might arise. |
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3. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2016 |
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384,201 |
Revaluations |
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144,251 |
At 31 December 2016 |
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528,452 |
NET BOOK VALUE |
At 31 December 2016 |
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528,452 |
At 31 December 2015 |
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384,201 |
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Cost or valuation at 31 December 2016 is represented by: |
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Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2015 | - | 115,030 | 115,030 |
Valuation in 2016 | - | 144,251 | 144,251 |
Cost | 16,171 | 253,000 | 269,171 |
16,171 | 512,281 | 528,452 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Amounts owed by group undertakings |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade creditors |
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Other creditors |
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POLITICAL HOLDINGS LIMITED (REGISTERED NUMBER: 07291783) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | RELATED PARTY DISCLOSURES |
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The company has provided loans to a subsidiary in which it has a participating interest which carry interest on commercial |
terms. At the period end, the amount outstanding on these loans was £2,070,279 (2015: £1,830,885) including accrued |
interest, of which £2,019,077 (2015: £1,830,885) has been provided. |
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The company has also provided finance to subsidiaries in which it has participating interests on which no interest is charged |
and where there are no formal terms for repayment. The aggregate amount owed to the company at 31 December 2016 |
was £1,657,360 (2015: £1,663,934), which has been provided in full. |
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The company's ultimate controlling party has provided finance to the company through a Deep Discount Bond. At the |
period end £1,278,682 (2015: £1,271,005), including accrued discount, was outstanding as the maturity value under the |
terms of the Bond. Repayment has been deferred. |
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The company's ultimate controlling party has provided the company with interest free loans of £1,004,500 (2015: |
£1,004,500), which remained outstanding at the period end. |
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7. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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