Company Registration No. 08221920 (England and Wales)
RENFIN LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
PAGES FOR FILING WITH REGISTRAR
Slaven Jeffcote LLP
Chartered Certified Accountants
1 Lumley Street
Mayfair
London
W1K 6TT
RENFIN LIMITED
COMPANY INFORMATION
Director
J Tosnar
Secretary
JD Secretariat Limited
Company number
08221920
Registered office
5th Floor, 1 Lumley Street
Mayfair
London
W1K 6TT
Accountants
Slaven Jeffcote LLP
5th Floor, 1 Lumley Street
Mayfair
London
W1K 6TT
RENFIN LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
RENFIN LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 1 -
The director presents his annual report and financial statements for the year ended 30 September 2016.
Principal activities
The principal activity of the company continued to be that of an investment company, specialising in the hydro-electric sector.
an investment company, specialising in the hydro-electric sector.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J Tosnar
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
By order of the board
JD Secretariat Limited
Secretary
29 June 2017
RENFIN LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
2
1,521,115
1,686,115
Current assets
Debtors
3
224,777
378,651
Cash at bank and in hand
370
4,421
225,147
383,072
Creditors: amounts falling due within one year
4
(235,621)
(160,134)
Net current (liabilities)/assets
(10,474)
222,938
Total assets less current liabilities
1,510,641
1,909,053
Creditors: amounts falling due after more than one year
5
(1,222,284)
(1,656,284)
Net assets
288,357
252,769
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
288,356
252,768
Total equity
288,357
252,769
RENFIN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 3 -
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 29 June 2017
J Tosnar
Director
Company Registration No. 08221920
RENFIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
1
Accounting policies
Company information
Renfin Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5th Floor, 1 Lumley Street, Mayfair, London, W1K 6TT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
RENFIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2016
2015
£
£
Investments
1,115
1,115
Loans
1,520,000
1,685,000
1,521,115
1,686,115
RENFIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
2
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
Loans to group undertakings
Total
£
£
£
Cost or valuation
At 1 October 2015
1,115
1,685,000
1,686,115
Additions
-
99,000
99,000
Disposals
-
(264,000)
(264,000)
At 30 September 2016
1,115
1,520,000
1,521,115
Carrying amount
At 30 September 2016
1,115
1,520,000
1,521,115
At 30 September 2015
1,115
1,685,000
1,686,115
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Other debtors
224,777
378,651
4
Creditors: amounts falling due within one year
2016
2015
£
£
Other creditors
235,621
160,134
5
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
1,222,284
1,656,284
RENFIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 7 -
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1