Company Registration No. 08575401 (England and Wales)
MAIDENS VENTURES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MAIDENS VENTURES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
MAIDENS VENTURES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Investments
3
31,914,819
5,164,879
Current assets
Trade and other receivables
4
5,926
84,069
Cash and cash equivalents
213,018
337,446
218,944
421,515
Current liabilities
5
(142,266)
(65,565)
Net current assets
76,678
355,950
Total assets less current liabilities
31,991,497
5,520,829
Non-current liabilities
6
(29,340,000)
(3,500,000)
Net assets
2,651,497
2,020,829
Equity
Called up share capital
7
1,840,000
1,840,000
Retained earnings
811,497
180,829
Total equity
2,651,497
2,020,829
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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 23 July 2021
I. Maidens
Director
Company Registration No. 08575401
MAIDENS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Maidens Ventures Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 1 Devonshire Street, London, W1W 5DR.
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
pound sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound sterling.
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
Non-current investments
Investments are measured as follows:
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
the income statement
.
Other investments, including investment portfolios held, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the statement of comprehensive income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
.
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 statement of financial position 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.
MAIDENS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include
other receivables
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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
other payables and
loans from
fellow group companies, 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 payables
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 payables 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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
MAIDENS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange
Transactions in currencies other than pound sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in
the income statement
.
2
Employees
The average monthly number of person (including director) employed by the company during the year was 1 (2020:1
).
3
Non-current asset investments
2021
2020
£
£
Investments
31,914,819
5,164,879
Movements in non-current investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2020
1,740,700
3,424,179
5,164,879
Additions
-
30,014,243
30,014,243
Redemption of investments
-
(26,087)
(26,087)
Disposals
-
(3,238,216)
(3,238,216)
At 31 March 2021
1,740,700
30,174,119
31,914,819
Carrying amount
At 31 March 2021
1,740,700
30,174,119
31,914,819
At 31 March 2020
1,740,700
3,424,179
5,164,879
The investments held are valued at fair value through the statement of comprehensive income with the value determined by open market valuation.
MAIDENS VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
4
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
80,000
Other receivables
5,926
4,069
5,926
84,069
5
Current liabilities
2021
2020
£
£
Amounts owed to group undertakings
60,000
Corporation tax
140,826
4,545
Other payables
1,440
1,020
142,266
65,565
6
Non-current liabilities
2021
2020
£
£
Other payables
29,340,000
3,500,000
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1,840,000 Ordinary shares of £1 each
1,840,000
1,840,000
8
Related party transactions
Set out below are the details of related party relationships, transactions during the year and balances outstanding at 31 March 2021:
i) During the year the company received £80,000 from its subsidiary undertakings in full settlement of loan balances outstanding. Subsequently, these subsidiary undertakings advanced interest free loans to the company totalling £660,000, which remained outstanding at the year end.
ii) During the year the company received £25,180,000 from its sole director, which was used to acquire certain investments, and £28,680,000 was outstanding at the year end (2020: £3,500,000). This amount is unsecured and interest free.