Company Registration No. 09140782 (England and Wales)
IRONIE 19 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
IRONIE 19 LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
IRONIE 19 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
€
€
€
€
Non-current assets
Investments
3
77,467,425
78,133,431
Current assets
Trade and other receivables
4
3,187,502
2,793,595
Cash and cash equivalents
1,192,018
200,136
4,379,520
2,993,731
Current liabilities
5
(1,942,022)
(5,589,102)
Net current assets/(liabilities)
2,437,498
(2,595,371)
Total assets less current liabilities
79,904,923
75,538,060
Non-current liabilities
6
(27,500,000)
(27,500,000)
Provisions for liabilities
(557,261)
-
Net assets
51,847,662
48,038,060
Equity
Called up share capital
7
20,515,200
20,515,200
Share premium account
13,536,989
13,536,989
Capital redemption reserve
2,206,607
2,206,607
Retained earnings
15,588,866
11,779,264
Total equity
51,847,662
48,038,060
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 16 December 2020 and are signed on its behalf by:
Mrs S Chandler
Director
Company Registration No. 09140782
IRONIE 19 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
€
€
€
€
€
Balance at 1 January 2018
17,903,200
9,484,453
2,501,500
2,808,967
32,698,120
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
-
-
8,970,297
8,970,297
Issue of share capital
7
2,817,000
4,052,536
-
-
6,869,536
Redemption of shares
7
(205,000)
-
(294,893)
-
(499,893)
Balance at 31 December 2018
20,515,200
13,536,989
2,206,607
11,779,264
48,038,060
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
-
3,809,602
3,809,602
Balance at 31 December 2019
20,515,200
13,536,989
2,206,607
15,588,866
51,847,662
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Ironie 19 Limited is a
private
company
limited by shares
incorporated in England and Wales, registered number 09140782.
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.
These financial statements are presented in Euros, which the directors consider to be the company's functional currency, where the Euro is considered to be the currency that most faithfully represents the economic effects of the underlying transactions and investment activity. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Investment income comprises of income, realised gains and losses derived from the investment activity of the company, including net gains and losses on the sale of investments (net of charges), dividends received and interest on loans provided to third parties.
i) Realised gains and losses on the disposals of investments represent the difference between the initial carrying amount and disposal amount, recognised on the contractual completion of the sale.
ii) Dividend income is recognised when the company’s right to receive the payment is established, presented gross of any non-recoverable withholding taxes.
iii) Interest revenue and expense are recognised in the profit and loss statement for all interest-bearing financial instruments on an accruals basis.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.4
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.
1.5
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.
Fair value measurement of financial instruments
Fixed asset investments include stock holdings which are measured at fair value through profit and loss in the financial statements. The amounts are valued using an open market valuation of the investments.
Basic financial assets
Basic financial assets, which include trade and 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.
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 trade and other payables and bank
and other
loans
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.
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.
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
2
Employees
There were no employees (excluding the directors) during the year (2018: nil).
3
Fixed asset investments
2019
2018
€
€
Investments
56,249,076
59,601,288
Shares in unlisted investments
642,585
646,029
Loans
20,575,764
17,886,114
77,467,425
78,133,431
Movements in non-current investments
Portfolio of listed/fund investments
Loan investments
Shares in unlisted investments
Total
€
€
€
€
Cost or valuation
At 1 January 2019
59,601,288
17,886,114
646,029
78,133,431
Additions
16,936,968
2,611,993
-
19,548,961
Valuation changes
2,473,975
77,657
18,603
2,570,235
Disposals
(22,763,155)
-
(22,047)
(22,785,202)
At 31 December 2019
56,249,076
20,575,764
642,585
77,467,425
Carrying amount
At 31 December 2019
56,249,076
20,575,764
642,585
77,467,425
At 31 December 2018
59,601,288
17,886,114
646,029
78,133,431
4
Trade and other receivables
2019
2018
Amounts falling due within one year:
€
€
Other receivables
3,187,502
2,793,595
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
5
Current liabilities
2019
2018
€
€
Bank loans and overdrafts
657,618
4,259,267
Trade payables
7,319
7,686
Corporation tax
-
581,387
Other taxation and social security
101,392
151,336
Other payables
1,175,693
589,426
1,942,022
5,589,102
6
Non-current liabilities
2019
2018
€
€
Other payables
27,500,000
27,500,000
7
Called up share capital
2019
2018
€
€
Issued and fully paid
162,702 'B' Ordinary share of €100 each
16,270,200
16,270,200
42,450 'C' Ordinary shares of €100 each
4,245,000
4,245,000
20,515,200
20,515,200
In the prior
year the company issued
28,170
Ordinary 'B' shares of nominal value €100 per share at a price
of €
243.86
per share.
The company bought
back 25,015 'C' shares of nominal value €100 per share at a price of
€243.85
per share
. This
result
ed
in the equity of the company increasing by €
6
,
369,643 during the prior year.