Company Registration No. 09140782 (England and Wales)
IRONIE 19 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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 2021
2021-12-31
- 1 -
2021
2020
Notes
€
€
€
€
Non-current assets
Investments
4
95,360,921
77,659,964
Current assets
Trade and other receivables
5
3,936,052
3,445,487
Cash and cash equivalents
114,816
132,430
4,050,868
3,577,917
Current liabilities
6
(842,936)
(6,744,301)
Net current assets/(liabilities)
3,207,932
(3,166,384)
Total assets less current liabilities
98,568,853
74,493,580
Non-current liabilities
7
(31,195,000)
(23,522,693)
Provisions for liabilities
(1,354,407)
(294,654)
Net assets
66,019,446
50,676,233
Equity
Called up share capital
8
24,584,200
20,515,200
Share premium account
19,623,399
13,536,989
Capital redemption reserve
2,206,607
2,206,607
Retained earnings
19,605,240
14,417,437
Total equity
66,019,446
50,676,233
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 2021 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 September 2022 and are signed on its behalf by:
S Chandler
Director
Company Registration No. 09140782
IRONIE 19 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
Notes
€
€
€
€
€
Balance at 1 January 2020
20,515,200
13,536,989
2,206,607
15,588,866
51,847,662
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
-
(1,171,429)
(1,171,429)
Balance at 31 December 2020
20,515,200
13,536,989
2,206,607
14,417,437
50,676,233
Year ended 31 December 2021:
Profit and total comprehensive deficit for the year
-
-
-
5,187,803
5,187,803
Issue of share capital
8
4,069,000
6,086,410
-
-
10,155,410
Balance at 31 December 2021
24,584,200
19,623,399
2,206,607
19,605,240
66,019,446
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 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
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
.
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.
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.5
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.
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 2021
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
There were no employees during the year (20
20
: nil)
other than the company's directors.
4
Fixed asset investments
2021
2020
€
€
Investments
59,005,820
49,902,361
Shares in unlisted investments
4,755,469
4,027,272
Loans
31,599,632
23,730,331
95,360,921
77,659,964
Movements in non-current investments
Portfolio of listed/fund investments
Loan investments
Shares in unlisted investments
Total
€
€
€
€
Cost or valuation
At 1 January 2021
49,902,361
23,730,331
4,027,272
77,659,964
Additions
25,754,902
10,705,785
465,696
36,926,383
Valuation changes
1,305,324
361,170
292,507
1,959,001
Disposals/ return of investment
(17,956,767)
(3,197,654)
(30,006)
(21,184,427)
At 31 December 2021
59,005,820
31,599,632
4,755,469
95,360,921
Carrying amount
At 31 December 2021
59,005,820
31,599,632
4,755,469
95,360,921
At 31 December 2020
49,902,361
23,730,331
4,027,272
77,659,964
5
Trade and other receivables
2021
2020
Amounts falling due within one year:
€
€
Other receivables
3,936,052
3,445,487
IRONIE 19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Current liabilities
2021
2020
€
€
Trade payables
14,064
13,860
Other taxation and social security
86,752
145,953
Other payables
742,120
6,584,488
842,936
6,744,301
7
Non-current liabilities
2021
2020
€
€
Other payables
31,195,000
23,522,693
8
Called up share capital
2021
2020
€
€
Issued and fully paid
203,392 'B' Ordinary share of €100 each
20,339,200
16,270,200
42,450 'C' Ordinary shares of €100 each
4,245,000
4,245,000
24,584,200
20,515,200
During the year the company issued
40,690
Ordinary 'B'
€100
shares
for a total consideration of €10,155,410.