Company registration number 09185141 (England and Wales)
EDITH POLLOCK NO3 TRADING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
EDITH POLLOCK NO3 TRADING LIMITED
COMPANY INFORMATION
Directors
Mr Jonathan Gain
Mr Daryl Hine
Ms Claire Taylor
Secretary
Tricor Secretaries Limited
Company number
09185141
Registered office
C/O Stellar Asset Management Limited
20 Chapel Street
Liverpool
United Kingdom
L3 9AG
EDITH POLLOCK NO3 TRADING LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 6
EDITH POLLOCK NO3 TRADING LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the period ended 31 December 2022. This is the final set of accounts prepared by the company.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr Jonathan Gain
Mr Daryl Hine
Ms Claire Taylor
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption within Part 15 of the Companies Act 2006.
On behalf of the board
Ms Claire Taylor
Director
9 March 2023
EDITH POLLOCK NO3 TRADING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Period
Year
ended
ended
31 December
30 June
2022
2021
£
£
Turnover
-
-
Administrative expenses
(9,274)
(3,456)
Operating loss
(9,274)
(3,456)
Gains on investments
43,200
51,414
Profit before taxation
33,926
47,958
Tax on profit
(7,690)
(666)
Profit for the financial period
26,236
47,292
The notes on pages 4 to 6 form an integral part of these financial statements.
EDITH POLLOCK NO3 TRADING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 3 -
2022
2021
Notes
£
£
£
£
Fixed assets
Interests in partnerships
3
159,606
Current assets
Cash at bank and in hand
278,684
109,641
Creditors: amounts falling due within one year
4
(199,999)
Net current assets
78,685
109,641
Total assets less current liabilities
78,685
269,247
Capital and reserves
Called up share capital
5
1
100,000
Share premium account
1
96,000
Revaluation reserve
6
20,800
Profit and loss reserves
78,683
52,447
Total equity
78,685
269,247
The notes on pages 4 to 6 form an integral part of these financial statements.
For the financial period ended 31 December 2022 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 period in question in accordance with section 476
.
These financial statements have been prepared 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 9 March 2023 and are signed on its behalf by:
Ms Claire Taylor
Director
Company Registration No. 09185141
EDITH POLLOCK NO3 TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Edith Pollock No3 Trading Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
C/O Stellar Asset Management Limited, 20 Chapel Street, Liverpool, United Kingdom, L3 9AG.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company will be dissolved in the next 12 months and the accounts have been prepared on a break-up basis.
1.2
Fixed assets
Classification
The company classifies its interests in partnerships as financial assets at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and deposits of the interests are recognised on the trade date - the date on which the company commits to purchase or sell the interest. Interests in partnerships at fair value through profit or loss are initially recognised at fair value.
Interests in partnerships are derecognised when the rights to receive cash flows from the interests have expired or the company has transferred substantially all risks and rewards of ownership.
Subsequent to initial recognition, all interests in partnerships at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets are presented in the Statement of Comprehensive Income within fair value movements in the period in which they arise.
The partnerships in which the company invests in are not traded in an active market and their fair value is determined by using the Net Asset Value (NAV) of the partnerships at any given date, being the best estimate of the amount that the investment will realise. The directors believe that this is indicative of the fair value of the company's share of its interests in the partnerships.
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.
EDITH POLLOCK NO3 TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
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.
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.
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
profit and loss account
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was nil (2021: nil).
EDITH POLLOCK NO3 TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
3
Fixed assets
2022
2021
£
£
Interests in partnerships
159,606
Movement in fixed assets
Interests in partnerships
£
Cost or valuation
At 1 July 2021
159,606
Additions
48
Valuation changes
(20,800)
Disposals
(138,854)
At 31 December 2022
Carrying amount
At 31 December 2022
At 30 June 2021
159,606
4
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
199,999
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
1
200,000
1
100,000
6
Revaluation reserve
2022
2021
£
£
At the beginning of the period
20,800
30,866
Fair value adjustment to investments
(20,800)
(10,066)
At the end of the period
20,800