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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Aurelius Finance Company Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2018 |
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for |
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Aurelius Finance Company Limited |
Aurelius Finance Company Limited (Registered number: 10773394) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Statement of Financial Position | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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Aurelius Finance Company Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Aurelius Finance Company Limited (Registered number: 10773394) |
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Strategic Report |
for the Year Ended 31 December 2018 |
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Review of Business |
During the year the Company commenced its primary business of direct lending. |
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Significant new loans were to Grainger Games Limited, Medina Holdings Limited, Entertainment Magpie, |
Granovit, Hawk Plant (UK) limited, Safestyle UK limited and Proco Global Limited. |
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In addition to the above a loan was granted to TFHC limited, a group company of Aurelius Equity |
Opportunities SE & Co. KGaA. |
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The above loans are appraised using key performance indicators primarily: financial performance, liquidity, |
asset recovery values and loan to value ratios. |
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Principal Risks and Uncertainties |
The principal risks and uncertainties for direct lending and provision of loans of this nature are complex and |
varied. Risks associated include credit and default risks, liquidity risk and market risk. Principal risks include |
the recoverability of any loans and the ability of the borrowers to service their debt, which can include factors |
external to the company. |
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The Company is exposed to interest rate risk because the entity raises financial funds at fixed and variable |
interest rates. Interest rate risk arises from changes in market interest rates, particularly with respect to |
variable interest and medium and long term assets and liabilities. Changes in the level of interest rates could |
impair the value of the Company's financial investments, which would have a negative effect on its financial |
performance. |
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Currency and exchange risk can arise when business is conducted with companies in the eurozone. |
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In common with all businesses in this sector, uncertainty regarding Brexit is having an impact on the |
Company. The directors believe that the Company will be able to manage this risk. |
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Post Balance Sheet Events |
Hawk Plant (UK) Limited went into administration after the year end and the Company are still in discussion |
with the administrators to determine the extent of the recoverability. There is £5,000,000 due at the year end |
date which has not been provided against as the directors are of the opinion that any provision can not |
currently be quantified. |
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TFHC Limited have not repaid the loan of £500,000 by the specified post year end termination date. The |
directors are still of the opinion that this loan will be recovered in full and therefore no provision is included in |
these accounts. |
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Going Concern |
The Company is reliant on support from its parent company, Aurelius Equity Opportunities SE & Co. KGaA for |
continued business growth through their provision of additional capital. |
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ON BEHALF OF THE BOARD: |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2018. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of |
this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for |
the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he ought to have taken as a director in order to make himself aware of any relevant audit information and |
to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Silbury Business Advisers Limited, will be proposed for re-appointment at the forthcoming |
Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Aurelius Finance Company Limited |
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Opinion |
We have audited the financial statements of Aurelius Finance Company Limited (the 'company') for the year |
ended 31 December 2018 which comprise the Income Statement, Other Comprehensive Income, Statement |
of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a |
summary of significant accounting policies. The financial reporting framework that has been applied in their |
preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to |
report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report |
of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, |
in doing so, consider whether the other information is materially inconsistent with the financial statements or |
our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such |
material inconsistencies or apparent material misstatements, we are required to determine whether there is a |
material misstatement in the financial statements or a material misstatement of the other information. If, |
based on the work we have performed, we conclude that there is a material misstatement of this other |
information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which
the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
Report of the Independent Auditors to the Members of |
Aurelius Finance Company Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of |
the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair |
view, and for such internal control as the directors determine necessary to enable the preparation of financial |
statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free |
from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes |
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial |
Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our |
Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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for and on behalf of
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Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Income Statement |
for the Year Ended 31 December 2018 |
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Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
Notes | £ | £ |
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REVENUE | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT/(LOSS) | 5 |
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( |
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Interest receivable and similar income |
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454,953 | (27,663 | ) |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | 7 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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( |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Other Comprehensive Income |
for the Year Ended 31 December 2018 |
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Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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( |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Statement of Financial Position |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 8 |
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Investments | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Retained earnings | 15 |
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( |
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SHAREHOLDERS' FUNDS |
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( |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Changes in equity |
Issue of share capital |
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- |
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Total comprehensive income | - | ( |
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Balance at 31 December 2017 |
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( |
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Changes in equity |
Issue of share capital |
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- |
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Total comprehensive income | - |
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Balance at 31 December 2018 |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Aurelius Finance Company Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Significant judgements and estimates |
The assumptions underlying judgements are based on the information available at the time of |
preparing the financial statements. Estimates and assumptions are reviewed on a regular basis. |
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It is the nature of a company carrying out the business of the granting of loans that some loans |
become irrecoverable. When reviewing the recoverability of loans granted, the directors use best |
judgment to determine the need for any provisions or write offs. |
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Turnover |
Turnover consists of interest receivable, monitoring fees and arrangement fees on loans as well fees |
relating to due diligence works carried out . Interest receivable is recognised as it falls due. |
Arrangement fees are recognised over the life of the loan and monitoring fees are recognised monthly |
over the course of the year on a straight line basis. Due diligence fees are recognised as due |
regardless of whether or not the loan agreement is then initiated. |
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Tangible fixed assets |
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Computer equipment | - |
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Financial instruments |
Financial assets and liabilities are to be recognised initially on the transaction date when the Company |
becomes party to the contractual provisions of the financial instrument. Financial assets measured at |
amortised cost comprise cash, trade debtors, other debtors and amounts owed by associated |
undertakings. |
Financial assets are derecognised when the rights to receive cash flows from the financial assets |
have expired or the risks and rewards of ownership have been transferred. Financial liabilities |
measured at amortised cost comprise bank loans and overdrafts, trade creditors, other creditors and |
accruals. |
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For the purpose of determining whether the contractual cash flows are solely payments of principal and |
interest, the principal is defined as the fair value of the financial asset upon initial recognition. Interest |
is defined as the compensation for the time value of money and the default risk associated with an |
outstanding principal amount over a certain time period, and for other fundamental credit risk, costs, |
and a profit margin. |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits of |
this company. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the statement of financial position date. Transactions in foreign currencies are translated into sterling |
at the rate of exchange ruling at the date of transaction. Exchange differences are allocated to the |
appropriate heading within the Income Statement. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Other provisions |
Provisions are recognised when the Company has a present legal or constructive obligation to a third |
party, arising from a past event, and when it is more likely than not that the settlement of the obligation |
will lead to an outflow of economic resources, and when the amount of the provision can be measured |
reliably. Uncertain obligations are measured at the best possible estimate. |
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3. | REVENUE |
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The revenue and profit (2017 - loss) before taxation are attributable to the one principal activity of the |
company. |
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4. | EMPLOYEES AND DIRECTORS |
Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
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2 | 2 |
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Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Information regarding the highest paid director for the year ended 31 December 2018 is as follows: |
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Year Ended |
31.12.18 |
£ |
Emoluments etc |
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5. | OPERATING PROFIT/(LOSS) |
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The operating profit (2017 - operating loss) is stated after charging/(crediting): |
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Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences | ( |
) |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
£ | £ |
Loan |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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7. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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( |
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Tax on profit/(loss) |
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( |
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Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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Period |
16.5.17 |
Year Ended | to |
31.12.18 | 31.12.17 |
£ | £ |
Profit/(loss) before tax |
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( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of |
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( |
) |
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Effects of: |
Expenses not deductible for tax purposes |
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Estimated further deferred tax on losses | 5,000 | 340 |
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Total tax charge/(credit) | 14,209 | (5,000 | ) |
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8. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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9. | FIXED ASSET INVESTMENTS |
Aurelius Finance Company Limited (Registered number: 10773394) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
Loans to |
group | Other |
undertakings | loans | Totals |
£ | £ | £ |
New in year |
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At 31 December 2018 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors | ( |
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Amounts owed by group undertakings |
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Current loans receivable | 3,309,777 | - |
Deferred tax asset |
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Prepayments and accrued income |
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Prepayments |
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Rent deposit | - | 3,859 |
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An amount of £3,309,777 representing a loan receivable is due for repayment within 9 months of the |
year end. |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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Accrued expenses |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Amounts owed to group undertakings |
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13. | PROVISIONS FOR LIABILITIES |
Deferred |
tax |
£ |
Balance at 1 January 2018 | ( |
) |
Unused amounts reversed during year |
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Balance at 31 December 2018 |
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Aurelius Finance Company Limited (Registered number: 10773394) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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14. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
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ordinary | £1 | 1 | 1 |
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Redeemable | 1 | 10,640,000 | - |
10,640,001 | 1 |
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15. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2018 | ( |
) |
Profit for the year |
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At 31 December 2018 |
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16. | ULTIMATE PARENT COMPANY |
|
Aurelius Equity Opportunities SE & Co. KGaA (incorporated in Germany ) is regarded by the directors |
as being the company's ultimate parent company. |
|
17. | OTHER FINANCIAL COMMITMENTS |
|
There is a revolving credit facility available for £3 million which has not been drawn down by the |
customer. This has not been provided for within these accounts as there is no certainty it will be |
utilized. |
|
Additionally a further two loans have not been drawn down in their entirety, a total of £2.5 million. This |
has not been provided for as the customers are under no obligation to draw these amounts. |
|
18. | RELATED PARTY DISCLOSURES |
Aurelius Finance Company Limited (Registered number: 10773394) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
|
|
Related Party | Nature of transaction | Amount |
£ |
Aurelius Equity Opportunities SE &
Co |
Loan liability |
(19,165,236 |
) |
KGaA | Loan interest due and not paid | 1,488 |
|
Redeemable shares issued
during the year |
10,640,000 |
Loan interest charged | 411,667 |
Loan fees charged | 208,098 |
Consultancy fees charged | 52,360 |
|
|
TFHC Ltd | Loan Receivable | 500,000 |
Interest received | 3,734 |
Arrangement fee received | 1,667 |
Monitoring fee received | 3,333 |
|
The liability of the loans to Aurelius Equity Opportunities SE & Co KGaA total £19,165,236 in capital. Due within one year is £2,660,000, with the remaining £16,505,236 recognised as a non current liability. Loans accrue interest at a variable rate equivalent to LIBOR plus a fixed interest rate between 4-9.5%. |
Additional loan fees are charged between 2-4% payable on a monthly basis over the life of the loan. |
|
19. | POST BALANCE SHEET EVENTS |
|
Hawk Plant (UK) Limited went into administration after the year end and the Company are still in |
discussion with the administrators to determine the extent of the recoverability. There is £5,000,000 |
due at the year end date which has not been provided against as the directors are of the opinion that |
any provision can not currently be quantified. |
|
TFHC Limited have not repaid the loan of £500,000 by the specified post year end termination date. |
The directors are still of the opinion that this loan will be recovered in full and therefore no provision is |
included in these accounts. |
|
20. | GOING CONCERN |
|
It is the nature of a company carrying out the business of the granting of loans that some loans |
become irrecoverable. In adopting the Going Concern presumption, the directors have considered the |
impact of such events on the Company and have concluded that the Going Concern assumption is still |
appropriate. |