Company Registration No. 11486514 (England and Wales)
GVO S-1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
GVO S-1 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GVO S-1 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
Notes
£
£
Fixed assets
Investments
3
10,348,900
Current assets
Debtors
4
546,281
Cash at bank and in hand
50,033
596,314
Creditors: amounts falling due within one year
5
(10,864,235)
Net current liabilities
(10,267,921)
Total assets less current liabilities
80,979
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
80,978
Total equity
80,979
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period 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 member has 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 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 July 2020 and are signed on its behalf by:
Mr M Kuessner
Director
Company Registration No. 11486514
GVO S-1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
GVO S-1 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
GVO Capital Limited, 70 Jermyn Street, London, SW1X 6NY.
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, The principal accounting policies adopted are set out below.
1.2
Going concern
T
he directors have considered and have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future,
through available cash resources and the ongoing support of its
connected
company, which is the entities
major creditor. The directors of the
connected
company have indicated that they will not demand
repayment of the loans for a period of at least twelve months from the date of approval
of these financial statements. The directors therefore have adopted the going concern basis of
preparation for these financial statements.
In drawing this conclusion, the directors have given due consideration to the impact of the
Coronavirus pandemic. The directors have a reasonable expectation that the pandemic will not cause
the company to cease to be a going concern.
1.3
Reporting period
The accounts cover a seventeen month period from the date of incorporation. This is the first period of trading and the accounting period has been extended.
1.4
Fixed asset investments
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 profit or loss.
1.5
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.
GVO S-1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
related parties
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.
1.7
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.
1.8
Foreign exchange
Transactions in currencies other than pounds 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 are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
GVO S-1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 4 -
3
Fixed asset investments
2019
£
Investments
100
Loans
10,348,800
10,348,900
Fixed asset investments represents a 50% holding in SR Invest Limited and a 50% holding in SR Invest 2 Limited, both are companies incorporated in England and Wales.
Movements in fixed asset investments
Shares in group undertakings and participating interests
Loans to group undertakings and participating interests
Total
£
£
£
Cost or valuation
At 27 July 2018
-
-
-
Additions
100
10,348,800
10,348,900
At 31 December 2019
100
10,348,800
10,348,900
Carrying amount
At 31 December 2019
100
10,348,800
10,348,900
4
Debtors
2019
Amounts falling due within one year:
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
37,000
Other debtors
509,281
546,281
GVO S-1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
£
Corporation tax
18,995
Other taxation and social security
2,988
Other creditors
10,842,252
10,864,235
6
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
During the period, the following share transaction occurred:
26 July 2018, one £1 ordinary share was allotted at a cost of £1 per share.
7
Related party transactions
Transactions with related parties
During the period GVO S-1 Limited received net loans of £260,000 and €11,636,676 from Hansa Aktiengesellschaft, a related party by virtue of a common director. Interest is charged on these loans at a rate of 2.5% per annum. At the period end the total amount due to Hansa Aktiengesellschaft from GVO S-1 Limited was £10,276,560. This loan is repayable on nine months notice from the Lender and is included in other creditors due within one year.
During the period GVO S-1 Limited also received loans from a director totalling £562,754. At the period end GVO S-1 Limited owed the director £562,754. This loan is interest free and repayable on demand, and is included in other creditors due within one year.
During the period GVO S-1 Limited made net loans of £509,280 to MVO Invest Limited, a related party by virtue of a common director. At the period end the total amount due from MVO Invest Limited to GVO S-1 Limited was £509,280. This loan is interest free and repayable on demand, and is included in debtors due within one year.
During the period GVO S-1 Limited made loans of €9,117,550 to SR Invest Limited and €2,742,577 to SR Invest 2 Limited, associated companies by virtue of GVO S-1 Limited's 50% shareholding in both of these entities. Interest is charged on both of these loans at the rate of 6% per annum. At the period end the total balances retranslated in sterling due from SR Invest Limited and SR Invest 2 Limited were £7,983,790 and £2,365,010 respectively. The loans are repayable six years from the date of first drawdown or immediately in the event of sale of the company. The loans are included within fixed asset investments as shown in note 3.
During the period GVO S-1 Limited also paid £37,000 for expenses on behalf of SR Invest Limited. At the period end SR Invest Limited owed GVO S-1 Limited £37,000 in respect of these expenses. This amount is repayable on demand and is included in debtors due within one year.