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Unaudited Financial Statements |
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for the Period |
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18th January 2019 to 31st December 2019 |
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for |
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Salmon Property Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Period |
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18th January 2019 to 31st December 2019 |
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for |
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Salmon Property Limited |
Salmon Property Limited (Registered number: 11775782) |
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Contents of the Financial Statements |
for the Period 18th January 2019 to 31st December 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Salmon Property Limited |
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Company Information |
for the Period 18th January 2019 to 31st December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Stag House |
Old London Road |
Hertford |
Hertfordshire |
SG13 7LA |
Salmon Property Limited (Registered number: 11775782) |
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Balance Sheet |
31st December 2019 |
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Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
behalf by: |
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Salmon Property Limited (Registered number: 11775782) |
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Notes to the Financial Statements |
for the Period 18th January 2019 to 31st December 2019 |
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1. | STATUTORY INFORMATION |
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Salmon Property Limited is a
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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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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect |
the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses |
during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following |
judgements have had a significant effect on amounts recognised in the financial statements: |
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The directors have made estimates over the value of the subsidiary company purchased in the year and therefore over the |
amount of deferred consideration due to the former shareholders. |
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Investments in subsidiaries |
Investments in subsidiaries are recorded at cost, after making provisions for any diminution in value. |
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Financial instruments |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future |
payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or |
receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the |
undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a |
short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business |
terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the |
financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a |
market rate of interest for a similar debt instrument. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective |
evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income |
statement. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying |
amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial |
asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate |
determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's |
carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset |
if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an |
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. |
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Taxation |
Taxation for the period 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 balance sheet date. |
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Salmon Property Limited (Registered number: 11775782) |
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Notes to the Financial Statements - continued |
for the Period 18th January 2019 to 31st December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any |
impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand and other short-term highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known amounts of cash with |
insignificant risk of change in value. |
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Creditors |
Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, are initially recognised at transaction price. Other financial liabilities, including bank loans, are measured initially at |
fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
Additions |
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Impairments |
( |
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At 31st December 2019 |
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NET BOOK VALUE |
At 31st December 2019 |
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On 16th October 2019 the company entered into a Share Purchase Agreement to purchase the entire share capital of Salmon |
Developments Limited for £37,293,023. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Amounts owed to group undertakings |
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Directors' current accounts | 100 |
Accruals and deferred income |
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Salmon Property Limited (Registered number: 11775782) |
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Notes to the Financial Statements - continued |
for the Period 18th January 2019 to 31st December 2019 |
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7. | SECURED DEBTS |
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The deferred consideration is secured by way of a fixed and floating charge over the company's assets. |
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8. | PROVISIONS FOR LIABILITIES |
£ |
Other provisions |
Deferred consideration | 6,543,307 |
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Deferred |
cons. |
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Original amount deferred | 12,000,972 |
Revaluation upon realisation | 475,861 |
Paid in the year | (5,933,526 | ) |
Balance at 31st December 2019 |
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During the year the company purchased the entire share capital of Salmon Developments Limited. As part of the Share |
Purchase Agreement, £12,000,972 was deferred until such time as a final valuation can be reached and the company has |
sufficient funds to settle the consideration due. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
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A shares | £1 | 92 |
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B shares | £1 | 8 |
100 |
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The following shares were allotted and fully paid for cash at par during the period: |
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92 A shares shares of £1 each |
8 B shares shares of £1 each |
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On 16th October 2019 the company passed a written resolution reclassifying the share capital of the company from 100 |
Ordinary £1 shares into 92 £1 A shares and 8 £1 B shares. Both classes of shares rank parri passu in all respects. |