Company Registration No. SC588136 (Scotland)
HF INVESTMENTS NO.1 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
HF INVESTMENTS NO.1 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HF INVESTMENTS NO.1 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
2
5,713,301
4,873,510
Current assets
Debtors
3
126,582
-
Cash at bank and in hand
1,980,329
373,418
2,106,911
373,418
Creditors: amounts falling due within one year
4
(1,004,499)
(5,353,900)
Net current assets/(liabilities)
1,102,412
(4,980,482)
Total assets less current liabilities
6,815,713
(106,972)
Creditors: amounts falling due after more than one year
5
(5,710,589)
-
Net assets/(liabilities)
1,105,124
(106,972)
Capital and reserves
Called up share capital
6
30
30
Fair value reserve
(433,278)
(60,413)
Equity reserve
1,539,411
-
Profit and loss reserves
(1,039)
(46,589)
Total equity
1,105,124
(106,972)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
HF INVESTMENTS NO.1 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
For the financial year ended 31 March 2020 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 17 December 2020 and are signed on its behalf by:
J C McMahon
Director
Company Registration No. SC588136
HF INVESTMENTS NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
HF Investments No.1 Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Marathon House, Olympic Business Park, Drybridge Road, Dundonald, AYRSHIRE, KA2 9AE.
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 certain fixed asset investments carried at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
These financial statements are for the year ended 31 March 2020. The comparatives cover the period from incorporation on 8 February 2018 to 31 March 2019 and are therefore not directly comparable.
1.3
Turnover
Turnover
represents
investment income
receivable
.
1.4
Fixed asset investments
Listed investments
are initially measured at cost
and subsequently measured at fair value.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
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
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.
HF INVESTMENTS NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
the profit and loss account
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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
certain creditors
, 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
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.
1.8
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.
HF INVESTMENTS NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.9
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
Fixed asset investments
2020
2019
£
£
Investments
5,713,301
4,873,510
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2019
4,873,510
Additions
2,464,445
Valuation changes
(324,104)
Disposals
(1,300,550)
At 31 March 2020
5,713,301
Carrying amount
At 31 March 2020
5,713,301
At 31 March 2019
4,873,510
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
126,582
-
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
1,004,499
5,353,900
HF INVESTMENTS NO.1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
5
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
5,710,589
-
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable other than by instalments
5,710,589
-
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
20 A Ordinary shares of £1 each
20
20
10 B Ordinary shares of £1 each
10
10
30
30
7
Financial commitments, guarantees and contingent liabilities
J.P. Morgan International Bank Limited holds a fixed charge over the company's investments under its management.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Loans received
2020
2019
£
£
Persons with control, joint control or significant influence over the company
2,900,000
5,350,000
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Persons with control, joint control or significant influence over the company
8,250,000
5,350,000