Registered number:
09546834
FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2020
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
REGISTERED NUMBER:
09546834
BALANCE SHEET
AS AT
31 MARCH 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
REGISTERED NUMBER:
09546834
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 7 form part of these financial statements.
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
FPC I&G Midco 1 Limited is a private company limited by shares and incorporated in England and Wales (registered number: 09546834).
The registered office is 64 New Cavendish Street, London, W1G 8TB, and the principal place of business address is 14-16 Great Pulteney Street, London, W1F 9ND.
The principal activity of the company continued to be that of a management company.
The financial statements are presented in Sterling, which is the functional currency of the company.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
In assessing the ability of the company to continue to operate as a going concern, management have evaluated the expected future position and solvency of the company. The directors consider it appropriate to prepare the financial statements on the going concern basis.
Potential sources of uncertainty noted by the directors include the COVID-19 pandemic. However, at the date of these financial statements, it is not possible to reliably determine the effects that this will have on the company.
However, the directors and shareholder have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholder.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
Short term creditors are measured at the 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying values of assets and the liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of the revisions and future periods if the revision affects both current and future periods.
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The average monthly number of employees, including directors, during the year was
2
(2019 -
2
)
.
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Investments in subsidiary companies
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Amounts owed by group undertakings
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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50
(2019 -
50
)
Ordinary-A
shares of £
1.00
each
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26
(2019 -
26
)
Ordinary-B
shares of £
1.00
each
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8
(2019 -
8
)
Ordinary-C
shares of £
1.00
each
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8
(2019 -
8
)
Ordinary-D
shares of £
1.00
each
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8
(2019 -
8
)
Ordinary-E
shares of £
1.00
each
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Related party transactions
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Included within other debtors is £Nil (2019: £1,349,026) due from related parties.
Included within other creditors is £11,350 (2019: £Nil) due to related parties.
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Post balance sheet events
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Between the accounting period end and the date of this report, Coronavirus and the COVID-19 pandemic continued to emerge globally. The impact of COVID-19 could create a continued material adverse impact on economic and market conditions, which in turn may impact the collection of future income.
While the company considers these disruptions to be temporary, if they continue, the COVID-19 pandemic may adversely affect financial performance for the fiscal year 2021.
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FPC I&G MIDCO 1 LIMITED (FORMELY ORTONOVO HOLDINGS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
The immediate parent and ultimate parent company is FPC Income & Growth PLC, a public company limited by shares, incorporated in England and Wales (registered number: 11494690).
The registered office address is 64 New Cavendish Street, London, W1G 8TB.
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