Ethex Investment Club Limited - Period Ending 2018-12-31
Ethex Investment Club Limited - Period Ending 2018-12-31
Registration number:
Ethex Investment Club Limited
(A company limited by guarantee)
for the Year Ended 31 December 2018
Beaver House
23-38 Hythe Bridge Street
Oxford
OX1 2EP
Ethex Investment Club Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Ethex Investment Club Limited
Company Information
Directors |
Lisa Karen Ashford Caroline Bault Hugh Davies Stephen James Lovell Debbie Pippard Edward Michael Milford |
Registered office |
|
Accountants |
|
Page 1 |
Ethex Investment Club Limited
(Registration number: 07432030)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
Page 2 |
Ethex Investment Club Limited
(Registration number: 07432030)
Balance Sheet as at 31 December 2018
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 3 |
Ethex Investment Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a company limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis irrespective of the deficit on reserves as the directors are confident that the company's creditors will continue to support the company to enable it to meets its debts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Other grants
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Page 4 |
Ethex Investment Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
100% straight line basis |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Internal generally software development |
Straight line basis over 5 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Ethex Investment Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
Ethex Investment Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Intangible assets |
Internally generated software development costs |
Total |
|
Cost or valuation |
||
At 1 January 2018 |
|
|
Additions acquired separately |
|
|
At 31 December 2018 |
|
|
Amortisation |
||
At 1 January 2018 |
|
|
Amortisation charge |
|
|
At 31 December 2018 |
|
|
Carrying amount |
||
At 31 December 2018 |
|
|
At 31 December 2017 |
|
|
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2018 |
|
|
At 31 December 2018 |
|
|
Depreciation |
||
At 1 January 2018 |
|
|
At 31 December 2018 |
|
|
Carrying amount |
||
At 31 December 2018 |
- |
- |
Investments |
2018 |
2017 |
|
Investments in subsidiaries |
|
|
Page 7 |
Ethex Investment Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2018 |
|
Disposals |
( |
At 31 December 2018 |
|
Provision |
|
Carrying amount |
|
At 31 December 2018 |
|
At 31 December 2017 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2018 |
2017 |
Subsidiary undertakings |
||||
|
The Old Music Hall, 106-108 Cowley Rd
|
Ordinary shares |
|
|
England |
The principal activity of Lendahand Ethex Limited is |
Debtors |
Note |
2018 |
2017 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Page 8 |
Ethex Investment Club Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2018 |
2017 |
|
Non-current loans and borrowings |
||
Unsecured debentures |
|
|
2018 |
2017 |
|
Current loans and borrowings |
||
Unsecured debentures |
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 9 |