EMF Capital Partners Limited - Accounts to registrar (filleted) - small 18.2
EMF Capital Partners Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
FOR |
EMF CAPITAL PARTNERS LIMITED |
EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
EMF CAPITAL PARTNERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
83 Cambridge Street |
London |
SW1V 4PS |
EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
BALANCE SHEET |
31 DECEMBER 2018 |
2018 | 2017 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
1. | STATUTORY INFORMATION |
EMF Capital Partners Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the US Dollar ($). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Drawings |
Under the limited partnership agreements governing the EMF NEIF fund, EMF NEIF (GP) Limited (the general |
partner of those limited partnerships) is entitled to a priority share of the income and capital gains of the limited |
partnerships. The general partner is entitled to drawings on account of its ultimate profit shares and these |
represent interest free loans from the limited partnerships. However, if it subsequently transpires that the loans |
outstanding exceed the general partner's aggregate share of the income and capital gains of the limited |
partnerships, the partnership agreements provide that the balance of the loans would at that stage be waived. The |
general partner has assigned to the company a proportion of its entitlement as general partner and the company's |
receipts on account of the part of the general partner's share so assigned are reflected in the figure for "turnover". |
No tax is currently payable on these receipts (because they represent drawings on account of the general partner's |
share), but tax will be payable in due course to the extent that profits from the limited partnership are allocated to |
the general partner (and so to the company pro rata to its assigned interest in the general partner's share). |
Fees receivable |
Fees receivable relate to management services provided and are treated as income for the year in which they |
arise. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and |
investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised costs 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 profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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. |
EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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 year end and that are expected to apply to the reversal of the |
timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Interest |
Shares in | in other |
group | participating |
undertakings | interests | Totals |
$ | $ | $ |
COST |
At 1 January 2018 | 411,735 | 411,837 |
Additions | 162,588 | 162,588 |
Reclassification/transfer | (54,716 | ) | (54,716 | ) |
At 31 December 2018 | 519,607 | 519,709 |
PROVISIONS |
Impairments | - | 242,014 | 242,014 |
At 31 December 2018 | - | 242,014 | 242,014 |
NET BOOK VALUE |
At 31 December 2018 | 277,593 | 277,695 |
At 31 December 2017 | 411,735 | 411,837 |
EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
4. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
The investment comprises 230,001 shares of £1 and is carried at nil value. |
Registered office: Jersey |
Nature of business: |
% |
Class of shares: | holding |
The investment comprises of 100 shares of $1 and is carried at $100. |
Registered office: Jersey |
Nature of business: |
% |
Class of shares: | holding |
The investment comprises of 2 shares of $1 and is carried at $2. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
$ | $ |
Amounts owed by group undertakings |
Other debtors |
Loans repayable | 26,863 | - |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
$ | $ |
Other loans |
Social security and other taxes |
Other creditors | 102 | 102 |
Accrued expenses |
EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | $ | $ |
Ordinary | £0.00 | 1 | 16,000 | 16,002 |
Series A Preferred | £1 | 2 | - |
16,002 | 16,002 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is P Lovas. |
The ultimate controlling party is |