Montreux Capital Management (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09467365 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

MONTREUX CAPITAL MANAGEMENT (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

O S Harris

P R E D Sword

P G Nelson

J King

REGISTERED OFFICE:

Thameside House

Hurst Road

East Molesey

Surrey

KT8 9AY

REGISTERED NUMBER:

09467365 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Riverside House

40-46 High Street

Maidstone

Kent

ME14 1JH

FIXED ASSETS

Tangible assets

4

8,194

12,294

CURRENT ASSETS

Debtors

5

9,696,952

2,399,494

Cash at bank

87,218

128,103

9,784,170

2,527,597

CREDITORS

Amounts falling due within one year

6

5,235,238

2,178,583

NET CURRENT ASSETS

4,548,932

349,014

TOTAL ASSETS LESS CURRENT LIABILITIES

4,557,126

361,308

PROVISIONS FOR LIABILITIES

1,393

2,336

NET ASSETS

4,555,733

358,972

CAPITAL AND RESERVES

Called up share capital

8

1,136

1,136

Retained earnings

4,554,597

357,836

SHAREHOLDERS' FUNDS

4,555,733

358,972

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 20 April 2020 and were signed on its behalf by:

O S Harris - Director

1.	STATUTORY INFORMATION

Montreux Capital Management (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable , excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

The amount of revenue can be measured reliably;

It is probable that the company will receive the consideration due under contract;

The stage of completion of the contract at the end of the reporting period can be measured reliably; and

The costs incurred and the costs to complete the contract can be measured reliably.

Revenue is not recognised in respect of engagements where the right to receive payment is contingent on factors outside of the control of the Company

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the year 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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Cash and Equivalents

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 accounts of cash with no significant risk of change in value.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);

- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;

- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;

- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

and 31 December 2019

16,394

DEPRECIATION

At 1 January 2019

4,100

Charge for year

4,100

At 31 December 2019

8,200

NET BOOK VALUE

At 31 December 2019

8,194

At 31 December 2018

12,294

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

5,053

100,000

Amounts owed by group undertakings

8,560,784

2,272,357

Other debtors

1,131,115

27,137

9,696,952

2,399,494

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

150,081

67,677

Taxation and social security

1,372,439

503,340

Other creditors

3,712,718

1,607,566

5,235,238

2,178,583

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

-

2,255

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary

£1

1,000

1,000

136

Growth

£1

136

136

1,136

1,136

9.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £34,575 (2018 - £21,271).

10.	ULTIMATE CONTROLLING PARTY

At 31 December 2019, the company was under the control of O Harris.

On 12 March 2019, the parent company's entire share capital was acquired by the Revolution Employee Ownership Trust and accordingly the Trust became the company's ultimate parent undertaking at that date.