Invictus Finance Ltd 28/02/2020 iXBRL

Invictus Finance Ltd 28/02/2020 iXBRL

INVICTUS FINANCE LIMITED - Company Information

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Company registration number: 08912445
Invictus Finance Ltd
Unaudited filleted financial statements
28 February 2020
Invictus Finance Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Invictus Finance Ltd
Directors and other information
Directors B E Hamilton
R L Hamilton
Secretary B E Hamilton
Company number 08912445
Registered office Hamilton House
14 The Drive
Hove
East Sussex
BN3 3JA
Invictus Finance Ltd
Statement of financial position
28 February 2020
2020 2019
Note £ £ £ £
Current assets
Debtors 5 883,500 1,047,265
Cash at bank and in hand 163,307 58,636
_______ _______
1,046,807 1,105,901
Creditors: amounts falling due
within one year 6 ( 2,641) ( 3,559)
_______ _______
Net current assets 1,044,166 1,102,342
_______ _______
Total assets less current liabilities 1,044,166 1,102,342
Creditors: amounts falling due
after more than one year 7 ( 743,459) ( 811,148)
_______ _______
Net assets 300,707 291,194
_______ _______
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account 100,707 91,194
_______ _______
Shareholders funds 300,707 291,194
_______ _______
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2020 , and are signed on behalf of the board by:
B E Hamilton
Director
Company registration number: 08912445
Invictus Finance Ltd
Statement of changes in equity
Year ended 28 February 2020
Called up share capital Profit and loss account Total
£ £ £
At 1 March 2018 200,000 77,515 277,515
Profit for the year 13,679 13,679
_______ _______ _______
Total comprehensive income for the year - 13,679 13,679
_______ _______ _______
At 28 February 2019 and 1 March 2019 200,000 91,194 291,194
Profit for the year 9,513 9,513
_______ _______ _______
Total comprehensive income for the year - 9,513 9,513
_______ _______ _______
At 28 February 2020 200,000 100,707 300,707
_______ _______ _______
Invictus Finance Ltd
Notes to the financial statements
Year ended 28 February 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Hamilton House, 14 The Drive, Hove, East Sussex, BN3 3JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income
Income is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Debtors
2020 2019
£ £
Trade debtors 883,500 610,000
Other debtors - 437,265
_______ _______
883,500 1,047,265
_______ _______
6. Creditors: amounts falling due within one year
2020 2019
£ £
Corporation tax 2,231 3,209
Accruals 410 350
_______ _______
2,641 3,559
_______ _______
7. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 743,459 811,148
_______ _______
8. Related party transactions
At the beginning of the year the company was owed £437,265 by an associated company in which the Directors have beneficial interests. During the year under review this was paid in full.As at the balance sheet date the company owed £743,459 (2019 £811,148) to associated companies in which the Directors have beneficial interests.
9. Controlling party
There are no controlling parties.