EMF Capital Partners Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07856601 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

EMF CAPITAL PARTNERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P Lovas

J Richards

REGISTERED OFFICE:

Capital Tower

91 Waterloo Road

London

SE1 8RT

REGISTERED NUMBER:

07856601 (England and Wales)

SENIOR STATUTORY AUDITOR:

Andrew Fox

AUDITORS:

George Hay & Company

Chartered Accountants

& Statutory Auditors

83 Cambridge Street

London

SW1V 4PS

FIXED ASSETS

Investments

4

248,908

277,695

CURRENT ASSETS

Debtors

5

23,745

76,658

Cash at bank

26,503

47,198

50,248

123,856

CREDITORS

Amounts falling due within one year

6

60,758

254,753

NET CURRENT LIABILITIES

(10,510

)

(130,897

)

TOTAL ASSETS LESS CURRENT LIABILITIES

238,398

146,798

CAPITAL AND RESERVES

Called up share capital

7

16,000

16,002

Retained earnings

222,398

130,796

SHAREHOLDERS' FUNDS

238,398

146,798

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2020 and were signed on its behalf by:

J Richards - Director

1.	STATUTORY INFORMATION

EMF Capital Partners 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.

The presentation currency of the financial statements is the US Dollar ($).

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

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.

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 2 (2018 - 3 ) .

4.	FIXED ASSET INVESTMENTS

Interest

Shares in

in other

group

participating

undertakings

interests

Totals

$

$

$

COST

At 1 January 2019

102

519,607

519,709

Additions

-

34,001

34,001

Reclassification/transfer

-

(39,668

)

(39,668

)

At 31 December 2019

102

513,940

514,042

PROVISIONS

At 1 January 2019

-

242,014

242,014

Impairments

-

23,120

23,120

At 31 December 2019

-

265,134

265,134

NET BOOK VALUE

At 31 December 2019

102

248,806

248,908

At 31 December 2018

102

277,593

277,695

The company's investments at the Balance Sheet date in the share capital of companies include the following:

EMF Capital (UK) Limited

Registered office: United Kingdom

Nature of business: Financial services

%

Class of shares:

holding

Ordinary

100.00

The investment comprises 230,001 shares of £1 and is carried at nil value.

EMF NEIF (GP) Limited

Registered office: Jersey

Nature of business: Financial Services

%

Class of shares:

holding

Ordinary

100.00

The investment comprises of 100 shares of $1 and is carried at $100.

Jacana I Limited

Registered office: Jersey

Nature of business: Financial Services

%

Class of shares:

holding

Ordinary

100.00

The investment comprises of 2 shares of $1 and is carried at $2.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

$

$

Amounts owed by group undertakings

-

46,661

Other debtors

31

3,134

Loans repayable

23,714

26,863

23,745

76,658

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

$

$

Other loans

-

211,893

Social security and other taxes

30,632

32,358

Other creditors

19,275

102

Accrued expenses

10,851

10,400

60,758

254,753

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

$

$

10,000,000

Ordinary

£0.00

1

16,000

16,000

1

Series A Preferred

£1

-

2

16,000

16,002

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Fox (Senior Statutory Auditor)

for and on behalf of George Hay & Company

9.	ULTIMATE CONTROLLING PARTY

The controlling party is P Lovas.

The ultimate controlling party is P Lovas.