Sovereign Money Matters Holdings Ltd
Sovereign Money Matters Holdings Ltd
Registered number: 12298484
Unaudited Financial Statements
For The Year Ended
31 December 2021
Sovereign Money Matters Holdings Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Sovereign Money Matters Holdings Ltd
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
12298484
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
31 December 2021 | 31 December 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 3 |
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CURRENT ASSETS | |||||
Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
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( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 5 |
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( |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 761,373 | 380,791 | |||
Sovereign Money Matters Holdings Ltd
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Sovereign Money Matters Holdings Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
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 the fair value recognised in the profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivates, 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 the 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 extend 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.
1.3.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a longterm interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 2)
Sovereign Money Matters Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Investments
Other | |
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£ | |
Cost | |
As at
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1,628,375 |
As at
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1,628,375 |
Provision | |
As at
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- |
As at
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- |
Net Book Value | |
As at
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1,628,375 |
As at
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1,628,375 |
4.
Creditors: Amounts Falling Due Within One Year
31 December 2021 | 31 December 2020 | ||
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£ | £ | ||
Bank loans and overdrafts |
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Accruals and deferred income |
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Directors' loan accounts |
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Amounts owed to other participating interests | 10,675 | 10,083 | |
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5.
Creditors: Amounts Falling Due After More Than One Year
31 December 2021 | 31 December 2020 | ||
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£ | £ | ||
Bank loans |
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7.
Related Party Transactions
During the period, the company traded with the connected company related due to common control, on a normal commercial basis, as follows:
Creditor loan balance
Sovereign Money Matters Limited - £10,675
Dividends were received of £424,947 from Sovereign Money Matters Ltd, the subsidiary company.
Sovereign Money Matters Holdings Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
8.
General Information
Sovereign Money Matters Holdings Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12298484
. The registered office is 9 Malton Way, Adwick-Le-Street, Doncaster, DN6 7FE.