Vanneck Limited 31/12/2021 iXBRL

Vanneck Limited 31/12/2021 iXBRL

VANNECK LIMITED - Company Information

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Company registration number: 05473044
Vanneck Limited
Unaudited filleted financial statements
31 December 2021
Vanneck Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Vanneck Limited
Directors and other information
Directors
William Stevenson
Heneage J Stevenson
Richard Clark
Roland H M Peto
Company number 05473044
Registered office Little Tufton House
3 Dean Trench Street
London
SW1P 3HB
Business address Little Tufton House
3 Dean Trench Street
London
SW1P 3HB
Accountants BG Partnership
1st Floor
23 Princes Street
London
W1B 2LX
Vanneck Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 4 456 -
Investments 5 1,174,823 587,241
_______ _______
1,175,279 587,241
Current assets
Debtors 6 135,342 145,318
Cash at bank and in hand 823,219 691,212
_______ _______
958,561 836,530
Creditors: amounts falling due
within one year 7 ( 300,299) ( 257,303)
_______ _______
Net current assets 658,262 579,227
_______ _______
Total assets less current liabilities 1,833,541 1,166,468
Provisions for liabilities 8 ( 11,797) -
_______ _______
Net assets 1,821,744 1,166,468
_______ _______
Capital and reserves
Called up share capital 34,500 34,500
Profit and loss account 1,787,244 1,131,968
_______ _______
Shareholders funds 1,821,744 1,166,468
_______ _______
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.
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 08 March 2022 , and are signed on behalf of the board by:
William Stevenson
Director
Company registration number: 05473044
Vanneck Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Little Tufton House, 3 Dean Trench Street, London, SW1P 3HB.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 - -
Additions 529 529
_______ _______
At 31 December 2021 529 529
_______ _______
Depreciation
At 1 January 2021 - -
Charge for the year 73 73
_______ _______
At 31 December 2021 73 73
_______ _______
Carrying amount
At 31 December 2021 456 456
_______ _______
At 31 December 2020 - -
_______ _______
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 January 2021 589,241 589,241
Additions 500,000 500,000
Revaluations 87,582 87,582
_______ _______
At 31 December 2021 1,176,823 1,176,823
_______ _______
Impairment
At 1 January 2021 and 31 December 2021 2,000 2,000
_______ _______
Carrying amount
At 31 December 2021 1,174,823 1,174,823
_______ _______
At 31 December 2020 587,241 587,241
_______ _______
6. Debtors
2021 2020
£ £
Trade debtors 131,324 142,612
Other debtors 4,018 2,706
_______ _______
135,342 145,318
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Corporation tax 132,429 92,890
Social security and other taxes 6,717 11,488
Other creditors 161,153 152,925
_______ _______
300,299 257,303
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 January 2021 - -
Additions 11,797 11,797
_______ _______
At 31 December 2021 11,797 11,797
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 8) 11,797 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 2020
£ £
Accelerated capital allowances 1,028 -
Other revaluations 10,769 -
_______ _______
11,797 (-)
_______ _______