ACCOUNTS - Final Accounts preparation

NAGH VENTURES LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-04-01falseNo description of principal activity22true 09545217 2021-04-01 2022-03-31 09545217 2020-04-01 2021-03-31 09545217 2022-03-31 09545217 2021-03-31 09545217 c:Director2 2021-04-01 2022-03-31 09545217 d:CurrentFinancialInstruments 2022-03-31 09545217 d:CurrentFinancialInstruments 2021-03-31 09545217 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09545217 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 09545217 d:ShareCapital 2022-03-31 09545217 d:ShareCapital 2021-03-31 09545217 d:RetainedEarningsAccumulatedLosses 2022-03-31 09545217 d:RetainedEarningsAccumulatedLosses 2021-03-31 09545217 c:FRS102 2021-04-01 2022-03-31 09545217 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 09545217 c:FullAccounts 2021-04-01 2022-03-31 09545217 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 09545217 4 2021-04-01 2022-03-31 09545217 6 2021-04-01 2022-03-31 09545217 4 2022-03-31 09545217 4 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 09545217

Apadmi Ventures Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2022

Apadmi Ventures Limited

Registered number: 09545217

Balance Sheet

As at 31 March 2022

		2022		2021
Note		£		£

Fixed assets
Investments	4		84,745		84,745
Current assets
Debtors: amounts falling due within one year	5	5,000		-
Cash at bank and in hand	6	21		5,021
		5,021		5,021
Creditors: amounts falling due within one year	7	(1,060,231)		(1,060,009)
Net current liabilities			(1,055,210)		(1,054,988)
Total assets less current liabilities			(970,465)		(970,243)

Net liabilities			(970,465)		(970,243)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(970,565)	(970,343)
	(970,465)	(970,243)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

G Partington

Director

Date: 16 December 2022

The notes on pages 2 to 5 form part of these financial statements.

Page 1

Apadmi Ventures Limited

Notes to the Financial Statements

For the year ended 31 March 2022

1.	General information

Apadmi Ventures Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Level 9 Anchorage 2, Salford Quays, Salford, Greater Manchester, M50 3XE.
The company's registered number is 09545217.
The company's principal activity is that of investing and supporting in early stage, highly scalable technology companies.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The company's associated undertakings have confirmed that they will continue to financially support the company for the foreseeable future. Therefore, the directors continue to prepare the financial statements on a going concern basis.

2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 the 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.

Page 2

Apadmi Ventures Limited

Notes to the Financial Statements

For the year ended 31 March 2022

2.Accounting policies (continued)

2.4

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash 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 amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

Apadmi Ventures Limited

Notes to the Financial Statements

For the year ended 31 March 2022

2.Accounting policies (continued)

2.9

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, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost 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 the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 4

Apadmi Ventures Limited

Notes to the Financial Statements

For the year ended 31 March 2022

4.	Fixed asset investments

		Trade investments
		£

	At 1 April 2021	84,745

	Net book value
	At 31 March 2022	84,745
	At 31 March 2021	84,745

Debtors

					2022	2021
					£	£


Amounts owed by joint ventures and associated undertakings	5,000	-

6.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	21	5,021

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	-	2,400
Amounts owed to associates	1,059,431	1,049,978
Corporation tax	-	6,831
Accruals and deferred income	800	800
	1,060,231	1,060,009

Page 5