Inverleith (ASC) Limited Filleted accounts for Companies House (small and micro)

INVERLEITH (ASC) LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 13,271,410 437,033 4,977,861 18,686,304 18,686,304 13,271,410 xbrli:pure xbrli:shares iso4217:EUR SC572097 2020-01-01 2020-12-31 SC572097 2020-12-31 SC572097 2019-12-31 SC572097 bus:Director2 2020-01-01 2020-12-31 SC572097 core:WithinOneYear 2020-12-31 SC572097 core:WithinOneYear 2019-12-31 SC572097 core:ShareCapital 2020-12-31 SC572097 core:ShareCapital 2019-12-31 SC572097 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC572097 core:RetainedEarningsAccumulatedLosses 2019-12-31 SC572097 core:CostValuation core:Non-currentFinancialInstruments 2019-12-31 SC572097 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-12-31 SC572097 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2020-12-31 SC572097 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 SC572097 core:Non-currentFinancialInstruments 2020-12-31 SC572097 core:Non-currentFinancialInstruments 2019-12-31 SC572097 bus:SmallEntities 2020-01-01 2020-12-31 SC572097 bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 SC572097 bus:FullAccounts 2020-01-01 2020-12-31 SC572097 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 SC572097 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31

COMPANY REGISTRATION NUMBER: SC572097

Inverleith (ASC) Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2020

Inverleith (ASC) Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	€	€	€

Fixed assets

Investments	4		18,686,304	13,271,410

Creditors: amounts falling due within one year	5	7,530,840		7,093,807
		------------		------------
Net current liabilities			7,530,840	7,093,807
			-------------	-------------
Total assets less current liabilities			11,155,464	6,177,603
			-------------	------------

Capital and reserves

Called up share capital	6	1	1
Profit and loss account		11,155,463	6,177,602
		-------------	------------
Shareholders funds		11,155,464	6,177,603
		-------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 December 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 were approved by the board of directors and authorised for issue on 8 September 2021 , and are signed on behalf of the board by:

P H Skipworth

Director

Company registration number: SC572097

Inverleith (ASC) Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 43 Melville Street, Edinburgh, EH3 7JF, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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 have been presented in Euros which is the functional currency of the company. The directors consider the Euro to be the currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Euro is the currency in which the parent entity measures its performance and reports its results, as well as the currency in which the company is funded. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Foreign currency Foreign currency transactions are translated to the company's functional currency at the rate of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange prevailing at the balance sheet date and any differences arising are taken to the income statement. Assets and liabilities of the company are denominated in foreign currencies and translated into functional currency at the rate of exchange prevailing at the balance sheet date. Revenue and expense items of the company are translated at the average monthly exchange rate during the period. Resulting exchange differences are recognised in the statement of comprehensive income.

Investments

Investments are stated at fair value. Investments are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines (the "IPEVCV guidelines). The fair value of investments that are not traded in an active market has been determined using valuation techniques. Notwithstanding the bases of valuation used, the eventual realisation proceeds will inevitably differ from the valuation and those differences could be significant.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Investments

	Other investments other than loans
	€
Cost
At 1 January 2020	13,271,410
Additions	437,033
Revaluations	4,977,861
	-------------
At 31 December 2020	18,686,304
	-------------
Impairment
At 1 January 2020 and 31 December 2020	–
	-------------

Carrying amount
At 31 December 2020	18,686,304
	-------------
At 31 December 2019	13,271,410
	-------------

The investment held at the 31 December 2020 has been revalued internally by the company directors. The revaluation reflects what the directors believe to be the market value.

5. Creditors: amounts falling due within one year

	2020	2019
	€	€
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7,530,840	7,093,807
	------------	------------

6. Called up share capital

Issued, called up and fully paid

	No.	€	No.	€
Ordinary shares of £1 each	1	1	1	1
	----	----	----	----

7. Related party transactions

The company has taken advantage of exemption under FRS 102 from the requirement to disclose transactions with its parent entity.

8. Controlling party

Inverleith Limited Partnership is the immediate and ultimate parent entity and Inverleith GP Limited is considered to be the ultimate controlling party.