EMF Capital Partners Limited - Accounts to registrar (filleted) - small 22.3
EMF Capital Partners Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| FOR |
| EMF CAPITAL PARTNERS LIMITED |
| EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| EMF CAPITAL PARTNERS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 83 Cambridge Street |
| London |
| SW1V 4PS |
| EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
| BALANCE SHEET |
| 31ST DECEMBER 2021 |
| 2021 | 2020 |
| Notes | $ | $ | $ | $ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| 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 |
| EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| 1. | STATUTORY INFORMATION |
| EMF Capital Partners Limited is a |
| The presentation currency of the financial statements is the US Dollar ($). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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. |
| EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | FIXED ASSET INVESTMENTS |
| Interest |
| Shares in | in other |
| group | participating |
| undertakings | interests | Totals |
| $ | $ | $ |
| COST OR VALUATION |
| At 1st January 2021 | 668,631 | 668,733 |
| Additions | 203,496 | 203,496 |
| Revaluations | 3,276,445 | 3,276,445 |
| At 31st December 2021 | 4,148,572 | 4,148,674 |
| PROVISIONS |
| At 1st January 2021 | - | 149,530 | 149,530 |
| Provision for year | - | 24,451 | 24,451 |
| At 31st December 2021 | - | 173,981 | 173,981 |
| NET BOOK VALUE |
| At 31st December 2021 | 3,974,591 | 3,974,693 |
| At 31st December 2020 | 519,101 | 519,203 |
| EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Cost or valuation at 31st December 2021 is represented by: |
| Interest |
| Shares in | in other |
| group | participating |
| undertakings | interests | Totals |
| $ | $ | $ |
| Valuation in 2021 | - | 3,276,445 | 3,276,445 |
| Cost | 102 | 872,127 | 872,229 |
| 102 | 4,148,572 | 4,148,674 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| The investment comprises 230,001 shares of £1 and is carried at nil value. |
| Registered office: Jersey |
| Nature of business: |
| % |
| Class of shares: | holding |
| The investment comprises of 100 shares of $1 and is carried at $100. |
| Registered office: Jersey |
| Nature of business: |
| % |
| Class of shares: | holding |
| The investment comprises of 2 shares of $1 and is carried at $2. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| $ | $ |
| Amounts owed by group undertakings |
| Other debtors |
| EMF CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 07856601) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2021 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| $ | $ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors | 213,860 | - |
| Accrued expenses |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | $ | $ |
| Ordinary | £0.00 | 1 | 16,000 | 16,000 |
| Series A Preferred | £1 | - | - |
| 16,000 | 16,000 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The controlling party is P Lovas. |
| The ultimate controlling party is |