Superseed Holdings Limited - Period Ending 2020-12-31

Superseed Holdings Limited

(Registration number: 11199957)
Balance Sheet as at 31 December 2020

	Note	2020  £	2019  £
Fixed assets
Investments	4	1,598	1,598
Current assets
Debtors	5	132,938	7,735
Cash at bank and in hand		2,287	17
		135,225	7,752
Creditors: Amounts falling due within one year	6	(130,862)	(1,987)
Net current assets		4,363	5,765
Net assets		5,961	7,363
Capital and reserves
Called up share capital		11,502	11,502
Profit and loss account		(5,541)	(4,139)
Total equity		5,961	7,363

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 September 2021 and signed on its behalf by:
 

 

M Jensen
Director

Superseed Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
27 Old Gloucester Street
London
WC1N 3AX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Superseed Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4

Investments

	2020 £	2019 £
Investments in subsidiaries	1,598	1,598

5

Debtors

	Note	2020  £	2019  £
Amounts owed by related parties	8	81,692	7,735
Other debtors		51,246	-
		132,938	7,735

6

Creditors

	Note	2020  £	2019  £
Due within one year
Loans and borrowings	7	130,202	1,637
Accrued expenses		660	350
		130,862	1,987

Superseed Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

7

Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Superseed Ventures LLP	127,405	40
Superseed Accelerator Limited	1,200	-
VAAS Platforms Ltd	1,597	1,597
	130,202	1,637

8

Related party transactions

At 31 December 2020 the company owed £1,200 (2019 - £7,735 was owed by) to its subsidiary Superseed Accelerator Limited.

At 31 December 2020 the company owed £127,405 (2019 - £40) to Superseed Ventures LLP, the company's controlling party by virtue of its 100% share ownership of Superseed Holdings Limited.

At 31 December 2020 the company owed £1,597 (2019 - £1,597 ) to its subsidiary Vaas Platforms Ltd.

At 31 December 2020 the company was owed £81,692 (2019 - £nil) by D Bowyer, in the form of a director's loan account.

No interest was charged on these balances and they are repayable on demand.

9

Controlling party

The company's parent is Superseed Ventures LLP, incorporated in United Kingdom.