Centurion Tawe Ltd - Period Ending 2020-12-31

Centurion Tawe Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

Centurion Tawe Ltd

Balance Sheet

31 December 2020

	Note	2020 £
Fixed assets
Investments	4	410,244
Current assets
Debtors	5	21,431,861
Cash at bank and in hand		5,650
		21,437,511
Creditors: Amounts falling due within one year	6	(21,978,351)
Net current liabilities		(540,840)
Net liabilities		(130,596)
Capital and reserves
Called up share capital	7	100
Profit and loss account		(130,696)
Shareholders' deficit		(130,596)

For the financial period 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 period 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 September 2021 and signed on its behalf by:
 

Mr F F Whitcomb Director

Company Registration Number: 12283664

Centurion Tawe Ltd

Notes to the Unaudited Financial Statements

Period from 28 October 2019 to 31 December 2020

1	General information

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

The address of its registered office is:
51 Newton Road
Swansea
SA3 4BD
United Kingdom

These financial statements were authorised for issue by the Board on 28 September 2021.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. At the balance sheet date the company has net liabilities of £130,596 and net current liabilities of £540,840, of which liabilities of £21,852,896 are due to the company's directors.

The company is dependent on the support of its directors. The directors have provided confirmation that they would not request repayment loans until the business has sufficient resources to do so.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Centurion Tawe Ltd

Notes to the Unaudited Financial Statements

Period from 28 October 2019 to 31 December 2020

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company during the period, was 0.

Centurion Tawe Ltd

Notes to the Unaudited Financial Statements

Period from 28 October 2019 to 31 December 2020

4	Investments

	2020 £
Investments in subsidiaries	410,244

Subsidiaries	£
Cost or valuation
Additions	410,244
Provision
Carrying amount
At 31 December 2020	410,244

5

Debtors

	Note	2020 £
Amounts owed by group undertakings	8	21,417,384
Prepayments		1,776
Other debtors		12,701
		21,431,861

6

Creditors

Creditors: amounts falling due within one year

	2020 £
Due within one year
Trade creditors	7,200
Taxation and social security	115,105
Accruals and deferred income	3,150
Other creditors	21,852,896
	21,978,351

Centurion Tawe Ltd

Notes to the Unaudited Financial Statements

Period from 28 October 2019 to 31 December 2020

7	Share capital

Allotted, called up and fully paid shares

	2020
	No.	£
Ordinary of £1 each	100	100

8	Related party transactions

Summary of transactions with all subsidiaries

At the period end the company was owed £21,417,384 by a subsidiary. Interest accrues on the loan at 3% and the loan is repayable on demand.
 

Key management personnel

At the period end the company owed £10,926,448 to a director of the company. Interest accrues on the loan at 3% and the loan is repayable on demand.

At the period end the company owed £10,926,448 to a director of the company. Interest accrues on the loan at 3% and the loan is repayable on demand.