Minerva Risk Ltd Filleted accounts for Companies House (small and micro)

MINERVA RISK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12234660

Minerva Risk Ltd

Filleted Unaudited Financial Statements

30 September 2022

Minerva Risk Ltd

Statement of Financial Position

30 September 2022

	2022	2021
Note	£	£

Current assets

Debtors	5	91,513	13,324

Creditors: amounts falling due within one year	6	( 36,195)	( 18,065)
		--------	--------
Net current assets/(liabilities)		55,318	( 4,741)
		--------	-------
Total assets less current liabilities		55,318	( 4,741)
		--------	-------
Net assets/(liabilities)		55,318	( 4,741)
		--------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	55,317	( 4,742)
	--------	-------
Shareholders funds/(deficit)	55,318	( 4,741)
	--------	-------

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 comprehensive income has not been delivered.

For the year ending 30 September 2022 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 14 February 2023 , and are signed on behalf of the board by:

M Lavery

Director

Company registration number: 12234660

Minerva Risk Ltd

Notes to the Financial Statements

Year ended 30 September 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 143 Chesterton Road, London, W10 6ET, England.

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 are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Debtors

	2022	2021
	£	£
Trade debtors	88,870	11,172
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	15
Other debtors	2,643	2,137
	--------	--------
	91,513	13,324
	--------	--------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	624	8,486
Amounts owed to group undertakings and undertakings in which the company has a participating interest	31,688	–
Social security and other taxes	1,129	–
Other creditors	2,754	9,579
	--------	--------
	36,195	18,065
	--------	--------

7. Related party transactions

The company was a wholly owned subsidiary of Minerva Research Ltd through the current and previous period. As a wholly owned subsidiary, the company taken advantage of the exemption offered by FRS102 from disclosing transactions and balances with Minerva Research Limited.

8. Controlling party

The company was under the control of its immediate and ultimate parent company, Minerva Research Limited , throughout the current and previous period. Minerva Research Limited is a company registered in the United Kingdom at 143 Chesterton Road Chesterton Road, London, England, W10 6ET. No group accounts are drawn up for Minerva Research Limited since the group qualifies as a small group under Companies Act thresholds.