HIGHGATE CAPITAL MANAGEMENT (SERVICES) - Accounts to registrar - small 17.2
HIGHGATE CAPITAL MANAGEMENT (SERVICES) - Accounts to registrar - small 17.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
FOR |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) |
LIMITED |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) |
LIMITED (REGISTERED NUMBER: 09415660) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) |
LIMITED (REGISTERED NUMBER: 09415660) |
BALANCE SHEET |
31 DECEMBER 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
4 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings | 6 | ( |
) | ( |
) |
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 Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) |
LIMITED (REGISTERED NUMBER: 09415660) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
1. | STATUTORY INFORMATION |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) LIMITED is a |
registered in England and Wales. The company's registered number and registered office address can be found |
on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting |
standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irelands |
(FRS 102) and the Companies Act 2006. |
This is the first year in which the financial statements have been prepared under FRS 102. The transition to |
FRS 102 is explained in the note below. |
The financial statements are presented in the functional currency, Sterling, on the basis that this represents the |
currency of the primary economic environment in which it operates. |
Accounting estimates, assumptions and judgements |
The preparation of these financial statements necessitates the use of estimates, assumptions and judgements. |
These estimates, assumptions and judgements affect the reported amounts of assets, liabilities, contingent |
assets and contingent liabilities at the reporting date as well as the reported income and expenses for the |
reporting periods. While estimates are based on management's best knowledge and judgement using |
information and financial data available to them, the actual outcome may differ from these estimates. |
There were no judgements or estimates having a significant effect on amounts recognised in the financial |
statements for the year ended 31 December 2016. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Fixed asset investments |
Fixed asset investments are stated in the balance sheet at cost less any provision made for impairment in value. |
Profit/(loss) allocation from subsidiary |
This represents the accounting profit/(loss) that has been allocated to the company in its capacity as the |
corporate member to Highgate Capital Management LLP ('HCM LLP'), as per the Partnership Accounts of HCM |
LLP for the relevant period. |
3. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
Additions |
Share of profit/(loss) | (823,218 | ) |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
HIGHGATE CAPITAL MANAGEMENT (SERVICES) |
LIMITED (REGISTERED NUMBER: 09415660) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
3. | FIXED ASSET INVESTMENTS - continued |
This investment represents capital contributions to Highgate Capital Management LLP throughout the period |
ended 31 December 2016. Highgate Capital Management LLP is a Limited Liability Partnership incorporated in |
England and Wales. During the period, Highgate Capital Management LLP allocated a loss of £293,533 (2015: |
loss of £529,685) to the company. |
4. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Deep Discount Notes Issued | 1,485,933 | 715,564 |
The company issued 7 deep discount notes during the period (2015: 7 notes). Each note had an issuance price |
of £100,000 and is redeemable after 5 years at a price of £127,630. The notes have been issued to an entity |
which is owned by a family trust in which Andrey Kruglykhin, a director of the company, is a beneficiary. |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary shares | 1 | 1,000 | 1,000 |
6. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2016 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2016 | ( |
) |
7. | ULTIMATE CONTROLLING PARTY |
Andrey Kruglykhin is considered to be the ultimate controlling party by virtue of his majority shareholding in the |
company. |
8. | FIRST YEAR ADOPTION |
Transitional relief |
The company transitioned to FRS 102 from previously applicable UK Generally Accepted Accounting Practice |
for the period beginning 2 February 2015. No adjustments have been made at either the transition date or for |
the year ended 31December 2016. |