The Vantage Point Group Holdings Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03190002 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

The Vantage Point Group Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J H Denham

SECRETARY:

Mrs J S A Denham

REGISTERED OFFICE:

Fifth Floor

11 leadenhall Street

London

EC3V 1LP

REGISTERED NUMBER:

03190002 (England and Wales)

ACCOUNTANTS:

Acuity Professional Ltd

Business Advisers and Accountants

Fifth Floor

11 Leadenhall Street

London

EC3V 1LP

FIXED ASSETS

Intangible assets

4

94,748

208,446

Tangible assets

5

2,852

3,802

Investments

6

72,063

227,269

169,663

439,517

CURRENT ASSETS

Debtors

7

163,816

32,655

Prepayments and accrued income

1,574

1,177

Cash at bank

118,625

216,345

284,015

250,177

CREDITORS

Amounts falling due within one year

8

63,358

138,909

NET CURRENT ASSETS

220,657

111,268

TOTAL ASSETS LESS CURRENT LIABILITIES

390,320

550,785

CREDITORS

Amounts falling due after more than one year

9

(92,733

)

(131,425

)

PROVISIONS FOR LIABILITIES

10

(218

)

(330

)

ACCRUALS AND DEFERRED INCOME

(74,190

)

(86,544

)

NET ASSETS

223,179

332,486

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Share premium

11

525

525

Retained earnings

11

192,654

301,961

SHAREHOLDERS' FUNDS

223,179

332,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 January 2018 and were signed by:

Mr J H Denham - Director

1.	STATUTORY INFORMATION

The Vantage Point Group Holdings Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis on the basis of ongoing financial

support from the directors and fellow group companies and the continued availability of credit and banking

facilities.

The preparation of financial statements in conformity with FRS 102 section 1A requires the use of certain

critical accounting estimates. lt also requires management to exercise judgement in applying the company's

accounting policies.

Information on the impact of first-time adoption of FRS 102 section 1A is given in note 18. The following

principal accounting policies have been applied:

Preparation of consolidated financial statements

The financial statements contain information about The Vantage Point Group Holdings Limited as an

individual company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated

financial statements.

Fixed assets investments

Investments in subsidiaries and other entities are held at cost or cost less the decrease in value where this is

appropriate.

Turnover

Turnover represents the value, net of value added tax and discounts, of services provided to customers.

Turnover is recognised when the event takes place.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties.

Financial assets that are measured at cost and amortized cost 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

recognized in profit or loss.

For financial assets measured at amortized cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position

when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development

Research and development expenditure is written off in the profit and loss account in the year to which the

expenditure relates. The tax relief on research and development expenditure will be recognised in the financial

statements in the year it has been approved by HMRC.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets

and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance

sheet date. All differences are taken to the profit and loss account.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss

accounts as they become payable in accordance with rules of the scheme.

Dividends

Equity dividends are recognized when they become legally payable. Interim equity dividends are recognized

when paid. Final equity dividends are recognized when approved by the shareholders at an annual general

meeting. Dividends on shares recognized as liabilities are recognized as expenses and classified within interest

payable.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the

effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Loans from the director shareholders who are

natural persons are also measured at transaction price irrespective of duration. Other financial liabilities,

including bank loans, are measured initially at fair value, net of transaction costs, and are measured

subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 September 2016

and 31 August 2017

568,489

Amortisation

At 1 September 2016

360,043

Charge for year

113,698

At 31 August 2017

473,741

Net book value

At 31 August 2017

94,748

At 31 August 2016

208,446

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

Cost

At 1 September 2016

and 31 August 2017

19,442

Depreciation

At 1 September 2016

15,640

Charge for year

950

At 31 August 2017

16,590

Net book value

At 31 August 2017

2,852

At 31 August 2016

3,802

6.	FIXED ASSET INVESTMENTS

2017

2016

£

£

Investment in group companies

72,063

108,045

Investment - The Vantage Point

Group LLP

-

119,224

72,063

227,269

Additional information is as follows:

Shares in

group

undertakings

£

Cost

At 1 September 2016

and 31 August 2017

359,918

Provisions

At 1 September 2016

251,873

Provision for year

35,982

At 31 August 2017

287,855

Net book value

At 31 August 2017

72,063

At 31 August 2016

108,045

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Investment - The Vantage

Point Group LLP

-

119,224

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Travel Impact Limited

Registered office:

Nature of business: Non-trading

%

Class of shares:

holding

Ordinary

100.00

Preference

100.00

2017

2016

£

£

Aggregate capital and reserves

43,000

43,000

Vantage Point Limited

Registered office:

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2017

2016

£

£

Aggregate capital and reserves

100

100

Travel Impact Limited was acquired on 1 October 2008 and is a dormant company during the reporting year.

The investment is being written down at the rate of 10% per annum which represents its decrease in value.

Vantage Point Limited was incorporated on 9 February 2009 and is a dormant company.

The Vantage Point Group LLP was incorporated on 17 August 2010 and The Vantage Point Group Holdings

Limited became a member on that date. The Company has invested nil (2016 - £119,224) as capital into The

Vantage Point Group LLP whose business is that of international event management and hospitality program

organisers.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

162,830

31,253

Other debtors

986

-

VAT

-

1,402

163,816

32,655

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

21,805

21,140

Trade creditors

26,656

113,239

Taxation and social security

14,897

4,272

Other creditors

-

258

63,358

138,909

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

22,059

43,858

Amounts owed to group undertakings

43,000

43,000

Amounts owed to shareholders

27,674

44,567

92,733

131,425

The loan is secured on all of the assets of the company.

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

218

330

Deferred

tax

£

Balance at 1 September 2016

330

Utilised during year

(112

)

Balance at 31 August 2017

218

11.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 September 2016

301,961

525

302,486

Deficit for the year

(79,307

)

(79,307

)

Dividends

(30,000

)

(30,000

)

At 31 August 2017

192,654

525

193,179

12.	RELATED PARTY DISCLOSURES

Mr J H Denham, who is a designated member of The Vantage Point Group LLP, is also the director and a

shareholder of The Vantage Point Group Holdings Limited. During the year, The Vantage Point Group LLP

charged a management fee of £230,000 (2016 - £170,000) to The Vantage Point Group Holdings Limited. At

the balance sheet date, The Vantage Point Group Holdings Limited owed £Nil (2016 - £108,526) to The

Vantage Point Group LLP.

Travel Impact Limited is a 100% subsidiary of The Vantage Point Group Holdings Limited. At the balance

sheet date, The Vantage Point Group Holdings Limited owed £43,000 (2016 - £43,000) to Travel Impact

Limited.

Mr J H Denham has provided the company with a personal guarantee in respect of amounts due to National

Westminster Bank PLC.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J H Denham, the sole director and owner of 60% of the issued share capital

of the company.

14.	FIRST YEAR ADOPTION

The company has adopted the FRS 102 section 1A from 1st September 2016.

The transition has not affected the financial position and performance of the company during the current and

previous year.