REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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FOR |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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FOR |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED |
BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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250 Wharfedale Road |
Winnersh Triangle |
Berkshire |
RG41 5TP |
BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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The directors present their strategic report for the year ended 29 February 2020. |
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PRINCIPAL ACTIVITY |
The principal activity of the company is the provision of corporate finance advice to the maritime industry. |
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REVIEW OF BUSINESS |
The Company's result for the financial year was a loss £221,021 (28 Feb 2019: £289,766). Although the Company was loss making during the period, The directors are confident that the Company will become profitable from future trading. |
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FINANCIAL RISK, MANAGEMENT OBJECTIVES AND POLICIES |
The directors have identified the financial risk management objectives as minimising any threats to the continued financial wellbeing and stability of the company. The directors seek to minimise financial risk through the maintenance of a system of internal controls, sourcing products and services at the most competitive prices and maintaining close relationships with customers. |
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The directors are responsible for the company's system of internal controls and for evaluating its effectiveness. Such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. |
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Key elements of the company's system of internal controls include management accounts including comparison with prior periods and ad-hoc reports produced for the directors when deemed necessary by senior management. Reliance is placed on senior management to ensure effective control. |
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KEY PERFORMANCE INDICATORS (KPIs) |
The directors believe the KPIs of the Company are revenue and profit before tax. In the period ended 29 February 2020 revenue of £853,554 generated a loss before taxation of £221,021. |
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The average number of employees employed during the period was 3 (28 Feb 2019: 3). |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
From the perspective of the Company post acquisition, the principal risks and uncertainties are integrated with the principal risks of the Group and are not managed separately. The key business risks and uncertainties affecting the Group are considered to relate to regulation, licensing and regulatory compliance, data management and cyber security, technology infrastructure, systems stability and availability, business continuity planning and disaster recovery, financial exposure and financial reporting, competition and brand, reliance on third parties and key supplier relationships, health and safety and key employees recruitment and retention. Further discussion of these risks and uncertainties, in the context of the Group as a whole, is provided on pages 34 to 37 of the Braemar Shipping Services plc Annual Report & Accounts 2020 can be found on its website, http://www.braemar.com/investors/, and can be obtained from the following address: |
The Company Secretary |
Braemar Shipping Services plc |
One Strand |
Trafalgar Square |
London |
WC2N 5HR |
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Risks are formally reviewed by the Braemar Board and appropriate processes are put in place to mitigate them. It is possible that the overall effect of such events would result in adverse implications for the Company. |
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Liquidity risk |
The company manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business. |
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Interest rate risk |
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on bank overdrafts. |
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Foreign currency risk |
The company's principal foreign currency exposures arise from trading operations with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in Sterling. This hedging activity involves the use of foreign exchange forward contracts. |
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ON BEHALF OF THE BOARD: |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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The directors present their report with the financial statements of the company for the year ended 29 February 2020. |
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DIVIDENDS |
No dividends will be distributed for the year ended 29 February 2020. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2018 to the date of this report. |
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R E Jansen |
M K A D H Kuchenbecker |
A Siepmann |
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Other changes in directors holding office are as follows: |
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L M Evans - resigned 29 June 2018 |
J R D V Kidwell - resigned 26 July 2019 |
N P Stone - appointed 26 July 2019 |
R C Series - appointed 2 August 2019 |
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POLITICAL DONATIONS AND EXPENDITURE |
No donations or payments were made to political parties, other political organisations in the EU or any independent election candidate. No political expenditure was incurred during the year ended 29 February 2020 or the year ended 28 February 2019. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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AUDITORS |
The auditors, FLB Accountants LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRAEMAR NAVES CORPORATE FINANCE LIMITED |
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Opinion |
We have audited the financial statements of Braemar Naves Corporate Finance Limited (the 'company') for the year ended 29 February 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 29 February 2020 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BRAEMAR NAVES CORPORATE FINANCE LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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250 Wharfedale Road |
Winnersh Triangle |
Berkshire |
RG41 5TP |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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(238,948 | ) | (289,766 | ) |
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Other operating income |
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OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
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Tax on loss | 6 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
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LOSS FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
( |
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( |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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BALANCE SHEET |
29 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised
for issue on
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 March 2018 |
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( |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 28 February 2019 |
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( |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 29 February 2020 |
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( |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Braemar Naves Corporate Finance Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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The company has made losses of £221,021 (2019: £289,766). |
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The company had a net current liability of £620,773 (2019: £399,752). Included within current liabilities are inter-group loans repayable on demand totalling £1,041,102. |
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The directors of the group have confirmed their intentions not to recall or demand any repayment of the loans made to the Company as at 29 February 2020, except that insofar as the funds of the Company permit repayment and that such repayment will not adversely affect the ability of the Company to carry on its business operations for a minimum period of 12 months following the date of approval of the financial statements of Braemar Naves Corporate Finance Limited for the period ended 29 February 2020. |
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The financial statements have been prepared on a going concern basis in a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from this reporting date. In reaching this conclusion the Directors considered cash flow forecasts that have been prepared in the light of the impact of COVID-19. The Directors have considered the trading and cash flows over the first six months of the year ended 28 February 2021 which has been resilient. |
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Based on the above, the directors are of the opinion that the company is a going concern and that these financial statements should be drawn up on such a basis. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are measured initially at cost, which is the fair value of whatever was paid or received to acquire or incur them. Acquisition costs include transaction costs. |
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After initial recognition, financial assets and liabilities are classified into the following categories: fair values through profit or loss; available for sale financial assets and loans and receivables. A description of these measurement bases is as follows. |
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Financial assets and liabilities at fair value through the profit and loss. These include all financial instruments held for trading, including derivatives, as well as those designated at fair value through profit and loss at inception. The financial assets and liabilities are initially recorded at fair value with changes in fair value charged or credited to the profit and loss account in the period they arise.. |
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Loans and receivables. These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The receivables are included with trade and other debtors. Such assets are carried at amortized costs using the effective interest method. Gains and losses are recognised in income when the loans and receivables are sold or impaired, as well as through the amortisation process. |
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Cash and cash equivalents. These comprise cash in hand and deposits that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and have an original maturity of three months or less. |
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Financial liabilities, other than derivative financial instruments or those held for trading are initially recognised at fair value, net of transaction costs as appropriate, and subsequently carried at amortized cost. |
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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 recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously, |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions. |
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Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing difference can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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4. | EMPLOYEES AND DIRECTORS |
2020 | 2019 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2020 | 2019 |
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Directors & Finance |
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3 |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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4. | EMPLOYEES AND DIRECTORS - continued |
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Information regarding the highest paid director is as follows: |
2020 | 2019 |
£ | £ |
Emoluments etc |
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5. | OPERATING LOSS |
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The operating loss is stated after charging: |
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Year Ended 28.2.19 |
Period
1.1.17 to 28.2.18 |
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£ | £ |
Auditors' remuneration | 7,000 | 7,000 |
Foreign exchange differences | 10,658 | 2,799 |
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6. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 29 February 2020 nor for the year ended 28 February 2019. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | 1 | 25,000 | 25,000 |
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Each ordinary share has the right to one vote, on a poll, on any resolution proposed and to participate equally in any dividend or return of capital proposed. The shares are not redeemable. |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 March 2019 | ( |
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Deficit for the year | ( |
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At 29 February 2020 | ( |
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11. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent undertaking is Braemar Shipping Services PLC, a company incorporated in England and Wales and traded on the London Stock Exchange. |
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The company is included in the consolidated financial statements that have been prepared by Braemar Shipping Services PLC. The consolidated financial statements of the group are available to the public and may be obtained from Braemar Shipping Services PLC, 1 Strand, Trafalgar Square, London, WC2N 5HR |
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12. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by Braemar Shipping Services PLC and its directors by virtue of its indirect 100% holding of the called up share capital. |
BRAEMAR NAVES CORPORATE FINANCE LIMITED (REGISTERED NUMBER: 02710842) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2020 |
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13. | FINANCIAL RISK MANAGEMENT |
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The directors constantly monitor the financial risks to which the company is exposed, in order to detect those risks in advance and take the necessary action to mitigate them through regular review by the board. |
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Fair value estimation |
The fair value of financial assets and financial liabilities are estimated for recognition and measurement and for disclosure purposes. The carrying value of cash, trade receivables and other receivables, trade and other payables approximate to their fair values due to their short term nature. |
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Liquidity risk |
The company has adopted a series of policies and procedures whose purpose is to optimise the management of funds and to reduce the liquidity risk, as follows: |
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- maintaining an adequate level of available liquidity; and |
- monitoring future liquidity on the basis of business planning. |
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Management believes that the funds and credit lines currently available, in addition to those funds that will be generated from future operating, will enable the company to satisfy its requirements resulting from its working capital needs and to fulfil its obligations to repay its debts at their natural due date. |
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Trade payables and other taxes and social security costs fall due for payment within thirty days. |
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Market risk |
The company does not currently have any material borrowings affected by interest rates. The high level of foreign currency transactions (mainly on trade receivables) are safeguarded by currency forward contracts, thus mitigating the risk of exposure to currency risk. |
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Credit risk |
No credit limits were exceeded during the reporting period, and management does not expect any losses in respect of receivables due as at the year end. |
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Capital risk management |
The company aims to manage its overall capital so as to ensure that the company continues to operate as a going concern. |