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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED |
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Directors' Report and |
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Consolidated Financial Statements |
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for the Year Ended 31 December 2020 |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED |
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Directors' Report and |
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Consolidated Financial Statements |
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for the Year Ended 31 December 2020 |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Contents of the Consolidated Financial Statements |
for the year ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Directors' Report | 2 |
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Independent Auditors' Report | 4 |
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Consolidated Income Statement | 8 |
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Consolidated Other Comprehensive Income | 9 |
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Consolidated Balance Sheet | 10 |
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Company Balance Sheet | 11 |
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Consolidated Statement of Changes in Equity | 12 |
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Company Statement of Changes in Equity | 13 |
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Consolidated Cash Flow Statement | 14 |
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Notes to the Consolidated Cash Flow Statement | 15 |
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Notes to the Consolidated Financial Statements | 16 |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED |
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Company Information |
for the year ended 31 December 2020 |
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Directors: |
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Registered office: |
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Registered number: |
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Auditors: |
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Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Directors' Report |
for the year ended 31 December 2020 |
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The directors present their report with the financial statements of the company and the group for the year ended 31 December 2020. |
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Principal activity |
The group comprises the company whose principal activity is that of a general partner for Stafford International Timberland IV Fund LP, and the fund itself. |
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Future developments |
The Directors expect the business to be well positioned for the forthcoming year. With view of the prevailing economic conditions, the Directors are satisfied that there is no material uncertainty leading to a significant doubt regarding the future operations of the Company. |
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COVID-19 Pandemic |
The directors acknowledge the current outbreak of COVID-19 which is causing economic disruption in most countries and its potentially adverse economic impact on the company and group. The directors are monitoring developments closely and are actively monitoring costs during this period of uncertainty. Further assessment regarding COVID-19 is in note 2 of these financial statements. |
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Directors |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Directors' Report 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Directors' Report |
for the year ended 31 December 2020 |
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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 group'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 group's auditors are aware of that information. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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On behalf of the board: |
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Independent Auditors' Report to the Members of |
Stafford International Timberland IV GP |
Limited |
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Opinion |
We have audited the financial statements of Stafford International Timberland IV GP Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2020 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2020 and of the group's result 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 group 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 |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the firm's trade, customers, suppliers and wider economy. The directors' view on the impact of COVID-19 is disclosed in the Directors' Report and accounting policies note 2 of the financial statements. |
Independent Auditors' Report to the Members of |
Stafford International Timberland IV GP |
Limited |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Directors' Report, but does not include the financial statements and our Auditors' Report 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 this gives rise to a material misstatement in the financial statements themselves. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Directors' Report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. |
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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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Directors' Report. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Independent Auditors' Report to the Members of |
Stafford International Timberland IV GP |
Limited |
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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 an Auditors' Report 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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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and
skills to identify or recognised non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the group, including the Companies Act 2006, taxation legislation, data protection and capital requirements; |
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we assessed the extent of compliance with the laws and regulations identified above though making enquires of
management and inspecting legal correspondence; |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit. |
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We assessed the susceptibility of the Company's material misstatement, including obtaining an understanding of how fraud might occur by; |
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual,
suspected and alleged fraud; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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To address the risk of fraud through management bias and override of controls, we: |
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- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
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assess whether judgement and assumptions made in determining the accounting estimates set out in note 2 were
indicative of potential bias; and |
- | investigate the rationale behind significant or unusual transactions. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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- | agreeing financial statement disclosure to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual potential litigation and claims; and |
- | reviewing correspondence. |
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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 Auditors' Report. |
Independent Auditors' Report to the Members of |
Stafford International Timberland IV GP |
Limited |
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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 an Auditors' Report 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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Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Consolidated |
Income Statement |
for the year ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
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Turnover | 54,156 | 209,655 |
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Administrative expenses | (54,156 | ) | (209,655 | ) |
Operating profit and |
Profit before taxation | - | - |
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Tax on profit | 5 | - | - |
Profit for the financial year |
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Profit attributable to: |
Owners of the parent | - | - |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Consolidated |
Other Comprehensive Income |
for the year ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
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Profit for the year | - | - |
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Other comprehensive income | - | - |
Total comprehensive income for the year | - | - |
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Total comprehensive income attributable to: |
Owners of the parent | - | - |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Consolidated Balance Sheet |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
Current assets |
Debtors | 7 | 2 | 2 |
Cash at bank | 2,603 | 2,566 |
2,605 | 2,568 |
Creditors |
Amounts falling due within one year | 8 | 2,603 | 2,566 |
Net current assets | 2 | 2 |
Total assets less current liabilities | 2 | 2 |
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Capital and reserves |
Called up share capital | 9 | 2 | 2 |
Shareholders' funds | 2 | 2 |
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The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2021 and were signed on its behalf by: |
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Manh Duy Van Cao - Director |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Company Balance Sheet |
31 December 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 assets |
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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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Shareholders' funds |
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Company's profit for the financial year | - | - |
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The financial statements were approved by the Board of Directors and authorised for issue on
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Consolidated Statement of Changes in Equity |
for the year ended 31 December 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 | 2 | - | 2 |
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Changes in equity |
Balance at 31 December 2019 | 2 | - | 2 |
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Changes in equity |
Balance at 31 December 2020 | 2 | - | 2 |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Company Statement of Changes in Equity |
for the year ended 31 December 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Balance at 31 December 2019 |
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Changes in equity |
Balance at 31 December 2020 |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Consolidated Cash Flow Statement |
for the year ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 37 | (206 | ) |
Net cash from operating activities | 37 | (206 | ) |
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Increase/(decrease) in cash and cash equivalents | 37 | (206 | ) |
Cash and cash equivalents at beginning of
year |
2 |
2,566 |
2,772 |
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Cash and cash equivalents at end of year | 2 | 2,603 | 2,566 |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Notes to the Consolidated Cash Flow Statement |
for the year ended 31 December 2020 |
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1. | Reconciliation of profit before taxation to cash generated from operations |
2020 | 2019 |
£ | £ |
Profit before taxation | - | - |
Increase/(decrease) in trade and other creditors | 37 | (206 | ) |
Cash generated from operations | 37 | (206 | ) |
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2. | Cash and cash equivalents |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 December 2020 |
31/12/20 | 1/1/20 |
£ | £ |
Cash and cash equivalents | 2,603 | 2,566 |
Year ended 31 December 2019 |
31/12/19 | 1/1/19 |
£ | £ |
Cash and cash equivalents | 2,566 | 2,772 |
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3. | Analysis of changes in net funds |
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At 1/1/20 | Cash flow | At 31/12/20 |
£ | £ | £ |
Net cash |
Cash at bank | 2,566 | 37 | 2,603 |
2,566 | 37 | 2,603 |
Total | 2,566 | 37 | 2,603 |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Notes to the Consolidated Financial Statements |
for the year ended 31 December 2020 |
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1. | Statutory information |
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Stafford International Timberland IV GP Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Set out below is a summary of the principal accounting policies, all of which have been applied consistently (except as otherwise stated). |
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The presentational currency of the financial statements is British Pound Sterling (£). Amounts in these financial statements are rounded to the nearest £. |
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Basis of consolidation |
The group consists of Stafford International Timberland IV GP Limited ("the company") and Stafford International Timberland IV Fund LP ("the fund") registered in Guernsey. The company is considered to be the controlling party of the fund because of the day to day control that it has over the fund. However, as can be seen in the Consolidated Income Statement, the company demonstrably retains no financial gain as a result of its control. Therefore a full consolidation would not represent a fair picture of the group in this situation and the true and fair override of the Companies Act 2006 has been invoked and a proportional consolidation is considered appropriate. |
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The basis of consolidation is to bring in the company's share of the underlying profit and loss and assets and liabilities into the financial statements. Given the level of financial interest that the company has, these amounts are considered to be insignificant for the year ended 31 December 2020. The fund itself has net assets of AU$36million (2019: AU$36million), mainly held in investments. |
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Significant judgements and estimates |
In applying the firm's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | Accounting policies - continued |
Critical judgements in applying the company's accounting policies |
The critical judgement that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
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(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
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Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. |
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Turnover |
Turnover represents fees receivable, during the year for management and advisory services to the Limited Partner of the fund. Management fees are based on predetermined benchmarks and are recognised as revenue at the end of the period over which the performance is measured. |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
Financial assets / liabilities - classified as basic financial instruments |
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(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
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(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
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At the end of each reporting period, the company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Consolidated Income Statement. |
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(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs. |
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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. |
STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2020 |
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2. | Accounting policies - continued |
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Going concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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3. | Directors' emoluments |
2020 | 2019 |
£ | £ |
Directors' remuneration |
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4. | Operating profit |
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The operating profit is stated after charging: |
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2020 | 2019 |
£ | £ |
Foreign exchange differences |
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5. | Taxation |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
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6. | Individual income statement |
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As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
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7. | Debtors: amounts falling due within one year |
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Group | Company |
2020 | 2019 | 2020 | 2019 |
£ | £ | £ | £ |
Called up share capital not paid | 2 | 2 |
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STAFFORD INTERNATIONAL TIMBERLAND IV GP |
LIMITED (REGISTERED NUMBER: 06017846) |
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Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2020 |
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8. | Creditors: amounts falling due within one year |
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Group | Company |
2020 | 2019 | 2020 | 2019 |
£ | £ | £ | £ |
Other creditors | 2,603 | 2,566 |
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9. | Called up share capital |
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Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Share capital 1 | 1.00 | 2 | 2 |
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10. | Transactions with directors |
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Manh Duy Van Cao, Geoffrey Norman and Angus Whiteley are directors of the company and have a beneficial interest in Stafford Capital Partners Limited, a company registered in England and Wales. During the year the company expensed fees of £54,003 (2019 - £209,500) to Stafford Capital Partners Limited. All balances were paid during the year. |
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11. | Ultimate controlling party |
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The immediate parent company is Stafford Capital Partners Limited. There is no ultimate controlling party. |