Company Registration No. 06644453 (England and Wales)
Four C Limited
Unaudited financial statements
for the year ended 31 December 2021
Pages for filing with the Registrar
Four C Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Four C Limited
Balance sheet
As at 31 December 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
2
1,816,654
99
Current assets
Debtors
4
242
2,636
Investments
5
21,637
21,637
Cash at bank and in hand
8,165
189,481
30,044
213,754
Creditors: amounts falling due within one year
6
(1,854,279)
(213,581)
Net current (liabilities)/assets
(1,824,235)
173
Total assets less current liabilities
(7,581)
272
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(7,681)
172
Total equity
(7,581)
272
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Four C Limited
Balance sheet (continued)
As at 31 December 2021
Page 2
The financial statements were approved and signed by the director and authorised for issue on 15 November 2022
Francesc Soler
Director
Company Registration No. 06644453
Four C Limited
Notes to the financial statements
For the year ended 31 December 2021
Page 3
1
Accounting policies
Company information
Four C Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
71 Queen Victoria Street, London, EC4V 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 4
1.4
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 5
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1,816,654
99
Fixed asset investments not carried at market value
The value of the investments is determined by reference to cost.
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
2
Fixed asset investments (continued)
Page 6
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
99
Additions
1,816,555
At 31 December 2021
1,816,654
Carrying amount
At 31 December 2021
1,816,654
At 31 December 2020
99
During the year ended 31 December 2021, the loan balance of £1,816,555 was converted to an equity contribution in the subsidiary company.
3
Subsidiaries
Details of the company's subsidiaries at 31 December 2021 are as follows:
Name of undertaking
Registered
Class of
% Held
office
shares held
Direct
Zirrintza S.L
Spain
Ordinary
99.91
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Zirrintza S.L
(9,487,556)
9,487,556
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
242
2,636
Four C Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 7
5
Current asset investments
2021
2020
£
£
Other investments
21,637
21,637
6
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
187,805
Other creditors
1,854,279
25,776
1,854,279
213,581
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary share of £1 each
100
100
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year ended 31 December 2021, the loan balance of £1,816,555 from a subsidiary company was converted to an equity contribution in the subsidiary company.
9
Directors' transactions
At 31 December 2021 a Director was owed £1,849,279 (2020: £20,776) by the Company. In the prior year the Director net advanced the Company £48,974.
During the year ended 31 December 2021 a director received dividends of £nil (2020: £nil).