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Financial Statements |
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for the Year Ended 30 November 2018 |
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for |
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Advancis Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 November 2018 |
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for |
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Advancis Limited |
Advancis Limited (Registered number: 08089541) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Advancis Limited |
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Company Information |
for the Year Ended 30 November 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Advancis Limited (Registered number: 08089541) |
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Balance Sheet |
30 November 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2018 |
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1. | STATUTORY INFORMATION |
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Advancis Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In applying the company's accounting policies, the director is 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. Revision 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. |
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Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a |
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next |
financial year are disclosed below. |
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Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both |
external and internal sources of information such as market conditions and experience of recoverability. There |
have been no indicators of impairments identified during the current financial year. |
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Tangible fixed assets |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where |
appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a |
number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and |
maintenance programmes are taken into account. Residual value assessments consider issues such as future |
market conditions, the remaining life of the asset and projected disposal values. |
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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. |
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Turnover comprises interest income on loans to customers. Loans are initially measured at fair value (which is |
equal to cost at inception) and are subsequently measured at amortised cost using the effective interest rate |
method. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, 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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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The company's financial statements for the year ended 30 November 2018 have been prepared on a going |
concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. |
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The company is reliant on the continued financial support of its parent company Advancis Holdings Limited and |
the company's lenders who have all indicated their willingness to continue their support for the foreseeable |
future. |
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Administrative expenses |
Some administrative expenses including direct and indirect costs are recognised on an effective interest rate basis |
i.e. cost spread over the lifetime of the loan and not included as an expense at the time the loan originated. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 December 2017 |
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Additions |
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Disposals | ( |
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At 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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5. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Advancis Limited (Registered number: 08089541) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2018 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Other creditors | 8,941,771 | 2,072,187 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | CONTINGENT LIABILITIES |
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The company has guaranteed the loans of group companies which at 30 November 2018 amounted to |
£20,515,445 (2017: £12,830,320). |
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12. | RELATED PARTY DISCLOSURES |
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During the year the company bought services amounting to £40,020 (2017: £94,524) from a company in which |
director has an interest. |
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13. | ULTIMATE PARENT COMPANY |
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The company's ultimate parent undertaking at the balance sheet date is Peregrine Investments SARL, a company |
incorporated and registered in Luxembourg. Copies of the financial statements of Advancis Holdings Limited, |
the parent undertaking registered in England & Wales, can be obtained from the registered office of this |
company. |