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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 DECEMBER 2017 |
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ECOMACHINES VENTURES LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 DECEMBER 2017 |
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FOR |
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ECOMACHINES VENTURES LIMITED |
ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ECOMACHINES VENTURES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 DECEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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BALANCE SHEET |
30 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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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)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium |
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Capital contribution reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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BALANCE SHEET - continued |
30 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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EcoMachines Ventures Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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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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As at 30th December 2017 the company's liabilities exceeded its assets by £986,453 (2016: £519,176). The |
business is funded through a mixture of shareholder loans and income from operational activities, with any |
deficit supported by shareholder loans. Revenues are expected to accelerate as the company's portfolio of |
investments starts generating revenues. The financial statements are prepared on a going concern basis as in the |
opinion of the directors, the company has the support of its creditors and investors for the foreseeable future and |
it is therefore appropriate to adopt the going concern policy. |
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Preparation of consolidated financial statements |
The financial statements contain information about EcoMachines Ventures Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company has taken the option |
under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover represents the net invoiced sale of management consultancy, investment management fees, and |
corporate finance-type activities excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in associates |
Investments in associates and group undertakings are recorded at cost. |
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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. |
ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial assets and liabilities |
The company has chosen to apply the recognition and measurement principles set out in sections 11 and 12 of |
FRS 102. |
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Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at |
transaction price, 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. |
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Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies |
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 receipts discounted at a market rate of interest. |
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Such assets and liabilities are subsequently carried at amortised cost, using the effective interest rate method. |
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Grant funding |
The company has elected to use the accrual method, as permitted under Section 24 of FRS 102. Grant Income |
relating to revenue is recognised on a systematic basis over the period in which costs are incurred that the grant |
income is intended to compensate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 31 December 2016 |
and 30 December 2017 |
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DEPRECIATION |
At 31 December 2016 |
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Charge for year |
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At 30 December 2017 |
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NET BOOK VALUE |
At 30 December 2017 |
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At 30 December 2016 |
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ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2017 |
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6. | FIXED ASSET INVESTMENTS |
Interest |
in | Other |
associate | investments | Totals |
£ | £ | £ |
COST |
At 31 December 2016 |
and 30 December 2017 | 50 |
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185,168 |
NET BOOK VALUE |
At 30 December 2017 | 50 |
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185,168 |
At 30 December 2016 | 50 |
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185,168 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
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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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to group undertakings |
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Other creditors |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Shareholder loan | 953,055 | 767,962 |
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The above loan is secured by a fixed and floating charge held by way of a debenture over the assets of the |
company. |
ECOMACHINES VENTURES LIMITED (REGISTERED NUMBER: 08357617) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2017 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary A | 1p | 300 | 300 |
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Ordinary B | 1p | 129 | 100 |
429 | 400 |
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During the year under review 2,578 Ordinary B Shares of 0.01p were issued for £1.00 per share. |
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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet transactions between the company and a shareholder holding a participating interest in the |
share capital of the company are as follows: |
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Included within amounts due from group undertakings are short terms loans £107,042 (2016:nil).These loans |
carry interest at 8% and are repayable within twelve months. The balance outstanding at the balance sheet date is |
£102,042 (2016: nil) and is disclosed within amounts due to group undertakings in less than one year. |
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Showing within other creditors due in more than one year are loans previously advanced by a shareholder. These |
loans are interest free. A further £161,000 was advanced during the year. These loans are recognised in line with |
the recognition and measurement criteria for financial assets and liabilities as set out in sections 11 and 12 of |
FRS 102, using the effective interest method. Effective interest of £33,663 has been charged to profit and loss |
account (2016: £34,151) The balance outstanding at the balance sheet date is £970,396 (2016: £797,729) and is |
due in more than one year. |
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The company was also owed £57,768 (2016: £72,697) on a intercompany account. The amount due is disclosed |
within amounts due from group undertakings within debtors.Included within the doubtful debts balance is a |
balance of £12,082 (2016: nil) relating to an non recoverable intercompany debtor. |
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A further purpose loan provided by company with an interest in the share capital of Ecomachines Ventures Ltd |
has a present present value of £10,085 (2016: £27,256) at the balance sheet date and is disclosed within other |
creditors due in less than one year. The loan does not bear interest and is recognised in line with the |
measurement criteria for financial assets and liabilities as set out in sections 11 and 12 of FRS 102, using the |
effective interest method. The loan is repayable on 31st December 2044. |