Company No:
Contents
DIRECTORS | P W Davies |
T G Davies | |
J A Davies | |
S N W Moran | |
SECRETARY | S N W Moran |
REGISTERED OFFICE | 12th Floor |
6 New Street Square | |
London | |
EC4A 3BF | |
United Kingdom | |
COMPANY NUMBER | 10045419(England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 New Street Square | |
London | |
EC4A 3HQ | |
United Kingdom |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Ilex 49 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ilex 49 Limited. You consider that Ilex 49 Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Ilex 49 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Accountant
London
EC4A 3HQ
United Kingdom
2020 | 2019 | |||
Note | £ | £ | ||
restated | ||||
Fixed assets | ||||
Investments | 3 |
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20,896,911 | 15,922,595 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,996,516 | 3,197,300 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current liabilities | (21,530,314) | (15,356,672) | ||
Total assets less current liabilities | (633,403) | 565,923 | ||
Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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For further details of the restatement of 2019 figures, please see note 4.
Directors’ responsibilities:
The financial statements of Ilex 49 Limited (registered number:
P W Davies
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Ilex 49 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12th Floor, 6 New Street Square, London, EC4A 3BF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Ilex 49 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £21,530,314 (2019: £15,479,449) which is due to the classification of the directors loans as due within one year as the loans are repayable on demand. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and that they will continue to support the Company for this period and that they have sufficient funds to do so. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The rapid spreading of Covid-19 continues to be a significant risk to the global economy. At the time of signing, based on the significant level of investments held alongside the directors' continued financial support, the directors do not consider Covid-19 to impact the Company’s ability to continue as a going concern.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2020 | 2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Listed investments | Total | |
£ | £ | |
Carrying value before impairment | ||
At 01 April 2019 |
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Additions |
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Disposals | (
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Movement in fair value | (
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At 31 March 2020 |
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Provisions for impairment | ||
At 01 April 2019 |
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At 31 March 2020 |
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Carrying value at 31 March 2020 |
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Carrying value at 31 March 2019 |
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Investments comprise listed investments and represent investments in non-puttable ordinary shares and are measured at fair value through the Profit and Loss Account at 31 March 2020. Fair value losses of £1,554,221 (2019: gains of £1,019,343) and foreign exchange gains of £186,035 (2019: £44,197) have been recognised in the Profit and Loss account. There were no other fair value gains or losses in the current or prior year.
In the prior year £1,391,373 was held within the investments balance which represented cash held within investments. This amount was reclassified in the prior year which increased the cash balance by £1,391,373 and reduced investments by £1,391,373.
2020 | 2019 | |
£ | £ | |
Deferred tax asset |
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Corporation tax |
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2020 | 2019 | |
£ | £ | |
Amounts owed to directors |
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Other loans |
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Accruals |
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Corporation tax |
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Included within creditors is a director's loan of £5,276,719 (2019: £3,292,926) owed to P W Davies, a director of the Company. The loan is unsecured, interest accrues daily at rates between 1.6% and 2.25% and is repayable on demand. During the year loan interest accrued of £80,559 (2019: £135,537). Preference share dividends were declared of £134,406 (2019: £136,004) with an amount of £136,004 (2019: £86,692) being waived in the year. As at 31 March 2020 £134,406 (2019: £136,004) was owed at the year end.
Included within creditors is a director's loan of £3,500,000 (2019: £3,500,000) owed to J A Davies, a director of the Company. The loan is unsecured, interest accrues daily at rates between 1.6% and 2.25% and is repayable on demand. During the year loan interest accrued of £77,574 (2019: £15,102).
Included within creditors is a director's loan of £1,000,000 (2019: £1,000,000) owed to S N W Moran, a director of the Company. The loan is unsecured, interest accrues daily at rates between 1.6% and 2.25% and is repayable on demand. During the year loan interest accrued of £22,164 (2019: £1,825). Preference share dividends were declared of £66,492 (2019: £34,160) and £66,492 (2019: £34,160) was owed at the year end.
Included within creditors is a director's loan of £1,000,000 (2019: £1,000,000) owed to T G Davies, a director of the Company. The loan is unsecured, interest accrues daily at rates between 1.6% and 2.25% and is repayable on demand. During the year loan interest accrued of £22,164 (2019: £1,640). Preference share dividends were declared of £66,492 (2019: £11,466) and £66,492 (2019: £11,466) was owed at the year end.
No remuneration was paid to the directors in the current or prior year. The directors are the only key management personnel of this Company.