Company No:
Contents
Note | 2020 | 2019 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 3 |
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499 | 499 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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255,210 | 711,404 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
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Net current assets | 250,983 | 634,326 | ||
Total assets less current liabilities | 251,482 | 634,825 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of 3rd Momentum Limited (registered number:
Russell John Ritchie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
3rd Momentum Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The financial statements are prepared for a period of twelve months (2019 - nine and a half months from incorporation) therefore the figures may not be entirely comparable.
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 Statement of Income and Retained Earnings as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2020 | |
£ | |
Cost | |
At 01 January 2020 |
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At 31 December 2020 |
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Carrying value at 31 December 2020 |
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Carrying value at 31 December 2019 |
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2020 | 2019 | ||
£ | £ | ||
Amounts owed by related parties |
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Other debtors |
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2020 | 2019 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Parent undertakings |
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Amounts owed to own subsidiaries |
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Other creditors |
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2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with owners holding a participating interest in the entity
2020 | 2019 | ||
£ | £ | ||
Amounts owed by related parties | 3,000 | 0 |
Amounts owed by related parties include balances owed by a company which is under the control of one of the directors. No interest is charged and there are no fixed terms of repayment.
The company has taken advantage of FRS 102 Section 33 (Related party disclosures) which allows exemption from disclosure of related party transactions with other group companies.
The parent company of 3rd Momentum Limited is Challenger Energy Limited (SC378755) and its registered office is Pacesetter House Wellheads Crescent, Wellheads Industrial Estate, Aberdeen, AB21 7GA.