Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 30
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019
1 General Information
Minerva Equity Limited (“the Company”) and its subsidiaries (together “the Group”) provide repair
and maintenance, refurbishment, enhancement and data services to blue-chip clients in essential
infrastructure sectors in the UK.
The Company was incorporated on 27 March 2018. These financial statements are for the period
from incorporation to 31 March 2019.
The Company changed its name from DMWSL 881 Limited, the name in which the Company was
incorporated, to Minerva Bidco Limited on 16 May 2018.
The Company is incorporated in England and domiciled in the UK. The address of its registered
office is Abel Smith House, Gunnels Wood Road, Stevenage, Hertfordshire, SG1 2ST.
2 Statement of compliance
The Group and individual financial statements of Minerva Equity Limited have been prepared in
compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102,
“The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland”
(“FRS 102”) and the Companies Act 2006, under the provision of the Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410).
3 Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated and separate
financial statements are set out below. These policies have been consistently applied, unless
otherwise stated. The Company has adopted FRS 102 in these financial statements.
Basis of preparation
These consolidated and separate financial statements are prepared on a going concern basis under
the historical cost convention with consistently applied accounting standards applicable in the United
Kingdom and in accordance with the Companies Act 2006.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the Company’s accounting policies. The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are significant to the financial statements are
disclosed in note 4.
The Company has taken advantage of the exemption in section 408 of the Companies Act from
disclosing its individual profit and loss account.
Exemptions for qualifying entities under FRS 102
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which
have been complied with, including notification of and no objection to, the use of exemptions by the
Company’s shareholders.
The Company has taken advantage of the exemption from preparing a statement of cash flows, on
the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these
financial statements, includes the Company’s cash flows.
The Group has taken advantage of the exemption under FRS 102.33.1A and have not disclosed
transactions with entities that are part of the Minerva Equity Limited group.
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