TIDMSILF
RNS Number : 4428C
Silver Falcon PLC
13 April 2017
13 April 2017
Silver Falcon Plc
("Silver Falcon" or the "Company")
Final Results for the year ended 31 December 2016
Silver Falcon plc (LSE: SILF), a business formed for the purpose
of acquiring another business or asset, reports its Final Results
for the year ended 31 December 2016.
All financial amounts are stated in GBP British pounds unless
otherwise indicated.
Chairman's Statement
I hereby present the annual accounts for the year ended 31(st)
December 2016. During the year the Company reported a loss of
GBP519,898 (31 December 2015 - loss of GBP80,367) which arose
predominantly from professional fees in connection with the due
diligence and legal documentation relating to potential
transactions, in particular with the current transaction under
review. As at the date of this report the Company has approximately
GBP1m of cash balances.
Following its listing on the London Stock Exchange on 9(th)
November 2015, the Company has focused on the evaluation of various
acquisition opportunities. To that end, it announced on 30th
December 2015 that it had entered into a non-binding Memorandum of
Understanding with the board and principal shareholder in Lime
Holdings Limited ("Lime") regarding a possible acquisition of 100%
of the share capital of Lime by way of a share for share exchange.
On 30(th) September 2016 the Company announced that it was no
longer proceeding with that transaction following detailed due
diligence.
As at the year ended 31 December 2016, the Company was in talks
with another potential business with an eventual acquisition
expected to finalise before the end of the second quarter 2017. As
at the date of this report, this is still the case and the
transaction is at an advanced stage and, whilst no binding
agreement has yet been entered into the directors are optimistic of
a successful outcome.
I would like to thank all those who have assisted in relation to
the possible acquisitions reviewed and remain hopeful of a
successful future.
Geoffrey Dart
Executive Chairman
For further information please contact:
Timothy Le Druillenec Tel: 07874 762 821
Statement of Comprehensive Income
Year ended Period ended
31 December 31 December
2016 2015
Note GBP GBP
Continuing operations
Revenue - -
Administrative expenses 3 (519,898) (46,027)
listing costs - (34,340)
------------- -------------
Operating loss (519,898) (80,367)
Loss before taxation (519,898) (80,367)
Taxation 4 - -
Loss for the year
attributable to equity
owners (519,898) (80,367)
Other comprehensive - -
income for the year
------------- -------------
Total comprehensive
income for the year
attributable to the
equity owners (519,898) (80,367)
============= =============
Earnings/(loss) per
share attributable
to equity owners
Basic and diluted
(GBP per share) 5 (0.008) (0.005)
============= =============
The notes to the financial statements form an integral part of
these financial statements.
Statement of Financial Position
As at As at
31 December 31 December
2016 2015
Note GBP GBP
Assets
Current assets
Trade and other receivables 6 1,680 31,167
Cash and cash equivalents 7 1,045,723 1,323,869
Total current assets 1,047,403 1,355,036
------------- -------------
Total assets 1,047,403 1,355,036
------------- -------------
Equity and liabilities
Equity attributable
to shareholders
Called up share capital 8 669,000 649,000
Share Premium 9 841,243 781,243
Retained earnings (606,535) (86,637)
Total equity 903,708 1,343,606
------------- -------------
Liabilities
Current liabilities
Trade and other payables 10 143,695 11,430
Total liabilities 143,695 11,430
------------- -------------
Total equity and liabilities 1,047,403 1,355,036
------------- -------------
The notes to the financial statements form an integral part of
these financial statements.
Company Registration Number: 08401609
Statement of Changes in Equity
Called up share
capital Share Premium Retained earnings Total
CURRENT YEAR GBP GBP GBP GBP
Brought forward at 1 January 2016 649,000 781,243 (86,637) 1,343,606
---------------- -------------- ------------------ -----------
Loss in year - - (519,898) (519,898)
Other Comprehensive Income - - - -
Total comprehensive income for the year - - (519,898) (519,898)
---------------- -------------- ------------------ -----------
Issue of share capital net of share issue costs 20,000 60,000 - 80,000
As at 31 December 2016 669,000 841,243 (606,535) 903,708
================ ============== ================== ===========
Called up share
capital Share Premium Retained earnings Total
GBP GBP GBP GBP
As at 1 March 2015 50,000 - (6,270) 43,730
---------------- -------------- ------------------ -----------
Loss in period - - (80,367) (80,367)
Other Comprehensive Income - - - -
Total comprehensive income for the period - - (80,367) (80,367)
---------------- -------------- ------------------ -----------
Issue of share capital net of share issue costs 599,000 781,243 - 1,380,243
As at 31 December 2015 649,000 781,243 (86,637) 1,343,606
================ ============== ================== ===========
Share capital comprises the ordinary issued share capital of the
Company.
Share Premium represents consideration less nominal value of
issued shares and costs directly attributable to the issue of new
shares.
Retained earnings represent the cumulative retained losses of
the Company at the reporting date.
The notes to the financial statements form an integral part of
these financial statements.
Statement of Cash Flows
Period
Year ended ended
31 December 31 December
2016 2015
Note GBP GBP
Cash flow from operating activities
Loss before taxation (519,898) (80,367)
Adjustments for: 80,000 -
Share-based payment
Changes in working capital
(Increase)/decrease in trade
and other receivables 29,487 6,333
Increase in trade and other
payables 132,265 11,430
Net cash used in operating
activities (278,146) (62,604)
------------- -------------
Cash flows from financing
activities
Proceeds from issuance of
shares net of issue costs - 1,380,243
Net cash generated from financing
activities - 1,380,243
------------- -------------
Cash flows from investing - -
activities
Net cash used in investing - -
activities
------------- -------------
Increase/(decrease) in cash
and cash equivalents (278,146) 1,317,639
Cash and cash equivalents
at beginning of period 1,323,869 6,230
Cash and cash equivalents
at end of period 7 1,045,723 1,323,869
------------- -------------
Major non-cash transactions
On the 11 November 2016 2,000,000 new Ordinary Shares of GBP0.01
nominal value were issued at a premium of GBP0.03 per share to M6
Limited as settlement for a fee of GBP80,000 for online marketing
services.
The notes to the financial statements form an integral part of
these financial statements.
Notes to the Financial Statements
1. General Information
The Company's principal activity is currently that of a 'cash
shell' actively seeking an investment. The Company was incorporated
in England and Wales on 13 February 2013 as a private limited
Company. The Company did not trade during the financial period
ended 31 December 2016, the majority of expenses related to legal
and professional fees in connection with the aborted acquisition
and a new potential acquisition, along with consultancy and legal
fees as well as general administration expenses.
The Company's registered office is located at 5 Fleet Place,
London EC4M 7RD, and is listed on the London Stock Exchange.
2. Summary of Significant Accounting Policies
The principal accounting policies applied in the preparation of
these financial statements are set out below. These policies have
been consistently applied to all the years presented, unless
otherwise stated.
a) Basis of Preparation
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") and IFRS
Interpretations Committee (IFRS IC) interpretations as adopted for
use by the European Union, and the Companies Act 2006. The
financial statements have been prepared under the historical cost
convention.
i) New and amended standards mandatory for the first time for the period beginning 1 January 2016
No new standards, amendments or interpretations, effective for
the first time for the financial year beginning on or after 1
January 2016 have had a material impact on the Company.
ii) New standards, amendments and Interpretations in issue but
not yet effective or not yet endorsed and not early adopted
The standards and interpretations that are issued, but not yet
effective, up to the date of issuance of the financial statements
are listed below. The Company intend to adopt these standards, if
applicable, when they become effective.
Effective
Standard Impact on initial application date
IAS 7 (Amendments) Disclosure Initiative *1 January
2017
IAS 12 (Amendments) Recognition of Deferred *1 January
Tax 2017
IFRS 9 (Amendments) Financial Instruments 1 January
2018
IFRS 15 Revenue from contracts *1 January
with customers 2018
IFRS 16 Leases *1 January
2019
IFRS 2 (Amendments) Share-based payments *1 January
- classification and 2018
measurement
Annual improvements 2014-2016 Cycle *1 January
2017/ 1
January
2018
IAS 40 (Amendments) Transfer of investment 1 January
property 2017
IFRIC Interpretations Foreign currency transactions 1 January
22 and advanced consideration 2018
IFRS 4 (Amendments) Applying IFRS 9 'with *1 January
IFRS 4' Insurance contracts 2018
IFRIC 22 Foreign currency transactions *1 January
and advance consideration 2018
IAS 40 (Amendments) Transfers of investment *1 January
properties 2018
(*) Subject to EU endorsement
The Company is evaluating the impact of the new and amended
standards above. The Directors believe that these new and amended
standards are not expected to have a material impact on the
Company's results or shareholders' funds but this will revisited
once an acquisition has been made. However, the following standards
should be looked at in more detail:
IFRS 9, 'Financial instruments', addresses the classification,
measurement and recognition of financial assets and financial
liabilities. The complete version of IFRS 9 was issued in July
2014. It replaces the guidance in IAS 39 that relates to the
classification and measurement of financial instruments. IFRS 9
retains but simplifies the mixed measurement model and establishes
three primary measurement categories for financial assets:
amortised cost, fair value through OCI and fair value through
P&L. The basis of classification depends on the entity's
business model and the contractual cash flow characteristics of the
financial asset. Investments in equity instruments are required to
be measured at fair value through profit or loss with the
irrevocable option at inception to present changes in fair value in
OCI not recycling. There is now a new expected credit losses model
that replaces the incurred loss impairment model used in IAS 39.
For financial liabilities there were no changes to classification
and measurement except for the recognition of changes in own credit
risk in other comprehensive income, for liabilities designated at
fair value through profit or loss.
IFRS 9 relaxes the requirements for hedge effectiveness by
replacing the bright line hedge effectiveness tests. It requires an
economic relationship between the hedged item and hedging
instrument and for the 'hedged ratio' to be the same as the one
management actually use for risk management purposes.
Contemporaneous documentation is still required but is different to
that currently prepared under IAS 39. The standard is effective for
accounting periods beginning on or after 1 January 2018 but early
adoption is permitted.
As at the year end, the Company only hold basic financial
instruments such as loans and receivables and other liabilities
measured at amortised cost. Because of this, the Director's believe
the potential changes caused by IFRS 9 will be immaterial until an
acquisition of a trading company has taken place.
IFRS 15, 'Revenue from contracts with customers' deals with
revenue recognition and establishes principles for reporting useful
information to users of financial statements about the nature,
amount, timing and uncertainty of revenue and cash flows arising
from an entity's contracts with customers. Revenue is recognised
when a customer obtains control of a good or service and thus has
the ability to direct the use and obtain the benefits from the good
or service. The standard replaces IAS 18 'Revenue' and IAS 11
'Construction contracts' and related interpretations. The standard
is effective for annual periods beginning on or after 1 January
2018 and earlier application is permitted.
As at the year-end and at the date of the approval of the
financial statements, no revenue has been generated. Revenue will
only be generated once an acquisition of a trading company has
taken place. Once this is the case, the Company will determine a
reasonable time frame for adopting IFRS 15 and the best approach in
providing reliable comparative information.
b) Significant accounting judgements, estimates and assumptions
The preparation of the financial statements in conformity with
International Financial Reporting Standards 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.
Estimates and judgements are continually evaluated, and are
based on historical experience and other factors, including
expectations of future events that are believed to be reasonable
under the circumstances. The estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year
are discussed below.
The principal areas in which judgement is applied are as
follows:
Going Concern
The preparation of financial statements requires an assessment
on the validity of the going concern assumption.
The Directors have reviewed projections for a period of at least
12 months from the date of approval of the financial statements.
The Company has no revenues but significant cash resources were
raised following its listing to finance its activities whilst it
identifies and completes suitable acquisition opportunities. On 30
September 2016, a potential acquisition of Lime Holdings Limited
was halted. Since this time, the Company have been looking at other
potential acquisitions but as of yet have not come to a binding
agreement.
In making their assessment of Going Concern, the Directors
acknowledge that the Company has a very small cost base and can
therefore confirm that they hold sufficient funds to ensure they
can meet their ongoing working capital needs to settle their debts
as they fall due for a period of at least one year from date of
approval of these financial statements. Accordingly, the Board
believes it is appropriate to adopt the going concern basis in the
preparation of the financial statements.
c) Financial Instruments
Financial assets and liabilities are recognised in the Company's
statement of financial position when the Company becomes a party to
the contractual provisions of the instrument. The Company currently
does not use derivative financial instruments to manage or hedge
financial exposures or liabilities.
Loans and receivables are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active
market. They are included in current assets, except for maturities
greater than 12 months after the end of the reporting period. These
are classified as non-current assets. The Company's loans and
receivables comprise Trade and Other Receivables and Cash and Cash
Equivalents in the Statement of Financial Position
d) Trade and Other Receivables and Payables
Trade and other receivables are amounts due from customers for
merchandise sold or services performed in the ordinary course of
business. If collection is expected in one year or less (or in the
normal operating cycle of the business if longer), they are
classified as current assets. If not they are presented as
non-current assets.
Trade and other receivables are recognised initially at fair
value, and subsequently measured at amortised cost using the
effective interest method, less provision for impairment.
Other liabilities measured at amortised cost are obligations to
pay for goods or services that have been acquired in the ordinary
course of business from suppliers. The liabilities are classified
as current liabilities if payment is due within one year or less
(or in the normal operating cycle of the business if longer. If
not, they are presented as non-current liabilities.
The liabilities are recognised initially at fair value, and
subsequently measured at amortised cost using the effective
interest method.
e) De-recognition of Financial Instruments
i. Financial Assets
A financial asset is derecognised where:
-- the right to receive cash flows from the asset has expired;
-- the Company retains the right to receive cash flows from the
asset, but has assumed an obligation to pay them in full without
material delay to a third party under a pass-through arrangement;
or
-- the Company has transferred the rights to receive cash flows
from the asset, and either has transferred substantially all the
risks and rewards of the asset or has neither transferred nor
retained substantially all the risks and rewards of the asset, but
has transferred control of the asset.
ii. Financial Liabilities
A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires. Where an
existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or
modification is treated as a derecognition of the original
liability and the recognition of a new liability, and the
difference in the respective carrying amounts is recognised in the
statement of comprehensive income.
f) Taxation
Current Tax
Current tax assets and liabilities for the current and prior
periods are measured at the amount expected to be recovered from or
paid to the tax authorities. The tax rates and the tax laws used to
compute the amount are those that are enacted or substantively
enacted by the statement of financial position date.
Deferred Tax
Deferred income tax is recognised on all temporary differences
arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements, with the following
exceptions:
-- where the temporary difference arises from the initial
recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and, at the time of
the transaction, affects neither accounting nor taxable profit or
loss;
-- in respect of taxable temporary differences associated with
investment in subsidiaries, associates and joint ventures, where
the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will
not reverse in the foreseeable future; and
-- deferred income tax assets are recognised only to the extent
that it is probable that taxable profit will be available against
which the deductible temporary differences, carried forward tax
credits or tax losses can be utilised.
Deferred income tax assets and liabilities are measured on an
undiscounted basis at the tax rates that are expected to apply when
the related asset is realised or liability is settled, based on tax
rates and laws enacted or substantively enacted at the statement of
financial position date.
The carrying amount of deferred income tax assets is reviewed at
each statement of financial position date. Deferred income tax
assets and liabilities are offset, only if a legally enforcement
right exists to set off current tax assets against current tax
liabilities, the deferred income taxes related to the same taxation
authority and that authority permits the Company to make a single
net payment.
Income tax is charged or credited directly to equity if it
relates to items that are credited or charged to equity. Otherwise
income tax is recognised in the statement of comprehensive
income.
g) Segmental Reporting
At this point, identifying and assessing investment projects is
the only activity the Company is involved in and is therefore
considered as the only operating/reportable segment.
Therefore the financial information of the single segment is the
same as that set out in the Company statement of comprehensive
income, Company statement of financial position, the Company
statement of changes to equity and the Company statement of
cashflows.
h) Financial Risk Management Objectives and Policies
The Company does not enter into any forward exchange rate
contracts.
The main financial risks arising from the Company's activities
are cash flow interest rate risk, liquidity risk, price risk (fair
value) and credit risk. Further details on the risk disclosures can
be found in Note 13.
i) Equity
Equity instruments issued by the Company are recorded net at
proceeds after direct issue costs.
j) Cash and Cash Equivalents
Cash and cash equivalents comprise cash held in bank. This
definition is also used for the Statement of Cash Flows.
The Company considers the credit ratings of banks in which it
holds funds in order to reduce exposure to credit risk. The Company
only keeps its holdings of cash and cash equivalents with
institutions which have a minimum credit rating of 'A-'.
The Company considers that it is not exposed to major
concentrations of credit risk.
3. Expenses by Nature
Year ended Period ended
31 December 31 December
2016 2015
GBP GBP
Advertising and PR 80,400 17,050
Fees payable to the Company's
auditor:
* for the audit of the annual accounts 11,575 7,025
24,000 -
* non audit services
Legal and professional
fees 296,016 6,825
Establishment expenses 107,907 15,127
------------ ------------
Total Administrative expenses 519,898 46,027
------------ ------------
4. Income tax
Analysis of charge in the year
Year ended Period ended
31 December 31 December
2016 Restated 2015
GBP GBP
Current tax:
UK corporation tax on - -
loss for the year
Deferred tax - -
Tax on loss on ordinary - -
activities
Loss on ordinary activities
before tax (519,898) (80,367)
Analysis of charge in
the year
Loss on ordinary activities
multiplied by rate of
corporation tax in the
UK of 20% (103,980) (16,073)
Disallowed items 54,145 3,168
Timing differences - 3,700
------------ ----------------
Tax losses carried forward (49,835) (9,205)
------------ ----------------
Current tax charge - -
------------ ----------------
Effects of:
Tax Loss brought forward (46,027) -
Prior year adjustment (18,498) -
Tax Loss in period unutilised (230,673) (46,027)
------------ ----------------
Tax Loss carried forward (295,198) (46,027)
------------ ----------------
Current tax charge for - -
the year as above
------------ ----------------
The Company has accumulated tax losses arising in the UK of
approximately GBP295,198 (Dec 2015: GBP46,027) that are available,
under current legislation, to be carried forward against future
profits. No deferred tax asset has been recognised against these
losses.
5. Earnings per share
The calculation of the Basic and fully diluted earnings per
share is calculated by dividing the loss for the year from
continuing operations of GBP519,898 (2015: GBP80,367) for the
Company by the weighted average number of ordinary shares in issue
during the year of 65,173,973 (2015: 16,519,016).
There are no potential dilutive shares in issue.
6. Trade and other receivables
As at As at
31 December 31 December
2016 2015
GBP GBP
VAT receivable - 28,082
Other receivables 180 335
Prepayments 1,500 2,750
------------- -------------
1,680 31,167
------------- -------------
There are no material differences between the fair value of
trade and other receivables and their carrying value at the year
end.
No receivables were past due or impaired at the year end.
7. Cash and cash equivalents
As at As at 31
31 December December
2016 2015
GBP GBP
Cash at bank 1,045,723 1,323,869
1,045,723 1,323,869
------------- ----------
8. Called up share capital
On 30 October 2015 and prior to the Company's listing,
21,600,000 new Ordinary Shares of GBP0.01 nominal value had been
issued at par and fully paid. On 9 November 2015 following the
Company's listing on the London Stock Exchange, 43,300,000 new
Ordinary Shares of GBP0.01 nominal value were issued, fully paid at
a premium of GBP0.02 per share. On 11(th) November 2016 2,000,000
new Ordinary Shares of GBP0.01 nominal value were issued at a
premium of GBP0.03 per share to M6 Limited as settlement for a fee
of GBP80,000 for online marketing services.
The ordinary shares have attached to them full voting, dividend
and capital distribution rights (including on a winding up). The
ordinary shares do not confer any rights of redemption.
Number
of Shares Share
Ordinary Capital
Shares GBP
At 1 March 2015 5,000,001 50,000
Subscription 29 July 2015 2,499,999 25,000
Intermediate Placees subscription
30 October 2015 14,100,000 141,000
Placing 9 November 2015 43,300,000 433,000
At 1 January 2016 64,900,000 649,000
Ordinary Shares issued 11 November
2016 2,000,000 20,000
At 31 December 2016
Ordinary Shares of GBP0.01 66,900,000 669,000
9. Share Premium
Summary of Share Premium
Share
Premium
Paid
(net
of cost Less share Net Share
of shares) issue costs Premium
GBP GBP GBP
At 1 March 2015 - - -
Placing 9 November
2015 866,000 (84,757) 781,243
At 1 January 2016 866,000 (84,757) 781,243
Ordinary Shares issued
11 November 2016 60,000 - 60,000
At 31 December 2016 926,000 (84,757) 841,243
10. Trade and other payables
As at As at
31 December 31 December
2016 2015
GBP GBP
Accruals 143,695 11,430
143,695 11,430
------------- -------------
11. Related party disclosures
With effect from 11 November 2015, M6 Limited ("M6") entered
into an agreement to provide web development, online marketing,
mobile application development and marketing, content production,
advertising, public relations, and lead generation services to the
Company for a fee of GBP80,000. The Company has agreed with M6 to
issue 2,000,000 Ordinary Shares at the Placing Price at Admission
in settlement of monies owed to M6. As at 11 November 2016,
2,000,000 Ordinary Shares were issued to M6 as payment for their
services; further details of this transaction are disclosed in note
8. Adrian Beeston, a director of the Company, is also a director of
M6 and holds c.17 per cent. of the issued ordinary share capital of
M6 Limited.
During the year, the Company paid GBP20,239 (2015: GBP3,000) to
Dukemount Capital Plc in respect of rent. Peter Redmond, a Director
of the Company, is also Director of Dukemount Capital Plc. As at
the year-end, GBPNil (2015: GBP1,500) was owed to Dukemount in
respect of rent.
12. Directors' emoluments
Details concerning Directors' remuneration can be found below.
The Directors are considered to be the key management.
Short Other Other
term long
employee Post employment term Termination
Name of Director benefits benefits benefits benefits Total
----------------- ---------- ---------------- ---------- ------------ ------- ------
Geoffrey Dart - -
Peter Redmond - -
Adrian Beeston - -
Total - - - - - -
Further information concerning Directors' remuneration can be
found in the Directors' Remuneration report.
13. Financial instruments
The following table sets out the categories of financial
instruments held by the Company as at the year ended 31 December
2016 and period ended 31 December 2015:
Loans and
2016 Receivables Total
GBP GBP
Trade and other receivables,
except prepayments 180 180
Cash and cash equivalents 1,045,723 1,045,723
1,045,903 1,045,903
------------- -----------
Loans and
2015 Receivables Total
GBP GBP
Trade and other receivables,
except prepayments 28,417 28,417
Cash and cash equivalents 1,323,869 1,323,869
1,352,286 1,352,286
------------- -----------
Other financial
liabilities
at amortised
2016 cost Total
GBP GBP
Trade and other payables 143,695 143,695
143,695 121,695
---------------- --------
Other financial
liabilities
at amortised
2015 cost Total
GBP GBP
Trade and other payables 11,430 11,430
11,430 11,430
---------------- -------
Cash & cash equivalents
All of the cash balance as per the Statement of Financial
Position is held with the following institutions:
2016 2015
GBP GBP
Metro Bank PLC 1,044,502 1,323,869
Royal Bank of Scotland 1,221 -
a) Interest rate risk
The Company has floating rate financial assets in the form of
deposit accounts with major banking institutions; however, it is
not currently subjected to any other interest rate risk.
Based on cash balances as above as at the statement of financial
position date, a rise in interest rates of 1% would not have a
material impact on the profit and loss of the Company and such is
not disclosed.
In relation to sensitivity analysis, there was no material
difference to disclosures made on financial assets and
liabilities.
b) Liquidity risk
The Company regularly reviews its major funding positions to
ensure that it has adequate financial resources in meeting its
financial obligations. The Company takes liquidity risk into
consideration when deciding its sources of funds. The principle
liquidity risk facing the business is the risk of going concern
which has been discussed in Note 2 (b).
c) Credit risk
The Company had receivables of GBP1,680 at 31 December 2016.
Company receivables of GBP1,680 at the year end were not past due,
and the Directors consider there to be no credit risk arising from
these receivables.
d) Capital risk management
The Company defines capital as the total equity of the Company.
The Company's objectives when managing capital are to safeguard the
Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.
In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to
reduce debt.
e) Fair value of financial assets and liabilities
There are no material differences between the fair value of the
Company's financial assets and liabilities and their carrying
values in the financial statements.
14. Staff Costs
During the year to 31 December 2016 there were no staff costs as
no staff were employed by the Company other than the directors.
Therefore, the average staff number for the year was 3 in
administration, this includes the Directors.
15. Ultimate Controlling Party
The Directors have determined that there is no controlling party
as no individual shareholder holds a controlling interest in the
Company.
16. Copies of the Annual Report
Copies of the annual report will be available on the Company's
website at www.silverfalconplc.com and from the Company's
registered office, 5 Fleet Place, London EC4M 7RD.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR IJMPTMBBBMFR
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