At the year end the outstanding balance was $nil (2019: $1,175,664). Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; The significant judgments and assumptions made by the directors in determining that the Company is an investment entity are that; it has obtained funds from investors (its shareholders) and is providing those investors with investment management services; it commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and it measures and evaluates the performance of substantially all of its investments on a fair value basis. At 31 May 2020, the Company had UK tax losses of $4,472,598 (2019: $5,378,098) available to be carried forward and utilised against future taxable profits. Probability of default constitutes a key input in measuring an ECL and entails considerable judgment; it is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectation of future conditions. << /Length 16 0 R /Filter /FlateDecode >> to the Company was written off in full. Listen to the transcript (MP3) 2015 Annual Results presentation. View the document (PDF) Transcript for the FY 2015 presentation. Income and expense items are translated at the average exchange rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. During the year, the Company received a number of loans from its subsidiary Craven House Angola LDA. The financial statements are presented in US dollars which is the Company's functional currency. The Company's exposure to other foreign currency changes is not deemed to be material as the Company's investments are US Dollar based. /TT4 11 0 R >> >> Directors' remuneration is analysed as follows; The service contracts of the directors who served during the year are as follows: ** Payable in new ordinary shares of the company at $1.00 per share. Annual Report & Accounts for the Year Ended 31 May 2017 (PDF) As part of a group reconstruction undertaken during the year, the Company's beneficial ownership of its historic portfolio was transferred to Ordinary Shareholders via a dividend in specie of shares in its wholly owned subsidiary, Craven Industrial Holdings Plc. The directors believe that the Company is well placed to manage its business risks successfully. At the year end, the balance payable of $629,529 was assigned to Craven Industrial Holdings Plc. Net Debt is total financial debt less cash and short-term investments. x��ܶ}ׯ�}�x�7�?DI�ױ��i>`�u�����%������]���3sf����/�71�_��R�A9���)~�/�~V��g���?��Vj���B99jяN͇O⛃��? Please confirm that you are a private investor using the buttons below. Financial risk management objectives and policies. Commercial Property Investors Company Number 05332938 Registered in England. We aim to emulate the spirit of the old world merchant banking houses that ventured beyond the horizon to seek out quality businesses, owned and operated by talented entrepreneurs. requires the directors to consider the impact of changing one or more of the inputs used as part of the valuation process to reasonable possible alternative assumptions. At the year end the outstanding balance was $nil (2019: $777,645). Amounts are rounded to the nearest thousand, unless otherwise stated. 5 years 5 years policy in place and the local business community acquisition Manager at House! 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