Agrimundo Ltd - Accounts to registrar (filleted) - small 18.2
Agrimundo Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| AGRIMUNDO LTD |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
| AGRIMUNDO LTD (REGISTERED NUMBER: 08113065) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| AGRIMUNDO LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1 Plato Place |
| 72-74 St Dionis Road |
| Fulham |
| London |
| SW6 4TU |
| AGRIMUNDO LTD (REGISTERED NUMBER: 08113065) |
| BALANCE SHEET |
| 30 JUNE 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| AGRIMUNDO LTD (REGISTERED NUMBER: 08113065) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2018 |
| 1. | STATUTORY INFORMATION |
| Agrimundo Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| INTANGIBLE ASSETS |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| An impairment loss has been recognised in the Income Statement, following an assessment at the Balance |
| Sheet date indicating the recoverable amount was less than its carrying value. |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| RESEARCH AND DEVELOPMENT |
| Development expenditure is capitalised in accordance with the accounting policy given below. Initial |
| capitalisation of costs is based on management's judgement that technical and economic feasibility is confirmed, |
| usually when a product development project has reached a defined milestone according to an established |
| project management model. In determining the amounts to be capitalised management makes assumptions |
| regarding the expected future cash generation of the assets, discount rates to be applied and the expected |
| period of benefits. |
| FOREIGN CURRENCIES |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
| at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 3. | INTANGIBLE FIXED ASSETS |
| Research |
| and |
| development |
| £ |
| COST |
| At 1 July 2017 |
| Impairments | (781,250 | ) |
| At 30 June 2018 |
| NET BOOK VALUE |
| At 30 June 2018 |
| At 30 June 2017 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Amounts owed by participating interests | 4,259 | 4,259 |
| Other debtors |
| AGRIMUNDO LTD (REGISTERED NUMBER: 08113065) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2018 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other creditors |
| 6. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Other provisions | 2,000 | 781,250 |
Investor | Non-recourse loans with entitlement to share of net receipts | No. of shares held | Share of net receipts |
| £ | % |
| Peter Horbye | 156,250 | 14,720 | 20 |
| Bandera Asset Management | 156,250 | 14,720 | 20 |
| John Benitz | 234,375 | 22,080 | 30 |
| Luis Egusquiza Manchado | 234,375 | 22,080 | 30 |
| 781,250 | 73,600 | 100 |
| When the company was incorporated, it was acknowledged that the above investors had incurred project |
| development expenditure to the value of £781,250 (equivalent at the time of US$1,250,000). The amount owing |
| to the above investors represents non-recourse loans that are interest free, in return for a share in the net |
| receipts, after costs, in the project proceeds. Each investor's share is proportional to their original shareholdings |
| in the company. If the proceeds are not sufficient to make full repayment of the loans, the company is not bound |
| to make full repayment.The provision has been cancelled in line with the directors' nil valuation of the likely |
| project proceeds as at 30 June 2018. |
| A provision of £2,000 was made during the year to cover legal and professional costs. |