Emsworth Assets Limited - Accounts to registrar (filleted) - small 18.2

Emsworth Assets Limited - Accounts to registrar (filleted) - small 18.2

EMSWORTH ASSETS LIMITED - Company Information

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REGISTERED NUMBER: 04090296 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 December 2018

for

Emsworth Assets Limited
Emsworth Assets Limited (Registered number: 04090296)






Contents of the Financial Statements
for the Year Ended 31 December 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Emsworth Assets Limited

Company Information
for the Year Ended 31 December 2018







DIRECTORS: O Perkons
S Isidorou Siachinian





REGISTERED OFFICE: 19 Grantley House 11 Myers Lane
London
SE14 5RZ





REGISTERED NUMBER: 04090296 (England and Wales)





ACCOUNTANTS: Hawksford UK Services Limited
3rd Floor, Fairgate House
78 New Oxford Street
London
WC1A 1HB
Page 1
Emsworth Assets Limited (Registered number: 04090296)

Balance Sheet
31 December 2018

31.12.18 31.12.17
Notes $    $   
CURRENT ASSETS
Debtors 3 26,735 27,032
Investments 4 5,948,217 5,948,217
5,974,952 5,975,249
CREDITORS
Amounts falling due within one year 5 (10,593,274 ) (10,593,280 )
NET CURRENT LIABILITIES (4,618,322 ) (4,618,031 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(4,618,322
)
(4,618,031
)

CREDITORS
Amounts falling due after more than one year 6 (468,594 ) (448,850 )
NET LIABILITIES (5,086,916 ) (5,066,881 )

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings (5,086,919 ) (5,066,884 )
SHAREHOLDERS' FUNDS (5,086,916 ) (5,066,881 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

Page 2 continued...
Emsworth Assets Limited (Registered number: 04090296)

Balance Sheet - continued
31 December 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 19 September 2019 and were signed on its behalf by:





O Perkons - Director


The notes form part of these financial statements

Page 3
Emsworth Assets Limited (Registered number: 04090296)

Notes to the Financial Statements
for the Year Ended 31 December 2018

1. STATUTORY INFORMATION

Emsworth Assets Limited is a private company, limited by shares, registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent
that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet
date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of
transaction. Exchange differences are taken into account in arriving at the operating result.

Investments
Current asset investments are stated at lower of cost and net realisable value at the balance sheet date . Cost includes the
purchase cost and all other costs necessary to bring the asset in its present location and condition.

Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company
had net liabilities amounting to $5,086,916 (2017: $5,066,881) and incurred a net loss of $20,035 (2017: $20,488) for the
year.

The director considers the going concern basis to be appropriate due to the fact that the controlling party has expressed its
willingness to provide financial support for the next 12 months as from the date of approval of the financial statements in
order for the company to meet its current liabilities. Therefore the director continues to adopt the going concern basis of
accounting, which contemplates the realisation of assets and satisfaction of liabilities and commitments in the normal course
of business.

Page 4 continued...
Emsworth Assets Limited (Registered number: 04090296)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2018

3. DEBTORS
31.12.18 31.12.17
$    $   
Amounts falling due within one year:
Other debtors 3 3

Amounts falling due after more than one year:
Loan debtors 26,732 27,029

Aggregate amounts 26,735 27,032

4. CURRENT ASSET INVESTMENTS
31.12.18 31.12.17
$    $   
Unlisted investments 5,948,217 5,948,217

The company's unlisted investments include investments in companies listed on the Ukrainian Stock Exchange, which is not
a recognised Stock Exchange under FRS 102. At 31 December 2018 the shares had been suspended.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.18 31.12.17
$    $   
Promissory notes 2,552,700 2,552,700
Trade creditors 7,999,999 8,000,000
Other creditors 40,575 37,259
Accruals and deferred income - 3,321
10,593,274 10,593,280

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.18 31.12.17
$    $   
Loan creditors 468,594 448,850

Page 5 continued...
Emsworth Assets Limited (Registered number: 04090296)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2018

7. RELATED PARTY DISCLOSURES

Included in debtors due after more than one year are the following balances due from related parties:

31.12.18 31.12.17
$ $
Trimcroft Services Limited 22,093 22,336
Calefort Developments Limited 4,639 4,693

During the year, the company charged interest of $608 (2017: $1,264) to Trimcroft Services Limited and $124 (2017:
$140) to Calefort Developments Limited in respect of the above loans.

Included in creditors are the following balances due to related parties:

31.12.18 31.12.17
$ $
Gilson Investments Limited 2,552,700 2,552,700
Sensei International SA 468,594 448,850

During the year, Sensei International SA charged the company interest of $17,008 (2017: $16,991) on the above loan.

All of the above companies are related parties due to common ownership.

8. ULTIMATE CONTROLLING PARTY

Financiere Egine Holding S.C.A. and Amandine Holdings Limited own 50% of the company's shares each, however they
hold these shares as effective nominees for a consortium of individuals, with no one individual having overall control.

Page 6