ISGE Limited 31/12/2018 iXBRL

ISGE Limited 31/12/2018 iXBRL

ISGE LIMITED - Company Information

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Company registration number: 09780632
ISGE Limited
Unaudited filleted financial statements
31 December 2018
ISGE Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ISGE Limited
Directors and other information
Directors Mr Stelios Anastasiou
Mr Emilios Nicolaou
Mr Ioannis Kaiafas
Company number 09780632
Registered office Office 44
1 Primrose Street
City of London
London
EC2A 2EX
Business address Vision Tower Floors 4th & 5th
67 Limassol Avenue
Aglantzia
Nicosia Cyprus
2121
Accountants Kay Peters & Co
WeWork Third Floor
1 Primrose Street
City of London
London
EC2A 2EX
Bankers VP Bank (Schweiz) AG
Bahnhofstrasse 3
8001 Zurich
Switzerland
ISGE Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of ISGE Limited
Period ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ISGE Limited for the period ended 31 December 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of ISGE Limited, as a body, in accordance with the terms of our engagement letter dated 25 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of ISGE Limited and state those matters that we have agreed to state to the board of directors of ISGE Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ISGE Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that ISGE Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of ISGE Limited. You consider that ISGE Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of ISGE Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
We have relied on the figures provided by the accountants acting for the company's overseas branch which accounts for all the transactions on these financial statements.
Kay Peters & Co
Chartered Certified Accountants
WeWork Third Floor
1 Primrose Street
City of London
London
EC2A 2EX
25 September 2019
ISGE Limited
Statement of financial position
31 December 2018
31/12/18 15/09/18
Note £ £ £ £
Current assets
Debtors 6 895 852
Investments 7 473,016 445,491
Cash at bank and in hand 198,041 483,244
_______ _______
671,952 929,587
Creditors: amounts falling due
within one year 8 ( 1,588) ( 662)
_______ _______
Net current assets 670,364 928,925
_______ _______
Total assets less current liabilities 670,364 928,925
Creditors: amounts falling due
after more than one year 9 ( 764,608) ( 890,950)
_______ _______
Net (liabilities)/assets ( 94,244) 37,975
_______ _______
Capital and reserves
Called up share capital 10 10,000 10,000
Profit and loss account ( 104,244) 27,975
_______ _______
Shareholders (deficit)/funds ( 94,244) 37,975
_______ _______
For the period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2019 , and are signed on behalf of the board by:
Mr Stelios Anastasiou Mr Emilios Nicolaou
Director Director
Company registration number: 09780632
ISGE Limited
Statement of changes in equity
Period ended 31 December 2018
Called up share capital Profit and loss account Total
£ £ £
At 16 September 2017 10,000 29,125 39,125
Loss for the period ( 1,150) ( 1,150)
_______ _______ _______
Total comprehensive income for the period - ( 1,150) ( 1,150)
At 15 September 2018 (as previously reported) 10,000 27,975 37,975
Prior period adjustments (-) 18,577 18,577
_______ _______ _______
At 15 September 2018 (restated) and 16 September 2018 10,000 46,552 56,552
Loss for the period ( 150,796) ( 150,796)
_______ _______ _______
Total comprehensive income for the period - ( 150,796) ( 150,796)
_______ _______ _______
At 31 December 2018 10,000 ( 104,244) ( 94,244)
_______ _______ _______
ISGE Limited
Notes to the financial statements
Period ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is WeWork, Office 44, 1 Primrose Street, City of London, London, EC2A 2EX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the gross realized gains derived from the disposal financial investments together with any income paid by the investments held during the year falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2018: Nil).
6. Debtors
31/12/18 15/09/18
£ £
Other debtors 895 852
_______ _______
7. Investments
31/12/18 15/09/18
£ £
Bonds 349,909 269,666
Equities & Similar 47,966 66,521
Hedge Funds 75,141 109,304
_______ _______
473,016 445,491
_______ _______
The investments comprise of financial securities traded on the world financial markets. They have been valued on open market basis as at the 31st December 2018.
8. Creditors: amounts falling due within one year
31/12/18 15/09/18
£ £
Bank loans and overdrafts 12 12
Corporation tax 909 -
Social security and other taxes 17 -
Other creditors 650 650
_______ _______
1,588 662
_______ _______
9. Creditors: amounts falling due after more than one year
31/12/18 15/09/18
£ £
Other creditors 764,608 890,950
_______ _______
10. Called up share capital
Issued, called up and fully paid
31/12/18 15/09/18
No £ No £
Ordinary shares shares of £ 1.00 each 10,000 10,000 10,000 10,000
_______ _______ _______ _______
The company has issued 10,000 Ordinary Shares at par value during the current financial year as part of its initial share issue. All the shares have been fully subscribed and issued at par value. All shares issued have equal voting rights.
11. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/12/18
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ioannis Kaiafas ( 890,950) 126,342 ( 764,608)
_______ _______ _______
Year ended 15/09/18
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Ioannis Kaiafas ( 890,950) - ( 890,950)
_______ _______ _______
The director's loan is unsecured, it is not subject to interest and no date of repayment has been set. The directors retain the right to charge interest and set the repayment date which will be dependent on the company's performance.
12. Overseas branch
The amounts in the financial statements have been solely generated by the company's overseas branch.
13. Going concern
The company is dependent on its director and major shareholder for financial support to continue as a going concern.