Polimnia Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09571236

Polimnia Limited

Filleted Unaudited Financial Statements

31 December 2018

Polimnia Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	€	€	€

Fixed assets

Investments	6		1,744,464	1,824,464

Current assets

Debtors	7	1,465,495	1,427,342
Cash at bank and in hand		696,217	442,978
		------------	------------
		2,161,712	1,870,320

Creditors: amounts falling due within one year	8	3,892,833		3,827,345
		------------		------------
Net current liabilities			1,731,121	1,957,025
			------------	------------
Total assets less current liabilities			13,343	( 132,561)
			--------	---------
Net assets/(liabilities)			13,343	( 132,561)
			--------	---------

Capital and reserves

Called up share capital	9	270	270
Profit and loss account		13,073	( 132,831)
		--------	---------
Shareholders funds/(deficit)		13,343	( 132,561)
		--------	---------

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 income and retained earnings has not been delivered.

For the year 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 year 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 .

Polimnia Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 22 November 2019 , and are signed on behalf of the board by:

Mr B Bolfo

Director

Company registration number: 09571236

Polimnia Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

Polimnia Limited is a private limited company, limited by shares, incorporated and domiciled in England and Wales, registration number 09571236 . The address of its registered office is c/o AG Tax Limited, 7th Floor, Minster House, 42 Mincing Lane, London, EC3R 7AE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 euro's, which is the functional currency of the entity.

No significant judgements or key assumptions have been made by management in preparing these financial statements.

Going concern

The accounts have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The directors are of the opinion that the company will trade profitably in the future and the company receives continued financial support from its shareholders. If this basis were found not to be appropriate assets and liabilities would have to be restated on a break up basis which would not be materially different.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 are 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. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tax on profit/(loss)

Major components of tax expense

	2018	2017
	€	€

Current tax:

UK current tax expense	16,416	–
	--------	----
Tax on profit/(loss)	16,416	–
	--------	----

Reconciliation of tax expense

The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2017: higher than) the standard rate of corporation tax in the UK of 19 % (2017: 19.25 %).

	2018	2017
	€	€
Profit/(loss) on ordinary activities before taxation	162,320	( 22,458)
	---------	--------
Profit/(loss) on ordinary activities by rate of tax	30,841	( 4,323)
Effect of revenue exempt from tax	( 5,622)	–
Utilisation of tax losses	( 8,803)	4,323
	---------	--------
Tax on profit/(loss)	16,416	–
	---------	--------

6. Investments

	Shares in group undertakings	Loans to group undertakings	Total
	€	€	€
Cost
At 1 January 2018	144,464	1,680,000	1,824,464
Disposals	–	( 80,000)	(80,000)
	---------	------------	------------
At 31 December 2018	144,464	1,600,000	1,744,464
	---------	------------	------------
Impairment
At 1 January 2018 and 31 December 2018	–	–	–
	---------	------------	------------

Carrying amount
At 31 December 2018	144,464	1,600,000	1,744,464
	---------	------------	------------
At 31 December 2017	144,464	1,680,000	1,824,464
	---------	------------	------------

The company owns 100% of the issued share capital of Polimnia Art Limited which is based in the UK and 50% of the issued share capital of Cortesi & Partners Art Invest SAGL2 which is based in Switzerland.The nature of both companies' business is to trade art works. The company owns 60% of the issued share capital of Speciale Srl which is based in the Italy, the nature of the company's business is to trade classic cars.

7. Debtors

	2018	2017
	€	€
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,396,593	1,390,384
Other debtors	68,902	36,958
	------------	------------
	1,465,495	1,427,342
	------------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	€	€
Trade creditors	3,293	–
Corporation tax	16,416	–
Social security and other taxes	1,061	1,227
Other creditors	3,872,063	3,826,118
	------------	------------
	3,892,833	3,827,345
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	€	No.	€
Ordinary A shares shares of € 1.35 each	100	135	100	135
Ordinary B shares shares of € 1.35 each	100	135	100	135
	----	----	----	----
	200	270	200	270
	----	----	----	----

10. Events after the end of the reporting period

There were no significant events after the reporting year to be adjusted in the financial statements.

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	€	€	€
Mr B Bolfo	( 15,415)	( 14,675)	( 30,090)
Mrs F Price	( 15,415)	( 14,675)	( 30,090)
	--------	--------	--------
	( 30,830)	( 29,350)	( 60,180)
	--------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	€	€	€
Mr B Bolfo	( 28,973)	13,558	( 15,415)
Mrs F Price	( 29,990)	14,575	( 15,415)
	--------	--------	--------
	( 58,963)	28,133	( 30,830)
	--------	--------	--------

12. Related party transactions

Included within debtors is €616,593 (2017: €670,384) owed by Polimnia Art Limited, a wholly-owned subsidiary company. This amount is unsecured, interest free and repayable on demand. Included within debtors is €780,000 (2017: €720,000) owed by Speciale Srl, a 60% subsidiary company. This amount is unsecured, interest free and repayable on demand. Included within investments is a loan of €1,600,000 (2017: €1,680,000) owed by Cortesi & Partners Art Invest SAGL2, a 50% subsidiary company. Interest at a rate of 4% over Euribor 6 months per annum is receivable on the total amount of the loan and amounted to €68,902 (2017: €36,958) for the year, this amount is included in other debtors. Included within other creditors is €3,751,322 (2017: €3,751,322) owed to the shareholders. Interest at a rate of 0.5% over EURIBOR12 per annum is payable on the total amount and amounted to €16,854 (2017: €16,854) for the year, this amount is included in other creditors. During the year the company received a dividend of €29,588 (2017: €nil) from its subsidiary undertaking, Speciale Srl.

13. Controlling party

The company was under the control of the directors of the company, by virtue of their family holding of 100% of the company's issued share capital.