Aranrose Properties Limited - Accounts to registrar (filleted) - small 18.2
Aranrose Properties Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
FOR |
ARANROSE PROPERTIES LIMITED |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ARANROSE PROPERTIES LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
BALANCE SHEET |
31 December 2019 |
2019 | 2018 |
Notes | € | € | € | € |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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 Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on were signed on its behalf by: |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2019 |
1. | STATUTORY INFORMATION |
Aranrose Properties Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Euro (€). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Aranrose Properties Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company is exempt under |
Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial |
statements. |
Going concern |
As described in the balance sheet the company has net current liabilities of €982,964. These net liabilities |
include amounts due to the shareholder of €2,165,165. Accordingly the company is dependent upon the |
continued support of its shareholder. |
The shareholder has confirmed that he will not seek full or partial repayment of the loan for a period of at |
least one year from the approval date of the accounts, On this basis the directors consider it appropriate to |
prepare the financial statements on a going concern basis. |
If the company were unable to continue in operational existence for the foreseeable future, adjustments would |
have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for |
further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and |
liabilities. |
Investments in subsidiaries |
Investments in subsidiary undertakings are stated at cost less accumulated impairment losses. |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is |
recognised in the profit and loss account, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income |
or directly in equity respectively. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax |
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax |
is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period |
end. |
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable |
tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts |
expected to be paid to the tax authorities. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and |
total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in the financial statements. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider |
that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profits |
Foreign currencies |
The accounts are denominated in Euros throughout. |
Monetary assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic |
financial instruments. |
Basic financial assets |
Loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due |
within one year are initially recognised at transaction price and subsequently carried at amortised cost being |
the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective |
evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
carrying amount would have been had the impairment not previously been recognised. The impairment |
reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or |
substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks |
and rewards of ownership are retained but control of the asset has transferred to another party that is able to |
sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the |
contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
Other creditors and loans from shareholders are initially recognised at transaction price and subsequently |
carried at amortised cost, being transaction price less any amounts settled. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Cash and cash equivalent |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits |
with an original maturity date of three months or less. |
Share capital |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other |
resources received or receivable, net of direct costs of issuing the equity instruments. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - NIL). |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
€ |
COST |
At 1 January 2019 |
and 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
€ | € |
Amounts owed by group undertakings |
Amounts owed by group undertakings are unsecured and interest is chargeable at 1.5% over the 3 month |
EURIBOR and the loan is due for repayment in full by 31 May 2023. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
€ | € |
Shareholder loan |
Tax |
Other creditors |
Accruals and deferred income |
The loan from shareholder is interest free and has no fixed terms of repayment. Hence the loan is considered |
to be repayable on demand. |
However, the lender has confirmed that he will not seek full or partial repayment of the loan for a period of at |
least one year from the approval date of the accounts. |
ARANROSE PROPERTIES LIMITED (REGISTERED NUMBER: 03862599) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2019 |
8. | FINANCIAL INSTRUMENTS |
The Company has the following financial instruments: |
Financial assets that are debt instruments measured at amortised cost | 2019 | 2018 |
€ | € |
Amounts owed by group undertakings |
1,187,232 |
1,174,454 |
Financial liabilities that are debt instruments measured at amortised cost |
2019 |
2018 |
€ | € |
Shareholder loan | 2,165,165 | 2,162,845 |
Other creditors | 317 | 317 |
Accruals | 2,600 | 1,643 |
2,168,082 | 2,164,445 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | € | € |
Ordinary | £1 | 1,134 | 1,134 |
10. | RELATED PARTY DISCLOSURES |
Courta Holdings B.V. |
The company is the 100% shareholder of Courta Holdings B.V. In previous years the company provided a loan |
of €1,158,895 to Courta Holdings B.V. which is due for repayment on 31 May 2023. The loan is unsecured |
and interest is charged at 1.5% over the 3 month EURIBOR. |
On 31 December 2019 the amount outstanding in respect of the above is €1,187,232 which includes €28,337 of |
interest receivable. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |