Fprop Opportunity Lodz Ltd - Accounts to registrar (filleted) - small 18.2
Fprop Opportunity Lodz Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 March 2020 |
| for |
| FPROP OPPORTUNITY LODZ LTD |
| FPROP OPPORTUNITY LODZ LTD (REGISTERED NUMBER: 07285365) |
| Contents of the Financial Statements |
| for the year ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| FPROP OPPORTUNITY LODZ LTD |
| Company Information |
| for the year ended 31 March 2020 |
| Directors: |
| Registered office: |
| Registered number: |
| Auditors: |
| Chartered Accountants and Statutory Auditor |
| Sterling House |
| 19/23 High Street |
| Kidlington |
| Oxfordshire |
| OX5 2DH |
| FPROP OPPORTUNITY LODZ LTD (REGISTERED NUMBER: 07285365) |
| Balance Sheet |
| 31 March 2020 |
| 31/3/20 | 31/3/19 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Investments | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital |
| Foreign exchange |
| translation reserve | 7 | ( |
) | ( |
) |
| Retained earnings | 7 |
| Shareholders' funds |
| 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 and authorised for issue on |
| FPROP OPPORTUNITY LODZ LTD (REGISTERED NUMBER: 07285365) |
| Notes to the Financial Statements |
| for the year ended 31 March 2020 |
| 1. | Statutory information |
| Fprop Opportunity Lodz Ltd is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Fprop Opportunity Lodz Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Fprop Opportunities Plc, 32 St James's Street, London, SW1A 1HD. |
| Significant judgements and estimates |
| The preparation of financial statements in conformity with FRS 102 requires management to use accounting estimates and exercise judgement in the process of applying the company's accounting policies. There were no areas which required significant judgement or measurement uncertainty. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. Monetary items which are denominated in foreign currencies, such as loans which form part of the net investment in the subsidiary undertaking, are translated into sterling at the balance sheet date.The zloty loans advanced to its Polish Subsidiary are included in the cost of the investment because they are deemed to be long term sources of finance, as permanent as equity, where settlement is neither planned nor likely to occur in the foreseeable future. |
| 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. |
| FPROP OPPORTUNITY LODZ LTD (REGISTERED NUMBER: 07285365) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 2. | Accounting policies - continued |
| 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. |
| Monetary items which are denominated in foreign currency, such as loans receivable which form part of the net investment in an associate, are translated into sterling at the balance sheet date with the gain or loss on translation being recognised in Other Comprehensive Income. This is a departure from Section 30 of Financial Reporting Standard 102, which requires that any gain or loss on translation be recognised in the Income Statement. |
| This departure is a true and fair override as the settlement of the loan balances which form part of the net investment in the associate is neither planned, nor likely to occur in the foreseeable future, therefore it is believed that the recognition of temporary differences in exchange rates in the Income Statement would be misleading in these circumstances. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of twelve months from the date of approval of the financial statements, including any potential impact of the Covid-19 virus on trading. Having taken account of all available information about the future, including the company’s most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| The Directors consider that Fprop Opportunities Plc will only demand repayment of the loan of £616,638 owed at the year end if the company can afford to repay the loan. |
| Other income |
| Other income includes dividends receivable that have been accrued as dividends payable in the accounts of its Polish subsidiary company Fprop Lodz Sp Zoo. |
| 3. | Employees and directors |
| The average number of employees during the year was NIL (2019 - NIL). |
| 4. | Fixed asset investments |
| 31/3/20 | 31/3/19 |
| £ | £ |
| Shares in group undertakings |
| Loans to group undertakings |
| FPROP OPPORTUNITY LODZ LTD (REGISTERED NUMBER: 07285365) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 4. | Fixed asset investments - continued |
| Additional information is as follows: |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 April 2019 |
| and 31 March 2020 |
| Net book value |
| At 31 March 2020 |
| At 31 March 2019 |
| Loans to |
| group |
| undertakings |
| £ |
| At 1 April 2019 |
| New in year |
| At 31 March 2020 |
| The long term loans receivable from its subsidiary undertaking are included as part of the net investment in the subsidiary. |
| 5. | Debtors: amounts falling due within one year |
| 31/3/20 | 31/3/19 |
| £ | £ |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 31/3/20 | 31/3/19 |
| £ | £ |
| Amounts owed to group undertakings |
| Other creditors |
| FPROP OPPORTUNITY LODZ LTD (REGISTERED NUMBER: 07285365) |
| Notes to the Financial Statements - continued |
| for the year ended 31 March 2020 |
| 7. | Reserves |
| Foreign |
| exchange |
| Retained | translation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2019 | ( |
) | 2,963,915 |
| Profit for the year |
| Net unrealised exchange losses | ( |
) | ( |
) |
| At 31 March 2020 | ( |
) | 3,424,302 |
| The Foreign exchange translation reserve is made up of the unrealised losses of £52,327 arising from the retranslation at the year end of the zlotys loans receivable that are included in investments. |
| 8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | Related party disclosures |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 10. | Ultimate controlling party |
| The controlling party is Fprop Opportunities Plc. |