Eurasia Corporation Limited - Accounts to registrar (filleted) - small 18.2

Eurasia Corporation Limited - Accounts to registrar (filleted) - small 18.2

EURASIA CORPORATION LIMITED - Company Information

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REGISTERED NUMBER: 03688106 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

EURASIA CORPORATION LIMITED
EURASIA CORPORATION LIMITED (REGISTERED NUMBER: 03688106)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EURASIA CORPORATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2019







DIRECTOR: A Cheung





SECRETARY: A Cheung





REGISTERED OFFICE: 78 Westbourne Grove
London
W2 5RT





REGISTERED NUMBER: 03688106 (England and Wales)





ACCOUNTANTS: Cox & Co. (Accountancy) Limited
Chartered Accountants
The Granary
High Street
Turvey
Bedford
Bedfordshire
MK43 8DB
Page 1
EURASIA CORPORATION LIMITED (REGISTERED NUMBER: 03688106)

BALANCE SHEET
31 DECEMBER 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 326 407
Investments 5 1 1
Investment property 6 1,250,000 1,250,000
1,250,327 1,250,408

CURRENT ASSETS
Debtors 7 77,529 71,900
Cash at bank 115 27
77,644 71,927
CREDITORS
Amounts falling due within one year 8 100,752 94,873
NET CURRENT LIABILITIES (23,108 ) (22,946 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,227,219
1,227,462

CREDITORS
Amounts falling due after more than one
year
9
243,378
243,378
NET ASSETS 983,841 984,084

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 987,962 987,962
Retained earnings (4,221 ) (3,978 )
SHAREHOLDERS' FUNDS 983,841 984,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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...
EURASIA CORPORATION LIMITED (REGISTERED NUMBER: 03688106)

BALANCE SHEET - continued
31 DECEMBER 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2020 and were signed by:





A Cheung - Director


The notes form part of these financial statements

Page 3
EURASIA CORPORATION LIMITED (REGISTERED NUMBER: 03688106)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

1. STATUTORY INFORMATION

Eurasia Corporation 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Investment properties
In accordance with the Financial Reporting Standard for Small Entities FRS102 (1A):

a) Investment properties are revalued annually by the Directors and the aggregate surplus or deficit is transferred to a retained earnings account; and

b) No depreciation or amortisation is provided in respect of freehold properties and leasehold investment properties with over 20 years remaining.

The policy departs from the requirements of the Companies Act 2006 for the overriding purpose of providing a true and fair view.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

Page 4 continued...
EURASIA CORPORATION LIMITED (REGISTERED NUMBER: 03688106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2019
and 31 December 2019 32,820
DEPRECIATION
At 1 January 2019 32,413
Charge for year 81
At 31 December 2019 32,494
NET BOOK VALUE
At 31 December 2019 326
At 31 December 2018 407

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2019
and 31 December 2019 1
NET BOOK VALUE
At 31 December 2019 1
At 31 December 2018 1

The company owns 25% of ordinary shares of the Associated company '8 Strathmore Gardens Management Ltd' which owns the freehold of the investment property owned by Eurasia Corporation Ltd.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2019
and 31 December 2019 1,250,000
NET BOOK VALUE
At 31 December 2019 1,250,000
At 31 December 2018 1,250,000

The property has an unexpired lease in excess of 50 years. The investment property is a long lease. The company also owns a 25% share of the limited company that owns the freehold of that same property.

Page 5 continued...
EURASIA CORPORATION LIMITED (REGISTERED NUMBER: 03688106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019

6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2019 is represented by:

£   
Valuation in 2013 737,962
Valuation in 2014 250,000
Cost 262,038
1,250,000

Investment property was valued on an open market basis on 31 December 2019 by the director.

If the property was sold at the balance sheet date, the estimated potential corporation tax liability is £154,754.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 4,488 -
Other debtors 73,041 71,900
77,529 71,900

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 1,141 -
Taxation and social security 4,793 4,533
Other creditors 94,818 90,340
100,752 94,873

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Other creditors include a mortgage of £243,378 obtained from the Co-operative Bank in the name of the director Mrs M Cheung and her husband as nominees for the company. The mortgage is flexible and is secured over the personal property of Mrs M Cheung and her husband.

10. RESERVES
Revaluation
reserve
£   
At 1 January 2019
and 31 December 2019 987,962

Page 6