Wehr (London) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07113561 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

WEHR (LONDON) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C Photi

Baltic Sea Enterprise Limited

Baltic Sea Trade Limited

SECRETARY:

Aggredior Trustees Ltd

REGISTERED OFFICE:

46 Dorset Street

London

England

W1U 7NB

REGISTERED NUMBER:

07113561 (England and Wales)

ACCOUNTANTS:

Macalvins Limited

Chartered Accountants

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Investments

4

493,053

684,395

CURRENT ASSETS

Debtors

5

3,640,212

3,261,480

Cash at bank

55,894

146,612

3,696,106

3,408,092

CREDITORS

Amounts falling due within one year

6

3,537,435

3,919,004

NET CURRENT ASSETS/(LIABILITIES)

158,671

(510,912

)

TOTAL ASSETS LESS CURRENT LIABILITIES

651,724

173,483

CREDITORS

Amounts falling due after more than one year

7

400,000

-

NET ASSETS

251,724

173,483

CAPITAL AND RESERVES

Called up share capital

1,113

1,113

Retained earnings

250,611

172,370

SHAREHOLDERS' FUNDS

251,724

173,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 10 August 2022 and were signed on its behalf by:

Mrs C Photi - Director

1.	STATUTORY INFORMATION

Wehr (London) Ltd 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.

The presentation currency of the financial statements is the Euro (€).

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.

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.

Foreign currencies

The financial statements are prepared in Euros, the functional currency of the company.

Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the profit and loss account.

Fixed asset investments

Investments in subsidiary undertakings are recognised at cost.

Listed investments are recognised initially at cost and revalued to open market values.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Investment

Shares in

in

group

Subsidiary

Other

undertakings

Compa ny

investments

Totals

€

€

€

€

COST OR VALUATION

At 1 January 2021

2

-

684,393

684,395

Additions

12,000

1,200

-

13,200

Disposals

-

-

(278,830

)

(278,830

)

Revaluations

-

-

74,288

74,288

At 31 December 2021

12,002

1,200

479,851

493,053

NET BOOK VALUE

At 31 December 2021

12,002

1,200

479,851

493,053

At 31 December 2020

2

-

684,393

684,395

Cost or valuation at 31 December 2021 is represented by:

Investment

Shares in

in

group

Subsidiary

Other

undertakings

Compa ny

investments

Totals

€

€

€

€

Valuation in 2021

-

-

74,288

74,288

Valuation in 2020

-

-

45,400

45,400

Valuation in 2019

-

-

64,168

64,168

Cost

12,002

1,200

295,995

309,197

12,002

1,200

479,851

493,053

If other investments had not been revalued they would have been included at the following historical cost:

2021

2020

€

€

Cost

295,995

486,548

Other investments were valued on an open market basis on 31 December 2021 by reference to market prices .

The company's investments at the Balance Sheet date in the share capital of companies include the following:

BQ Maritime Limited

Registered office: Malta

Nature of business: Interest earning activities

%

Class of shares:

holding

Ordinary

100.00

31.12.21

€

Aggregate capital and reserves

(2,091,746

)

Loss for the period/year

(635,259

)

MAT Mobile Aviation & Trade SARL

Registered office: Luxembourg

Nature of business: Interest earning activities

%

Class of shares:

holding

Ordinary

100.00

31.12.21

€

Aggregate capital and reserves

(328,266

)

Loss for the year

(340,266

)

Sea Spirit Marine S.L.

Registered office: Spain

Nature of business: Interest earning activities

%

Class of shares:

holding

Ordinary

100.00

31.12.21

31.12.20

€

€

Aggregate capital and reserves

1,765,704

1,912,016

Loss for the year

(194,945

)

(514,509

)

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

€

€

Amounts owed by group undertakings

3,638,090

3,221,291

Other debtors

2,122

40,189

3,640,212

3,261,480

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

€

€

Amounts owed to group undertakings

3,532,679

3,532,639

Other creditors

4,756

386,365

3,537,435

3,919,004

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

€

€

Other creditors

400,000

-

8.	RELATED PARTY DISCLOSURES

At 31 December 2021, €3,173,847 was due from Sea Spirit Marine S.L., a company incorporated in the Spain, a subsidiary undertaking (2020: €3,199,147).

At 31 December 2021, €13,897 was due from Baltic Sea Enterprises Limited, a company incorporated in the England and Wales, a group undertaking (2020: €11,247).

At 31 December 2021, €13,546 was due from Baltic Sea Trade Limited, a company incorporated in the England and Wales, a group undertaking (2020: €10,896).

At 31 December 2021, €438,000 was due from MAT Mobile Aviation & Trade SARL, a company incorporated in Luxembourg, a group undertaking.

At 31 December 2021, €3,532,639 was due to Seaspirit Marine Company Limited, a company incorporated in the Cyprus, a group undertaking (2020: €3,532,639).

At 31 December 2021, €40 was due to Wehr London/Ambra Limited, a company incorporated in the England and Wales, a group undertaking.

The above loans are interest free and repayable on demand.

9.	IMMEDIATE AND ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The immediate and ultimate parent undertaking is GEKO TRADE GmbH , a company incorporated in the

Germany.

The ultimate controlling party is Mr J Wehr.