Laurium Investments Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 04952248 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

LAURIUM INVESTMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S N Ghelani

REGISTERED OFFICE:

7 St John's Road

Harrow

Middlesex

HA1 2EY

REGISTERED NUMBER:

04952248 (England and Wales)

AUDITORS:

Macalvins Limited

Chartered Accountants

and Statutory Auditors

7 St John's Road

Harrow

Middlesex

HA1 2EY

FIXED ASSETS

Investments

4

818,865

CURRENT ASSETS

Cash at bank

1,828

1,892

CREDITORS

Amounts falling due within one year

5

2,472,179

2,463,309

NET CURRENT LIABILITIES

(2,470,351

)

(2,461,417

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,651,486

)

(1,642,552

)

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

(1,651,488

)

(1,642,554

)

(1,651,486

)

(1,642,552

)

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 24 March 2022 and were signed by:

S N Ghelani - Director

1.	STATUTORY INFORMATION

Laurium Investments 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.

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.

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

The presentation currency is the Euro, and the figures in the financial statements have been rounded to the nearest Euro.

Preparation of consolidated financial statements

The financial statements contain information about Laurium Investments Ltd 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.

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.

Cash and cash equivalents

Cash and cash equivalents include monies held in bank accounts

Fixed asset investments

Fixed asset investments are recorded at cost less any provisions for diminution in value.

Debtors

Short term debtors are measured at transaction price less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Going concern

Where total liabilities exceed current assets the director considers the ability of the company to meet its liabilities from liquid assets when they fall due. The director also considers the support given to the company by its subsidiary, group members and creditors.

If the director is of the opinion that the company can meet its liabilities as they fall due, and has sufficient support from its subsidiary, group members and creditors, the financial statements are prepared on a going concern basis.

3.

EMPLOYEES

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

2020

2019

€

Loans to group undertakings

818,865

Additional information is as follows:

Investment

in

Subsidiary

Compa ny

€

COST

At 1 January 2020

and 31 December 2020

1,003,100

PROVISIONS

At 1 January 2020

and 31 December 2020

1,003,100

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

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

Laurium Invesiones SL

Registered office: Spain

Nature of business: Holds real estate for resale

%

Class of shares:

holding

Ordinary

100.00

2020

2019

€

Aggregate capital and reserves

(473,554

)

(473,078

)

Loss for the year

(476

)

(573

)

Capital

Bond

€

At 1 January 2020

and 31 December 2020

818,865

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

€

Trade creditors

24,604

26,147

Amounts owed to group undertakings

2,419,960

Other creditors

27,615

17,202

2,472,179

2,463,309

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Colin D. Ford (Senior Statutory Auditor)

for and on behalf of Macalvins Limited

7.	RELATED PARTY DISCLOSURES

At 31 December 2020 Laurium Investments Ltd was owed €1,288,865 by Laurium Inversiones S.L., its subsidiary (2019: €1,288,865).The balance due from Laurium Inversiones S.L. is recorded within fixed asset investments and is stated net of a provision for impairment in the amount of €470,000. (2019: €470,000)..

At 31 December 2020, Laurium Investments Ltd owed €2,419,960 to Phoenix Hotel Investment Limited , its parent company and shareholder (2019: €2,419,960). Amounts owed to the parent company and shareholder are interest free with no fixed terms of repayment and are repayable on demand.

8.	POST BALANCE SHEET EVENTS

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

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Phoenix Hotel Investment Limited, incorporated in Malta.

The ultimate controlling party is Financial Trustees Limited of British Virgin Islands in its capacity as Trustee of the Atlantic Trust.

10.	GOING CONCERN

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company had net current liabilities of €2,470,351 at 31 December 2020 (2019: €2,461,417).

Within creditors ia a loan from the parent company of €2,419,960 (2019: €2,419,960). Whilst the loan is repayable on demand, the parent company has indicated that it will not seek repayment of all or part of the loan within the next twelve months.

Accordingly, the director considers that there is no material uncertainty in relation to going concern, and that it is appropriate to prepare the financial statements on a going concern basis.

Laurium Investments Ltd - Accounts to registrar (filleted) - small 18.2

Laurium Investments Ltd - Accounts to registrar (filleted) - small 18.2