Transformer Acquisition Company Limited - Period Ending 2021-12-31
Transformer Acquisition Company Limited - Period Ending 2021-12-31
Registration number:
Transformer Acquisition Company Limited
for the Year Ended 31 December 2021
Transformer Acquisition Company Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Transformer Acquisition Company Limited
Company Information
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Director |
Mr L Levie |
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Registered office |
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Auditors |
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Transformer Acquisition Company Limited
(Registration number: 05882514)
Balance Sheet as at 31 December 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Investments |
2,770,735 |
2,962,808 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Transformer Acquisition Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
1511 Avenida Juan Ponce de Leon
# 10111
San Juan
Puerto Rico
00909
Puerto Rico
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.
The financial statements are presented in Euros and are rounded to the nearest Euro.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable on provided services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Transformer Acquisition Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fixed asset investment
The fixed asset investments as at balance sheet date are held at cost less impairment.
Foreign currency
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.
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Audit report |
The auditors’ report on the accounts for the year ended 31 December 2021
The audit report was signed on
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Transformer Acquisition Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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Investments |
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Other investments |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2021 |
2,962,808 |
2,962,808 |
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At 31 December 2021 |
2,962,808 |
2,962,808 |
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Losses made in the period |
192,073 |
192,073 |
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At 31 December 2021 |
192,073 |
192,073 |
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Carrying amount |
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At 31 December 2021 |
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2,770,735 |
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Debtors |
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Note |
2021 |
2020 |
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Amounts owed by group undertakings |
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Amounts owed by related parties |
346,604 |
343,103 |
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Other debtors |
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- |
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Transformer Acquisition Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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Creditors |
Creditors: amounts falling due within one year
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2021 |
2020 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
€ |
No. |
€ |
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99 |
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99 |
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17 |
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17 |
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Transformer Acquisition Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
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Related party transactions |
Group undertakings
American Industrial Acquisition Corporation
Parent company
At the balance sheet date, American Industrial Acquisition Corporation owed €- (2020: €49,370) to the company.
Aluminium Investment Company Limited
Under common control
At the balance sheet date, Aluminium Investment Company Limited owed €13,040,753 (2020: €12,976,520) to the company. The loan to Aluminium Investment Company Limited was made at an interest rate of Euribor plus 1%.
Light Acquisition Company Limited
Under common control
At the balance sheet date, Light Acquisition Company Limited owed €869,930 (2020: €3,241,087) to the company. The loan to Light Acquisition Company Limited was made at an interest rate of Euribor plus 1%. This loan will be repaid once the debts to the financial institutions owed by Light Acquisition Company Limited's subsidiary Financiere Verlys are settled.
The company has made a provision of €2,387,000 against the balance due from Light Acquisition Company Limited, since a subsidiary of it is facing financial difficulties.
Monet Acquisition Company Limited
Under common control
At the balance sheet date, Monet Acquisition Company Limited owed €767,914 (2020: €767,914) to the company.
Sirius Acquisition Company Limited
Under common control
At the balance sheet date, Sirius Acquisition Company Limited owed €11,614 (2020: €11,614) to the company.
United Manufacturing Trading Company Limited
Minority shareholder
At the balance sheet date, United Manufacturing Trading Company Limited owed €591,183 (2020: €591,183) to the company.
Transformer Acquisition Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Related Companies
Alliance Manufacturing and Trading Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Alliance Manufacturing and Trading Company Limited owed €340,573 (2020: €340,573) to the company.
Casting Holding Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Casting Holding Company Limited owed €359 (2020: €359) to the company.
IP3 Plastic Holding Company Limited, formerly known as Lyon Plastic Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, IP3 Plastic Holding Company Limited owed €1,927 (2020: €1,927) to the company.
European Electronics Systems Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, European Electronics Systems Limited owed €- (2020: €224) to the company.
Megrine Plastic Acquisition Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Megrine Plastic Acquisition Limited owed €- (2020: €20) to the company.
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Parent and ultimate parent undertaking |
The company's immediate parent is