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

REGISTERED NUMBER: 04952248 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

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

1,288,865

CURRENT ASSETS

Cash at bank

1,892

1,967

CREDITORS

Amounts falling due within one year

5

2,463,309

2,448,338

NET CURRENT LIABILITIES

(2,461,417

)

(2,446,371

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,642,552

)

(1,157,506

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,642,554

)

(1,157,508

)

(1,642,552

)

(1,157,506

)

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 28 June 2021 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.

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

The financial statements have been prepared on a going concern basis, not withstanding net current liabilities of €2,461,417 (2018: €2,446,371), which the directors believe to be appropriate for the following reasons:

Within other creditors is a loan from the parent company of €2,419,960 (2018:€2,419,960). The parent company will continue to support the business to enable it to meet its liabilities as they fall due

3.	EMPLOYEES AND DIRECTORS

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

4.	FIXED ASSET INVESTMENTS

2019

2018

€

€

Loans to group undertakings

818,865

1,288,865

Additional information is as follows:

Investment

in

Subsidiary

Compa ny

€

COST

At 1 January 2019

and 31 December 2019

1,003,100

PROVISIONS

At 1 January 2019

and 31 December 2019

1,003,100

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

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

2019

2018

€

€

Aggregate capital and reserves

(473,078

)

(472,505

)

Loss for the year

(573

)

(572

)

Capital

Bond

€

At 1 January 2019

1,288,865

Impairment

(470,000

)

At 31 December 2019

818,865

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

€

€

Trade creditors

26,147

21,291

Amounts owed to group undertakings

2,419,960

2,419,960

Other creditors

17,202

7,087

2,463,309

2,448,338

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

During the year, Laurium Investments Ltd received € nil from its 100% subsidiary company, Laurium Inversiones S.L., registered in Spain (2018: € nil). During the year a provision of €470,000 was recorded against the balance due from Laurium Inversiones S.L. (2018: € nil). At 31 December 2019 the balance due from Laurium Inversiones S.L. was €818,865 (2018: €1,288,865).The balance due from Laurium Inversiones S.L. is recorded within fixed asset investments.

At 31 December 2019, Laurium Investments Ltd owed €2,419,960 to Phoenix Hotel Investment Limited , its parent company and shareholder (€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.