BOLARO SHIPPING ENTERPRISES LIMITED Company accounts

BOLARO SHIPPING ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06315647

BOLARO SHIPPING ENTERPRISES LIMITED

Unaudited Financial Statements

31 January 2021

BOLARO SHIPPING ENTERPRISES LIMITED

Financial Statements

Year ended 31 January 2021

Contents	Page

Directors' report	1

Income statement	2

Statement of financial position	3

Statement of changes in equity	4

Notes to the financial statements	5

BOLARO SHIPPING ENTERPRISES LIMITED

Directors' Report

Year ended 31 January 2021

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2021 .

Principal activities

The principal activity of the company during the year was the ownership of a yacht.

Directors

The directors who served the company during the year were as follows:

Mr Christophoros Demetriades
Fiduci-Corp (UK) Services Limited

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 11 October 2021 and signed on behalf of the board by:

Mr Christophoros Demetriades	Fiduci-Corp (UK) Services Limited
Director	Company Secretary

BOLARO SHIPPING ENTERPRISES LIMITED

Income Statement

Year ended 31 January 2021

	2021	2020
Note	€	€

Administrative expenses	( 902,074)	( 1,174,274)
	---------	------------
Operating loss	( 902,074)	( 1,174,274)

Interest payable and similar expenses		( 161,424)	( 418,101)
		------------	------------
Loss before taxation	5	( 1,063,498)	( 1,592,375)

Tax on loss	–	–
	------------	------------
Loss for the financial year	( 1,063,498)	( 1,592,375)
	------------	------------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

BOLARO SHIPPING ENTERPRISES LIMITED

Statement of Financial Position

31 January 2021

	2021	2020
Note	€	€

Fixed assets

Tangible assets	6	3,375,000	3,600,000

Current assets

Debtors	7	952	68,041
Cash at bank and in hand		28,216	116,449
		--------	---------
		29,168	184,490

Creditors: amounts falling due within one year	8	9,740,955	9,057,779
		------------	------------
Net current liabilities		9,711,787	8,873,289
		------------	------------
Total assets less current liabilities		( 6,336,787)	( 5,273,289)
		------------	------------
Net liabilities		( 6,336,787)	( 5,273,289)
		------------	------------

Capital and reserves

Called up share capital	9	1,477	1,477
Profit and loss account	10	( 6,338,264)	( 5,274,766)
		------------	------------
Shareholders deficit		( 6,336,787)	( 5,273,289)
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 11 October 2021 , and are signed on behalf of the board by:

Mr Christophoros Demetriades
Director

Company registration number: 06315647

BOLARO SHIPPING ENTERPRISES LIMITED

Statement of Changes in Equity

Year ended 31 January 2021

	Called up share capital	Profit and loss account	Total
	€	€	€
At 1 February 2019	1,477	( 3,682,391)	( 3,680,914)

Loss for the year		( 1,592,375)	( 1,592,375)
	-------	------------	------------
Total comprehensive income for the year	–	( 1,592,375)	( 1,592,375)

At 31 January 2020	1,477	( 5,274,766)	( 5,273,289)

Loss for the year		( 1,063,498)	( 1,063,498)
	-------	------------	------------
Total comprehensive income for the year	–	( 1,063,498)	( 1,063,498)

	-------	------------	------------
At 31 January 2021	1,477	( 6,338,264)	( 6,336,787)
	-------	------------	------------

BOLARO SHIPPING ENTERPRISES LIMITED

Notes to the Financial Statements

Year ended 31 January 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, 6th floor, 15 Hanover Square, London, W1S 1HS, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Average number of employees

The average number of employees for the current period is nil (0). This means that no persons, including the directors, were in receipt of remuneration from the company as employees.

4. Accounting policies

Basis of preparation

The financial statements are prepared in euro, which is the functional currency of the entity.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Yacht	-	5% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

5. Profit before taxation

Profit before taxation is stated after charging:

	2021	2020
	€	€
Depreciation of tangible assets	225,000	225,000
	---------	---------

6. Tangible assets

	Plant and machinery
	€
Cost
At 1 February 2020 and 31 January 2021	4,725,000
	------------
Depreciation
At 1 February 2020	1,125,000
Charge for the year	225,000
	------------
At 31 January 2021	1,350,000
	------------
Carrying amount
At 31 January 2021	3,375,000
	------------
At 31 January 2020	3,600,000
	------------

7. Debtors

	2021	2020
	€	€
Prepayments and accrued income	952	68,041
	----	--------

8. Creditors: amounts falling due within one year

	2021	2020
	€	€
Trade creditors	27,663	7,106
Accruals and deferred income	1,644	1,644
Shareholder account	1,704,446	1,703,251
Other creditors	8,007,202	7,345,778
	------------	------------
	9,740,955	9,057,779
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	€	No.	€
Ordinary shares of € 1,477 each	1,000	1,477,000	1,000	1,477,000
	-------	------------	-------	------------

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.