Abbreviated Company Accounts - Q OVERSEAS PARTICIPATIONS LIMITED

Q OVERSEAS PARTICIPATIONS LIMITED - Company Information

Registered Number 03142162

Q OVERSEAS PARTICIPATIONS LIMITED

Abbreviated Accounts

31 December 2013

Q OVERSEAS PARTICIPATIONS LIMITED Registered Number 03142162

Abbreviated Balance Sheet as at 31 December 2013

	2013	2012
	£	£
Current assets
Debtors	7,597,824	7,785,107
Cash at bank and in hand	11,675	8,745
	7,609,499	7,793,852
Creditors: amounts falling due within one year	(13,108)	(19,798)
Net current assets (liabilities)	7,596,391	7,774,054
Total assets less current liabilities	7,596,391	7,774,054
Creditors: amounts falling due after more than one year	(7,551,647)	(7,739,616)
Total net assets (liabilities)	44,744	34,438
Capital and reserves
Called up share capital	1	1
Profit and loss account	44,743	34,437
Shareholders' funds	44,744	34,438

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 2 September 2014

And signed on their behalf by:
M Mattanza, Director

Q OVERSEAS PARTICIPATIONS LIMITED Registered Number 03142162

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable in respect of the company's principal activities.

Other accounting policies
Compliance with and departure from accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently.

The company has not disclosed the ultimate controlling party which is a requirement of the Financial Reporting Standard for Smaller Entities (effective April 2008). This is a departure from the accounting standard. The director is of the opinion that the non disclosure of this information does not affect the truth and fairness of the financial statements.

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Any deferred tax balance has not been discounted.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Profit and loss account.

Change of accounting policies

These accounts have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), which is a change of accounting policy. There have been no changes to the current and prior year figures as a result of this change.

Debtors

Debtors include £7,589,485 (2012 - £7,747,306) falling due after more than one year.

Included above in debtors due after one year of £7,589,485 (2012 - £7,747,306) is a loan to Energia Renovables BV, a company incorporated in The Netherlands. The loan is for £7,519,112 (2012 - £7,669,400) and is repayable on 14 May 2020. Interest is accruing on the loan at the rate of 0.4% above the LIBOR rate. Interest is calculated on a compound basis.

Creditors

Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:

Repayable other than by installments: £7,519,112 (2012 - £7,669,400)

Included above in creditors due after one year of £7,551,647 (2012 - £7,739,616) is a loan from Vinsyl Financing Corporation, a company incorporated in The British Virgin Islands. The loan is for £7,519,112 (2012 - £7,699,400) and is repayable on 14 May 2020. Interest is accruing on the loan at a rate of 0.3% above the LIBOR rate. Interest is calculated on a compound basis.

Share Capital

Alloted, called up and fully paid

2 Ordinary shares of $1 each: £1 (2012 - £1)