Harmony Haven Limited - Accounts

HARMONY HAVEN LIMITED - Company Information

Registered number

04344176

Harmony Haven Limited

Report and Accounts

31 December 2014

Harmony Haven Limited
Registered number:		04344176
Directors' Report

The directors present their report and accounts for the year ended 31 December 2014.

Principal activities
The company's principal activity during the year continued to be that of an investment holding company.

Directors
The following persons served as directors during the year:

	Andrew Gilfillan (Appointed 27/07/2015)
	Richard Hazzard (Resigned 27/07/2015)
	Versos Directors Limited

Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 9 December 2015 and signed on its behalf.





Andrew Gilfillan
Director

Harmony Haven Limited
Profit and Loss Account
for the year ended 31 December 2014


Notes		2014		2013
€			€


Administrative expenses		(15,722)		(13,147)

Operating loss		(15,722)		(13,147)

Interest payable & similar charges	2	(2,536)		(507)
Extraordinary charges	3	(900,620)		-
Extraordinary income	4	1,369,432		-

Profit/(loss) on ordinary activities before taxation		450,554		(13,654)

Tax on profit/(loss) on ordinary activities		-		-

Profit/(loss) for the financial year		450,554		(13,654)

Harmony Haven Limited
Balance Sheet
as at 31 December 2014

Notes			2014			2013
€				€
Fixed assets
Investments	5		2,977,455			3,878,075

Current assets
Cash at bank and in hand		-			84

Creditors: amounts falling due within one year	6	(16,912)			(14,779)

Net current liabilities			(16,912)			(14,695)

Total assets less current liabilities			2,960,543			3,863,380

Creditors: amounts falling due after more than one year	7		(3,879,302)			(5,232,693)



Net liabilities			(918,759)			(1,369,313)

Capital and reserves
Called up share capital	8		119			119
Profit and loss account	9		(918,878)			(1,369,432)

Shareholder's funds			(918,759)			(1,369,313)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.




Andrew Gilfillan
Director
Approved by the board on 9 December 2015

Harmony Haven Limited
Notes to the Accounts
for the year ended 31 December 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Going concern
	The financial statements have been prepared on a going concern basis. The company has obtained undertakings from its shareholders that they will continue to support the company for the foreseeable future and meet all third party liabilities as they fall due. Given this undertaking, the directors consider it appropriate to adopt a going concern basis in preparing the financial statements.

	Hedging
	Where the company's cost of investments in overseas subsidiary undertakings and participating interests are matched in whole or in part by foreign currency borrowings, the exchange differences arising on the retranslation of such borrowings are recorded as reserve movements and reflected in the statement of total recognised gains and losses to the extent of the exchange differences arising on the retranslation of the costs of the investments.


2	Interest payable & similar charges					2014		2013
€							€

	Loss on foreign exchange					2,536		507


3	Extraordinary charges					2014		2013
€							€

	Investments written off					26,466		-
	Loans written off					874,154		-
						900,620		-


4	Extraordinary income					2014		2013
€							€

	Shareholder loan waived					1,369,432		-


5	Investments
Shares in					Equity finance
group					to group
undertakings					undertakings
and					and
participating					participating
interests					interests		Total
€					€		€
	Cost
	At 1 January 2014			31,466		5,076,145		5,107,611

	At 31 December 2014			31,466		5,076,145		5,107,611

	Provisions for diminution in value
	At 1 January 2014			-		1,229,536		1,229,536
	Charge for the year			26,466		874,154		900,620

	At 31 December 2014			26,466		2,103,690		2,130,156

	Net book value
	At 31 December 2014			5,000		2,972,455		2,977,455

	The company holds 20% or more of the share capital of the following companies:

Capital and							Profit (loss)
	Company	Shares held				reserves	for the year
		Class		%	€		€
	Multi Service SRL	Ordinary		50		(2,613,313)		(4,292)

	Company	Country of registration or						Principal activity
		incorporation
	Multi Service SRL	Italy						Investment property

	Multi Service SRL relate to the year ended 31 December 2014 unaudited financial statements. The investments held in 2002 Inn SRL, San Marco SRL and Mafalda SRL were written off in the year.


6	Creditors: amounts falling due within one year					2014		2013
€							€

	Other creditors					16,912		14,779


7	Creditors: amounts falling due after one year					2014		2013
€							€

	Other creditors					3,879,302		5,232,693


8	Share capital	Nominal		2014		2014		2013
value			Number		€		€
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		119		119


9	Profit and loss account					2014
€

	At 1 January 2014					(1,369,432)
	Profit for the year					450,554

	At 31 December 2014					(918,878)


10	Related party transactions					2014		2013
€							€

	Loan from shareholders
	At the balance sheet date the company owed the shareholders the sum of:					3,364,800		3,379,048

	2002 Inn SRL
	Equity finance owed					-		1,363,500

	San Marco SRL
	Equity finance owed					-		203,145

	Mafalda SRL
	Equity finance owed					-		309,500

	Multi Service SRL
	Equity finance owed					2,972,455		3,200,000


11	Ultimate controlling party

	The directors are aware of the ultimate controlling party. However, they are under a duty of confidentiality that prevents them from disclosing certain information otherwise required by Financial Reporting Standard 8. Therefore they have taken the exemption offered by the standard in respect of confidentiality.