Friedebach Limited - Limited company accounts 16.1

REGISTERED NUMBER: 05729220 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2015

for

Friedebach Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

F Fruhbeck

REGISTERED OFFICE:

2nd Floor

Hygeia House

66 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

05729220 (England and Wales)

ACCOUNTANTS:

Lawrence Grant

Chartered Accountants

and Reporting Accountants

2nd Floor

Hygeia House

66 College Road

Harrow

Middlesex

HA1 1BE

The director presents his report with the financial statements of the company for the year ended 31 December 2015.

DIRECTOR

F Fruhbeck held office during the whole of the period from 1 January 2015 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

F Fruhbeck - Director

2 August 2016

TURNOVER

-

Administrative expenses

3,400

3,401

(3,400

)

(3,401

)

Other operating income

16,613

22,012

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

2

13,213

18,611

Tax on profit on ordinary activities

3

-

PROFIT FOR THE FINANCIAL YEAR

13,213

18,611

FIXED ASSETS

Investments

4

281,887

CREDITORS

Amounts falling due within one year

5

36,672

33,272

NET CURRENT LIABILITIES

(36,672

)

(33,272

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

245,215

248,615

CREDITORS

Amounts falling due after more than one
year

6

298,837

315,450

NET LIABILITIES

(53,622

)

(66,835

)

CAPITAL AND RESERVES

Called up share capital

7

67

Profit and loss account

8

(53,689

)

(66,902

)

SHAREHOLDERS' FUNDS

(53,622

)

(66,835

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the director on 2 August 2016 and were signed by:

F Fruhbeck - Director

1.	ACCOUNTING POLICIES

Going concern basis

The financial statements have been prepared on a going concern basis, which is dependent upon, the parent

company continuing to provide the necessary financial facilities, to enable the company to continue in operation

for the foreseeable future.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Preparation of consolidated financial statements

The financial statements contain information about Friedebach Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements as it is a small group.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Fixed asset investment

Fixed asset investment is stated at cost less provision for any impairment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that

evidences a residual interest in the assets of the company after deducting all of its liabilities.

2.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2015

2014

£

Foreign exchange differences

(16,613

)

(22,012

)

Director's remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2015 nor for the

year ended 31 December 2014.

At the balance sheet date the company had accumulated excess management expenses of £53,541 (2014:

£66,754).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2015

and 31 December 2015

281,887

NET BOOK VALUE

At 31 December 2015

281,887

At 31 December 2014

281,887

The company's investments at the balance sheet date in the share capital of companies include the following:

Subsidiary undertaking

Ciclope Inversiones, S.L.

Country of incorporation: Spain

Nature of business: Investment company

%

Class of shares: holding

Ordinary shares: 100.00

2015

2014

Aggregate capital and reserves

£725,480

£750,435

Profit / (Loss) for the year

£21,190

£253

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

Amounts owed to group undertakings

33,201

29,886

Other creditors

3,471

3,386

36,672

33,272

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2015

2014

£

Amounts owed to group undertakings

298,837

315,450

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1

Ordinary

£67

67

8.

RESERVES

Profit

and loss

account

£

At 1 January 2015

(66,902

)

Profit for the year

13,213

At 31 December 2015

(53,689

)

9.	ULTIMATE PARENT COMPANY

The ultimate and immediate parent company is IS Corporate Services S.A., a company registered in Panama, by

virtue of its 100% ownership of the issued share capital of Friedebach Limited.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £33,201 (2014: £29,886) and £298,837 (2014: £315,450) in

respect of interest free loans to I S Corporate Services S.A. The loans are included in amounts falling due within

one year and amounts falling due after more than one year respectively.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is F Fruhbeck, who is also the director of the parent company IS Corporate

Services S.A.