| Harmony Haven Limited |
| Registered number: |
04344176 |
| Directors' Report |
|
| The directors present their report and accounts for the year ended 31 December 2013. |
|
| 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: |
|
|
Richard Hazzard (Appointed 01/11/2013) |
|
Versos Directors Limited (Appointed 01/11/2013) |
|
Miriam Lewis (Resigned 01/11/2013) |
|
London Management Directors Limited (Resigned 01/11/2013) |
|
| 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 15 September 2014 and signed on its behalf. |
|
|
|
|
|
| Richard Hazzard |
| Director |
|
| Harmony Haven Limited |
| Balance Sheet |
| as at 31 December 2013 |
|
| Notes |
|
|
2013 |
|
|
2012 |
| € |
€ |
| Fixed assets |
| Investments |
4 |
|
|
3,878,075 |
|
|
3,878,075 |
|
| Current assets |
| Cash at bank and in hand |
|
|
84 |
|
|
84 |
|
| Creditors: amounts falling due within one year |
5 |
|
(14,779) |
|
|
(14,650) |
|
| Net current liabilities |
|
|
|
(14,695) |
|
|
(14,566) |
|
| Total assets less current liabilities |
|
|
|
3,863,380 |
|
|
3,863,509 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(5,232,693) |
|
|
(5,219,168) |
|
|
|
| Net liabilities |
|
|
|
(1,369,313) |
|
|
(1,355,659) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
7 |
|
|
119 |
|
|
119 |
| Profit and loss account |
8 |
|
|
(1,369,432) |
|
|
(1,355,778) |
|
| Shareholder's funds |
|
|
|
(1,369,313) |
|
|
(1,355,659) |
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
| Richard Hazzard |
| Director |
| Approved by the board on 15 September 2014 |
|
| Harmony Haven Limited |
| Notes to the Accounts |
| for the year ended 31 December 2013 |
|
| 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 April 2008). The Company has taken advantage of the exemption in financial reporting standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company. |
|
|
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. |
|
|
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. |
|
|
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 into Euros at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
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 receivable & other income |
2013 |
|
2012 |
| € |
€ |
|
|
Gain on foreign exchange |
- |
|
6,924 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Interest payable & similar charges |
2013 |
|
2012 |
| € |
€ |
|
|
Loss on foreign exchange |
507 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 4 |
Investments |
| Shares in |
Equity finance |
| group |
to group |
| undertakings |
undertakings |
| and |
and |
| participating |
participating |
| interests |
interests |
Total |
| € |
€ |
€ |
|
Cost |
|
At 1 January 2013 |
31,466 |
|
5,076,145 |
|
5,107,611 |
|
|
At 31 December 2013 |
31,466 |
|
5,076,145 |
|
5,107,611 |
|
|
|
|
|
|
|
|
|
|
Provisions for diminution in value |
|
At 1 January 2013 |
- |
|
1,229,536 |
|
1,229,536 |
|
Charge for the year |
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
- |
|
At 31 December 2013 |
- |
|
1,229,536 |
|
1,229,536 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2013 |
31,466 |
|
3,846,609 |
|
3,878,075 |
|
|
|
|
|
|
|
|
|
|
The company holds 20% or more of the share capital of the following companies: |
|
|
Company |
Country of registration or |
Principal activity |
|
|
incorporation |
|
2002 Inn SRL |
Italy |
Hotels |
|
San Marco SRL |
Italy |
Hotels |
|
Mafalda SRL |
Italy |
Investment property |
|
Multi Service SRL |
Italy |
Investment property |
|
| Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
€ |
€ |
|
2002 Inn SRL |
Ordinary |
50 |
|
100,115 |
|
34,044 |
|
San Marco SRL |
Ordinary |
50 |
|
19,992 |
|
1,155 |
|
Mafalda SRL |
Ordinary |
50 |
|
24,175 |
|
(475) |
|
Multi Service SRL |
Ordinary |
50 |
|
(1,348,688) |
|
(855,483) |
|
|
The above results for 2002 Inn SRL, San Marco SRL and Mafalda SRL relate to the 2010 |
|
unaudited financial statements of the participating interests. |
|
Multi Service SRL relate to the 2012 unaudited financial statements. |
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2013 |
|
2012 |
| € |
€ |
|
|
Other creditors |
14,779 |
|
14,650 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2013 |
|
2012 |
| € |
€ |
|
|
Other creditors |
5,232,693 |
|
5,219,168 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Share capital |
Nominal |
|
2013 |
|
2013 |
|
2012 |
| value |
Number |
€ |
€ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
119 |
|
119 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Profit and loss account |
2013 |
| € |
|
|
At 1 January 2013 |
(1,355,778) |
|
Loss for the year |
(13,654) |
|
|
At 31 December 2013 |
(1,369,432) |
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
2013 |
|
2012 |
| € |
€ |
|
|
Loan from shareholders |
|
At the balance sheet date the company owed the shareholders the sum of: |
|
3,379,048 |
|
3,365,523 |
|
|
2002 Inn SRL |
|
Equity finance owed |
1,363,500 |
|
1,363,500 |
|
|
San Marco SRL |
|
Equity finance owed |
203,145 |
|
203,145 |
|
|
Mafalda SRL |
|
Equity finance owed |
309,500 |
|
309,500 |
|
|
Multi Service SRL |
|
Equity finance owed |
3,200,000 |
|
3,200,000 |
|
|
| 10 |
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. |
