Intermay Management Ltd - Period Ending 2016-05-31

Registration number: 04445610

Intermay Management Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016
 

Intermay Management Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Intermay Management Ltd
for the Year Ended 31 May 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Intermay Management Ltd for the year ended 31 May 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional -standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Intermay Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Intermay Management Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Intermay Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Intermay Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Intermay Management Ltd. You consider that Intermay Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Intermay Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

28 February 2017

Page 1

Intermay Management Ltd
(Registration number: 04445610)
Abbreviated Balance Sheet at 31 May 2016

		Note			2016 $			2015 $
Fixed assets
Investments					75,836,528			86,823,021
Current assets
Debtors					10,976,200			10,976,200
Creditors: Amounts falling due within one year					(62,007,170)			(70,354,494)
Net current liabilities					(51,030,970)			(59,378,294)
Net assets					24,805,558			27,444,727
Capital and reserves
Called up share capital		3			1,584			1,584
Share premium account					72,392,615			72,392,615
Profit and loss account					(47,588,641)			(44,949,472)
Shareholders' funds					24,805,558			27,444,727

For the year ending 31 May 2016 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 director acknowledges his 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 director on 28 February 2017

.........................................
A Sofocleous
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Intermay Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis. The company has made a loss of $9,881 (2015 - $8,118) during the year and has net current liabilities of $51,030,970 (2015 - $59,378,294). The directors expect the investment to realise significant returns in future periods and the inter company loan is not expected to be repaid within 18 months of the date these accounts have been signed off and therefore the going concern basis is considered appropriate.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. Exchange differences arising from the translation at year end exchange rates of the net investment in foreign undertakings, less exchange differences on borrowings which finance or provide a hedge against those undertakings, are taken to reserves and are reported in the statement of total recognised gains and losses. All other exchange differences are included in the profit and loss account.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Intermay Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

2	Fixed assets

		Investments $			Total $
Cost
At 1 June 2015		232,597,180			232,597,180
At 31 May 2016		232,597,180			232,597,180
Depreciation
At 1 June 2015		145,774,159			145,774,159
Charge for the year		10,986,493			10,986,493
At 31 May 2016		156,760,652			156,760,652
Net book value
At 31 May 2016		75,836,528			75,836,528
At 31 May 2015		86,823,021			86,823,021

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
UKRCapital	Ukraine	Ordinary	97.07%	Prospecting

The loss for the financial period of UKRCapital was $21,780 and the aggregate amount of capital and reserves at the end of the period was $78,124,241.
 The company has a different year end to the parent due to the laws in the country of its incorporation.

Page 4

Intermay Management Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 May 2016
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			$			No.			$
Ordinary shares (£1) of $1.70 each		100			170			100			170
Ordinary shares (£1) of $1.57 each		900			1,413			900			1,413
		1,000			1,583			1,000			1,583

4

Control

The company is controlled by Dynalom Enterprises Ltd..

Page 5