ACCOUNTS - Final Accounts

DOMAX INVESTMENTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2016-12-312016-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-01-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. 05272399 2016-01-01 2016-12-31 05272399 2016-12-31 05272399 2015-12-31 05272399 1 2016-01-01 2016-12-31 05272399 d:Director1 2016-01-01 2016-12-31 05272399 c:OfficeEquipment 2016-01-01 2016-12-31 05272399 c:OfficeEquipment 2016-12-31 05272399 c:OfficeEquipment 2015-12-31 05272399 c:OfficeEquipment c:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 05272399 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2016-12-31 05272399 c:Non-currentFinancialInstruments c:UnlistedNon-exchangeTraded 2015-12-31 05272399 c:CurrentFinancialInstruments 2016-12-31 05272399 c:CurrentFinancialInstruments 2015-12-31 05272399 c:Non-currentFinancialInstruments 2016-12-31 05272399 c:Non-currentFinancialInstruments 2015-12-31 05272399 c:CurrentFinancialInstruments c:WithinOneYear 2016-12-31 05272399 c:CurrentFinancialInstruments c:WithinOneYear 2015-12-31 05272399 c:Non-currentFinancialInstruments c:AfterOneYear 2016-12-31 05272399 c:Non-currentFinancialInstruments c:AfterOneYear 2015-12-31 05272399 c:ShareCapital 2016-12-31 05272399 c:ShareCapital 2015-12-31 05272399 c:RevaluationReserve 2015-12-31 05272399 c:RetainedEarningsAccumulatedLosses 2016-12-31 05272399 c:RetainedEarningsAccumulatedLosses 2015-12-31 05272399 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-12-31 05272399 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2015-12-31 05272399 d:FRS102 2016-01-01 2016-12-31 05272399 d:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 05272399 d:FullAccounts 2016-01-01 2016-12-31 05272399 d:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 iso4217:GBP xbrli:pure

Registered number: 05272399

DOMAX INVESTMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016


DOMAX INVESTMENTS LIMITED REGISTERED NUMBER:05272399

BALANCE SHEET

AS AT 31 DECEMBER 2016

		2016		2015
Note		£		£

Fixed assets
Tangible assets	4		5,258		7,004
Investments	5		247,150		1,964,850
			252,408		1,971,854
Current assets
Cash at bank and in hand	6	12,610		1,141
		12,610		1,141
Creditors: amounts falling due within one year	7	(252,801)		(222,133)
Net current liabilities			(240,191)		(220,992)
Total assets less current liabilities			12,217		1,750,862
Creditors: amounts falling due after more than one year	8		(1,860,500)		(1,585,500)

Net (liabilities)/assets			(1,848,283)		165,362

Capital and reserves
Called up share capital		100	100
Revaluation reserve	10	-	592,580
Profit and loss account	10	(1,848,383)	(427,318)
		(1,848,283)	165,362

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2017.

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DOMAX INVESTMENTS LIMITED REGISTERED NUMBER:05272399

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2016

K D Attwood

Director

The notes on pages 3 to 10 form part of these financial statements.

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.	General information

Domax Limited is a company, limited by shares, and is incorporated in England and Wales under registration number 05272399. The registered office is 2nd Floor, Boundary House, 4 County Place, Chelmsford, Essex CM2 0RE and the principal place of business is Graunt Court, Rayne, Essex CM77 6SD. The principal activity of the company is disclosed in the Directors Report on page 2.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.3

Going concern

The financial statements have been prepared on a going concern basis, as the directors are of the
opinion that the company will be able to continue operating and meet its liabilities as and when they
fall due with the continuing support of the shareholders.

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.8

Financial instruments (continued)

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pounds.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

2.11

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.12

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 0 (2015 - 0).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2016	11,456
	At 31 December 2016	11,456
	Depreciation
	At 1 January 2016	4,452
	Charge for the year on owned assets	1,746
	At 31 December 2016	6,198
	Net book value
	At 31 December 2016	5,258
	At 31 December 2015	7,004

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

5.	Fixed asset investments

	Investments in associates	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 January 2016	172,150	1,792,700	1,964,850
Additions	-	275,000	275,000
Amounts written off	-	(1,992,700)	(1,992,700)
At 31 December 2016	172,150	75,000	247,150

Net book value
At 31 December 2016	172,150	75,000	247,150
At 31 December 2015	172,150	1,792,700	1,964,850

Participating interests

The company has a 42% interest in the equity capital of El Puenta De La Indiana SL, a company
incorporated in Spain.
The company's aggregate capital reserves as at 31 December 2016 was £445,878 (2015 - £392,685) and the loss for the year was £10,015 (2014 - loss £8,897).

6.	Cash and cash equivalents
		2016	2015
		£	£

Cash at bank and in hand	12,610	1,140
	12,610	1,140

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

7.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Other creditors	250,151	63,314
Accruals and deferred income	2,650	158,819
	252,801	222,133

8.	Creditors: Amounts falling due after more than one year
		2016	2015
		£	£

Other creditors	1,860,500	1,585,500
	1,860,500	1,585,500

9.	Financial instruments
		2016	2015
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	87,610	1,793,840
	87,610	1,793,840

Financial assets measured at fair value through profit or loss comprise cash at bank and unlisted investments.

10.

Reserves

Revaluation reserve

As at 31 December 2016, the revaluation reserve was carrying a balance of £nil (2015 - £592,580).

Profit and loss account

As at 31 December 2016, the profit and loss account was carrying a negative balance of £1,848,383 (2015 - £427,318).

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DOMAX INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

11.	Post balance sheet events

After the balance sheet date, VE Interactive Limited, went into administration. The value of the investment by the company in VE Interactive Limited at this time was £1,992,700 and as the possibility of any recovery is unknown, provision has been made for the full amount in these financial statements. The company is part of a legal challenge to recover damages and has incurred legal costs in the after date period.

12.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

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