Holding Star UK Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 10045730 (England and Wales)

Unaudited Financial Statements

for the Period 7 March 2016 to 31 March 2017

for

Holding Star UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Ms E Pettenuzzo

REGISTERED OFFICE:

38 Craven Street

London

WC2N 5NG

REGISTERED NUMBER:

10045730 (England and Wales)

ACCOUNTANTS:

B&P Tax Legal Finance LLP

38 Craven Street

London

WC2N 5NG

FIXED ASSETS

Investments

4

2,751,658

CURRENT ASSETS

Debtors: amounts falling due within one year

5

2,788,131

Investments

6

184,435

Prepayments and accrued income

7,403

Cash at bank

184

2,980,153

CREDITORS

Amounts falling due within one year

7

(5,739,091

)

NET CURRENT LIABILITIES

(2,758,938

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,280

)

CAPITAL AND RESERVES

Called up share capital

12,935

Retained earnings

(20,215

)

SHAREHOLDERS' FUNDS

(7,280

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 February 2018 and were signed by:

Ms E Pettenuzzo - Director

1.	STATUTORY INFORMATION

Holding Star UK Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Euro (€).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of

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

Going concern

The immediate parent company SIST Societa' Italiana Servizi Trust Srl has confirmed that it will continue to

provide the financial resources necessary for the Company to meet its financial commitments as they fall due for

at least 12 months from the date of approval of these financial statements. Therefore the director considers it

appropriate that the financial statements are prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

€

COST

Additions

2,851,658

Disposals

(100,000

)

At 31 March 2017

2,751,658

NET BOOK VALUE

At 31 March 2017

2,751,658

At the year ended 31/03/2017 the Company held the following shares:

- 40% on MRES Michelangelo Real Estate Suisse SA, a company registered in Switzerland

- 94,86% on Musa International Private Equity Fund LP S.C.A., a company registered in Luxembourg

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

€

Amounts owed by group undertakings

2,676,529

Other debtors

100,000

Unpaid share capital

11,602

2,788,131

6.	CURRENT ASSET INVESTMENTS

€

Unlisted investments

184,435

At the year ended 31 March 2017 the Company held 44.41% shares in MREF Michelangelo Real Estate Fund

LP, a Delaware limited partership. Partners have agreed the termination and dissolution of MREF LP on 08

March 2017.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

€

Other loans

5,679,545

Trade creditors

21,388

Other creditors

29,459

Accruals and deferred income

8,699

5,739,091

8.	ULTIMATE CONTROLLING PARTY

The controlling party is SIST SOCIETA' ITALIANA SERVIZI TRUST SRL.

The ultimate controlling party is MR V MAINETTI AND MS P A TULLINI.