| North South Investments Limited |
| Registered number: |
04015980 |
| Balance Sheet |
| as at 30 June 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| € |
€ |
| Fixed assets |
| Tangible assets |
2 |
|
|
37,673 |
|
|
36,179 |
| Investments |
3 |
|
|
3,000 |
|
|
3,000 |
|
|
|
|
40,673 |
|
|
39,179 |
|
| Current assets |
| Debtors |
4 |
|
2,084,672 |
|
|
2,110,819 |
|
| Creditors: amounts falling due within one year |
5 |
|
(2,111,270) |
|
|
(2,118,681) |
|
| Net current liabilities |
|
|
|
(26,598) |
|
|
(7,862) |
|
| Net assets |
|
|
|
14,075 |
|
|
31,317 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1,430 |
|
|
1,430 |
| Profit and loss account |
|
|
|
12,645 |
|
|
29,887 |
|
| Shareholders' funds |
|
|
|
14,075 |
|
|
31,317 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Carlos Alberto Alvarez-Garmon |
| Director |
| Approved by the board on 28 March 2018 |
|
| North South Investments Limited |
| Notes to the Accounts |
| for the year ended 30 June 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Fixtures, fittings, tools and equipment |
20.31% reducing balance |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
No tax liability is recognised for the current and past periods due to losses before tax. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are recorded at functional currency (i.e. in €) and are not translated at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are also kept in functional currency and therefore are not translated at the rate of exchange ruling at the balance sheet date. As a result, no exchage differences arose that are taken to the profit and loss account. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Fixtures, fittings, tools and equipment |
| € |
|
Cost |
|
At 1 July 2016 |
142,779 |
|
Disposals |
(12,200) |
|
At 30 June 2017 |
130,579 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2016 |
106,600 |
|
Charge for the year |
9,221 |
|
On disposals |
(22,915) |
|
At 30 June 2017 |
92,906 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2017 |
37,673 |
|
At 30 June 2016 |
36,179 |
|
|
| 3 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| € |
|
Cost |
|
At 1 July 2016 |
3,000 |
|
|
At 30 June 2017 |
3,000 |
|
|
The company holds 20% or more of the share capital of the following companies: |
|
|
Company |
Shares held |
2017 |
|
2016 |
|
|
Class |
% |
€ |
€ |
|
Noso Investments S.L. |
Ordinary |
99.00 |
|
1 |
|
1 |
|
Calle Los Limoneros S.L. |
Ordinary |
99.80 |
|
2,999 |
|
2,999 |
|
|
|
|
|
|
3,000 |
|
3,000 |
|
|
|
|
|
|
|
|
|
|
Company |
Business |
Registered office |
|
|
Noso Investments S.L. |
Real estate |
Spain |
|
Calle Los Limoneros S.L. |
Real estate |
Spain |
|
|
The latest financial statements available for the subsidiaries are those for the year ended 31 December 2016.
The aggregate of the share capital and reserves as at 31 December 2015 and of the profit or loss for the year ended on that date, for the subsidiary undertakings were as follows: |
|
|
|
|
|
|
|
Aggregate of share capital and reserves |
Profit/(loss) |
|
Name |
€ |
€ |
|
Noso Investments S.L. |
100,316 |
|
41,049 |
|
Calle Los Limoneros S.L. |
131,633 |
|
(10,428) |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| € |
€ |
|
|
Trade debtors |
1,306 |
|
1,306 |
|
Other debtors |
2,083,366 |
|
2,109,513 |
|
|
|
|
|
|
2,084,672 |
|
2,110,819 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| € |
€ |
|
|
Trade creditors |
2,041 |
|
5,716 |
|
Other creditors |
2,109,229 |
|
2,112,965 |
|
|
|
|
|
|
2,111,270 |
|
2,118,681 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Reconciliation of movement in shareholders' deficit |
2017 |
|
2016 |
| € |
€ |
|
Opening shareholders' deficit |
(87,762) |
|
(118,383) |
|
Profit/(loss) for the financial year |
(17,242) |
|
30,621 |
|
Closing shareholders' deficit |
(105,004) |
|
(87,762) |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
Included within other debtors are the following loans advanced to the subsidiaries:
1) Noso Investments S.L. - €568,042 (2016 - €568,042)
2) Calle Los Limoneros S.L. - €1,231,904 (2016 - €1,231,904)
The loans to the subsidiaries are interest free and repayable on demand.
Also included within other debtors are loans to the following entities, which are connected by way of common control:
1) The Key Corporation - €55,000 (2016 - €55,000)
2) Mag Global Investment - €30,000 (2016 - €30,000)
The loans are interest free and repayable on demand.
Included in other creditors is a shareholder loan of €674,659 (2015 - €674,659). This loan is interest free and repayments will not commence until the company has appropriate cash reserves. |
|
|
| 8 |
Controlling party |
|
|
Carlos Alberto Alvarez-Garmon is the ultimate controlling party. |
|
|
| 9 |
Other information |
|
|
North South Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Suite 4 Cranbrook House |
|
61 Cranbrook Road |
|
Ilford |
|
Essex |
|
IG1 4PG |
