BOLD BROTHERS LIMITED - Limited company accounts 18.1d

REGISTERED NUMBER: 04525713 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

BOLD BROTHERS LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Yardena Landman

Martin Landman

Marc Burini

SECRETARY:

Wigmore Secretaries Limited

REGISTERED OFFICE:

Charles House

108-110 Finchley Road

London

NW3 5JJ

REGISTERED NUMBER:

04525713 (England and Wales)

ACCOUNTANTS:

Intrust Advisory Limited

Charles House

108-110 Finchley Road

London

NW3 5JJ

The directors present their report with the financial statements of the company for the year ended 31 December 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017 to the date of

this report.

Yardena Landman

Marc Burini

Other changes in directors holding office are as follows:

Martin Landman - appointed 2 November 2017

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

Yardena Landman - Director

27 July 2018

TURNOVER

-

-

Administrative expenses

7,713

6,128

OPERATING LOSS

(7,713

)

(6,128

)

Interest payable and similar expenses

100,698

89,747

LOSS BEFORE TAXATION

(108,411

)

(95,875

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(108,411

)

(95,875

)

FIXED ASSETS

Investments

3

20,675,708

20,675,708

CURRENT ASSETS

Debtors

4

-

2,381

Cash at bank

39

1,629

39

4,010

CREDITORS

Amounts falling due within one year

5

11,143,706

11,039,266

NET CURRENT LIABILITIES

(11,143,667

)

(11,035,256

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,532,041

9,640,452

CAPITAL AND RESERVES

Called up share capital

6

668,976

668,976

Share premium

1,067,407

1,067,407

Revaluation reserve

7

916,175

916,175

Retained earnings

6,879,483

6,987,894

SHAREHOLDERS' FUNDS

9,532,041

9,640,452

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

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

The directors acknowledge their 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 27 July 2018 and were signed on its behalf by:

Yardena Landman - Director

1.	STATUTORY INFORMATION

BOLD BROTHERS 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.

Group accounts

The financial statements present information about the company as an individual undertaking and not

about its group. The company and its subsidiary undertaking comprise a small-sized group. The

company has therefore taken advantage of the exemptions provided by section 399 of the Companies

Act 2006 not to prepare group accounts.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and

subsequently measured at cost less any accumulated impairment losses. The investments are

assessed for impairment at each reporting date and any impairment losses or reversals of impairment

losses are recognised immediately in profit or loss.

Foreign currencies

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

the balance sheet date. Transactions in foreign currencies are translated into sterling 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 company meets its working capital requirements through a bank loan facility. The directors

consider that the company will continue to operate within the facility currently arranged and within that

which they expect will be agreed in the future. On this basis, the directors consider it appropriate to

prepare the financial statements on the going concern basis. The financial statements do not include

any adjustments that would result from a withdrawal of the bank loan facility by the company's bankers.

3.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

€

COST

At 1 January 2017

and 31 December 2017

20,675,708

NET BOOK VALUE

At 31 December 2017

20,675,708

At 31 December 2016

20,675,708

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Subsidiary

Immobiliare Marina Spa

Registered office: Italy

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

98.00

31.12.17

31.12.16

€

€

Aggregate capital and reserves

4,607,750

4,329,775

Profit for the year

277,973

258,047

Associated company

Mikai Spa

Registered office: Italy

Nature of business: Supply of medical and ortophedic products

%

Class of shares:

holding

Ordinary

21.00

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

€

€

Other debtors

-

2,381

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

€

€

Bank loans and overdrafts

11,098,776

10,997,602

Other creditors

44,930

41,664

11,143,706

11,039,266

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

€

€

428,570

Ordinary share capital

£1

668,976

668,976

7.

RESERVES

Revaluation

reserve

€

At 1 January 2017

and 31 December 2017

916,175

8.	RELATED PARTY DISCLOSURES

The following balances existed with related parties at 31 December 2017:

a) Loan from Egidio Serra (Shareholder) €41,480 (2016: €32,666).