Mediterranean Energy Company Limited - Filleted accounts

Mediterranean Energy Company Limited - Filleted accounts

MEDITERRANEAN ENERGY COMPANY LIMITED - Company Information

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Mediterranean Energy Company Limited
Registered number: 04930255
Statement of Financial Position
as at 31 December 2017
Notes 2017 2016
€ €
Fixed assets
Intangible assets 4 70,000 80,000
Financial assets 452,010 281,370
522,010 361,370
Current assets
Debtors 5 161,180 184,143
Cash at bank and in hand 65,352 117,156
226,532 301,299
Creditors: amounts falling due within one year 6 (1,881,610) (1,856,774)
Net current liabilities (1,655,078) (1,555,475)
Net liabilities (1,133,068) (1,194,105)
Capital and reserves
Called up share capital 3 3
Profit and loss account (1,133,071) (1,194,108)
Shareholder's funds (1,133,068) (1,194,105)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 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.
Stelios Americanos
Director
Approved by the board on 21 September 2018
Mediterranean Energy Company Limited
Notes to the Accounts
for the year ended 31 December 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The directors believe the company will continue to make profits and are making efforts to improve the company's profitability. The company also has the financial support of the shareholders which will continue for the foreseeable future. The accounts have therefore been prepared under the going concern basis.
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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.

Unlisted investments (other than investments in subsidiaries, associates and joint ventures) 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/Impairment losses are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction 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. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Exceptional items 2017 2016
€ €
Value adjustments on fixed assets and current asset investments (170,640) (43,473)
(170,640) (43,473)
The fair value of financial assets that are not traded in an active market is determined by using
valuation techniques. A variety of methods are used, such as estimated discounted cash flows,
and assumptions made that are based on market conditions existing at the reporting date.
3 Employees 2017 2016
Number Number
Average number of persons employed by the company - -
4 Intangible fixed assets €
Trademark:
Cost
At 1 January 2017 200,000
At 31 December 2017 200,000
Amortisation
At 1 January 2017 120,000
Provided during the year 10,000
At 31 December 2017 130,000
Net book value
At 31 December 2017 70,000
At 31 December 2016 80,000
The company has purchased the rights to use the name "Auto Speedy" for 200,000 Euros over a period of 20 years. Brand name royalties are recognised at cost and amortised over their useful life on a straight-line basis. The brand name royalties' useful life is determined by the directors or the contracts of purchase. At the balance sheet date the company estimates whether there is any difference in its fair value from its net book value. In the case where there is a difference it is written off in the profit and loss account.
5 Debtors 2017 2016
€ €
Trade debtors 151,448 175,154
Other debtors 9,732 8,989
161,180 184,143
6 Creditors: amounts falling due within one year 2017 2016
€ €
Trade creditors 10,467 6,706
Accruals 5,601 2,798
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,865,542 1,846,920
Other creditors - 350
1,881,610 1,856,774
7 Controlling party
The parent company is Schelswich Trustees Ltd. Its registered office is:
Dimostheni Severi 12
6th Floor, Flat / office 601
1080 Nicosia
Cyprus
8 Other information
Mediterranean Energy Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 The Mews
Bridge Road
Twickenham
London
TW1 1RF
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