Garratt Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03587661 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Garratt Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M C Smith

REGISTERED OFFICE:

3rd Floor Fairgate House

78 New Oxford Street

London

WC1A 1HB

REGISTERED NUMBER:

03587661 (England and Wales)

ACCOUNTANTS:

S H LANDES LLP

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

FIXED ASSETS

Investments

3

11,909,885

11,950,726

CURRENT ASSETS

Debtors

4

18,750

18,407

Cash at bank

-

145,556

18,750

163,963

CREDITORS

Amounts falling due within one year

5

38,557

35,227

NET CURRENT (LIABILITIES)/ASSETS

(19,807

)

128,736

TOTAL ASSETS LESS CURRENT LIABILITIES

11,890,078

12,079,462

CREDITORS

Amounts falling due after more than one year

6

25,790,123

24,941,752

NET LIABILITIES

(13,900,045

)

(12,862,290

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(13,900,047

)

(12,862,292

)

SHAREHOLDERS' FUNDS

(13,900,045

)

(12,862,290

)

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 director acknowledges his 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 18 September 2018 and were signed by:

M C Smith - Director

1.	STATUTORY INFORMATION

Garratt Investments 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.

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.

The financial statements have been prepared in euros and this is also considered by the director to be the

company's functional currency

Taxation

Taxation for the year 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 year 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.

Fixed asset investments

Investments held as fixed assets are stated at cost less any provisions for impairments. Investments are reviewed

for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Impairments are calculated such that the carrying value of fixed asset investments is the lower of cost or

recoverable amount.

Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the

company had net liabilities amounting to €13,900,045 (2016: €12,862,290) and incurred a net loss of €1,037,755

(2016: €1,068,547) for the year.

However, the shareholders have expressed their willingness to provide financial support for the next 12 months

as from the date of approval of the financial statements in order for the company to meet its current liabilities,

therefore the directors continue to adopt the going concern basis of accounting.

3.	FIXED ASSET INVESTMENTS

31.12.17

31.12.16

€

€

Loans

11,909,874

11,950,714

Other investments not loans

11

12

11,909,885

11,950,726

Additional information is as follows:

Other

investments

€

COST

At 1 January 2017

12

Exchange differences

(1

)

At 31 December 2017

11

NET BOOK VALUE

At 31 December 2017

11

At 31 December 2016

12

Loans

€

At 1 January 2017

11,950,714

Movement in year

274,001

Impairment

(314,841

)

At 31 December 2017

11,909,874

4.

DEBTORS

31.12.17

31.12.16

€

€

Amounts falling due within one year:

Other debtors

1,496

1,496

Amounts falling due after more than one year:

Other debtors

17,254

16,911

Aggregate amounts

18,750

18,407

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

€

€

Other creditors

38,557

35,227

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

€

€

Other creditors

25,790,123

24,941,752

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Redburn Investments Ltd

21,460,178

20,844,085

7.	RELATED PARTY DISCLOSURES

8.	ULTIMATE CONTROLLING PARTY