Polimnia Limited Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false false false false false No description of principal activity 2017-01-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:EUR 09571236 2017-01-01 2017-12-31 09571236 2017-12-31 09571236 2016-12-31 09571236 2016-01-01 2016-12-31 09571236 2016-12-31 09571236 2015-12-31 09571236 bus:OrdinaryShareClass1 2017-01-01 2017-12-31 09571236 bus:OrdinaryShareClass2 2017-01-01 2017-12-31 09571236 bus:Director1 2017-01-01 2017-12-31 09571236 bus:Director2 2017-01-01 2017-12-31 09571236 core:WithinOneYear 2017-12-31 09571236 core:WithinOneYear 2016-12-31 09571236 core:ShareCapital 2017-12-31 09571236 core:ShareCapital 2016-12-31 09571236 core:RetainedEarningsAccumulatedLosses 2017-12-31 09571236 core:RetainedEarningsAccumulatedLosses 2016-12-31 09571236 core:CostValuation core:Non-currentFinancialInstruments 2016-12-31 09571236 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2017-12-31 09571236 core:CostValuation core:Non-currentFinancialInstruments 2017-12-31 09571236 core:Non-currentFinancialInstruments 2017-12-31 09571236 core:Non-currentFinancialInstruments 2016-12-31 09571236 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2017-12-31 09571236 bus:Director1 2016-12-31 09571236 bus:Director1 2017-12-31 09571236 bus:Director2 2016-12-31 09571236 bus:Director2 2017-12-31 09571236 bus:Director1 2015-12-31 09571236 bus:Director1 2016-12-31 09571236 bus:Director2 2015-12-31 09571236 bus:Director2 2016-12-31 09571236 bus:Director1 2016-01-01 2016-12-31 09571236 bus:Director2 2016-01-01 2016-12-31 09571236 bus:SmallEntities 2017-01-01 2017-12-31 09571236 bus:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 09571236 bus:FullAccounts 2017-01-01 2017-12-31 09571236 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 09571236 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 09571236 bus:OrdinaryShareClass1 2017-12-31 09571236 bus:OrdinaryShareClass1 2016-12-31 09571236 bus:OrdinaryShareClass2 2017-12-31 09571236 bus:OrdinaryShareClass2 2016-12-31 09571236 bus:AllOrdinaryShares 2017-12-31 09571236 bus:AllOrdinaryShares 2016-12-31 09571236 core:AllSubsidiaries 2017-01-01 2017-12-31

COMPANY REGISTRATION NUMBER: 09571236

Polimnia Limited

Filleted Unaudited Financial Statements

31 December 2017

Polimnia Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	€	€	€

Fixed assets

Investments	6		1,824,464	2,200,861

Current assets

Debtors	7	1,427,342	1,361,561
Cash at bank and in hand		442,978	108,782
		------------	------------
		1,870,320	1,470,343

Creditors: amounts falling due within one year	8	3,827,345		3,781,307
		------------		------------
Net current liabilities			1,957,025	2,310,964
			------------	------------
Total assets less current liabilities			( 132,561)	( 110,103)
			---------	---------
Net liabilities			( 132,561)	( 110,103)
			---------	---------

Capital and reserves

Called up share capital	9	270	270
Profit and loss account		( 132,831)	( 110,373)
		---------	---------
Shareholders deficit		( 132,561)	( 110,103)
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Polimnia Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 18 September 2018 , and are signed on behalf of the board by:

Mr B Bolfo

Director

Company registration number: 09571236

Polimnia Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o AG Tax Ltd, 7th Floor, Minster House, 42 Mincing Lane, London, EC3R 7AE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The basis may not be appropriate because as at 31 December 2017 the company's liabilities exceeded its assets by €132,561. The directors are of the opinion that the company will trade profitably in the future and the company receives continued financial support from its shareholders. If this basis were found not to be appropriate assets and liabilities would have to be restated on a break up basis which would not be materially different.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tax on loss

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is higher than (2016: higher than) the standard rate of corporation tax in the UK of 19.25 % (2016: 20 %).

	2017	2016
	€	€
Loss on ordinary activities before taxation	( 22,458)	( 26,738)
	--------	--------
Loss on ordinary activities by rate of tax	( 4,323)	( 5,350)
Utilisation of tax losses	4,323	5,350
	--------	--------
Tax on loss	–	–
	--------	--------

6. Investments

	Shares in group undertakings	Loans to group undertakings	Total
	€	€	€
Cost
At 1 January 2017	164,658	2,036,203	2,200,861
Disposals	–	( 356,203)	(356,203)
Revaluations	( 20,194)	–	( 20,194)
	---------	------------	------------
At 31 December 2017	144,464	1,680,000	1,824,464
	---------	------------	------------
Impairment
At 1 January 2017 and 31 December 2017	–	–	–
	---------	------------	------------

Carrying amount
At 31 December 2017	144,464	1,680,000	1,824,464
	---------	------------	------------
At 31 December 2016	164,658	2,036,203	2,200,861
	---------	------------	------------

The company owns 100% of the issued share capital of Polimnia Art Limited which is based in the UK and 50% of the issued share capital of Cortesi & Partners Art Invest SAGL2 which is based in Switzerland.The nature of both companies' business is to trade art works. The company owns 60% of the issued share capital of Speciale Srl which is based in the Italy, the nature of the company's business is to trade classic cars.

7. Debtors

	2017	2016
	€	€
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,390,384	1,330,544
Other debtors	36,958	31,017
	------------	------------
	1,427,342	1,361,561
	------------	------------

8. Creditors: amounts falling due within one year

	2017	2016
	€	€
Social security and other taxes	1,227	–
Other creditors	3,826,118	3,781,307
	------------	------------
	3,827,345	3,781,307
	------------	------------

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	€	No.	€
Ordinary A shares shares of € 1.35 each	100	135	100	135
Ordinary B shares shares of € 1.35 each	100	135	100	135
	----	----	----	----
	200	270	200	270
	----	----	----	----

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	€	€	€
Mr B Bolfo	( 28,973)	13,558	( 15,415)
Mrs F Price	( 29,990)	14,575	( 15,415)
	--------	--------	--------
	( 58,963)	28,133	( 30,830)
	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	€	€	€
Mr B Bolfo	( 12,377)	( 16,596)	( 28,973)
Mrs F Price	( 13,394)	( 16,596)	( 29,990)
	--------	--------	--------
	( 25,771)	( 33,192)	( 58,963)
	--------	--------	--------

11. Related party transactions

Included within Debtors is €670,384 owed by Polimnia Art Limited, a wholly-owned subsidiary company. This amount is interest free and repayable on demand. Included within Debtors is €720,000 owed by Speciale Srl, a 60% subsidiary company. This amount is interest free and repayable on demand. Included within Other creditors is €3,751,322 owed to shareholders. This amount is repayable on demand and the interest is charged at the rate of 0.5% over EURIBOR12 per annum.

12. Controlling party

The company was under the control of directors of the company, by virtue of their family holding of 100% of the company's issued share capital.