Company Registration No. 01937365 (England and Wales)
MANDIRI ARAFURA UTARA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
MANDIRI ARAFURA UTARA LIMITED
COMPANY INFORMATION
Director
S Arsad
Secretary
Amicorp (UK) Secretaries Limited
Company number
01937365
Registered office
Third Floor
5 Lloyds Avenue
London
United Kingdom
EC3N 3AE
MANDIRI ARAFURA UTARA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MANDIRI ARAFURA UTARA LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
$
$
$
$
Fixed assets
Intangible assets
100,000
100,000
Current assets
Debtors
3
1,998,296
2,065,984
Cash at bank and in hand
410
-
1,998,706
2,065,984
Creditors: amounts falling due within one year
4
(120,059)
(120,059)
Net current assets
1,878,647
1,945,925
Total assets less current liabilities
1,978,647
2,045,925
Capital and reserves
Called up share capital
5
4,500,004
4,500,004
Profit and loss reserves
(2,521,357)
(2,454,079)
Total equity
1,978,647
2,045,925
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 21 December 2018
S Arsad
Director
Company Registration No. 01937365
MANDIRI ARAFURA UTARA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Mandiri Arafura Utara Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Third Floor, 5 Lloyds Avenue, London, United Kingdom, EC3N 3AE.
1.1
Accounting convention
These financial statements for the year ended 31 December 2017
are the
first
financial statements of Mandiri Arafura Utara Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The financial statements are prepared in
United States dollars
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest $.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Intangible fixed assets other than goodwill
These financial statements for the year ended 31 December 2017
are the
first
financial statements of Mandiri Arafura Utara Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Licences
0%
Amortisation begins when the intangible asset is ready for use. These assets are currently not available for use and as such, no amortisation has been charged.
1.3
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
MANDIRI ARAFURA UTARA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
Foreign exchange
Transactions in currencies other than
United States Dollars
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Intangible fixed assets
Other
$
Cost
At 1 January 2017 and 31 December 2017
1,100,000
Amortisation and impairment
At 1 January 2017 and 31 December 2017
1,000,000
Carrying amount
At 31 December 2017
100,000
At 31 December 2016
100,000
MANDIRI ARAFURA UTARA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
3
Debtors
2017
2016
Amounts falling due within one year:
$
$
Other debtors
1,998,296
2,065,984
4
Creditors: amounts falling due within one year
2017
2016
$
$
Other creditors
120,059
120,059
5
Called up share capital
2017
2016
$
$
Ordinary share capital
Issued and fully paid
4,500,001 Ordinary shares of £1 each
4,500,001
4,500,001
2 Ordinary shares £1 of £1.50 each
3
3
4,500,004
4,500,004