Company Registration No. 03875740 (England and Wales)
NEW TRENDS INITIATIVE LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
NEW TRENDS INITIATIVE LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
NEW TRENDS INITIATIVE LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
€
€
€
€
Fixed assets
Investments
2
1,444,182
1,450,682
Current assets
Cash at bank and in hand
3,078
11,142
Creditors: amounts falling due within one year
(1,802,532)
(1,809,857)
Net current liabilities
(1,799,454)
(1,798,715)
Total assets less current liabilities
(355,272)
(348,033)
Capital and reserves
Called up share capital
3
1,582
1,582
Profit and loss account
(356,854)
(349,615)
Shareholders' funds
(355,272)
(348,033)
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 30 September 2015
B J Pratt
Director
Company Registration No. 03875740
NEW TRENDS INITIATIVE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The financial statements have been prepared on the going concern basis. This is considered appropriate as the ultimate beneficial shareholders have indicated their willingness to continue to provide financial support to the company for the foreseeable future.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.4
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.5
Foreign currency translation
The company's accounting records are maintained in Euros.
Transactions in other foreign currencies are recorded at the rate ruling at the date of the transaction. Any material gains or losses resulting from the conversion are taken to profit and loss account.
1.6
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.
NEW TRENDS INITIATIVE LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Investments
€
Cost
At 1 January 2014
1,450,682
Disposals
(6,500)
At 31 December 2014
1,444,182
At 31 December 2013
1,450,682
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Mattone Srl
Italy
Ordinary
99.00
Elle Di Immobiliare Srl
Italy
Ordinary
99.00
Immobiliare Ponte Lucano Srl
Italy
Ordinary
99.00
Midland Alimentari Srl
Italy
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
€
€
Mattone Srl
Real Estate
102,194
(7,352)
Elle Di Immobiliare Srl
Real Estate
35,856
(27,269)
Immobiliare Ponte Lucano Srl
Real Estate
1,315,417
(32,939)
Midland Alimentari Srl
Packaging Production
10,381
(35,036)
The holding in Midland Alimentari Srl is 100% held by Elle. Di. Immobiliare Srl.
The holding in Valle Della Chiesa Srl was effectively written off in 2011 due to the company going into liquidation. This company was held 90% and 100% by Elle. Di. Immobiliare Srl and Midland Alimentari Srl respectively.
3
Share capital
2014
2013
€
€
Allotted, called up and fully paid
1,582 Ordinary shares of €1 each
1,582
1,582