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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Trimcroft Services Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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Trimcroft Services Limited |
Trimcroft Services Limited (Registered number: 03967346) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Trimcroft Services Limited |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
Trimcroft Services Limited (Registered number: 03967346) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | $ | $ |
CURRENT ASSETS |
Investments | 4 |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Trimcroft Services Limited (Registered number: 03967346) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Trimcroft Services 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. |
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2. | ACCOUNTING POLICIES |
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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. |
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The financial statements have been prepared in US Dollars and this is also considered by the director to be the company's functional currency. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Investments |
Investments held as current assets are stated at lower of cost and net realisable value. |
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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 $3,346,778 (2019: $3,258,093) and incurred a net loss of $86,686 (2019: $92,295) for the year. |
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The director considers the going concern basis to be appropriate due to the fact that the controlling party has expressed its 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 director continues to adopt the going concern basis of accounting, which contemplates the realisation of assets and satisfaction of liabilities and commitments in the normal course of business. |
Trimcroft Services Limited (Registered number: 03967346) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | CURRENT ASSET INVESTMENTS |
31.12.20 | 31.12.19 |
$ | $ |
Unlisted investments | 4,500,000 | 4,500,000 |
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The company's unlisted investments include investments in companies listed on the Ukrainian Stock Exchange. These entities are not considered to be listed under the definition described in FRS 102. As at 31 December 2020 the shares had been suspended. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
$ | $ |
Trade creditors |
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Other creditors |
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Amount owed to related parties | 1,365,203 | 1,365,203 |
Accruals and deferred income |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.20 | 31.12.19 |
$ | $ |
Other loans |
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7. | RELATED PARTY DISCLOSURES |
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Included in creditors are promissory notes payable to the following related parties: |
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2020 | 2019 |
$ | $ |
Gilson Investments Limited | 511,484 | 511,484 |
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Included in creditors are fees settled by related parties: |
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2019 | 2018 |
$ | $ |
Gilson Investments Limited | 867 | 867 |
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Included in creditors are the following loan balances due to related parties: |
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2019 | 2018 |
$ | $ |
Emsworth Assets Limited | 24,903 | 23,298 |
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During the year, the company was charged interest of $650 (2018: $624) by Emsworth Assets Limited in respect of the above loans. |
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The above companies are related parties due to common ownership. |
Trimcroft Services Limited (Registered number: 03967346) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | ULTIMATE CONTROLLING PARTY |
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Financiere Egine Holding S.C.A. and Lucien Limited own 50% of the company's shares each, however they hold these shares as effective nominees for a consortium of individuals, with no one individual having overall control. |