Registered number: 04407617 | ||||||||
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FOR THE YEAR ENDED 30/04/2016 | ||||||||
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Prepared By: | ||||||||
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Accountant and Tax | ||||||||
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Ashtead | ||||||||
Surrey | ||||||||
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Finac Union Limited | ||||||||
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ABBREVIATED ACCOUNTS | ||||||||
FOR THE YEAR ENDED
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INDEX TO THE ACCOUNTS | ||||||||
Abbreviated Balance Sheet | 2 | |||||||
Notes to the Abbreviated Accounts | 3 | |||||||
The company's registered number is 04407617 | ||||||||
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Finac Union Limited | ||||||||
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Registered Number: 04407617 | ||||||||||
BALANCE SHEET AT 30/04/2016 | ||||||||||
2016 | 2015 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Investments | 2 |
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CURRENT ASSETS | ||||||||||
Cash at bank and in hand |
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12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 3 |
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NET LIABILITIES |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 4 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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Approved by the board on
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Director | ||||||||||
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Finac Union Limited | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30/04/2016 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
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1b. Cash Flow Statement | ||||||||
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1c. Investments | ||||||||
Fixed asset investments are shown at cost less amounts written off. | ||||||||
Provisions are made for permanent fluctuations in value. |
2. INVESTMENT FIXED ASSETS | |||||||||
Shares in group companies | |||||||||
and participating interests | Total | ||||||||
£ | £ | ||||||||
Cost | |||||||||
At 01/05/2015 |
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At 30/04/2016 |
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Amortisation | |||||||||
At 01/05/2015 |
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At 30/04/2016 |
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Net Book Amounts | |||||||||
At 30/04/2016 |
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At 30/04/2015 |
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In 2006 the Company invested in a LLP "TOO Nitrocon Products", a company registered in the Republic of Kazakhstan. The Directors have reviewed the operations carried out in Kazakhstan by the subsidiary and the corresponding financial results, and believe them to be considerably below expectation. Accordingly, the Directors have decided to make a full provision against the carrying value of the Company's investment in the subsidiary. | |||||||||
The Directors have as a consequesce of the continuing poor performance of the Kazakh company initiated negotiations with various parties to sell the subsidiary company and find an agreeable solution with the subsidiarys and the Companys creditors relating to the subsidiarys debt and the Companys loans to finance the investment in the subsidiary. See Note 5 | |||||||||
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Finac Union Limited | ||||||||
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3. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2016 | 2015 | |||||||
£ | £ | |||||||
Bank loans and overdrafts | - | 304,243 | ||||||
Other creditors | 304,243 | - | ||||||
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The "other creditors" consist of one loan from a company Handels Union AG of £ 268,781 ($ 395,500) used to finance the investment in the subsidiary. The loan was entered into in 2008. The rest of the loan balance £ 35, 462 is a risk loan from the Shareholder. None of the loans carry interest. | ||||||||
4. SHARE CAPITAL | 2016 | 2015 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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5. SHAREHOLDINGS OF MORE THAN 20% | ||||||||
See Note 2 | ||||||||
Name of entity | Equity portion held | Country of operation | Country of registration | |||||
TOO NitrCon Products Continentals Company | 100% | Republic of Kazakhstan | Republic of Kazakhstan | |||||
2015 | 2014 | |||||||
Profit or (Loss) | (£ 96,947) (KZT 48,740,000) | ,(£ 19,039) (KZT 9,572,000) | ||||||
Shareholders equity | (£ 164,267) (KZT 82,585,000) | (3 67,322) (KZT 33,846,000) |