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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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Kilworth Trading Limited |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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Kilworth Trading Limited |
Kilworth Trading Limited (Registered number: 05005320) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Accountants | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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Kilworth Trading Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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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 |
Kilworth Trading Limited (Registered number: 05005320) |
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Report of the Directors |
for the Year Ended 31 December 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review continued to be that of a share trading and financing |
company. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Kilworth Trading Limited |
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Report of the Accountants to the Directors of |
Kilworth Trading Limited |
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As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2018 set out on pages four to seven and you consider that the company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
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Kilworth Trading Limited (Registered number: 05005320) |
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Income Statement |
for the Year Ended 31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | € | € |
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TURNOVER |
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Administrative expenses | ( |
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(29,125 | ) | (19,356 | ) |
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Other operating income |
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OPERATING LOSS | ( |
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Interest receivable and similar income |
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166,721 | 21,335 |
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Interest payable and similar expenses | ( |
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PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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Kilworth Trading Limited (Registered number: 05005320) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | € | € |
CURRENT ASSETS |
Debtors | 3 |
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Investments | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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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 |
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: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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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The financial statements were approved by the Board of Directors on
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Kilworth Trading Limited (Registered number: 05005320) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Kilworth Trading 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 euros and also this is 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 euro at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into euro 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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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 €1,787,414 (2017: €1,852,280) and incurred a net profit of €64,866 |
(2017 net loss of: €71,362) for the year. |
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The company's ability to continue as a going concern is contingent on the willingness of the controlling parties to |
provide financing to the company. The controlling parties have expressed their 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. The director therefore continues to adopt the going concern basis of accounting. |
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Investments held as current assets |
Investments held as current assets are stated at lower of the cost and net realisable value. |
Kilworth Trading Limited (Registered number: 05005320) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
€ | € |
Other debtors |
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4. | CURRENT ASSET INVESTMENTS |
31.12.18 | 31.12.17 |
€ | € |
Unlisted investments | 10 | 10 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
€ | € |
Bank loans and overdrafts |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
€ | € |
Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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Included in creditors due more than one year is the loan to the following: |
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31.12.18 | 31.12.17 |
EUR | EUR |
Lindal Overseas Corp | 3,192,759 | 3,091,597 |
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During the year, Kilworth Trading Limited incurred interest of €100,026 (2017: €92,484) in respect of the |
above loans from Lindal Overseas Corp. |
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Included in debtors falling due more than one year are the loans from the following: |
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31.12.18 | 31.12.17 |
EUR | EUR |
SCI Daria & Co | 1,386,489 | 1,168,472 |
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During the year, Kilworth Trading Limited charged interest of €195,695 (2017: €39,455) in respect of the above |
loan to SCI Daria & Co and recognised an impairment in the amount of €25,104 (2017: impairment of €13,326). |
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Kilworth Trading Limited holds 1% of share capital of SCI Daria & Co. |
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Kilworth Trading Limited and Lindal Overseas Corp are related due to having the same ultimate beneficial party. |
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8. | ULTIMATE CONTROLLING PARTY |
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