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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Kilworth Trading Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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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 2019 |
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Company Information | 1 |
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Report of the Accountants | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Kilworth Trading Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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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 |
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Report of the Accountants to the Director of |
Kilworth Trading Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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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 2019 set out on pages nil to nil 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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Date: ............................................. |
Kilworth Trading Limited (Registered number: 05005320) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | € | € |
CURRENT ASSETS |
Debtors | 4 |
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Investments | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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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 | 7 | ( |
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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 director acknowledges his 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. |
Kilworth Trading Limited (Registered number: 05005320) |
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Balance Sheet - continued |
31 December 2019 |
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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 director and authorised for issue 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 2019 |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Kilworth Trading Limited (Registered number: 05005320) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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 €1,779,897 (2018: €1,787,414). The company had a net profit of £7,517 (2018 net profit of: €64,866) 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
€ | € |
Other debtors |
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5. | CURRENT ASSET INVESTMENTS |
31.12.19 | 31.12.18 |
€ | € |
Unlisted investments | 10 | 10 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
€ | € |
Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
€ | € |
Other creditors |
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Kilworth Trading Limited (Registered number: 05005320) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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8. | RELATED PARTY DISCLOSURES |
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Included in creditors due more than one year are the loans to the following: |
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31.12.19 | 31.12.18 |
EUR | EUR |
Lindal Overseas Corp | 3,287,049 | 3,192,759 |
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During the year, Kilworth Trading Limited incurred interest of €97,290 (2018: €100,026) in respect of the above loans from Lindal Overseas Corp. |
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31.12.19 | 31.12.18 |
EUR | EUR |
Meraldic Limited | 384,217.43 | 8,731.18 |
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During the year, Kilworth Trading Limited incurred interest of €12,155 (2018: €7,872) in respect of the above loans from Meraldic Limited. |
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Included in debtors falling due more than one year are the loans from the following: |
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31.12.19 | 31.12.18 |
EUR | EUR |
SCI Daria & Co | 1,913,780.83 | 1,386,489 |
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During the year, Kilworth Trading Limited charged interest of €125,505 (2018: €195,695) in respect of the above loan to SCI Daria & Co and recognised an impairment in the amount of €788 (2018: impairment of €25,104 ). |
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Kilworth Trading Limited holds 1% of share capital of SCI Daria & Co. |
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Lindal Overseas Corp and Meraldic Limited are related parties to Kilworth Trading Limited due to having a beneficial owner who is a family member of Kilworth Trading Limited's beneficial owner. |
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9. | ULTIMATE CONTROLLING PARTY |
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Mr Evgenii Giner is the ultimate controlling party. |