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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 December 2019 |
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CORIK LIMITED |
REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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CORIK LIMITED |
CORIK LIMITED (Registered number: 05928860) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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CORIK 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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AUDITORS: |
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Chartered Certified Accountants |
& Statutory Auditor |
47 York Road |
Ilford |
Essex |
IG1 3AD |
CORIK LIMITED (Registered number: 05928860) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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The director presents her strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The company is an investment holding company. The director does not anticipate any material change in either the type or level of activity and financial position of the company. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The current economic environment is challenging for Corik Limited and its subsidiaries. In March 2020, the WHO declared Covid-19, a novel coronavirus, a pandemic. Covid-19 has caused extensive disruption to global businesses and economies. The situation is fluid and rapidly evolving and very difficult for the director to provide a quantitative estimate of the potential impact of this pandemic on the company and its subsidiaries. |
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Other than this outbreak, the director has not identified any material uncertainties relating to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. With the ongoing financial support of the company's shareholder, the director has reasonable expectation that company will continue to assume and meet all its obligations in the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the Report of the directors and the financial statements |
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ON BEHALF OF THE BOARD: |
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CORIK LIMITED (Registered number: 05928860) |
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Report of the Director |
for the Year Ended 31 December 2019 |
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The director presents her report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is 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; |
-state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, ASN Partnership Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
CORIK LIMITED |
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Opinion |
We have audited the financial statements of CORIK LIMITED (the 'company') for the year ended 31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Consolidation exemption |
As referred to in note 2 to the financial statements, the company has not prepared group accounts on grounds of disproportionate expense and undue delay. Although this is permitted by the Companies Act 2006, FRS 102 does not recognise disproportionate expense or undue delay as a reason to justify the exclusion from consolidation of a material subsidiary undertaking. In our opinion, the company should have prepared consolidated accounts in accordance with the requirements of FRS 102. |
Report of the Independent Auditors to the Members of |
CORIK LIMITED |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
CORIK LIMITED |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Certified Accountants |
& Statutory Auditor |
47 York Road |
Ilford |
Essex |
IG1 3AD |
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CORIK LIMITED (Registered number: 05928860) |
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Income Statement |
for the Year Ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING LOSS | ( |
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Amounts written off/(back) inv |
estments | 4 | 1,225,234 | (86,941 | ) |
(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 6 |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
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CORIK LIMITED (Registered number: 05928860) |
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Other Comprehensive Income |
for the Year Ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
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(LOSS)/PROFIT FOR THE YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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CORIK LIMITED (Registered number: 05928860) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were approved by the director and authorised for issue on
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CORIK LIMITED (Registered number: 05928860) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2019 |
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CORIK LIMITED (Registered number: 05928860) |
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Cash Flow Statement |
for the Year Ended 31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
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Net cash from operating activities | ( |
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Cash flows from financing activities |
Loans from related parties | 10,633 | 17,931 |
Net cash from financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
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Cash and cash equivalents at end of
year |
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CORIK LIMITED (Registered number: 05928860) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2019 |
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1. |
RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2019 | 2018 |
£ | £ |
(Loss)/profit before taxation | ( |
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Amounts written off FA investments | 1,225,234 | (86,941 | ) |
(14,566 | ) | (13,042 | ) |
Increase/(decrease) in trade and other creditors |
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Cash generated from operations | ( |
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CORIK LIMITED (Registered number: 05928860) |
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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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CORIK LIMITED is a private company, limited by shares, registered in England and Wales. The company's registered number is 05928860 and registered office address is 1st Floor, 7 Lanark Square, London, E14 9RE. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
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 medium group. The company has not prepared group accounts as, in the opinion of the director, the information necessary for the preparation of group accounts cannot be obtained without disproportionate expense and undue delay. This exception is permitted by Section 405 (3) (b) of the Companies Act 2006. |
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Investments in subsidiaries |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss. |
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A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
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An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
CORIK LIMITED (Registered number: 05928860) |
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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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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously |
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Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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CORIK LIMITED (Registered number: 05928860) |
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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 |
Classification of financial liabilities |
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Basic financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
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Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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Judgements and key sources of estimation uncertainty |
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In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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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. |
CORIK LIMITED (Registered number: 05928860) |
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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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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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Going concern |
The current economic environment in which the company operates is challenging. The company reported a net loss of £1,239,800 for the year (2018: Profit £73,899). The reported net loss was mainly due to the impairment of fixed assets investments. It also reported net current liabilities of £4,002,685 (2018: £3,988,119) and net liabilities of £3,657,467 (2018: £2,417,667) at the balance sheet date. |
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The director is aware that these circumstances represent a material uncertainty. The macroeconomic uncertainty caused by Covid-19 since the balance sheet date has impacted the businesses of the subsidiaries. However, as in previous years, the director has the financial support of the company's shareholder to provide the necessary funds for the company to meet its short-term liabilities. The director has a reasonable expectation that with the financial support of the shareholder and the Covid-19 financial measures taken by governments around the globe to support global economy, the company will continue to have adequate resources and be in operational existence for the foreseeable future. The director has therefore adopted the going concern basis of accounting in preparing the financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2019 nor for the year ended 31 December 2018. |
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The average number of employees during the year was NIL (2018 - NIL). |
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2019 | 2018 |
£ | £ |
Director's remuneration |
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4. | AMOUNTS WRITTEN OFF/(BACK) INV |
ESTMENTS |
2019 | 2018 |
£ | £ |
FA Investments written off | 1,225,234 | - |
FA Investments written back | - | (86,941 | ) |
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( |
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5. | AUDITORS' REMUNERATION |
2019 | 2018 |
£ | £ |
Fees payable to the company's auditors for the audit of the
company's financial statements |
5,920 |
3,000 |
CORIK LIMITED (Registered number: 05928860) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended 31 December 2018. |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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2019 | 2018 |
£ | £ |
(Loss)/profit before tax | ( |
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(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of |
( |
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Effects of: |
Expenses not deductible for tax purposes |
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( |
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Unutilised tax losses carried forward | 2,767 | 2,478 |
Total tax charge | - | - |
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The company has estimated tax losses of £ 116,776 (2018: £102,210) available to carry forward against future taxable profits. |
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7. | FIXED ASSET INVESTMENTS |
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2019 | 2018 |
£ | £ |
Shares in group undertakings |
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Loans to group undertakings |
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Additional information is as follows: |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2019 |
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Impairments | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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CORIK LIMITED (Registered number: 05928860) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Subsidiaries |
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Registered office: Spain |
Nature of business:
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% |
Class of shares: | holding |
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2019 | 2018 |
£ | £ |
Aggregate capital and reserves |
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(Loss)/profit for the year | ( |
) |
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Registered office: France |
Nature of business:
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% |
Class of shares: | holding |
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2019 | 2018 |
£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year | ( |
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) |
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Registered office: USA |
Nature of business:
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% |
Class of shares: | holding |
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2019 | 2018 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Registered office: South Africa |
Nature of business:
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% |
Class of shares: | holding |
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2019 | 2018 |
£ | £ |
Aggregate capital and reserves |
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Loss for the year | ( |
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CORIK LIMITED (Registered number: 05928860) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | FIXED ASSET INVESTMENTS - continued |
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Associated company |
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Registered office: South Africa |
Nature of business:
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% |
Class of shares: | holding |
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2019 | 2018 |
£ | £ |
Aggregate capital and reserves |
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|
Profit for the year |
|
|
Loans to |
group |
undertakings |
£ |
At 1 January 2019 |
and 31 December 2019 |
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
|
|
Loans from related parties | 3,992,796 | 3,982,163 |
Accrued expenses |
|
|
|
|
|
9. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary shares | 1 | 1,000 | 1,000 |
|
10. | RELATED PARTY DISCLOSURES |
|
|
|
|
|
11. | EVENTS AFTER BALANCE SHEET DATE |
|
The COVID-19 outbreak and resulting measures taken by various governments to contain the virus have already negatively affected the business of the company and its subsidiaries since March 2020. In addition to the already known effects, the macroeconomic uncertainty causes disruption to economic activity and it is unknown what the long-term impact on the business may be. Although the scale and duration of this pandemic remain uncertain, the events of Covid-19 are considered to be non-adjusting |
CORIK LIMITED (Registered number: 05928860) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
12. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is Keystone Trustee Services Ltd which owns 100% of the share capital of Corik Ltd. |