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Report of the Directors and |
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Unaudited Financial Statements For The Year Ended 31 December 2014 |
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Scarletroute Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements For The Year Ended 31 December 2014 |
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for |
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Scarletroute Limited |
Scarletroute Limited (Registered number: 06796835) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2014 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Profit and Loss Account | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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Scarletroute Limited |
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Company Information |
For The Year Ended 31 December 2014 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
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Scarletroute Limited (Registered number: 06796835) |
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Report of the Directors |
For The Year Ended 31 December 2014 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2014. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of investment holding company. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2014 to the date of this |
report. |
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This report has been prepared in accordance with the special 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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Scarletroute Limited (Registered number: 06796835) |
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Profit and Loss Account |
For The Year Ended 31 December 2014 |
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2014 | 2013 |
Notes | € | € |
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TURNOVER |
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Administrative expenses | ( |
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OPERATING LOSS | 2 | ( |
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Interest receivable and similar income | 3 |
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LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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( |
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Tax on loss on ordinary activities | 4 |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Scarletroute Limited (Registered number: 06796835) |
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Balance Sheet |
31 December 2014 |
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2014 | 2013 |
Notes | € | € |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Investments | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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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 |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Profit and loss account | 11 | ( |
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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. |
Scarletroute Limited (Registered number: 06796835) |
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Balance Sheet - continued |
31 December 2014 |
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The financial statements were approved by the Board of Directors on
by: |
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Scarletroute Limited (Registered number: 06796835) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2014 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Compliance with accounting standards |
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The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards |
(United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as |
otherwise stated). |
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Going concern |
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The financial statements have been prepared on a going concern basis. The directors have obtained undertakings |
from the company's shareholders that they will continue to support the company for the foreseeable future and |
meet all third party liabilities as they fall due. Given this undertaking, the directors consider it appropriate to |
adopt a going concern basis in preparing the financial statements. |
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Investments: |
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Fixed Asset Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
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Current Asset Investments |
Current asset investments are stated at lower of cost and net realisable value. |
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Preparation of consolidated financial statements |
The financial statements contain information about Scarletroute Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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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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Foreign currencies |
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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2. | OPERATING LOSS |
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The operating loss is stated after charging: |
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2014 | 2013 |
€ | € |
Foreign exchange differences |
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Scarletroute Limited (Registered number: 06796835) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2014 |
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2. | OPERATING LOSS - continued |
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Directors' remuneration and other benefits etc |
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3. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2014 | 2013 |
€ | € |
Loan interest receivable | 4,819 | 4,566 |
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4. | TAXATION |
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Analysis of the tax credit |
The tax credit on the loss on ordinary activities for the year was as follows: |
2014 | 2013 |
€ | € |
Current tax: |
UK corporation tax |
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Tax on loss on ordinary activities |
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( |
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5. | FIXED ASSET INVESTMENTS |
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2014 | 2013 |
€ | € |
Shares in group undertakings | 35,000 | 35,000 |
Loans to group undertakings | 11,273,844 | 11,269,023 |
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Additional information is as follows: |
Shares in |
group |
undertakings |
€ |
COST |
At 1 January 2014 |
and 31 December 2014 | 35,000 |
NET BOOK VALUE |
At 31 December 2014 |
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At 31 December 2013 |
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Scarletroute Limited (Registered number: 06796835) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2014 |
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5. | 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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Country of incorporation: Austria |
Nature of business:
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Class of shares: | holding |
Ordinary | 100.00 |
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€ | € |
Aggregate capital and reserves | 11,166,650 | 11,020,817 |
Loss for the year | (18,349 | ) | (1,033 | ) |
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Investments are made up of equity shares, long term loans and equity finance. There are no plans for the equity |
finance to be repaid in the foreseeable future as it forms part of the capital base of the investee company. The |
equity finance is regarded as "permanent equity" and does not rank for interests whatsoever. |
Loans to |
group |
undertakings |
€ |
At 1 January 2014 | 11,269,023 |
New in year | 4,821 |
At 31 December 2014 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2014 | 2013 |
€ | € |
Other debtors | 20,698 | 27,079 |
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7. | CURRENT ASSET INVESTMENTS |
2014 | 2013 |
€ | € |
Other | 86,139 | 96,526 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2014 | 2013 |
€ | € |
Trade creditors |
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Other creditors |
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Scarletroute Limited (Registered number: 06796835) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2014 |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2014 | 2013 |
€ | € |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Shareholder loan non-interest | 4,013,466 | 4,013,466 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | € | € |
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Ordinary | 1160 |
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11. | RESERVES |
Profit |
and loss |
account |
€ |
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At 1 January 2014 | ( |
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Deficit for the year | ( |
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At 31 December 2014 | ( |
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12. | RELATED PARTY DISCLOSURES |
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Scarletgarten GmbH |
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Subsidiary |
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The following balances existed with related parties as at 31 December 2013: |
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Loans to subsidiary: |
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a) Equity Finance €8,350,000 (2013: €8,350,000) |
b) Interest bearing loan €2,923,844 (2013: €2,919,023), including interest receivable on the loan €4,819 (2013: € |
4,566). |
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The following transaction existed between related parties as at 31 December 2014: |
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Interest receivable on loan to subsidiary €4,819 (2013: € 4,566). |