SOS Global Express Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2018
Company Registration No. 07393391 (England and Wales)
SOS Global Express Limited
Company Information
Directors
S O'Connell
F Soler
Company number
07393391
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
Suite 118, 1st Floor
Maple House
High Street
Potters Bar
Hertfordshire
EN6 5BS
SOS Global Express Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SOS Global Express Limited
Balance Sheet
As at 31 December 2018
Page 1
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
4
176,001
1,095,581
Current assets
Debtors
5
413,835
117,580
Cash at bank and in hand
115,326
165,432
529,161
283,012
Creditors: amounts falling due within one year
7
(1,904,124)
(861,356)
Net current liabilities
(1,374,963)
(578,344)
Total assets less current liabilities
(1,198,962)
517,237
Creditors: amounts falling due after more than one year
6
-
(1,142,400)
Net liabilities
(1,198,962)
(625,163)
Capital and reserves
Called up share capital
8
6
6
Share premium account
700,068
700,068
Profit and loss reserves
(1,899,036)
(1,325,237)
Total equity
(1,198,962)
(625,163)
SOS Global Express Limited
Balance Sheet (Continued)
As at 31 December 2018
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
F Soler
Director
Company Registration No. 07393391
SOS Global Express Limited
Notes to the Financial Statements
For the year ended 31 December 2018
Page 3
1
Accounting policies
Company information
SOS Global Express Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
-
The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).
-
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
-
The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
At the year end, the company's accounts show a net liability position. However, the company receives support from SOS Global Express Inc., who have
confirmed that
they
will not seek repayment of
their
loan
s to
the company until resources of the company permit
, and for a period of not less than 12 months from the date of signing these accounts
.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
SOS Global Express Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 4
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
2 years straight line
1.5
Fixed asset investments
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 or loss.
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.
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.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial
instruments classified as other, or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SOS Global Express Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
1
Accounting policies
(Continued)
Page 5
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018 and 31 December 2018
2,484
Depreciation and impairment
At 1 January 2018 and 31 December 2018
2,484
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
4
Fixed asset investments
2018
2017
£
£
Investments
176,001
1,095,581
SOS Global Express Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
4
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2018 & 31 December 2018
1,995,581
Impairment
At 1 January 2018
900,000
Impairment losses
919,580
At 31 December 2018
1,819,580
Carrying amount
At 31 December 2018
176,001
At 31 December 2017
1,095,581
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
57,089
27,450
Amounts due from group undertakings
350,749
-
Other debtors
5,997
90,130
413,835
117,580
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
-
1,142,400
SOS Global Express Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 7
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
7,931
89,947
Amounts due to group undertakings
1
1
Other taxation and social security
3,259
3,304
Other creditors
1,892,933
768,104
1,904,124
861,356
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
6 Ordinary shares of £1 each
6
6
6
6
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
2,680
2,258
SOS Global Express Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2018
Page 8
10
Related party transactions
SOS Global Express Inc., a company incorporated in the USA, is a related party by virtue of common shareholders. During the year SOS Global Express Inc. provided loans and paid costs on behalf of the company amounting to £513,697 (2017: £334,001) and the company has repaid £570,444 (2017: £205,267). As at the balance sheet date the company owed SOS Global Express Inc. £698,487 (2017: £755,234).
SOS Global GmbH, a company incorporated in Germany, us a non- wholly owned subsidiary. Is an 85% subsidiary company of SOS Global Express Limited and F Soler and S O'Connell were both shareholders in the year. During the year SOS Global GmbH provided services to the company amounting to £356,543 (2017: £nil), and received £223,466 (2017: £186,581) in dividends. As at the balance sheet date the company was owed £356,542 (2017: £1) from SOS Global GBMH.
At the balance sheet date £582,402 (2017: £569,865) was due to F Soler, director. During the year F Soler was repaid £nil (2017: £46,535) and charged interest payable of £12,537 (2017: £12,757).
At the balance sheet date S O'Connell was due £585,132 (2017: £572,536). During the year S O'Connell was repaid £nil (2017: £46,535) and charged interest payable of £12,596 (2017: £12,812).
11
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
SOS Global Express GMBH
Alter Teichweg 55a,
22049 Hamburg,
Germany
Logistics
Ordinary
85.00
SAX Logistica De Shows e Eventos LTDA
Rua Cardeal Arcoverde, 1745 Bloco B Pinheiros, São Paulo - SP, 05407-002, Brazil
Logistics
Ordinary
55.00
The company's ownership of SAX Logistica De Shows e Eventos LTDA increased from 40% to 55% in the year.