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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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MOORE STEPHENS LATIN AMERICA LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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MOORE STEPHENS LATIN AMERICA LIMITED |
MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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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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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MOORE STEPHENS LATIN AMERICA LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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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Fourth & Fifth Floor |
14-15 Lower Grosvenor Place |
London |
SW1W 0EX |
MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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BALANCE SHEET |
31 DECEMBER 2018 |
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31.12.18 | 31.12.17 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 4 |
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Prepayments and accrued income |
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Cash at bank |
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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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RESERVES |
Capital redemption reserve |
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Income and expenditure account |
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The directors acknowledge their 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 surplus or deficit 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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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 Board of Directors on
by: |
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MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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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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Moore Stephens Latin America Limited is a
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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 |
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The functional currency of Moor Stephens Latin America Limited is considered to be US Dollars because that is |
the currency of the primary economic environment in which the Company operates. The financial statements are |
also presented in US Dollars and rounded to nearest $. |
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Critical accounting judgements and key sources of estimation uncertainty |
In preparing the financial statements, management is required to make estimates and assumptions which affect |
reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available |
information and application of judgement are inherent in the formation of estimates, together with past |
experience and expectations of future events that are believed to be reasonable under the |
circumstances. Actual results in the future could differ from such estimates. |
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Due to the simplicity of the Company’s transaction streams and year-end financial position, the directors |
considers there to be no critical judgements, estimates or assumptions in the preparation of these financial |
statements. |
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Turnover |
Turnover represents subscription and other fees receivable from member firms and relates wholly to territories in |
Latin America. |
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Financial instruments |
Financial instruments are recognised in the Statement of Financial Position when the Company becomes party |
to the contractual provisions of the instrument. Financial instruments are initially measured at transaction price |
unless the arrangement constitutes a financing transaction which includes transaction costs for financial |
instruments not subsequently measured at fair value. |
Subsequent to initial recognition, they are measured as set out below. A financing transaction is measured at the |
present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Classification |
Financial instruments are classified as either ‘basic’ or ‘other’ in accordance with Chapter 11 of FRS 102. |
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Subsequent measurement |
Loans and receivables are measured at amortised cost, using the effective interest method. Trade debtors and |
trade payables are recognised at the undiscounted amount owed by the customer or to the supplier, which is |
normally the invoice amount. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into US Dollars 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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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three |
months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant |
risk of change in value. |
MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using |
the effective interest method. |
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Taxation |
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Factors affecting tax charge for the year |
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There was no UK corporation tax charge on the surplus for the year or the prior year. |
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Factors that may affect future tax charges |
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The company is considered for tax purposes as a "mutual trader" such that it is not subject to corporation tax on |
the basis that its costs are met by its members each year. Accordingly, no taxation (other than on interest |
income) or deferred taxation is accounted for. |
Page |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
$ | $ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
$ | $ |
Trade creditors |
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Other creditors |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The company derives all its income and certain of its expenditure from member and correspondent firms.The |
directors, Edgard Henao, Ruy Gomes Da Silva Filho and Francisco Javier Ovares-Moscoa are partners of |
member firms. |
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Included within the administration expenses are payments made to Valeria Gagliani, a director, in her |
professional capacity for services rendered to the company of $81,250 (2017: $86,000). |
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7. | CONTROLLING PARTY |
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8. | COMPANY STATUS |
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The company is a private company limited by guarantee and consequently does not have share capital. Each of |
the members is liable to contribute an amount not exceeding $1 towards the assets of the company in the event |
of it being wound up while they are a member or within one year after cease to be a member. |
MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | RESERVES |
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Capital redemption reserve |
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On incorporation of the company, all assets and liabilities of Moore Stephens Latin America were transferred to |
the company and the resulting surplus of $24,184 credited to a capital reserve. |