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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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MOORE STEPHENS LATIN AMERICA LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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 2020 |
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Company Information | 1 |
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Statement of Financial Position | 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 2020 |
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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 Floors |
14-15 Lower Grosvenor Place |
London |
SW1W 0EX |
MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank | 5 |
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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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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 and authorised for issue on
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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 2020 |
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1. | STATUTORY INFORMATION |
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Moore Stephens Latin America Limited is a
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Principal activity |
The principal activity of the company in the year under review was that of coordinating and helping the professional practices of member firms using the name "Moore" in Latin America, in providing audit, advisory, managerial and consultancy services to companies and individuals. |
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The functional currency of Moore 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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1.1 GOING CONCERN |
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Due to the consequences of the restructuring, the management made the strategic decision to transfer all the operations of this company to a new entity. The company thus ceased to trade on 31 December 2020. |
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As a result of the restructuring the company no longer meets the definition of a going concern, however, the financial statements have continued to be prepared on a going concern basis as the director believe that there would be no material difference between this basis and the break-up basis. |
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2. | ACCOUNTING POLICIES |
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2.1 Basis of preparing the financial statements |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3) . |
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The following principal accounting policies have been applied: |
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2.2 Turnover |
Turnover represents subscription, conference and other fees receivable from member firms and relates wholly to territories in Latin America. |
MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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2.3 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. |
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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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2.4 Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. |
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Exchange gains and losses are recognised in the profit and loss account. |
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2.5 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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2.6 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 2020 |
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2. | ACCOUNTING POLICIES - continued |
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2.7 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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2.8 Taxation |
Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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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 statement of financial position date in the countries where the company operates and generates income. |
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Factors affecting tax charge for the year |
There was no UK corporation tax charge on the surplus/(deficit) for the year or the prior year. |
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Factors that may affect future tax charges |
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. |
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2.9 Capital redemption reserve |
On incorporation of the company, all assets and liabilities of Moore Stephens Latin America were transferred to the company and the resulting surplus credited to a capital reserve. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
$ | $ |
Trade debtors |
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5. | CASH AT BANK |
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31.12.20 | 31.12.19 |
$ | $ |
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Cash at bank | 767 | 128,125 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
$ | $ |
Amounts owed to connected companies |
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Other creditors |
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MOORE STEPHENS LATIN AMERICA LIMITED (REGISTERED NUMBER: 08419636) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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. |