Registration number:
Benecoal International Limited
for the Year Ended 31 December 2020
Benecoal International Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Benecoal International Limited
Company Information
Director |
Michail Chatsikidis |
Registered office |
|
Auditors |
|
Benecoal International Limited
Strategic Report for the Year Ended 31 December 2020
The director presents his strategic report for the year ended 31 December 2020.
Review of business
The principal activity of the Company was international trading of coal products. The company ceased to trade during the year.
The results for the year and the financial position at the end of the year was considered satisfactory by the director, in very difficult trading conditions due to reduced demand for coal as consumers transition to more environmentally friendly fuel sources to address concerns over climate change.
The company monitors the business performance through a number of key performance indicators, including revenue growth, gross profit margins and profit before taxation, summarised as follows:
2020 |
2019 |
|
Turnover |
£ 835 k |
£ 61.8 m |
Gross (loss)/profit margin |
(79.0) % |
0.31 % |
(Loss)/profit before taxation |
(£691,353) |
£387,907 |
Shareholders' funds |
£31,398 |
£725,363 |
The turnover has reduced significantly compared to last year due to trading activity ceasing early in the period. The director considers the performance of the company to be satifactory and in line with expectations.
The company continues to meet all of its financial and statutory obligations. This is achieved through strong and regular financial monitoring, specifically around cash flow and working capital.
The financial position of the company at the year end
At the year end the company had a loss after tax of £693,965 (2019: £314,205 profit) and shareholders' funds of £31,398 (2019: £725,363). The company showed a decrease of net cash from its operating activities of £1,837,757 (2019: £1,811,452 increase).
Benecoal International Limited
Strategic Report for the Year Ended 31 December 2020 (continued)
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of key risks. Risks are reviewed by the Board and appropriate processes are put into place to monitor and mitigate them. If several events occur, it is possible that the overall effect of such events would compound the possible adverse effects on the company. The key business risks are set out below:
Financial Risk:
The company's operations are exposed to a variety of financial risks. The company believes that these risks are straightforward and therefore can be managed internally by the Board. The company does not use derivative financial instruments.
Price Risk:
The company negotiates each individual contract at an arm's length and on a commercial basis. The company's exposure to price risk is expected to be Brexit related with possible fluctuations in the future value of the pound. Contracts are in US Dollars and as sales prices are based on exchange rates provided by our clients any major fluctuations in the currency may affect the financial results of the company. There is coal price risk in respect of COVID-19 and in respect of reduced demand as alternative energy sources are taking an increased share of the market.
Credit Risk:
Appropriate credit checks are made for all customers.
Liquidity Risk:
Insufficient funds are held to ensure that all liabilities can be settled as they fall due without receiving the debtor. However, with no expectation to trade, costs are being kept at a minimum.
Cash Flow Risk:
The company faces cash flow risks in relation to the timing of trade debtor collections and trade creditor payments. The company believes that these risks are straightforward and therefore can be managed internally by the Board considering the close and few relationships with trade debtors and creditors.
Geopolitical Risk:
Geopolitical risk between Ukraine and Russia is considered to be the most significant risk, considering it resulted in the Company ceasing to trade since January 2020.
Future developments and post balance sheet events
As a result of deteriorated trading conditions that ensued from the conflict between Russia and Ukraine, the Company has not traded since 31 January 2020.
Going Concern
As the company has ceased to trade during the year, the director considers that the company is no longer a going concern and the accounts have been prepared on a basis other than going concern.
Benecoal International Limited
Strategic Report for the Year Ended 31 December 2020 (continued)
Key Stakeholder Considerations
In accordance with Section 172 of the Companies Act the Board has determined that all stakeholders' interests have been considered in decision making.
The director has considered the impact of his decisions on key stakeholders. As the sole employee and shareholder, the impact of his decisions are felt primarily by himself. However, the director is also mindful of how the company engages with others and the impact of his decisions on the broader environment. He seeks to minimise waste in business operations where possible. The company’s suppliers rely on trading partners to support their employees and in turn sustain local economies, whilst customers are reliant on the company’s services to obtain fuel in the interim period until cleaner energy sources become more widely available and cost effective.
The director ensures the company’s activity is conducted ethically and demands the same from his trading partners.
Approved by the
......................................... |
Benecoal International Limited
Director's Report for the Year Ended 31 December 2020
The director presents his report and the financial statements for the year ended 31 December 2020.
Director's responsibilities statement
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
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 he 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:
• |
select suitable accounting policies and 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; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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 him to ensure that the financial statements comply with the Companies Act 2006. He 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.
Directors' indemnity insurance
Directors' liability and indemnity insurance was in force throughout the period to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.
Directors
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each of the persons who are directors at the time when this Director's Report is approved has confirmed that:
• |
so far as the director is aware, there is no relevant audit information of which the Comapny's auditors are unaware, and |
• |
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. |
Going Concern
In accordance with s414C(11) of the Companies Act, the director has elected to provide information relating to Going Concern within the Strategic Report.
Benecoal International Limited
Director's Report for the Year Ended 31 December 2020 (continued)
Auditors
The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Post balance sheet events and engagements with others
In accordance with s414C(11) of the Companies Act, the director has elected to provide information relating to post balance sheet events and engagements with others within the Strategic Report.
Principal activity
The principal activity of the company was international trading of coal products which ceased on 31 January 2020.
Results and dividends
The loss for the year, after taxation, amounted to £693,965 (2019: £314,205 profit). No dividends were paid in the year (2019: £ Nil).
Approved by the
.........................................
Director
Benecoal International Limited
Independent Auditor's Report to the Members of Benecoal International Limited
Opinion
We have audited the financial statements of Benecoal International Limited (the 'company') for the year ended 31 December 2020, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 December 2020 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. |
Basis of 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 auditor 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.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 16 in the financial statements, which explains that it is the intention of the director to liquidate the company. The director has therefore concluded that the going concern basis of accounting is no longer appropriate and these financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Benecoal International Limited
Independent Auditor's Report to the Members of Benecoal International Limited (continued)
Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 an auditor’s report 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.
Benecoal International Limited
Independent Auditor's Report to the Members of Benecoal International Limited (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
• |
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias |
• |
Reviewing minutes of meetings of those charged with governance; |
• |
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
• |
Enquiry of management and those charged with governance around actual and potential litigation and claims. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report 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.
......................................
For and on behalf of
Benecoal International Limited
Profit and Loss Account for the Year Ended 31 December 2020
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross (loss)/profit |
( |
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating (loss)/profit |
( |
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
|
|
(25,041) |
213,607 |
||
(Loss)/profit before tax |
( |
|
|
Taxation |
( |
( |
|
(Loss)/profit for the financial year |
( |
|
The company has no recognised gains or losses for the year other than the results above which resulted from discontinued operations.
Benecoal International Limited
(Registration number: 09358228)
Balance Sheet as at 31 December 2020
Note |
31 December |
31 December |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Approved and authorised by the
.........................................
Director
Benecoal International Limited
Statement of Changes in Equity for the Year Ended 31 December 2020
Share capital |
Profit and loss account |
Total |
|
At 1 January 2020 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2020 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2019 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2019 |
|
|
|
Benecoal International Limited
Statement of Cash Flows for the Year Ended 31 December 2020
Note |
31 December |
31 December |
|
Cash flows from operating activities |
|||
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Finance income |
( |
- |
|
Income tax expense |
|
|
|
( |
|
||
Working capital adjustments |
|||
Decrease in trade debtors |
|
|
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
- |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
750 |
1,838,507 |
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal activity of the company is open cast coal trading.
The company's registration number is 09358228.
The address of its registered office is:
England
Accounting policies |
Basis of preparation
These financial statements have been prepared using the historical cost convention and on a basis other than going concern, see note 18. The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Judgements
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. |
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
· the Company has transferred the significant risks and rewards of ownership to the buyer;
· the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold;
· the amount of revenue can be measured reliably;
· it is probable that the Company will receive the consideration due under the transaction; and
· the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
· the amount of revenue can be measured reliably;
· it is probable that the Company will receive the consideration due under the contract;
· the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
· the costs incurred and the costs to complete the contract can be measured reliably.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates or monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except where deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses charged to the Profit and Loss Account are recognised within ‘Interest payable and similar expenses’.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Short term trade creditors are measured at the transaction price.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the
amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate for the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Judgements and key sources of estimation uncertainty
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements are these relating to:
• Judgements to prepare the accounts on a break up basis as opposed to a going concern basis.
• Judgements surrounding the recoverability of trade and other debtors.
The director considers that trade and other debtors are recoverable.
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Revenue |
The analysis of the company's revenue for the year from discontinued operations is as follows:
2020 |
2019 |
|
Sale of goods |
|
|
Final country of destination |
2020 |
2019 |
|||
£ |
£ |
||||
China |
- |
11,165,968 |
|||
Poland |
- |
3,870,742 |
|||
Romania |
449,407 |
10,306,265 |
|||
Russia |
- |
6,214,479 |
|||
Ukraine |
385,866 |
30,254,392 |
|||
Total |
835,373 |
61,811,846 |
Employees |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
31 December |
31 December |
|
Other departments |
|
|
|
|
The director is the only key management personnel and the director received no remuneration from the company for the year (2019: none).
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2020 |
2019 |
|
Miscellaneous other operating income |
|
|
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Operating (loss)/profit |
Arrived at after charging/(crediting)
2020 |
2019 |
|
Foreign exchange losses/(gains) |
|
( |
Auditor's remuneration - The audit of the company's annual accounts |
14,400 |
13,000 |
Other interest receivable and similar income |
2020 |
2019 |
|
Interest income on bank deposits |
|
- |
Taxation |
Tax charged/(credited) in the income statement
2020 |
2019 |
|
Current taxation |
||
UK corporation tax |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK of
The differences are reconciled below:
2020 |
2019 |
|
(Loss)/profit before tax |
( |
|
Corporation tax at standard rate |
( |
|
Tax increase (decrease) from effect of unrelieved tax losses carried forward |
|
- |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
- |
Total tax charge |
|
|
There were tax losses carried forward at the year ended 31 December 2020 of £691,353 (2019: none).
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Cash and cash equivalents |
2020 |
2019 |
|
Cash at bank |
|
|
Creditors |
Note |
2020 |
2019 |
|
Due within one year |
|||
Trade creditors |
- |
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
75,284 |
92,357 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
31 December |
31 December |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
Ultimate controlling party |
The ultimate controlling party is
Benecoal International Limited
Notes to the Financial Statements for the Year Ended 31 December 2020 (continued)
Profit and loss account |
The profit and loss account shows the aggregate profits and losses of the Company since inception.
Financial instruments |
The carrying values of the company's financial instruments are as follows:
2019 |
2019 |
|
£ |
£ |
|
Financial assets |
||
Measured at amortised cost - trade and other debtors |
813,726 |
18,437,943 |
Financial liabilities |
||
Measured at amortised cost - trade creditors and accrued expenses |
707,794 |
19,458,730 |
16 Going Concern
The company has ceased to trade during the year and the director intends to liquidate the company. These financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the Company's assets to net realisable value. The financial statements do not include any provision for the future costs of terminating the business of the Company except to the extent that such costs were committed at the Statement of financial position date.
The director does not consider that there would be any material differences to the reported results of the Company if the going concern basis of preparation had been applied to these financial statements.