REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for
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Aurelius Sigma Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for
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Aurelius Sigma Limited |
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Aurelius Sigma Limited (Registered number: 10198559)
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Contents of the Financial Statements
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for the Year Ended 31 December 2019
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Page
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Company Information
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1
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Strategic Report
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2
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Report of the Directors
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4
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Report of the Independent Auditors
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5
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Income Statement
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7
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Other Comprehensive Income
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9
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Statement of Financial Position
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10
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Statement of Changes in Equity
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11
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Notes to the Financial Statements
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12
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Aurelius Sigma Limited
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Company Information
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for the Year Ended 31 December 2019
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DIRECTORS:
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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AUDITORS:
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Chartered Accountants and
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Statutory Auditors
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Venture House
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Calne Road
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Lyneham
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Chippenham
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SN15 4PP
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Aurelius Sigma Limited (Registered number: 10198559)
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Strategic Report
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for the Year Ended 31 December 2019
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The directors present their strategic report for the year ended 31 December 2019.
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REVIEW OF BUSINESS
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The company is a holding company. It also received and granted loans within the Aurelius Group.
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In February 2019 Aurelius Group announced that in a transfer process agreed in advance with the Ministry
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of Justice, the social reintegration service provided to the British authorities, were transferred to the service
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provider Seetec.
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Subsequent to this transfer Working Links (Employment) Limited was placed in the hands of an
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administrator on 14 February 2019.
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It is the intention of the directors that the company will cease to trade. The accounts have therefore not been
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drawn up on a going concern basis.
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PRINCIPAL RISKS AND UNCERTAINTIES
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According to experts, the continuing and worsening coronavirus crisis at the time of this report will have
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considerable effects on the development of the global economy. In an economic forecast published in early
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March 2020, the Organization for Economic Cooperation and Development (OECD) concludes that the
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continuing coronavirus crisis represents the greatest risk to the global economy since the global financial
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crisis and that economic activity will decline sharply throughout the world in the first half of the year. The
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coronavirus crisis poses currently not yet quantifiable risks for general economic conditions and therefore
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also for AURELIUS. It is not possible to estimate the actual medium-term and long-term effects of the
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coronavirus crisis on the AURELIUS Group at the present time. Therefore, there is a risk that it may not be
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possible to meet the targets set in the companies' business plans. There is a risk that impairments may need
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to be recognized in intangible assets, property, plant and equipment or trade receivables and a risk that the
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portfolio companies may require additional funding. There is also a risk that potential sales of companies
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cannot be realized or only realized at a later time than planned. In view of the fluid state of developments,
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the Executive Board will continually re-assess the strategy and orientation of AURELIUS and its portfolio
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companies.
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SECTION 172(1) STATEMENT
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ENGAGEMENT WITH EMPLOYEES
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People create success. Our success is the result of the individual performance of every employee.
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Respectful treatment of all employees.
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Unconditional respect of human rights.
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Conscious diversity and internationality of our workforce.
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More jobs thanks to successful growth strategies.
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ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
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Corporate codex
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Principles such as responsible, sustainable management are firmly embedded in the Aurelius ESG
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(Environmental Social Governance) policy, including:
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No investment in the arms industry.
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No investment in emissions-intensive companies.
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No trading in weapons or armaments, tobacco or tobacco products.
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Code of Conduct for suppliers and service providers.
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Anti-corruption and anti-bribery policy.
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Protection and support for whistleblowers.
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Aurelius Sigma Limited (Registered number: 10198559)
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Strategic Report
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for the Year Ended 31 December 2019
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STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
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Environment:
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Goal for the year 2025: Reduce Group wide CO2 emissions by 30 percent.
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Measures have been introduced to permanently reduced CO2 emissions.
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Reduction of flights through the increased use of video conferences and online meetings and using train
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travel as an alternative.
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Precautions to prevent environmental damage.
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CO2 offsetting of the flights of all holding company employees since the 2019 financial year.
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Social commitment:
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Aurelius refugee initiative e.v. Aurelius has been helping refugees since 2015.
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Extensive support of the START Foundation to promote outstanding young people with migration
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backgrounds since 2018.
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Long established tradition: Christmas-season collection drive for important social projects; AURELIUS
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matches the donations raised by employees.
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ON BEHALF OF THE BOARD:
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Aurelius Sigma Limited (Registered number: 10198559)
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Report of the Directors
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for the Year Ended 31 December 2019
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The directors present their report with the financial statements of the company for the year ended 31 December 2019.
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DIVIDENDS
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No dividends will be distributed for the year ended 31 December 2019.
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DIRECTORS
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The directors shown below have held office during the whole of the period from 1 January 2019 to the date
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of this report.
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DISCLOSURE IN THE STRATEGIC REPORT
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The Company has opted to disclose some items in the Strategic Report rather than the Director's Report.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are 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 them to ensure that the financial statements comply with the Companies Act |
2006. They are 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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the |
steps that he ought to have taken as a director in order to make himself aware of any relevant audit |
information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD:
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Report of the Independent Auditors to the Members of
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Aurelius Sigma Limited
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Opinion
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We have audited the financial statements of Aurelius Sigma Limited (the 'company') for the year ended |
31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Statement of |
Financial Position, Statement of Changes in Equity 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 Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for
the year then ended; |
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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. |
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Basis for opinion
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
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applicable law. Our responsibilities under those standards are further described in the Auditors'
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responsibilities for the audit of the financial statements section of our report. We are independent of the
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company in accordance with the ethical requirements that are relevant to our audit of the financial
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statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical
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responsibilities in accordance with these requirements. We believe that the audit evidence we have
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obtained is sufficient and appropriate to provide a basis for our opinion.
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Emphasis of matter- basis of preparation
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We draw attention to Note 16 to the financial statements which explains that the directors intend to liquidate
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the company and therefore do not consider it to be appropriate to adopt the going concern basis of
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accounting in preparing the financial statements. Accordingly the financial statements have been prepared
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on a basis other than going concern as described in Note 16. Our opinion is not modified in this respect of
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this matter.
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Other information
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The directors are responsible for the other information. The other information comprises the information in
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the Strategic Report and the Report of the Directors, but does not include the financial statements and our
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Report of the Auditors thereon.
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Our opinion on the financial statements does not cover the other information and, except to the extent
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otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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In connection with our audit of the financial statements, our responsibility is to read the other information
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and, in doing so, consider whether the other information is materially inconsistent with the financial
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statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we
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identify such material inconsistencies or apparent material misstatements, we are required to determine
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whether there is a material misstatement in the financial statements or a material misstatement of the other
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information. If, based on the work we have performed, we conclude that there is a material misstatement of
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this other information, we are required to report that fact. We have nothing to report in this regard.
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Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements.
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Report of the Independent Auditors to the Members of
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Aurelius Sigma Limited
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Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment obtained in the course
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of the audit, we have not identified material misstatements in the Strategic Report or the Report of the
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Directors.
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
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report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Responsibilities of directors
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As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are
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responsible for the preparation of the financial statements and for being satisfied that they give a true and
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fair view, and for such internal control as the directors determine necessary to enable the preparation of
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financial statements that are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the company's ability to
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continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
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concern basis of accounting unless the directors either intend to liquidate the company or to cease
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operations, or have no realistic alternative but to do so.
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Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
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free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that
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includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
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audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
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Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
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they could reasonably be expected to influence the economic decisions of users taken on the basis of these
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financial statements.
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A further description of our responsibilities for the audit of the financial statements is located on the Financial
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Reporting Council's website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our
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Report of the Auditors.
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Use of our report
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of
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the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's
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members those matters we are required to state to them in a Report of the Auditors and for no other
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purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
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than the company and the company's members as a body, for our audit work, for this report, or for the
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opinions we have formed.
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for and on behalf of
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Chartered Accountants and
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Statutory Auditors
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Venture House
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Calne Road
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Lyneham
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Chippenham
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SN15 4PP
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Aurelius Sigma Limited (Registered number: 10198559)
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Income Statement
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for the Year Ended 31 December 2019
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31.12.19
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31.12.19
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31.12.19
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Continuing
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Discontinued
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Total
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Notes
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£
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£
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£
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REVENUE
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3
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-
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62,070
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62,070
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Cost of sales
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-
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(12,090
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(12,090
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GROSS PROFIT
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-
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49,980
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49,980
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Administrative expenses
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-
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(160,789
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)
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(160,789
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)
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OPERATING LOSS
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5
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(
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)
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(
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)
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Amounts written off investments
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-
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-
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-
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Interest payable and similar expenses
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7
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-
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(436,885
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)
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(
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)
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LOSS BEFORE TAXATION
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-
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(
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(
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Tax on loss
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8
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-
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LOSS FOR THE FINANCIAL YEAR
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-
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(
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)
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(
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)
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Aurelius Sigma Limited (Registered number: 10198559)
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Income Statement
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for the Year Ended 31 December 2019
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31.12.18
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31.12.18
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31.12.18
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Continuing
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Discontinued
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Total
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Notes
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£
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£
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£
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REVENUE
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3
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-
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734,219
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734,219
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Cost of sales
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-
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(922,146
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)
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(922,146
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)
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GROSS LOSS
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-
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(187,927
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)
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(187,927
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)
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Administrative expenses
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-
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(26,434
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)
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(26,434
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)
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OPERATING LOSS
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5
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(
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)
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(
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)
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Cost of fundamental reorg
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6
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-
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(6,856,011
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)
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(
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)
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Profit/loss on sale of invest
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6
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-
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612,446
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-
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(6,457,926
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)
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(6,457,926
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)
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Interest receivable and similar income
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-
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Amounts written off investments
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-
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-
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-
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Interest payable and similar expenses
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7
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-
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(653,990
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)
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(
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)
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LOSS BEFORE TAXATION
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-
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(6,835,684
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)
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(
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)
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Tax on loss
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8
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-
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(
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)
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(
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)
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LOSS FOR THE FINANCIAL YEAR
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-
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(
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)
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(
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)
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Aurelius Sigma Limited (Registered number: 10198559)
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Other Comprehensive Income
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for the Year Ended 31 December 2019
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31.12.19
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31.12.18
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Notes
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£
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£
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LOSS FOR THE YEAR
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(
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)
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(
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)
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OTHER COMPREHENSIVE INCOME
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-
|
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-
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
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(
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)
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(
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)
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Aurelius Sigma Limited (Registered number: 10198559)
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Statement of Financial Position
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31 December 2019
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31.12.19
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31.12.18
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Notes
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£
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£
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CURRENT ASSETS
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Debtors
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10
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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11
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NET CURRENT LIABILITIES
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(
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)
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(
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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(
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)
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(
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CAPITAL AND RESERVES
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Called up share capital
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13
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Retained earnings
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14
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(
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)
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(
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)
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SHAREHOLDERS' FUNDS
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(
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)
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(
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)
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The financial statements were approved by the Board of Directors and authorised for issue on
and were signed on its behalf by:
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Aurelius Sigma Limited (Registered number: 10198559)
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Statement of Changes in Equity
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for the Year Ended 31 December 2019
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Called up
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share
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Retained
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Total
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capital
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earnings
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equity
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£
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£
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£
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Balance at 1 January 2018
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(
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Changes in equity
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Total comprehensive income
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-
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(
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)
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(
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)
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Balance at 31 December 2018
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(
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)
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(
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)
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Changes in equity
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Total comprehensive income
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-
|
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(
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)
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(
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)
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Balance at 31 December 2019
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(
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)
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(
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)
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Aurelius Sigma Limited (Registered number: 10198559)
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Notes to the Financial Statements
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for the Year Ended 31 December 2019
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1.
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STATUTORY INFORMATION
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Aurelius Sigma Limited is a
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The company's registered number and registered office address can be found on the Company
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Information page.
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The company has taken advantage of the following disclosure exemptions in preparing these financial
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statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and
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Republic of Ireland":
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•
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the requirements of Section 7 Statement of Cash Flows;
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•
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the requirement of Section 33 Related Party Disclosures paragraph 33.7.
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Preparation of consolidated financial statements
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The financial statements contain information about Aurelius Sigma Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is |
exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated |
financial statements as it and its subsidiary undertaking are included by full consolidation in the |
consolidated financial statements of its parent, Aurelius Equity Opportunities SE & Co. KGaA, |
Ludwig-Ganghofer-Straße 6, 82031 Grünwald, Germany. |
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Turnover
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Turnover during the year was management fees charges to Working Links (Employment) Limited and
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was recognised on date of invoice.
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Investments in subsidiaries
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Investments in subsidiary undertakings are recognised at cost.
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Taxation
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
Aurelius Sigma Limited (Registered number: 10198559)
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Notes to the Financial Statements - continued
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for the Year Ended 31 December 2019
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2.
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ACCOUNTING POLICIES - continued
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Foreign currencies
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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 sterling |
at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account |
in arriving at the operating result. |
|
|
Hire purchase and leasing commitments
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
|
3.
|
REVENUE
|
|
|
The revenue and loss before taxation are attributable to the one principal activity of the company.
|
|
4.
|
EMPLOYEES AND DIRECTORS
|
|
|
There were no staff costs for the year ended 31 December 2019 nor for the year ended
|
|
31 December 2018.
|
|
|
The average number of employees during the year was as follows:
|
|
31.12.19
|
|
31.12.18
|
|
1
|
|
2
|
|
|
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Directors' remuneration
|
|
|
|
|
|
|
5.
|
OPERATING LOSS
|
|
|
The operating loss is stated after charging:
|
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Other operating leases
|
|
|
|
|
|
|
Auditors' remuneration
|
|
|
|
|
|
|
Auditors' remuneration for non audit work
|
|
|
|
|
|
|
6.
|
EXCEPTIONAL ITEMS
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Cost of fundamental reorg
|
|
|
(
|
)
|
|
|
Profit/loss on sale of invest
|
|
|
|
|
|
-
|
|
(6,243,565
|
)
|
|
Aurelius Sigma Limited (Registered number: 10198559)
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2019
|
|
Cost of fundamental reorganization |
In February 2019 Aurelius Group announced that in a transfer process agreed in advance with the |
Ministry of Justice, the social reintegration service provided to the British authorities, were transferred |
to the service provider Seetec. |
|
Subsequent to this transfer Working Links (Employment) Limited was placed in the hands of an |
administrator on 14 February 2019. |
|
As a result of these events assets and liabilities related to the Working Links (Employment) Limited |
investment were written down to nil in the prior year accounts. |
|
7.
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Loan
|
|
|
|
|
|
|
8.
|
TAXATION
|
|
|
Analysis of the tax charge
|
|
The tax charge on the loss for the year was as follows:
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Deferred tax
|
|
|
|
|
|
|
Tax on loss
|
|
|
|
|
|
|
|
Reconciliation of total tax charge included in profit and loss
|
|
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The
|
|
difference is explained below:
|
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Loss before tax
|
(
|
)
|
(
|
)
|
|
|
Loss multiplied by the standard rate of corporation tax in the UK of
|
(
|
)
|
(
|
)
|
|
|
|
Effects of:
|
|
Deferred Tax written off
|
-
|
|
51,000
|
|
|
|
Deferred tax on losses not provided
|
104,062
|
|
1,298,780
|
|
|
|
Total tax charge
|
-
|
|
51,000
|
|
|
|
9.
|
FIXED ASSET INVESTMENTS
|
|
|
The company's investments at the Statement of Financial Position date in the share capital of
|
|
companies include the following:
|
|
|
|
|
Registered office:
Sun Alliance House, 16 - 26 Albert Road, Middlesbrough, England, TS1 1PR
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
|
|
|
Aurelius Sigma Limited (Registered number: 10198559)
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2019
|
|
9.
|
FIXED ASSET INVESTMENTS - continued
|
|
|
|
|
Registered office:
Queensway House, The Hedges, St Georges, Weston Super Mare, Avon BS22 7BB
|
|
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
|
|
|
|
|
|
|
Registered office:
Queensway House, The Hedges, St Georges, Weston Super Mare, Avon BS22 7BB
|
|
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
|
|
|
|
|
|
|
Registered office:
Queensway House, The Hedges, St Georges, Weston Super Mare, Avon BS22 7BB
|
|
|
|
Nature of business:
|
|
%
|
|
Class of shares:
|
holding
|
|
|
|
|
|
|
In February 2019 Aurelius Group announced that in a transfer process agreed in advance with the |
Ministry of Justice, the social reintegration service provided to the British authorities, were transferred |
to the service provider Seetec. |
|
Subsequent to this transfer Working Links (Employment) Limited was placed in the hands of an |
administrator on 14 February 2019. |
|
The Wales Community Rehabilitation Company Ltd, The Devon Dorset Cornwall Community |
Rehabilitation Company Ltd and The Bristol Gloucester Somerset & Wilts Community Rehabilitation |
Co have all been placed in the hands of an administrator. |
|
10.
|
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Deferred Consideration
|
-
|
|
7,273,034
|
|
|
|
VAT
|
|
|
|
|
|
|
|
|
|
|
|
11.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
31.12.19
|
|
31.12.18
|
£
|
£
|
|
|
Trade creditors
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
Accrued expenses
|
|
|
|
|
|
|
|
|
|
|
Aurelius Sigma Limited (Registered number: 10198559)
|
|
Notes to the Financial Statements - continued
|
for the Year Ended 31 December 2019
|
|
12.
|
SECURED DEBTS
|
|
|
The Royal Bank of Scotland plc has a fixed and floating charge over all property or undertaking of the
|
|
Company.
|
|
13.
|
CALLED UP SHARE CAPITAL
|
|
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
31.12.19
|
|
31.12.18
|
|
value:
|
£
|
£
|
|
|
|
ordinary
|
£1
|
704,062
|
|
704,062
|
|
|
|
All shares have full rights. |
|
14.
|
RESERVES
|
|
Retained
|
|
earnings
|
£
|
|
|
|
At 1 January 2019
|
(
|
)
|
|
|
Deficit for the year
|
(
|
)
|
|
|
At 31 December 2019
|
(
|
)
|
|
|
15.
|
ULTIMATE PARENT COMPANY
|
|
|
Aurelius Equity Opportunities SE & Co KGaA
(incorporated in
Germany
) is regarded by the directors
|
|
as being the company's ultimate parent company.
|
|
|
The Company is included in the group accounts prepared by the ultimate parent company, copies of
|
|
which can be obtained from Ludwig-Ganghofer Stasse 6, 82031 Grunwald.
|
|
16.
|
GOING CONCERN
|
|
|
It is the intention of the directors that the company will cease to trade. The accounts have therefore
|
|
not been drawn up on a going concern basis.
|
|
|
All items in the accounts are therefore related to discontinued activities.
|
|
|
According to experts, the continuing and worsening coronavirus crisis at the time of this report will
|
|
have considerable effects on the development of the global economy. In an economic forecast
|
|
published in early March 2020, the Organization for Economic Cooperation and Development (OECD)
|
|
concludes that the continuing coronavirus crisis represents the greatest risk to the global economy
|
|
since the global financial crisis and that economic activity will decline sharply throughout the world in
|
|
the first half of the year. The coronavirus crisis poses currently not yet quantifiable risks for general
|
|
economic conditions and therefore also for AURELIUS. It is not possible to estimate the actual
|
|
medium-term and long-term effects of the coronavirus crisis on the AURELIUS Group at the present
|
|
time. Therefore, there is a risk that it may not be possible to meet the targets set in the companies'
|
|
business plans. There is a risk that impairments may need to be recognized in intangible assets,
|
|
property, plant and equipment or trade receivables and a risk that the portfolio companies may
|
|
require additional funding. There is also a risk that potential sales of companies cannot be realized or
|
|
only realized at a later time than planned. In view of the fluid state of developments, the Executive
|
|
Board will continually re-assess the strategy and orientation of AURELIUS and its portfolio
|
|
companies.
|