Company registration number 11970628 (England and Wales)
LARSTAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
LARSTAL LIMITED
COMPANY INFORMATION
Directors
Ms Concetta Linda Dioguardi
Ms Glenmy Izquierdo
Company number
11970628
Registered office
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
Auditors
KPMG Audit LLC
Heritage Court
41 Athol Street
Douglas
Isle of Man
IM1 1LA
LARSTAL LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
LARSTAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company in the year under review was that of electronic money and transfer services.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms Concetta Linda Dioguardi
Ms Glenmy Izquierdo
Auditor
KPMG Audit LLC were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards applicable to smaller entities, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 their profit or loss for that year. In preparing the Company’s financial statements the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK adopted International Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations,
The directors are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
- so far as the director is aware, there is no relevant audit information of which the Company'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.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006 to not present the amount (if any) that the directors recommend should be paid by way of dividend.
LARSTAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board and signed on its behalf.
Ms Concetta Linda Dioguardi
Director
9 January 2024
LARSTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LARSTAL LIMITED
- 3 -
Opinion
We have audited the financial statements of Larstal Limited (the “Company”), which comprise the balance sheet as at 31 December 2022, the profit and loss account and statement of changes in equity for the year then ended, and notes, comprising significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements:
give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of the Company's profit for the year then ended
are properly prepared in accordance with United Kingdom accounting standards, including Section 1A of FRS 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including FRC Ethical Standards. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Conclusions relating to going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (the “going concern period").
In our evaluation of the directors' conclusions, we considered the inherent risks to the Company's business model and analysed how those risks might affect the Company's financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and
we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.
Fraud and breaches of laws and regulations - ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
enquiring of management as to the Company’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud;
reading minutes of meetings of those charged with governance; and
using analytical procedures to identify any unusual or unexpected relationships.
As required by auditing standards, and taking into account possible incentives or pressures to misstate performance and our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, and the risk that management may be in a position to make inappropriate accounting entries. We did not identify any additional fraud risks.
LARSTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LARSTAL LIMITED
- 4 -
We performed procedures including:
identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation;
incorporating an element of unpredictability in our audit procedures; and
perform data and analytics over the revenue balance to test existence and accuracy.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with management (as required by auditing standards), and from inspection of the Company’s regulatory and legal correspondence, if any, and discussed with management the policies and procedures regarding compliance with laws and regulations. As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
The Company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or impacts on the Company’s ability to operate. We identified financial services regulation as being the area most likely to have such an effect, recognising the regulated nature of the Company’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
The directors' report
The directors are responsible for the directors' report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.
Our responsibility is to read the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
we have not identified material misstatements in the irectors' report;
in our opinion the information given in that report for the financial year is consistent with the financial statements; and
in our opinion that report has been prepared in accordance with the Companies Act 2006.
LARSTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LARSTAL LIMITED
- 5 -
Matters on which we are required to report by exception
Under the Companies Act 2006, we are required 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a strategic report.
We have nothing to report in these respects.
Respective responsibilities
Responsibilities of directors
As explained more fully in their statement set out on page 1, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities
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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
LARSTAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LARSTAL LIMITED
- 6 -
The purpose of our audit work and to whom we owe our responsibilities
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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Edward Houghton (Senior Statutory Auditor)
For and on behalf of KPMG Audit LLC (Statutory Auditor)
Chartered Accountants
Heritage Court
41 Athol Street
Douglas
Isle of Man
IM1 1LA
Date:
9 January 2024
LARSTAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
2022
2021
Notes
€
€
Turnover
1.3
4,219,358
888,168
Cost of sales
(503,264)
(45,409)
Gross profit
3,716,094
842,759
Administrative expenses
2,3
(2,074,257)
(451,383)
Operating profit
1,641,837
391,376
Interest payable and similar expenses
(244)
Profit before taxation
1,641,593
391,376
Tax on profit
5
(311,569)
(46,819)
Profit for the financial year
1,330,024
344,557
The notes on pages 10 to 16 form part of these financial statements.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There were no recognised gains or losses for 2022 (2021: €0) other than those included in the profit and loss account.
There was no other comprehensive income for 2022 (2021: €0).
LARSTAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 8 -
2022
2021
Notes
€
€
€
€
Fixed assets
Tangible assets
6
1,757
Investments
7
565,379
355,379
567,136
355,379
Current assets
Debtors
8
4,026,196
38,532
Cash at bank and in hand
19,398,628
2,766,032
23,424,824
2,804,564
Creditors: amounts falling due within one year
9
(22,060,371)
(2,558,378)
Net current assets
1,364,453
246,186
Net assets
1,931,589
601,565
Capital and reserves
Called up share capital
10
4,445
4,445
Share premium account
395,555
395,555
Profit and loss reserves
1,531,589
201,565
Total equity
1,931,589
601,565
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The notes on pages 10 to 16 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 9 January 2024 and are signed on its behalf by:
Ms Concetta Linda Dioguardi
Director
Company Registration No. 11970628
LARSTAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
€
€
€
€
Balance at 1 January 2021
4,445
395,555
(142,992)
257,008
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
344,557
344,557
Balance at 31 December 2021
4,445
395,555
201,565
601,565
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,330,024
1,330,024
Balance at 31 December 2022
4,445
395,555
1,531,589
1,931,589
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
1
Accounting policies
Company information
Larstal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Victoria House, 178-180 Fleet Road, Fleet, Hampshire, GU51 4DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The company has taken advantage of the small companies exemption under section 3.1B of FRS 102 not to present a statement of cash flows for the reporting period.
The financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group in accordance with section 383 of the Act and the group is not ineligible as set out in section 384 of the Act. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The board of directors are satisfied that the Company has the resources to continue in business for the foreseeable future. In making this assessment, the Board has considered a wide range of information relating to present and future conditions, including future projections of profitability, cash flow and capital resources.true
Through FY22, the Company has remained highly cash generative with total cash as at 31 December 2022 of €19,398,628 (2021: €2,766,032). This provides evidence that the Company remains stable with significant cash-generating potential.
The war in Ukraine and Russia is not expected to have significant impact on the business development.
Therefore, the Directors concluded that the Company will be able to operate as a going concern, noting the Board’s confidence in the Company’s forecasts and ability to deliver cost and cash management actions to support the preparation of the financial statements on a going concern basis.
1.3
Turnover
Revenues from payment processing
Gross revenue is earned from the rendering of services in two different streams:
Transaction fees - charged to the merchants for the provision of the payment services, recognised when a transaction is entered into by the customer with the merchant; and
Foreign exchange conversion fees - represent the charges on converting the transaction payments from local to international currency, which are recognised at the time of the transaction.
Cost of sales from payment processing
Cost of sales represent amounts payable by the Company to process the transactions.
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Foreign exchange
The financial statements are presented in Euros which is the Company’s functional and presentation currency. Transactions in foreign currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange ruling at the reporting date. All differences are recorded in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Debtors
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.
Creditors
Creditors are not interest bearing and are included at their nominal value.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs, with any excess of proceeds received over the nominal value of the instrument recognised as premium. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
€
€
For audit services
Audit of the financial statements of the company
36,490
15,147
Other audit services (BDO LLP)
49,833
-
86,323
15,147
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
2
2
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Employees
(Continued)
- 13 -
Their aggregate remuneration comprised:
2022
2021
€
€
Wages and salaries
145,186
115,258
4
Directors' remuneration
2022
2021
€
€
Remuneration paid to directors
145,186
115,258
5
Tax on profit
2022
2021
€
€
Current tax
UK corporation tax on profits for the current period
311,569
46,819
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
€
€
Profit before taxation
1,641,593
391,376
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
311,903
74,361
Tax effect of expenses that are not deductible in determining taxable profit
257
Tax effect of utilisation of tax losses not previously recognised
(27,799)
Capital allowances
(334)
Taxation charge for the year
311,569
46,819
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
6
Tangible fixed assets
Computers
€
Cost
At 1 January 2022
Additions
1,757
At 31 December 2022
1,757
Depreciation and impairment
At 1 January 2022 and 31 December 2022
Carrying amount
At 31 December 2022
1,757
At 31 December 2021
7
Fixed asset investments
2022
2021
€
€
Shares in group undertakings and participating interests
565,379
355,379
The directors have considered the value of the investments as at the reporting date to be supported by their underlying assets. The company's investments at the reporting date is 100% of the share capital of Larstal Denmark ApS, an entity registered at c/o Stottrup Bredgate 66, 2, 1260 Kobenhavn K, Denmark
Movements in fixed asset investments
Shares in subsidiaries
€
Cost or valuation
At 1 January 2022
355,379
Additions
210,000
At 31 December 2022
565,379
Carrying amount
At 31 December 2022
565,379
At 31 December 2021
355,379
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
8
Debtors
2022
2021
Amounts falling due within one year:
€
€
Trade debtors
3,856,398
36,964
Amounts due from related parties (note 11)
166,993
Other debtors
2,805
232
4,026,196
37,196
2022
2021
Amounts falling due after more than one year:
€
€
Other debtors
1,336
Total debtors
4,026,196
38,532
9
Creditors: amounts falling due within one year
2022
2021
€
€
Amounts due to related parties (note 11)
15,864,903
1,691,269
Corporation tax
311,569
46,819
Funds payable and amounts due to customers
5,782,665
681,467
Other creditors
101,234
138,823
22,060,371
2,558,378
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary share capital of €1 each
4,445
4,445
4,445
4,445
Share premium
-
-
395,555
395,555
4,445
4,445
400,000
400,000
LARSTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
11
Related party transactions
During the year, AP Global Corporation LLP, an entity under common control, settled costs on behalf of the company. At the year end, an amount of €15,864,903 (2021: €1,685,890) was outstanding to AP Global Corporation LLP, in relation to these settled costs and other transactions and this is included in Amounts due to related parties. The outstanding balance is unsecured, non-interest bearing and repayable on demand.
During the year, the company also earned income from AP Global Corporation LLP and this amounted to €2,622,763 (2021: €834,272). These revenues were earned in the normal course of business.
At the year end, an amount of €166,993 (2021: -€5,379) was receivable in relation to transactions with a 100% owned subsidiary, Larstal Denmark, an entity registered in Denmark and this is included in Amounts due from related parties. The outstanding balance is unsecured, non-interest bearing and receivable on demand.
12
Events after the reporting date
There have been no events after the reporting date requiring disclosure in the financial statements.
13
Parent company
There are no parent companies. The ultimate controlling parties are Andres Bzurovski and Sergio Enrique Fogel who hold an equal shareholding of the company.
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