|
|
|
|
|
Britannia MENA Holdings Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Directors' report and financial statements
|
|
|
|
For the year ended 31 December 2022
|
|
|
|
Registered number: 13134275
|
|
|
|
|
Britannia MENA Holdings Limited
|
Company Information
|
|
|
|
Britannia MENA Holdings Limited
|
Contents
|
|
|
|
|
|
Statement of comprehensive income
|
|
Statement of financial position
|
|
Statement of changes in equity
|
|
Notes to the financial statements
|
|
|
|
|
|
Britannia MENA Holdings Limited
|
Directors' report
For the year ended 31 December 2022
The directors present their report together with the financial statements of Britannia MENA Holdings Limited ('the company') for the year ended 31 December 2022.
Directors
The directors who served during the period were:
Jose Francisco Herrera
Daniel James Reiser
Sofia Saracho De Oyarzabal
Julio Martin Herrera (resigned 4 August 2022)
Marck John Bruce (appointed 4 August 2022)
Aida Escribano Ramallo (appointed 4 August 2022)
Julio Cesar Herrera (appointed 4 August 2022)
Sofia Saracho De Oyazarbal resigned as a director on 30 August 2023.
The loss for the year, after taxation, amounted to £186,830 (2021 - loss £13,169).
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 29 September 2023 and signed on its behalf by:
Page 1
|
|
|
|
Britannia MENA Holdings Limited
|
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Britannia MENA Holdings Limited for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Britannia MENA Holdings Limited for the year ended 31 December 2022 which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Britannia MENA Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 21 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Britannia MENA Holdings Limited and state those matters that we have agreed to state to the Board of directors of Britannia MENA Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Britannia MENA Holdings Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Britannia MENA Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Britannia MENA Holdings Limited. You consider that Britannia MENA Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Britannia MENA Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
29 September 2023
Page 2
|
|
|
|
Britannia MENA Holdings Limited
|
Statement of comprehensive income
For the year ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable and similar expenses
|
|
|
Loss for the financial period
|
|
|
There was no other comprehensive income for the year ended 31 December 2022 or the period ended 31 December 2021.
|
The notes on pages 7 to 10 form part of these financial statements.
|
Page 3
|
|
|
|
Britannia MENA Holdings Limited - Registered number: 13134275
|
Statement of financial position
As at 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board on 29 September 2023 and were signed on its behalf.
The notes on pages 7 to 10 form part of these financial statements.
Page 4
|
|
|
|
Britannia MENA Holdings Limited
|
Statement of changes in equity
For the year ended 31 December 2022
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
Shares issued during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 7 to 10 form part of these financial statements.
|
Page 5
|
|
|
|
Britannia MENA Holdings Limited
|
Statement of changes in equity
For the year ended 31 December 2021
|
|
|
|
|
|
|
|
Comprehensive income for the period
|
|
|
|
|
|
|
|
Other comprehensive income for the period
|
|
|
|
Total comprehensive income for the period
|
|
|
|
Shares issued during the period
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 7 to 10 form part of these financial statements.
|
Page 6
|
|
|
|
Britannia MENA Holdings Limited
|
Notes to the financial statements
For the year ended 31 December 2022
Britannia MENA Holdings Limited is a private company limited by shares. It was incorporated in England and Wales with registration number 13134275. The registered office address and principal place of business of the company is Level 28, 52 Lime Street, London, England, EC3M 7AF.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', ('FRS102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The following principal accounting policies have been applied:
After reviewing the forecasts and projections the directors have reasonable expectations that the company
has adequate resources to continue in operational existence for the foreseeable future.
The directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing
the financial statements
|
|
Functional and presentation currency
|
The company's functional and presentational currency is GBP.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:
Rendering of services
Turnover 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 turnover 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.
Interest payable is charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
Page 7
|
|
|
|
Britannia MENA Holdings Limited
|
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into transactions that result in the recognition of basic financial instruments like trade and other debtors and creditors.
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.
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 Statement of comprehensive income.
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.
Page 8
|
|
|
|
Britannia MENA Holdings Limited
|
Notes to the financial statements
For the year ended 31 December 2022
|
The company has no employees other than the directors, who did not receive any remuneration (period ended 31 December 2021 - no employees).
|
|
|
Investments in subsidiary undertaking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Called up share capital not paid
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
|
|
|
|
Britannia MENA Holdings Limited
|
Notes to the financial statements
For the year ended 31 December 2022
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
The company had no contingent liabilities at 31 December 2022 or at 31 December 2021.
The company had no capital commitments at 31 December 2022 or at 31 December 2021.
Page 10
|