Registration number:
Interchemprod and Invest Ltd
for the Year Ended 31 December 2018
Interchemprod and Invest Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Interchemprod and Invest Ltd
(Registration number: 04404775)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
156,584 |
156,584 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 1 |
Interchemprod and Invest Ltd
(Registration number: 04404775)
Balance Sheet as at 31 December 2018
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are prepared in the company's functional currency of US Dollars ($) and rounded to the nearest $1.
Going concern
The financial statements have been prepared on a going concern basis, which is dependent upon the continuing financial support of creditors who were owed $22,379,524 at the balance sheet date. The directors are of the opinion that these creditors will continue to provide financial support to the company. The directors are therefore of the opinion that the going concern basis is appropriate..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Profit and loss account transactions in foreign currencies are translated into US dollars ($) at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into US dollars ($) at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.
Page 3 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Land |
0% |
Freehold Building |
2% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Trade creditors
Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Page 4 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 5 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 January 2018 |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Included within the net book value of land and buildings above is $238,042 (2017 - $240,676) in respect of freehold land and buildings.
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
$ |
Cost or valuation |
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At 1 January 2018 |
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Provision |
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At 1 January 2018 |
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Provision |
( |
At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Page 6 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
Subsidiary undertakings |
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Ordinary |
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Ukraine |
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Ordinary |
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Ukraine |
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Ordinary |
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Germany |
The principal activity of ZAO "Eko-Azot" is |
The principal activity of Ukrinvestproekt is |
The principal activity of Glast GMBH is |
Page 7 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2018 |
517,000 |
517,000 |
At 31 December 2018 |
517,000 |
517,000 |
Impairment |
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At 1 January 2018 |
360,416 |
360,416 |
At 31 December 2018 |
360,416 |
360,416 |
Carrying amount |
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At 31 December 2018 |
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156,584 |
Debtors |
Note |
2018 |
2017 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Details of non-current trade and other debtors
Within debtors are $2,355,285 (2017 -$2,276,220) of Loans which are due after more than 1 year.
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Page 8 |
Interchemprod and Invest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
$ |
No. |
$ |
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1,670.00 |
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1,670.00 |
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
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Other borrowings |
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Page 9 |