Registration number:
Intermay Management Ltd
for the Year Ended 31 May 2017
Intermay Management Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Intermay Management Ltd
Company Information
Director |
A Sofocleous |
Company secretary |
Gramaro Consulting and Services Limited |
Registered office |
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Accountants |
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Page 1 |
Intermay Management Ltd
(Registration number: 04445610)
Balance Sheet as at 31 May 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
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For the financial year ending 31 May 2017 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
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A Sofocleous
Director
Page 2 |
Intermay Management Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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.
Exemption from preparing group accounts
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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.
Page 3 |
Intermay Management Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
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.
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.
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.
Exceptional items |
Impairment of investment
The impairment of $4,548,797 (2016 - $2,629,288) relates to the impairment of the investment in UKrcapital. The 2016 accounts have now been restated to reflect the movement of the provision from reserves to the Profit & Loss account.
Exceptional administrative expenses
Exceptional administrative expenses in the amount of $6,351,765 relates to the write off on the intercompany balance between Intermay Management Ltd and Dynalom Enterprises Ltd.
Gain/(loss) on disposal of fixed asset investments
The loss in the amount of $60,134,339 relates to the disposal of 75.9% in the investment in UKrcapital in the period.
Page 4 |
Intermay Management Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Exceptional income
The exceptional income in the amount of $61,551,340 relates to the write off on the balance due to the subsidiary in the period.
Investments |
2017 |
(As restated) |
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Investments in subsidiaries |
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Subsidiaries |
$ |
Cost or valuation |
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At 1 June 2016 |
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Disposals |
( |
At 31 May 2017 |
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Provision |
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At 1 June 2016 |
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Provision |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 31 May 2016 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) 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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2017 |
2016 |
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Subsidiary undertakings |
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Ukraine |
Ordinary |
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The principal activity of UKRCapital is |
The loss for the financial period of UKRCapital was $752,060 and the aggregate amount of capital and reserves at the end of the period was $(52,698,689). |
Page 5 |
Intermay Management Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Debtors |
Note |
2017 |
(As restated) |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
(As restated) |
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Due within one year |
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Bank loans and overdrafts |
- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
$ |
No. |
$ |
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170.00 |
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170.00 |
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1,413.00 |
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1,413.00 |
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Page 6 |
Intermay Management Ltd
Notes to the Financial Statements for the Year Ended 31 May 2017
Loans and borrowings |
2017 |
(As restated) |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Transition to FRS 102 |
The company has restated last year's provision relating to foreign exchange gains and losses which were posted to reserves. The comparatives for 2016 accounts have been restated to show the movement of the provision within the Profit & Loss account in accordance with FRS102 1a.
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