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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2016 |
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General Satellite Research & Development |
Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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General Satellite Research & Development |
Limited |
General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Income Statement | 6 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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General Satellite Research & Development |
Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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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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Statutory Auditors |
3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Strategic Report |
for the Year Ended 31 December 2016 |
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The directors present their strategic report for the year ended 31 December 2016. |
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REVIEW OF BUSINESS |
The company continue with software development activity during the year 2016. However, the volume of operations was reduced |
and hence turnover decreased. The number of licenses decreased due to the lack of market demand and due to this the shareholders |
decided to cease operation. |
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The company has ceased operating activity on 1 July 2017 and will be liquidated shortly. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The main risk is the same as in a previous year which is an unstable economic situation in the world. However, the company has a |
good financial position, it is not dependent on borrowing funds and always pay to its creditors in time. |
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However, the company decided not to develop operating activity further and close this direction of business. |
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ON BEHALF OF THE BOARD: |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIVIDENDS |
During the year, a final dividend of €760,000 per share was paid for the year ended 31 December 2015. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
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 |
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 |
General Satellite Research & Development |
Limited |
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We have audited the financial statements of General Satellite Research & Development Limited for the year ended |
31 December 2016 on pages six to fifteen. The financial reporting framework that has been applied in their preparation is applicable |
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial |
Reporting Standard 101 'Reduced Disclosure Framework'. |
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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 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 a Report of the Auditors 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 the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable |
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an |
assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied |
and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation |
of the financial statements. In addition, we read all the financial and non-financial information in the Strategic Report and the |
Report of the Directors to identify material inconsistencies with the audited financial statements and to identify any information that |
is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of |
performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications |
for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year then ended; |
- | 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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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, 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 has been prepared in accordance with applicable legal requirements. In the light of the knowledge and |
understanding of the company and its environment, we have not identified any material misstatements in the Strategic Report or the |
Report of the Directors. |
Report of the Independent Auditors to the Members of |
General Satellite Research & Development |
Limited |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to 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 |
- | 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. |
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for and on behalf of
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Statutory Auditors |
3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Income Statement |
for the Year Ended 31 December 2016 |
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31.12.16 | 31.12.16 | 31.12.16 |
Continuing | Discontinued | Total |
Notes | € | € | € |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT | - | 75,155 | 75,155 |
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Administrative expenses |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Income Statement |
for the Year Ended 31 December 2016 |
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31.12.15 | 31.12.15 | 31.12.15 |
Continuing | Discontinued | Total |
Notes | € | € | € |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT | 791,214 | - | 791,214 |
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Administrative expenses | ( |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 4 |
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Tax on profit | 5 |
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PROFIT FOR THE FINANCIAL YEAR |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Other Comprehensive Income |
for the Year Ended 31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | € | € |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Balance Sheet |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | € | € | € | € |
CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Translation reserve | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2016 |
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Called up |
share | Retained | Translation | Total |
capital | earnings | reserve | equity |
€ | € | € | € |
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Balance at 1 January 2015 |
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Changes in equity |
Issue of share capital |
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Total comprehensive income | - |
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Balance at 31 December 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2016 |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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General Satellite Research & Development Limited is a
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Wales. The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as |
permitted by FRS 101 "Reduced Disclosure Framework": |
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• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
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the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p),
B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
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the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in
respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
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the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1
Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
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the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or
more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using |
tax rates enacted or substantially enacted by the balance sheet date. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange |
differences are taken into account in arriving at the operating result. |
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Fixed asset investments |
The fixed asset investments are valued at lower of cost or net realisable value. |
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Going concern |
These financial statements have been prepared under the break- up basis of accounting as the directors do not believe the |
company is a going concern as the company will be liquidated shortly. Under the break up basis of accounting, assets are |
stated at their net realisable value and liabilities are stated at their settlement value. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2016 nor for the year ended 31 December 2015. |
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The average monthly number of employees during the year was as follows: |
31.12.16 | 31.12.15 |
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Administrative | 2 | 2 |
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31.12.16 | 31.12.15 |
€ | € |
Directors' remuneration |
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4. | PROFIT BEFORE TAXATION |
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The profit before taxation is stated after charging/(crediting): |
31.12.16 | 31.12.15 |
€ | € |
Cost of inventories recognised as expense |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences | ( |
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5. | TAXATION |
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Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2016 nor for the year ended 31 December 2015. |
General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | TAXATION - continued |
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Factors affecting the tax expense |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained |
below: |
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31.12.16 | 31.12.15 |
€ | € |
Profit before income tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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11,351 |
153,431 |
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Effects of: |
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Group relief | (11,351 | ) | (153,431 | ) |
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Tax expense |
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6. | DIVIDENDS |
31.12.16 | 31.12.15 |
€ | € |
Ordinary share of €1 |
Final dividend for 2015 |
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7. | STOCKS |
31.12.16 | 31.12.15 |
€ | € |
Work-in-progress |
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Finished goods |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
€ | € |
Trade debtors |
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Other debtors |
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VAT receivable | 2,285 | 18,689 |
Prepayments and accrued income |
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General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
€ | € |
Trade creditors | 3,998 | 651,530 |
Other creditors |
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Shareholder's loan | 1,800 | 1,800 |
Accruals |
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Deferred income | - | 28,738 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
value: | € | € |
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Ordinary | £1 | 1 | 1 |
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11. | RESERVES |
Retained | Translation |
earnings | reserve | Totals |
€ | € | € |
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At 1 January 2016 |
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1,728,445 |
Profit for the year |
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Dividends | ( |
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At 31 December 2016 |
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1,025,199 |
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12. | ULTIMATE PARENT COMPANY |
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General Satellite Holding Company Limited (incorporated in Jersey ) is regarded by the directors as being the company's |
ultimate parent company. |
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The company's immediate parent company is General Satellite Corporation Limited, a company registered in the UK. |
Copies of the group financial statements which include this company are available from 3rd Floor, Fairgate House, 78 New |
Oxford Street, London WC1A 1HB. General Satellite Corporation Limited is the only group in which the result of this |
company have been consolidated. |
General Satellite Research & Development |
Limited (Registered number: 04502930) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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13. | RELATED PARTY TRANSACTIONS |
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During the year, the company made sales to the following related parties: |
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2016 | 2015 |
€ | € |
Cifra LLC | Nil | 255,523 |
EC Satprof | 9,088 | 168,200 |
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At the balance sheet date, the following amounts were receivable/(payable) from/to related parties: |
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2016 | 2015 |
€ | € |
Neotion SA | Nil | (350,000 | ) |
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During the year, the company made purchases from the following related parties: |
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2016 | 2015 |
€ | € |
Cifra LLC | 46,200 | 68,100 |
EC Satprof | 11,800 | 9,440 |
Neotion SA | 255,000 |
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Other creditors include an amount of €2,056 (2015: €2,056) payable to P Chumakov, a former director. |
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The above companies are related due to common control. |
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14. | ULTIMATE CONTROLLING PARTY |
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As at 31 December 2016 the company's ultimate controlling party is the Bitterlong Foundation, Jersey, Channel Islands. |
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15. | CONTINGENT LIABILITY |
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The company has received notification of a potential claim from a software supplier. The company strongly refutes the |
claim and no provision has been made in these accounts for the claim nor any associated costs. |