IRIS Accounts Production
v20.1.5.71
06182873
Board of Directors
Board of Directors
1.1.19
31.12.19
31.12.19
the development of electricity projects focusing upon high growth, under-served markets and innovative niches within developed markets, such as renewable and combined heat and power (CHP). The company now acts as a cost centre for certain UK based employment costs following the transfer of its previous activities to other group entities.
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REGISTERED NUMBER:
06182873
(England and Wales)
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Report of the Directors and
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for the Year Ended 31 December 2019
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ContourGlobal Europe Limited
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Report of the Directors
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2
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|
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Report of the Independent Auditors
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3
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|
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Notes to the Financial Statements
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8
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DIRECTORS:
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Mr Ludovic Pasqualinotto
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Mr Stefan Ludwig Schellinger
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REGISTERED OFFICE:
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7th Floor Park House
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REGISTERED NUMBER:
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06182873 (England and Wales)
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AUDITORS:
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McCleary & Company Ltd
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Chartered Accountants and Registered Auditors
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
Mr Ludovic Pasqualinotto and
Mr Stefan Ludwig Schellinger were appointed as directors after
31 December 2019 but prior to the date of this report.
|
Mr Laurent Hullo and
Mr Karl Schnadt ceased to be directors after 31 December 2019 but prior to the date of
this report.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES
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The directors are responsible for preparing the Report of the Directors and the financial statements in
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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
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the directors have elected to prepare the financial statements in accordance with United Kingdom Generally
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Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company
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law the directors must not approve the financial statements unless they are satisfied that they give a true and
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fair view of the state of affairs of the company and of the profit or loss of the company for that period. In
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preparing these financial statements, the directors are required to:
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-
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select suitable accounting policies and then apply them consistently;
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-
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make judgements and accounting estimates that are reasonable and prudent;
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
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the company's transactions and disclose with reasonable accuracy at any time the financial position of the
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company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
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are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the
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prevention and detection of fraud and other irregularities.
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
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So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the
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Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps
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that he ought to have taken as a director in order to make himself aware of any relevant audit information and
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to establish that the company's auditors are aware of that information.
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The auditors, McCleary & Company Ltd, will be proposed for re-appointment at the forthcoming Annual
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006
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relating to small companies.
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Mr Ludovic Pasqualinotto - Director
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We have audited the financial statements of ContourGlobal Europe Limited (the 'company') for the year
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ended 31 December 2019 which comprise the Income Statement, Balance Sheet and Notes to the Financial
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Statements, including a summary of significant accounting policies. The financial reporting framework that
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has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
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Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
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Ireland' (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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-
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give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the
year then ended;
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-
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
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-
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have been prepared in accordance with the requirements of the Companies Act 2006.
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We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
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applicable law. Our responsibilities under those standards are further described in the Auditors'
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responsibilities for the audit of the financial statements section of our report. We are independent of the
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company in accordance with the ethical requirements that are relevant to our audit of the financial statements
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in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in
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accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
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appropriate to provide a basis for our opinion.
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Conclusions relating to going concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to
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-
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or
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-
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company's ability to continue to adopt the going concern basis of
accounting for a period of at least twelve months from the date when the financial statements are
authorised for issue.
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The directors are responsible for the other information. The other information comprises the information in
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the Report of the Directors, but does not include the financial statements and our Report of the Auditors
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Our opinion on the financial statements does not cover the other information and, except to the extent
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otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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In connection with our audit of the financial statements, our responsibility is to read the other information
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and, in doing so, consider whether the other information is materially inconsistent with the financial
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statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we
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identify such material inconsistencies or apparent material misstatements, we are required to determine
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whether there is a material misstatement in the financial statements or a material misstatement of the other
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information. If, based on the work we have performed, we conclude that there is a material misstatement of
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this other information, we are required to report that fact. We have nothing to report in this regard.
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Opinions on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
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-
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the information given in the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
|
-
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the Report of the Directors has been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the company and its environment obtained in the course
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of the audit, we have not identified material misstatements in the Report of the Directors.
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
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report to you if, in our opinion:
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-
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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
|
-
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the financial statements are not in agreement with the accounting records and returns; or
|
-
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certain disclosures of directors' remuneration specified by law are not made; or
|
-
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we have not received all the information and explanations we require for our audit; or
|
-
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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 or in preparing the Report of the Directors.
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Responsibilities of directors
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As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are
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responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
|
view, and for such internal control as the directors determine necessary to enable the preparation of financial
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statements that are free from material misstatement, whether due to fraud or error.
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In preparing the financial statements, the directors are responsible for assessing the company's ability to
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continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
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concern basis of accounting unless the directors either intend to liquidate the company or to cease operations,
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or have no realistic alternative but to do so.
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Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
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from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes
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our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
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in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can
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arise from fraud or error and are considered material if, individually or in the aggregate, they could
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reasonably be expected to influence the economic decisions of users taken on the basis of these financial
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A further description of our responsibilities for the audit of the financial statements is located on the
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Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part
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of our Report of the Auditors.
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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
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the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's
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members those matters we are required to state to them in a Report of the Auditors and for no other purpose.
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To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
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company and the company's members as a body, for our audit work, for this report, or for the opinions we
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John McCleary (Senior Statutory Auditor)
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for and on behalf of
McCleary & Company Ltd |
Chartered Accountants and Registered Auditors
|
Administrative expenses
|
(2,667,502
|
) |
(1,630,534
|
) |
|
(2,667,502
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) |
(1,630,534
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) |
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Other operating income
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2,175,815
|
|
1,221,652
|
|
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OPERATING LOSS
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4
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(491,687
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) |
(408,882
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) |
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Interest payable and similar expenses
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(3,272
|
) |
(38,522
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) |
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LOSS BEFORE TAXATION
|
(494,959
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) |
(447,404
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) |
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LOSS FOR THE FINANCIAL YEAR
|
(494,959
|
) |
(447,404
|
) |
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Tangible assets
|
5
|
32,546
|
|
84,798
|
|
|
Debtors
|
6
|
2,000,784
|
|
1,364,527
|
|
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Cash at bank
|
915,924
|
|
13,834,118
|
|
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Amounts falling due within one year
|
7
|
(887,125
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) |
(4,143,577
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) |
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NET CURRENT ASSETS
|
2,029,583
|
|
11,055,068
|
|
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TOTAL ASSETS LESS CURRENT
LIABILITIES
|
2,062,129
|
|
11,139,866
|
|
|
Amounts falling due after more than one
year
|
8
|
-
|
|
(442,778
|
) |
|
NET ASSETS
|
2,062,129
|
|
10,697,088
|
|
|
Called up share capital
|
2,557,088
|
|
26,319,328
|
|
|
Capital redemption reserve
|
-
|
|
4,385,073
|
|
|
Retained earnings
|
(494,959
|
) |
(20,007,313
|
) |
|
SHAREHOLDERS' FUNDS
|
2,062,129
|
|
10,697,088
|
|
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The 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 of Directors and authorised for
issue on
5 June 2020 and were signed on its behalf by:
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Mr Ludovic Pasqualinotto - Director
|
Mr Stefan Ludwig Schellinger - Director
|
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ContourGlobal Europe Limited is a
private company, limited by shares , registered in England and
|
|
Wales. The company's registered number and registered office address can be found on the Company
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The presentation currency of the financial statements is the Pound Sterling (£).
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Basis of preparing the financial statements
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These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery etc
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-
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20% on cost and at varying rates on cost |
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
|
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except to the extent that it relates to items recognised in other comprehensive income or directly in
|
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Current or deferred taxation assets and liabilities are not discounted.
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been
|
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enacted or substantively enacted by the balance sheet date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
|
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
|
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different from those in which they are recognised in financial statements. Deferred tax is measured
|
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
|
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expected to apply to the reversal of the timing difference.
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable
|
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at
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the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of
|
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exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at
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Hire purchase and leasing commitments
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period
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Pension costs and other post-retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the
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company's pension scheme are charged to profit or loss in the period to which they relate.
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
9 (2018 -
7 ) .
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The operating loss is stated after charging:
|
|
Depreciation - owned assets
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18,310
|
|
27,065
|
|
|
|
At 1 January 2019
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127,685
|
|
|
|
At 31 December 2019
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55,502
|
|
|
|
Eliminated on disposal
|
(38,241
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) |
|
|
At 31 December 2019
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22,956
|
|
|
|
At 31 December 2019
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32,546
|
|
|
|
At 31 December 2018
|
84,798
|
|
|
6.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Amounts owed by group undertakings
|
1,938,375
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|
1,348,048
|
|
|
|
Other debtors
|
62,409
|
|
16,479
|
|
|
7.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Trade creditors
|
110,526
|
|
433,331
|
|
|
|
Amounts owed to group undertakings
|
245,134
|
|
3,634,087
|
|
|
|
Other creditors
|
531,465
|
|
76,159
|
|
|
8.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
|
|
|
Amounts owed to group undertakings
|
-
|
|
442,778
|
|
|
9.
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RELATED PARTY DISCLOSURES
|
|
|
Amounts Owed
to
ContourGlobal
Europe Ltd
|
|
Amounts Owed
by
ContourGlobal
Europe Ltd
|
|
|
|
Transactions with Other Group Companies (Incl within Current
Liabilities)
|
|
1,938,375
|
|
245,134
|
|
|
10.
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ULTIMATE CONTROLLING PARTY
|
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The immediate parent company is ContourGlobal Terra Holdings Sarl, a company incorporated in
|
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The ultimate controlling party is ContourGlobal PLC, a listed company incorporated in the UK. In so
|
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far as the Directors are aware, the smallest and largest groups of the undertakings in which the
|
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Company's results are consolidated is headed by ContourGlobal PLC.
|