Claro ATG Limited - Period Ending 2018-12-31

Claro ATG Limited - Period Ending 2018-12-31


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Registration number: 07106942

Claro ATG Limited

Unaudited Financial Statements

for the Year Ended 31 December 2018

 

Claro ATG Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Claro ATG Limited

Company Information

Directors

Mr F M Thulien

Mr S A H Holbye

Registered office

Buckingham House
Glovers Court
Preston
Lancashire
PR1 3LS

Accountants

Cox Chartered Accountants
PO Box 176
Poulton-Le-Fylde
Lancashire
FY6 6DX

 

Claro ATG Limited

(Registration number: 07106942)
Balance Sheet as at 31 December 2018

Note

31 December
2018
£

31 December
2017
£

Fixed assets

 

Investments

4

2,966,774

2,966,774

Current assets

 

Debtors

5

-

200,778

Cash at bank and in hand

 

630

61,154

 

630

261,932

Creditors: Amounts falling due within one year

6

(52,725)

(276,979)

Net current liabilities

 

(52,095)

(15,047)

Net assets

 

2,914,679

2,951,727

Capital and reserves

 

Called up share capital

600

600

Other reserves

1,454,600

1,454,600

Profit and loss account

1,459,479

1,496,527

Total equity

 

2,914,679

2,951,727

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and in accordance with the provisions of FRS102 Section 1A - small entities.

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 and the Directors' Report has been taken.

Approved and authorised by the Board on 21 May 2019 and signed on its behalf by:
 

.........................................

Mr F M Thulien

Director

 

Claro ATG Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Buckingham House
Glovers Court
Preston
Lancashire
PR1 3LS

2

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.

Group accounts not prepared

The company is exempt from the requirement to prepare group accounts on the basis that the group qualifies as a small group.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Claro ATG Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

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

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

 

Claro ATG Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4

Investments

31 December
2018
£

31 December
2017
£

Investments in subsidiaries

2,944,071

2,944,071

Investments in associates

22,703

22,703

2,966,774

2,966,774

Subsidiaries

£

Valuation

At 1 January 2018

2,944,071

Provision

Carrying amount

At 31 December 2018

2,944,071

At 31 December 2017

2,944,071

Associates

£

Cost

At 1 January 2018

22,703

Provision

Carrying amount

At 31 December 2018

22,703

At 31 December 2017

22,703

 

Claro ATG Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5

Debtors

Note

31 December
2018
£

31 December
2017
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

200,229

Other debtors

 

-

549

 

-

200,778

6

Creditors

Creditors: amounts falling due within one year

Note

31 December
2018
£

31 December
2017
£

Due within one year

 

Trade creditors

 

-

3,221

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,305

-

Other creditors

 

1,333

151,500

Corporation tax

 

49,087

117,910

Taxation and social security

 

-

4,348

 

52,725

276,979

Within other creditors are amounts owing to the directors, Mr D M Stevens and Prof P L Blenkhorn, totalling £0 (2017: £150,000) in respect of unpaid dividends at the year end.

7

Dividends

Interim dividends paid

   

31 December
2018
£

 

31 December
2017
£

Total interim dividends of £916.67 (2017 - £1,100.00) per each Ordinary A share

 

275,000

 

330,000

Total interim dividends of £916.67 (2017 - £1,100.00) per each Ordinary B share

 

275,000

 

330,000

   

550,000

 

660,000

 

Claro ATG Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

8

Parent and ultimate parent undertaking

The company's immediate parent is Lingit AS, incorporated in Norway.

 The ultimate controlling party is Verdane Capital.