CCP Asia Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07261642 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

CCP ASIA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Stefansson

H Petursson

REGISTERED OFFICE:

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

REGISTERED NUMBER:

07261642 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Investments

4

639,886

639,886

CURRENT ASSETS

Debtors

5

776

531

Cash at bank

77,061

80,143

77,837

80,674

CREDITORS

Amounts falling due within one year

6

783,546

778,335

NET CURRENT LIABILITIES

(705,709

)

(697,661

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(65,823

)

(57,775

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(65,824

)

(57,776

)

SHAREHOLDERS' FUNDS

(65,823

)

(57,775

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2020 and were signed on its behalf by:

S Stefansson - Director

1.	STATUTORY INFORMATION

CCP Asia 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 Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

The accounts have been prepared on the going concern basis, notwithstanding the company made a net loss for

the period of £8,048 and has net liabilities of £65,823.

The directors consider this basis to be appropriate as the company's parent has indicated that it will continue to

support the company for a period in excess of 12 months and a day from the date of signing the accounts

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company

does not have any Other Financial Instrument as covered by Section 12 of FRS 102.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

639,886

NET BOOK VALUE

At 31 December 2019

639,886

At 31 December 2018

639,886

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Other debtors

776

531

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Amounts owed to group undertakings

783,145

777,933

Taxation and social security

401

402

783,546

778,335

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

1

Ordinary

£1

1

1

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Phipps (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included

within the full financial statements:-

Use of our report

"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."

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

11.	PARENT COMPANY

CCP ehf. is the parent undertaking of the smallest group within which CCP Asia is contained, and which

prepares group accounts.

The registered office address of the parent is Bjargargata 1, 102 Reykjavik, Iceland.

The parent of the smallest group is also itself a subsidiary undertaking. The ultimate parent company is Pearl

Abyss Corp. headquartered at Gyeonggi-do, Anyang City, Civic Boulevard 327 Road 24, Korea. Financial

statements would be available from this address.