Rivendell International Limited - Limited company accounts 11.4

REGISTERED NUMBER: 00178176 (England and Wales)

Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2013

for

Rivendell International Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

to

4

Profit and Loss Account

5

Statement of Total Recognised Gains and Losses

6

Balance Sheet

7

Notes to the Financial Statements

8

to

11

DIRECTORS:

Count A Henckel von Donnersmarck

Count H Henckel von Donnersmarck

REGISTERED OFFICE:

Eldo House

Kempson Way

Bury St. Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

00178176 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

The directors present their report with the financial statements of the company for the year ended

31 December 2013.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an investment company.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2013 to the date of this

report.

Count A Henckel von Donnersmarck

Count H Henckel von Donnersmarck

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance

with applicable law and regulations.

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:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

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.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Count A Henckel von Donnersmarck - Director

25 September 2014

We have audited the financial statements of Rivendell International Limited for the year ended 31 December 2013 on

pages five to eleven. The financial reporting framework that has been applied in their preparation is applicable law

and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted

Accounting Practice applicable to Smaller Entities).

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.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

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 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.

Basis for qualified opinion on financial statements

The audit evidence available to us was limited because we were unable to obtain sufficient appropriate audit evidence

concerning the cost of the fixed asset investment, stated at £51,925 in note 6 to the financial statements.

Disclaimer of opinion on financial statements

Because of the significance of the matter described in the "Basis for qualified opinion on financial statements"

paragraph, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for our audit

opinion. Accordingly we do not express an opinion on the financial statements.

Opinion on other matter prescribed by the Companies Act 2006

Notwithstanding our disclaimer of opinion on the financial statements, in our opinion 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.

Matters on which we are required to report by exception

-	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.

-	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.

Mr J Knights A.C.A. (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

30 September 2014

TURNOVER

-

-

Administrative expenses

5,854

5,896

OPERATING LOSS and

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

2

(5,854

)

(5,896

)

Tax on loss on ordinary activities

3

-

-

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION

(5,854

)

(5,896

)

Extraordinary items after taxation

4

-

53,860

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(5,854

)

47,964

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(5,854

)

47,964

TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR

(5,854

)

47,964

Note

Prior year adjustment

5

53,860

(5,491

)

TOTAL GAINS AND LOSSES RECOGNISED SINCE LAST ANNUAL REPORT

48,006

42,473

FIXED ASSETS

Investments

6

51,925

51,925

CREDITORS

Amounts falling due within one year

7

3,600

3,600

NET CURRENT LIABILITIES

(3,600

)

(3,600

)

TOTAL ASSETS LESS CURRENT LIABILITIES

48,325

48,325

CREDITORS

Amounts falling due after more than one year

8

112,012

106,158

NET LIABILITIES

(63,687

)

(57,833

)

CAPITAL AND RESERVES

Called up share capital

9

49,050

49,050

Profit and loss account

10

(112,737

)

(106,883

)

SHAREHOLDERS' FUNDS

(63,687

)

(57,833

)

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 25 September 2014 and were signed on its behalf by:

Count A Henckel von Donnersmarck - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating

result.

Fixed assets investment

The investment is in an associated company and is stated at cost less provision for any diminution in value.

Going concern

At the balance sheet date the company had net liabilities. Included within creditors due after more than one

year is an amount owed to the parent company Taberg International Holdings GmbH. The directors of the

parent company have confirmed that they will not request repayment of the amount within twelve months of

the date the accounts are approved. On this basis the directors consider the accounts are correctly drawn up

on a going concern basis.

2.	OPERATING LOSS

The operating loss is stated after charging:

2013

2012

as restated

£

£

Auditors' remuneration

3,420

3,600

Foreign exchange differences

2,268

30

Directors' remuneration and other benefits etc

-

2,000

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2013 nor for the

year ended 31 December 2012.

4.	EXTRAORDINARY ITEMS

2013

2012

as restated

£

£

Extraordinary items

-

53,860

The extraordinary item arises as described in note 5 below.

5.	PRIOR YEAR ADJUSTMENT

The financial statements for the year ended 31st December 2012 have been restated. The inter company loan

balance shown therein did not reconcile to that of the company's parent company, Taberg International

Holdings GmbH and the auditors to Rivendell International Limited duly qualified their report on this point.

The loan is expressed in Euros and in the parent company's accounts stood at 129,881 Euros as at 31st

December 2012 and 2013. The directors have decided to rectify this matter by writing down the loan in the

accounts of Rivendell International Limited by an amount of £53,860 by way of an extraordinary credit to the

profit and loss account.

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 January 2013

and 31 December 2013

51,925

NET BOOK VALUE

At 31 December 2013

51,925

At 31 December 2012

51,925

The company's investments at the balance sheet date in the share capital of companies include the following:

Associated company

Karntner Montanindustrie GmbH

Country of incorporation: Austria

Nature of business: Mining and production of iron ore pigments

%

Class of shares:

holding

Ordinary

5.00

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013

2012

as restated

£

£

Accruals

3,600

3,600

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2013

2012

as restated

£

£

Amounts owed to group undertakings

112,012

106,158

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

as restated

£

£

490,500

Ordinary

10p

49,050

49,050

10.

RESERVES

Profit

and loss

account

£

At 1 January 2013

(160,743

)

Prior year adjustment

53,860

(106,883

)

Deficit for the year

(5,854

)

At 31 December 2013

(112,737

)

11.	ULTIMATE PARENT COMPANY

Taberg International Holding GmbH (incorporated in Austria ) is regarded by the directors as being the

company's ultimate parent company.

12.	RELATED PARTY DISCLOSURES

Taberg International Holdings GmbH

Parent company

2013

2012

as restated

£

£

Amount due to related party at the balance sheet date

108,450

106,158

Kaerntner Montanindustrie GmbH,

A company controlled by Taberg International Holdings GmbH

During the year payments of £3,562 (2012 : £3,250) were made on behalf of Rivendell International Limited.

2013

2012

as restated

£

£

Amount due to related party at the balance sheet date

3,562

-

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Count A Henckel von Donnersmarck.

Control is by virtue of his controlling interest in the parent company, Taberg International Holding GmbH.