Abbreviated Company Accounts - IMPERIO PATENT HOLDING LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company’s the parent undertaking of a small group and as such is not required by the Companies Act 2006to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Turnover policy
Turnover represents amounts receivable in respect of the company's principal activity. Turnover is recognised upon the completion of contracted obligations of both parties.

Other accounting policies
COMPLIANCE WITH AND DEPARTURE FROM ACCOUNTING STANDARDS
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
The company has not disclosed the ultimate controlling party which is a requirement of the Financial Reporting Standard for Smaller Entities (effective January 2015). This is a departure from accounting standards. The directors are of the opinion that the non-disclosure of this information does not affect the truth and fairness of the financial statements.

TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & machinery - 5%

INVESTMENTS
Investments held as fixed assets are disclosed at its current value at the balance sheet date.

INVESTMENT PROPERTIES
Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed asset should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

DEFERRED TAXATION
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

FOREIGN CURRENCIES
Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.

3Fixed assets Investments
INVESTMENT PROPERTY
Valuation at 1 January 2015 and 31 December 2015: €686,600

The 2015 valuations were made by the director, on an open market value for existing use basis.


FIXED ASSET INVESTMENTS
Cost
At 1 January 2015: €305,601
Additions: €1,600,000
At 31 December 2015: €1,905,601

Net book value
At 31 December 2015: €1,905,601
At 31 December 2015: €305,601

Subsidiary undertakings
The following were subsidiary undertakings of the company:

Name: Virtus Group GmbH
Registered office: Germany
Class of shares: Ordinary
Holding; 100 %
Principal activity: Catering equipment

Name: Virtus Group GmbH
Accounting period: 31st December 2015
Aggregate of share capital and reserves: € 2,073,799
Profit/(loss): € 66,369

On 31 December 2015, Imperio Holding Limited had provided a loan amounting to €1,600,000 to Virtus Group GmbH. On that date it was agreed by both parties that the loan shall be converted into capital of Virtus Group GmbH.