ASTAREX LIMITED - Limited company accounts 16.3

REGISTERED NUMBER: 05403367 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2016

for

ASTAREX LIMITED

Page

Company Information

1

Report of the Director

2

Report of the Accountants

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTOR:

Stanislav Yoffe

REGISTERED OFFICE:

46 Manchester Street

Suite 5

London

W1U 7LS

REGISTERED NUMBER:

05403367 (England and Wales)

ACCOUNTANTS:

Whitecliff Business Services Ltd

7th Floor Cardinal Place

100 Victoria Street

London

SW1E 5JL

The director presents his report with the financial statements of the company for the year ended 31 March 2016.

PRINCIPAL ACTIVITY

The principal activity of the company continued to be that of freight transport via road and railway.

The Director has decided that the accounts should be prepared in US$ to reflect the functional

currency.

DIRECTOR

Stanislav Yoffe held office during the whole of the period from 1 April 2015 to the date of this report.

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

2006 relating to small companies.

ON BEHALF OF THE BOARD:

Stanislav Yoffe - Director

30 March 2017

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2016 set out on pages four to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Whitecliff Business Services Ltd

7th Floor Cardinal Place

100 Victoria Street

London

SW1E 5JL

Date: .............................................

TURNOVER

14,027,361

9,442,401

Cost of sales

14,175,367

8,459,032

GROSS (LOSS)/PROFIT

(148,006

)

983,369

Administrative expenses

161,927

182,915

OPERATING (LOSS)/PROFIT

2

(309,933

)

800,454

Interest receivable and similar income

28,863

4,977

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

(281,070

)

805,431

Tax on (loss)/profit on ordinary activities

3

-

711

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(281,070

)

804,720

FIXED ASSETS

Investments

4

1,023,275

1,023,275

CURRENT ASSETS

Debtors

5

1,835,669

1,499,396

Cash in hand

-

16,972

1,835,669

1,516,368

CREDITORS

Amounts falling due within one year

6

2,816,278

2,215,907

NET CURRENT LIABILITIES

(980,609

)

(699,539

)

TOTAL ASSETS LESS CURRENT LIABILITIES

42,666

323,736

CAPITAL AND RESERVES

Called up share capital

7

3

3

Profit and loss account

8

42,663

323,733

SHAREHOLDERS' FUNDS

42,666

323,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the director on 30 March 2017 and were signed by:

Stanislav Yoffe - 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 January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2015 - operating profit) is stated after charging:

31.3.16

31.3.15

$

$

Foreign exchange differences

140,028

84,481

Director's remuneration

-

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the loss on ordinary activities for the year was as follows:

31.3.16

31.3.15

$

$

Current tax:

UK corporation tax

-

711

Tax on (loss)/profit on ordinary activities

-

711

4.	FIXED ASSET INVESTMENTS

Interest

in

associate

$

COST

At 1 April 2015

and 31 March 2016

1,023,275

NET BOOK VALUE

At 31 March 2016

1,023,275

At 31 March 2015

1,023,275

5.

DEBTORS

31.3.16

31.3.15

$

$

Amounts falling due within one year:

Amounts recoverable on contract

275,462

426,265

Amounts falling due after more than one year:

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

1,560,207

1,073,131

Aggregate amounts

1,835,669

1,499,396

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

$

$

Payments on account

2,816,278

2,215,907

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

$

$

2

Ordinary

£ 1

3

3

8.

RESERVES

Profit

and loss

account

$

At 1 April 2015

323,733

Deficit for the year

(281,070

)

At 31 March 2016

42,663

9.	ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

Terazzas Investments B.V. (incorporated in Netherlands ) is regarded by the director as being

the company's ultimate parent company.

The company considers A W M Jansen to be the ultimate controlling party by virtue of his

shareholding.

10.	RELATED PARTY DISCLOSURES

Hotel Jardin de Bellver S.A.

Associate company

At the balance sheet date the company was owed $1,073,131 by Hotel Jardin de Bellver S.A.,

its associate. During the year the company charged interest $28,863 to Hotel Jardin de

Bellver S.A.