Mediterranean Energy Company Limited - Filleted accounts
Mediterranean Energy Company Limited - Filleted accounts
Registered number: | |||||||
Statement of Financial Position | |||||||
as at |
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Notes | 2016 | 2015 | |||||
€ | € | ||||||
Fixed assets | |||||||
Intangible assets | 3 | ||||||
Financial assets | |||||||
Current assets | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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Stelios Americanos | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Transition to FRS 102 | ||||||||
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in the notes below. | ||||||||
Going concern | ||||||||
The directors believe the company will continue to make profits and are making efforts to improve the company's profitability. The accounts have therefore been prepared under the going concern basis. | ||||||||
Turnover | ||||||||
Intangible fixed assets | ||||||||
Investments | ||||||||
Unlisted investments (other than investments in subsidiaries, associates and joint ventures) are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value/Impairment losses are included in the profit and loss account. |
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Debtors | ||||||||
Creditors | ||||||||
Foreign currency translation | ||||||||
2 | Exceptional items | 2016 | 2015 | |||||
€ | € | |||||||
Change in fair value of financial assets | (43,473) | (19,041) | ||||||
(43,473) | (19,041) | |||||||
The fair value of financial assets that are not traded in an active market is determined by using | ||||||||
valuation techniques. A variety of methods are used, such as estimated discounted cash flows, | ||||||||
and assumptions made that are based on market conditions existing at the reporting date. | ||||||||
3 | Intangible fixed assets | € | ||||||
Goodwill: | ||||||||
Cost | ||||||||
At 1 January 2016 | ||||||||
At 31 December 2016 | ||||||||
Amortisation | ||||||||
At 1 January 2016 | ||||||||
Provided during the year | ||||||||
At 31 December 2016 | ||||||||
Net book value | ||||||||
At 31 December 2016 | ||||||||
At 31 December 2015 | ||||||||
The company has purchased the rights to use the name "Auto Speedy" for 200,000 Euros over a period of 20 years. Brand name royalties are recognised at cost and amortised over their useful life on a straight-line basis. The brand name royalties' useful life is determined by the directors or the contracts of purchase. At the balance sheet date the company estimates whether there is any difference in its fair value from its net book value. In the case where there is a difference it is written off in the profit and loss account. | ||||||||
4 | Debtors | 2016 | 2015 | |||||
€ | € | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
5 | Creditors: amounts falling due within one year | 2016 | 2015 | |||||
€ | € | |||||||
Trade creditors | ||||||||
Accruals | 2,798 | 2,801 | ||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | ||||||||
Other creditors | ||||||||
6 | Controlling party | |||||||
Dimostheni Severi 12 | ||||||||
6th Floor, Flat / office 601 | ||||||||
1080 Nicosia | ||||||||
Cyprus | ||||||||
7 | Other information | |||||||
Mediterranean Energy Company Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
Studio G3, Grove Park Studios | ||||||||
188-192 Sutton Court Road | ||||||||
London | ||||||||
W4 3HR | ||||||||
8 | Transition to FRS 102 | |||||||
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015. No transitional adjustments were required in equity or profit or loss for the year. |