| Escamax Investments Limited |
| Registered number: |
05124694 |
| Statement of Financial Position |
| as at 31 May 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| US$ |
US$ |
| Fixed assets |
| Financial assets |
|
|
|
47,446,463 |
|
|
45,455,553 |
|
| Current assets |
| Debtors |
3 |
|
2,982,379 |
|
|
4,958,298 |
| Cash at bank and in hand |
|
|
42,292 |
|
|
20,244 |
|
|
|
3,024,671 |
|
|
4,978,542 |
|
| Creditors: amounts falling due within one year |
4 |
|
(53,901) |
|
|
(20,555) |
|
| Net current assets |
|
|
|
2,970,770 |
|
|
4,957,987 |
|
| Net assets |
|
|
|
50,417,233 |
|
|
50,413,540 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
51,765,579 |
|
|
51,765,579 |
| Profit and loss account |
|
|
|
(1,348,346) |
|
|
(1,352,039) |
|
| Shareholder's funds |
|
|
|
50,417,233 |
|
|
50,413,540 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| P Hodgkinson for Millward Investments Ltd |
| Director |
| Approved by the board on 5 January 2018 |
|
| Escamax Investments Limited |
| Notes to the Accounts |
| for the year ended 31 May 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
|
|
|
Transition to FRS 102 |
|
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in the notes below. |
|
|
Investments |
|
In the Company’s financial statements, investments in subsidiary undertakings are stated at cost less any permanent impairment in value. Under the requirements of FRS2 the subsidiary results are not consolidated as a declaration of trust has been granted over these assets and consequently severe long term restrictions hinder the company rights of ownership and control. |
|
|
Group accounts |
|
The accounts present information about the company as an individual undertaking and not about its group. Group consolidated accounts are not prepared due to the long term restrictions discussed in the Investment note above. |
|
|
Debtors |
|
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
| 2 |
Exceptional items |
2017 |
|
2016 |
| US$ |
US$ |
|
|
Value adjustments on fixed assets and current asset investments |
- |
|
1,200,000 |
|
|
|
|
|
|
- |
|
1,200,000 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2017 |
|
2016 |
| US$ |
US$ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
505,867 |
|
434,748 |
|
Other debtors |
2,476,512 |
|
4,523,550 |
|
|
|
|
|
|
2,982,379 |
|
4,958,298 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
2,476,512 |
|
4,523,550 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| US$ |
US$ |
|
|
Trade creditors |
53,050 |
|
18,050 |
|
Corporation tax |
851 |
|
2,505 |
|
|
|
|
|
|
53,901 |
|
20,555 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Capital commitments |
2017 |
|
2016 |
| US$ |
US$ |
|
|
Amounts contracted for but not provided in the accounts |
2,602,287 |
|
2,593,197 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Controlling party |
|
|
The ultimate controlling party is Reston Group Foundation, a private foundation registered under the laws of the Republic of Panama. Its registered office is: Global Bank Tower, Floor No. 18, Office No. 1801, 50th Avenue, Panama City. |
|
|
| 8 |
Other information |
|
|
Escamax Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
207 Regent Street |
|
3rd Floor |
|
London |
|
W1B 3HH |
|
| 9 |
Transition to FRS 102 |
|
|
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year. |
