Brastec SAS Limited Company Accounts

BRASTEC SAS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07848498

BRASTEC SAS LIMITED

Filleted Unaudited Financial Statements

31 December 2017

BRASTEC SAS LIMITED

Financial Statements

Year ended 31st December 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 4

BRASTEC SAS LIMITED

Officers and Professional Advisers

Director	R A Godoy

Registered office	Bulman House
	Regent Centre
	Gosforth
	Newcastle upon Tyne
	NE3 3LS

Accountants	Tait Walker LLP
	Chartered Accountants
	Bulman House
	Regent Centre
	Gosforth
	Newcastle upon Tyne
	NE3 3LS

Bankers	HSBC Bank plc
	Floor 3
	Cental Square South
	Orchard Street
	Newcastle upon Tyne
	NE1 3AZ

BRASTEC SAS LIMITED

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£	£

Current assets

Debtors	4	301	11,764
Cash at bank and in hand		9,332	1,906
		------	-------
		9,633	13,670

Creditors: amounts falling due within one year	5	3,997		191,250
		------		---------
Net current assets/(liabilities)			5,636		( 177,580)
			------		---------
Total assets less current liabilities			5,636		( 177,580)
			------		---------
Net assets/(liabilities)			5,636		( 177,580)
			------		---------

Capital and reserves

Called up share capital	9,030,001	9,030,001
Profit and loss account	( 9,024,365)	( 9,207,581)
	-----------	-----------
Shareholders funds	5,636	( 177,580)
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31st December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 19 June 2018 , and are signed on behalf of the board by:

R A Godoy
Director

Company registration number: 07848498

BRASTEC SAS LIMITED

Notes to the Financial Statements

Year ended 31st December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a break up basis as the directors do not consider the company to be a going concern. The company entered into a contract to design, manufacture, install and commission a Vertical Helix Assembly Machine. The construction of this machine, a new design, was more difficult than anticipated and there were significant cost overruns which resulted in the losses incurred. The company does not have any further planned contracts in place but are actively looking for new sales contracts via leads generated from it's parent company. Although the current situation of the oil and gas market is not positive, the company is confident that there are positive prospects for the company in the future. The directors have concluded that the company is not a going concern as it does not have any further contracts in place. There has been no financial impairment of the company's assets as a result of a break up basis of valuation.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Debtors

	2017	2016
	£	£
Other debtors	301	11,764
	----	-------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,799	3,900
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	187,350
Other creditors	2,198	–
	------	---------
	3,997	191,250
	------	---------

6. Related party transactions

The company is wholly owned subsidiary of Brastec Technologies SA . The following transactions were carried out with related parties: Brastec SAS Cooperatief U.A . is a related party of the company as both are members of the Brastec Technologies SA group. In previous years the company received loans, during the year Brastec SAS Cooperatief U.A formally waived these loans and £187,350 was credited to the income statement. At the year end, the balance outstanding and included within creditors was £nil (2016 - £187,350) .

7. Controlling party

The ultimate parent company is Royal IHC , a company incorporated in the Netherlands.