Claro ATG Limited - Period Ending 2017-12-31

Claro ATG Limited - Period Ending 2017-12-31


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Registration number: 07106942

Claro ATG Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2016 to 31 December 2017

 

Claro ATG Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

Claro ATG Limited

Company Information

Directors

Mr F M Thulien

Mr S A H Holbye

Registered office

Buckingham House
Glovers Court
Preston
Lancashire
PR1 3LS

Accountants

Cox Chartered Accountants
PO Box 176
Poulton-Le-Fylde
Lancashire
FY6 6DX

 

Claro ATG Limited

(Registration number: 07106942)
Balance Sheet as at 31 December 2017

Note

31 December
2017
£

31 October
2016
£

Fixed assets

 

Investments

4

2,966,774

2,966,774

Current assets

 

Debtors

5

200,778

17,689

Cash at bank and in hand

 

61,154

101,062

 

261,932

118,751

Creditors: Amounts falling due within one year

6

(276,979)

(514,834)

Net current liabilities

 

(15,047)

(396,083)

Net assets

 

2,951,727

2,570,691

Capital and reserves

 

Called up share capital

600

600

Other reserves

1,454,600

1,454,600

Profit and loss account

1,496,527

1,115,491

Total equity

 

2,951,727

2,570,691

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 25 September 2018 and signed on its behalf by:
 

.........................................

Mr F M Thulien

Director

 

Claro ATG Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Buckingham House
Glovers Court
Preston
Lancashire
PR1 3LS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The Company transitioned from previously extant UK GAAP to FRS 102 Section 1A – small entities as at 1 November 2015.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Claro ATG Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2016 - 2).

 

Claro ATG Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

4

Investments

31 December
2017
£

31 October
2016
£

Investments in subsidiaries

2,944,071

2,944,071

Investments in associates

22,703

22,703

2,966,774

2,966,774

Subsidiaries

£

Cost or valuation

At 1 November 2016

2,944,071

Provision

Carrying amount

At 31 December 2017

2,944,071

At 31 October 2016

2,944,071

Associates

£

Cost

At 1 November 2016

22,703

Provision

Carrying amount

At 31 December 2017

22,703

At 31 October 2016

22,703

5

Debtors

Note

31 December
2017
£

31 October
2016
£

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

200,229

-

Other debtors

 

549

17,689

 

200,778

17,689

 

Claro ATG Limited

Notes to the Financial Statements for the Period from 1 November 2016 to 31 December 2017

6

Creditors

Creditors: amounts falling due within one year

Note

31 December
2017
£

31 October
2016
£

Due within one year

 

Trade creditors

 

3,221

384

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

50,822

Other creditors

 

151,500

401,000

Corporation tax

 

117,910

57,758

Taxation and social security

 

4,348

4,870

 

276,979

514,834

Within other creditors are amounts owing to the directors, Mr D M Stevens and Prof P L Blenkhorn, totalling £150,000 (31 October 2016: £400,000) in respect of unpaid dividends at the year end.

7

Dividends

Interim dividends paid

   

31 December
2017
£

 

31 October
2016
£

Total interim dividends of £1,100.00 (2016 - £1,666.67) per each Ordinary A share

 

330,000

 

500,000

Total interim dividends of £1,100.00 (2016 - £1,666.67) per each Ordinary B share

 

330,000

 

500,000

   

660,000

 

1,000,000

On 9 July 2018 an interim dividend was declared of £150,000 in respect of the Ordinary A shares and £150,000 in respect of the Ordinary B shares.