Demetra Portfolio Ltd 31/12/2017 iXBRL

Demetra Portfolio Ltd 31/12/2017 iXBRL

DEMETRA PORTFOLIO LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Demetra Portfolio Ltd have consented to the preparation of the abridged statement of financial position for the current year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 08624296
Demetra Portfolio Ltd
Unaudited filleted abridged financial statements
31 December 2017
Demetra Portfolio Ltd
Contents
Directors and other information
Directors report
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Demetra Portfolio Ltd
Directors and other information
Directors Mr Stelios Anastasiou
Mr Emilios Nicolaou
Mr Evangelos Lygdas
Company number 08624296
Registered office Third Floor, Office61
1 Primrose Street
City
London
EC2A 2EX
Business address Vision Tower Floors 4th & 5th
67 Limassol Avenue
Aglantzia
Nicosia Cyprus
2121
Accountants Kay Peters & Co
WeWork Third Floor
1 Primrose Street
London
EC2A 2EX
Bankers Credit Suisse AG
CH-8070
Zurich (0835)
Switzerland
Demetra Portfolio Ltd
Directors report
Year ended 31 December 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2017.
Directors
The directors who served the company during the year were as follows:
Mr Stelios Anastasiou
Mr Emilios Nicolaou
Mr Evangelos Lygdas
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 24 September 2018 and signed on behalf of the board by:
Mr Stelios Anastasiou Mr Emilios Nicolaou
Director Director
Demetra Portfolio Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Demetra Portfolio Ltd
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Demetra Portfolio Ltd for the year ended 31 December 2017 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Demetra Portfolio Ltd, as a body, in accordance with the terms of our engagement letter dated 24 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Demetra Portfolio Ltd and state those matters that we have agreed to state to the board of directors of Demetra Portfolio Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Demetra Portfolio Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Demetra Portfolio Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Demetra Portfolio Ltd. You consider that Demetra Portfolio Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Demetra Portfolio Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
We have relied on the figures provided by the accountants acting for the company's overseas branch which accounts for all the transactions on these financial statements.
Kay Peters & Co
Chartered Certified Accountants
WeWork Third Floor
1 Primrose Street
London
EC2A 2EX
24 September 2018
Demetra Portfolio Ltd
Abridged statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Current assets
Investments 6 351,564 430,635
Cash at bank and in hand 32,499 11,089
_______ _______
384,063 441,724
Creditors: amounts falling due
within one year ( 5,695) ( 6,484)
_______ _______
Net current assets 378,368 435,240
_______ _______
Total assets less current liabilities 378,368 435,240
Creditors: amounts falling due
after more than one year ( 487,875) ( 453,673)
_______ _______
Net liabilities ( 109,507) ( 18,433)
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account ( 109,607) ( 18,533)
_______ _______
Shareholder deficit ( 109,507) ( 18,433)
_______ _______
For the year 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2018 , and are signed on behalf of the board by:
Mr Stelios Anastasiou Mr Evangelos Lygdas
Director Director
Company registration number: 08624296
Demetra Portfolio Ltd
Statement of changes in equity
Year ended 31 December 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2016 100 ( 71,266) ( 71,166)
(Loss)/profit for the year 52,733 52,733
_______ _______ _______
Total comprehensive income for the year - 52,733 52,733
_______ _______ _______
At 31 December 2016 and 1 January 2017 100 (27,014) (26,914)
(Loss)/profit for the year ( 82,593) ( 82,593)
_______ _______ _______
Total comprehensive income for the year - ( 82,593) ( 82,593)
_______ _______ _______
At 31 December 2017 100 ( 109,607) ( 109,507)
_______ _______ _______
Demetra Portfolio Ltd
Notes to the financial statements
Year ended 31 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 Wework, Third Floor, Office61, 1 Primrose Street, City, London, EC2A 2EX.
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 Republic of Ireland'.
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.
Turnover
Turnover represents the gross realized gains derived from the disposal financial investments together with any income paid by the investments held during the year falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken outside the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2016: Nil).
6. Investments
2017 2016
£ £
Other investments 351,564 430,635
_______ _______
The investments comprise of financial securities traded on the world financial markets. They have been valued on open market basis as at the 31st December 2017.
7. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Evangelos Lygdas ( 453,673) ( 34,202) ( 487,875)
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Evangelos Lygdas ( 373,207) ( 80,466) ( 453,673)
_______ _______ _______
The director's loan is unsecured, it is not subject to interest and no date of repayment has been set. The directors retain the right to charge interest and set the repayment date which will be dependent on the company's performance.
9. Controlling party
The company is controlled by Mr. Evangelos Lygdas, a director and shareholder of the company.
10. Overseas branch
The amounts in the financial statements have been solely generated by the company's overseas branch.
11. Going concern
The company is dependent on its director and major shareholder for financial support to continue as a going concern.