Anaconda Global Holdings Ltd 31/03/2018 iXBRL

Anaconda Global Holdings Ltd 31/03/2018 iXBRL

ANACONDA GLOBAL HOLDINGS LTD - Company Information

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Company registration number: NI615728
Anaconda Global Holdings Ltd
Trading as Anaconda Global Holdings Ltd
Filleted financial statements
31 March 2018
Anaconda Global Holdings Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Anaconda Global Holdings Ltd
Directors and other information
Directors Mr Alistair Forsyth
Mr Eamon McMahon
Mr Martin Quinn
Company number NI615728
Registered office Ardboe Business Park
Kilmascally Road
Dungannon
Co Tyrone
BT71 5BJ
Business address Ardboe Business Park
Kilmascally Road
Dungannon
Co Tyrone
BT71 5BJ
Auditor Corr & Corr
2nd Floor
The Cornmill
Coalisland
Co Tyrone
BT71 4LP
Bankers Danske Bank
Finance Centre
6 Shipquay Place
Londonderry
BT48 6DF
Anaconda Global Holdings Ltd
Directors responsibilities statement
Year ended 31 March 2018
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Anaconda Global Holdings Ltd
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Investments 5 900 900
_______ _______
900 900
Current assets
Debtors 6 49,816 19,816
Cash at bank and in hand - 23
_______ _______
49,816 19,839
Creditors: amounts falling due
within one year 7 ( 28,080) ( 19,633)
_______ _______
Net current assets 21,736 206
_______ _______
Total assets less current liabilities 22,636 1,106
_______ _______
Net assets 22,636 1,106
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 21,636 106
_______ _______
Shareholders funds 22,636 1,106
_______ _______
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2018 , and are signed on behalf of the board by:
Mr Alistair Forsyth Mr Martin Quinn
Director Director
Company registration number: NI615728
Anaconda Global Holdings Ltd
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Ardboe Business Park, Kilmascally Road, Dungannon, Co Tyrone, BT71 5BJ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Management believes that the estimates, assumptions and judgements upon which it relies are reasonable based on the information available at the time that those estimates, assumptions and judgements are made. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2017: Nil).
5. Investments
Shares in group undertakings Total
£ £
Cost
At 1 April 2017 and 31 March 2018 900 900
_______ _______
Impairment
At 1 April 2017 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 900 900
_______ _______
At 31 March 2017 900 900
_______ _______
Anaconda Global Holdings Ltd is the sole shareholder of Anaconda Equipment International Ltd. This investment is carried at cost.
6. Debtors
2018 2017
£ £
Other debtors 49,816 19,816
_______ _______
Included within other debtors is an amount owed from wholly owned subsidiary, Anaconda Equipment International Ltd amounting to £49,716 (2017: £19,716).
7. Creditors: amounts falling due within one year
2018 2017
£ £
Amounts owed to group undertakings 18,983 17,983
Corporation tax 2,447 -
Social security and other taxes 5,000 -
Other creditors 1,650 1,650
_______ _______
28,080 19,633
_______ _______
8. Limitation of auditors liability
The terms of agreement regarding the limitation of the auditors liability are set out in the engagement letter, in accordance with Section 538 Companies Act 2006.
9. Summary audit opinion
The auditor's report for the year dated 24 October 2018 was unqualified.
The senior statutory auditor was Brendan Corr for and on behalf of Corr & Corr
10. Related party transactions
The company owns the entire share capital of Anaconda Equipment International Ltd, a company incorporated in the United Kingdom. No other group financial statements are included in the results of the company.During the year Anaconda Global Holdings Ltd provided management services to Anaconda Equipment International Ltd to the value of £25,000 (2017: £Nil). This was still outstanding at 31 March 2018. Anaconda Global Holdings Ltd received payments amounting to £Nil (2017: £50) from Anaconda Equipment International Ltd. At the year end Anaconda Global Holdings Ltd was owed £49,716 from Anaconda Equipment International Ltd (2017: £19,716).Anaconda Equipment International Ltd made payments amounting to £1,000 on behalf of Anaconda Global Holdings Ltd (2017: £11,000) during the year, meaning that at 31 March 2018 Anaconda Global Holdings Ltd owed Anaconda Equipment International Ltd £18,982 (2017: £17,982).
11. Controlling party
The directors consider the ultimate controlling parties to be Mr Alistair Forsyth and Mr Martin Quinn .