Company Registration No. 03649915 (England and Wales)
SURELEX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
SURELEX LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
SURELEX LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
as restated
Notes
€
€
€
€
Fixed assets
Investments
2
10,786,865
11,009,823
Current assets
Debtors
3
942,189
82,189
Cash at bank and in hand
207,345
229,664
1,149,534
311,853
Creditors: amounts falling due within one year
4
(3,255,615)
(3,061,133)
Net current liabilities
(2,106,081)
(2,749,280)
Total assets less current liabilities
8,680,784
8,260,543
Capital and reserves
Called up share capital
5
161
161
Profit and loss reserves
8,680,623
8,260,382
Total equity
8,680,784
8,260,543
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 October 2019
A Hawker
Director
Company Registration No. 03649915
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Surelex Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Palmerston House, 814 Brighton Road, PURLEY, Surrey, CR8 2BR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
Euros
, which is the
presentational
currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of gold and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.6
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Current tax
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Treasury gold is held for investment purposes, not as inventory and it has an indefinite useful life. It has been measured and recorded at cost in the past and a prior year adjustment has been made to modify this. There are no specific standards covering gold, however, on the basis that this is a physical asset which is held for investment purposes and that there are no contractual arrangements in place, the asset is being measured at fair value.
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
2
Fixed asset investments
2018
2017
€
€
Investments
10,786,865
11,009,823
Fixed asset investments revalued
The director's valuation for 2018 was €10,786,865 (2017 - €11,009,823). Should the investments be sold at their valuation, a tax charge not exceeding €1,710,406.55 (2017 - €1,732,911.89) would arise.
Movements in fixed asset investments
Investments other than loans
€
Cost or valuation
At 1 January 2018
11,009,823
Disposals
(222,958)
At 31 December 2018
10,786,865
Carrying amount
At 31 December 2018
10,786,865
At 31 December 2017
11,009,823
3
Debtors
2018
2017
Amounts falling due within one year:
€
€
Trade debtors
43,944
43,944
Amounts owed by group undertakings
898,245
38,245
942,189
82,189
4
Creditors: amounts falling due within one year
2018
2017
€
€
Amounts owed to group undertakings
3,107,582
3,040,856
Corporation tax
111,210
-
Other creditors
36,823
20,277
3,255,615
3,061,133
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
5
Called up share capital
2018
2017
€
€
Ordinary share capital
Issued and fully paid
100 Ordinary shares of 161 cents each
161
161
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report reflected a disclaimer of opinion on the view given by the financial statements.
The senior statutory auditor was Mr Matthew Elkins FCA.
The auditor was Knox Cropper LLP Chartered Accountants and Statutory Auditor.
7
Parent company
The company is wholly owned subsidiary undertaking of Shen Limited, the company incorporated in Hong Kong. The registered place of business and principal business is 36/F, Tower Two, Time Square, 1 Matheson street, Causeway Bay, Hong Kong.
8
Prior period adjustment
Changes to the statement of financial position
At 31 December 2017
As previously reported
Adjustment
As restated
€
€
€
Fixed assets
Investments
2,007,683
9,002,140
11,009,823
Capital and reserves
Profit and loss
(741,758)
9,002,140
8,260,382
Reconciliation of changes in equity
1 January
31 December
2017
2017
Notes
€
€
Equity as previously reported
(623,178)
(741,597)
Adjustments to prior year
Revaluation of gold
-
9,002,140
Equity as adjusted
(623,178)
8,260,543
SURELEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
8
Prior period adjustment
(Continued)
- 6 -
Notes to reconciliation
Prior period adjustment
The retained earnings account has been adjusted by €9,002,139.74 in respect of the revaluation of gold by the company in 2017.