Company Registration No. 03875740 (England and Wales)
NEW TRENDS INITIATIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
NEW TRENDS INITIATIVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NEW TRENDS INITIATIVE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
€
€
€
€
Fixed assets
Investments
3
45,272
45,272
Current assets
Debtors
5
1,398,910
1,398,910
Cash at bank and in hand
432
507
1,399,342
1,399,417
Creditors: amounts falling due within one year
6
(1,829,621)
(1,824,657)
Net current liabilities
(430,279)
(425,240)
Total assets less current liabilities
(385,007)
(379,968)
Capital and reserves
Called up share capital
7
1,582
1,582
Profit and loss reserves
(386,589)
(381,550)
Total equity
(385,007)
(379,968)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 by the board of directors and authorised for issue on 26 October 2020 and are signed on its behalf by:
K M Collins
Director
Company Registration No. 03875740
NEW TRENDS INITIATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
New Trends Initiative Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, United Kingdom, WD3 5LH.
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 functional 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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis. This is considered appropriate as the ultimate beneficial shareholders have indicated their willingness to continue to provide financial support to the company for the foreseeable future.
true
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company
only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Foreign exchange
The company's accounting records are maintained in Euros.
Transactions in other foreign currencies are recorded at the rate ruling at the date of the transaction. Any material gains or losses resulting from the conversion are taken to profit and loss account.
NEW TRENDS INITIATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.7
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions available not to prepare group accounts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
-
3
Fixed asset investments
2019
2018
€
€
Investments
45,272
45,272
The directors consider that no impairment is required to the value of the shares and loans in subsidiary undertakings which are measured at cost.
Movements in fixed asset investments
Shares in group undertakings
€
Cost or valuation
At 1 January 2019 & 31 December 2019
45,272
Carrying amount
At 31 December 2019
45,272
At 31 December 2018
45,272
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
NEW TRENDS INITIATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
4
Subsidiaries
(Continued)
- 4 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elle Di Immobiliare Srl
Italy
Ordinary
99.00
Immobiliare Ponte Lucano Srl
Italy
Ordinary
99.00
Mattone Srl
Italy
Ordinary
99.00
Midland Alimentari Srl
Italy
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
€
€
Elle Di Immobiliare Srl
54,520
13,129
Immobiliare Ponte Lucano Srl
1,299,773
Mattone Srl
74,891
(3,817)
Midland Alimentari Srl
28,729
914
5
Debtors
2019
2018
Amounts falling due within one year:
€
€
Amounts owed by group undertakings
1,398,910
1,398,910
6
Creditors: amounts falling due within one year
2019
2018
€
€
Amounts owed to group undertakings
1,752,683
1,752,683
Other creditors
76,938
71,974
1,829,621
1,824,657
7
Called up share capital
2019
2018
€
€
Ordinary share capital
Issued and fully paid
1,582 Ordinary shares of £1 each
1,582
1,582
NEW TRENDS INITIATIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
€
€
Entities with control, joint control or significant influence over the company
1,752,683
1,752,683
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due from related parties
€
€
Entities over which the entity has control, joint control or significant influence
1,398,910
1,398,910
9
Parent company
The immediate parent company is Servizio Italia Spa, resident in Italy.