Company Registration No. 03894672 (England and Wales)
BELUGA HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BELUGA HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BELUGA HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
€
€
€
€
Fixed assets
Investments
4
5,753,891
6,127,777
Current assets
Cash at bank and in hand
35,875
50,689
Creditors: amounts falling due within one year
6
(8,057)
(8,057)
Net current assets
27,818
42,632
Total assets less current liabilities
5,781,709
6,170,409
Capital and reserves
Called up share capital
7
15,865,530
15,865,530
Capital redemption reserve
74
74
Profit and loss reserves
(10,083,895)
(9,695,195)
Total equity
5,781,709
6,170,409
The directors of the company have elected not to include a copy of the profit and loss account 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 by the board of directors and authorised for issue on 19 September 2023 and are signed on its behalf by:
Fernando Masaveu Herrero
Director
Company Registration No. 03894672
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Beluga Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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 company has prepared accounts in Euros since the majority of its transactions and its financial assets and liabilities are denominated in that currency. Monetary amounts in these financial statements are rounded to the nearest €. The relevant exchange rate at 31 December 2022 is £1:€1.127 (2021: £1:€1.191).
The financial statements have been prepared on the historical cost convention. The principal accounting policies are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has made a loss during the year and at the year end had a net current assets position of €27,818. Based on the strength of the balance sheet and continued support from the directors, the directors are of the opinion that the company has and will have sufficient funds and cash reserves to continue to meet its liabilities as they fall due for the foreseeable future and therefore have prepared the financial statements on a going concern basis. true
1.3
Fixed asset investments
Interests in subsidiaries and associates 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.4
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 balance sheet 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.
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include 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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments 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. Amounts 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.
1.5
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.
1.6
Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 4 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment review of investments
At each reporting date the directors complete an impairment review of the fixed asset investments. The directors' base their review on the share of net assets of the subsidiary or associate undertaking at the reporting date. During the year, an impairment charge of €373,886 (2021: €313,443) has been recognised in the profit and loss account. The directors expect that impairment charges will continue to be required going forward to the extent that subsidiary or associate undertakings continue to make losses.
3
Employees
There were no employees during the year or the previous year.
4
Fixed asset investments
2022
2021
€
€
Shares in group undertakings and participating interests
5,753,891
6,127,777
Movements in fixed asset investments
Shares in group undertakings and participating interests
€
Cost
At 1 January 2022 & 31 December 2022
14,815,466
Impairment
At 1 January 2022
8,687,689
Impairment losses
373,886
At 31 December 2022
9,061,575
Carrying amount
At 31 December 2022
5,753,891
At 31 December 2021
6,127,777
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
5
List of investments
The company holds more than 20% of the share capital of the following companies at 31 December 2022:
Name of undertaking
% Held
Direct
Indirect
Bodegas Murua, S.A.
9.41
20.00
Bodegas Pagos de Araiz, S.A.
29.10
0
Rio Veguin, S.L.
100.00
0
6
Creditors: amounts falling due within one year
2022
2021
€
€
Accruals and deferred income
8,057
8,057
7
Called up share capital
2022
2021
€
€
Ordinary share capital
Issued and fully paid
10,390 (2021: 10,390) Ordinary shares of €1,527 each
15,865,530
15,865,530
15,865,530
15,865,530
8
Directors' transactions
During the year Gim4Biz Limited charged Beluga Holdings Limited €6,314 (2021: €5,747) for director's fees.
9
Parent company
The parent company and ultimate controlling party is Corporacion Masaveu S.A., a company incorporated in Spain, which owns 100% of the company's share capital (% held: direct - 99.99% and indirect - 0.01%).
The company's financials are included in the consolidated accounts of Corporacion Masaveu S.A. whose registered office is Cimadevilla 8, 33003 Oviedo, Spain.
10
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 was unqualified.
The senior statutory auditor was Russell Nathan.
The auditor was HW Fisher LLP.