Company Registration No. 03894672 (England and Wales)
BELUGA HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BELUGA HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BELUGA HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
€
€
€
€
Fixed assets
Investments
4
6,441,220
6,737,445
Current assets
Cash at bank and in hand
65,602
79,800
Creditors: amounts falling due within one year
6
(9,130)
(8,851)
Net current assets
56,472
70,949
Total assets less current liabilities
6,497,692
6,808,394
Capital and reserves
Called up share capital
7
15,865,530
15,865,530
Capital redemption reserve
74
74
Profit and loss reserves
(9,367,912)
(9,057,210)
Total equity
6,497,692
6,808,394
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 14 September 2021 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 2020
- 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 Euro
s
since the majority of its transactions
and its financial assets and liabilities are denominated in that currency.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The relevant exchange rate at 31 December 20
20
is £1:€1.
117
(201
9:
£1:€1.
180
).
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 directors have considered the effect of the COVID-19 pandemic. The directors consider that the pandemic is unlikely to cause a significant disruption to the company's business as the company is an investment holding company. However the pandemic may cause significant disruption to the activities of the company's subsidiaries and associates which are continuing to trade during the pandemic and have put measures in place to save costs.
true
The directors are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
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.
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
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.
1.5
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
E
uros at the rates of exchange ruling at the balance sheet date. All differences are taken to
the
profit and loss account.
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
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.
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 £296,225 (2019: £318,341) 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
2020
2019
€
€
Investments
6,441,220
6,737,445
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
€
Cost
At 1 January 2020 & 31 December 2020
6,737,445
Impairment
At 1 January 2020
-
Impairment losses
296,225
At 31 December 2020
296,225
Carrying amount
At 31 December 2020
6,441,220
At 31 December 2019
6,737,445
5
List of investments
The company holds more than 20% of the share capital of the following companies at 31 December 2020:
Name of undertaking
% Held
Direct
Indirect
0
0
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
2020
2019
€
€
Trade creditors
450
472
Amounts owed to group undertakings
1,087
1,087
Accruals and deferred income
7,593
7,292
9,130
8,851
BELUGA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
7
Called up share capital
2020
2019
€
€
Ordinary share capital
Issued and fully paid
10,390 (2019: 10,390) Ordinary shares of €1,527 each
15,865,530
15,865,530
15,865,530
15,865,530
8
Related party transactions
As at 31 December 2020, amounts due to the parent company totalled €1,087 (2019: €1,087).
9
Directors' transactions
During the year Gim4Biz Limited charged Beluga Holdings Limited €5,580 (2019: €5,605) for director's fees.
10
Parent company
The parent company and ultimate controlling party is Corporacion Masaveu S.A., a company incorporated in Spain, which owns 99.99% of the company's share capital.
The company's financials are included in the consolidated accounts of Corporacion Masaveu S.A. whose registered office is Cimadevilla 8, 33003 Oviedo, Spain.
11
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.