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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST DECEMBER 2016 |
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FOR |
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WORLDFOLIO LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST DECEMBER 2016 |
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FOR |
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WORLDFOLIO LIMITED |
WORLDFOLIO LIMITED (REGISTERED NUMBER: 04822228) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31st December 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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WORLDFOLIO LIMITED |
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COMPANY INFORMATION |
For The Year Ended 31st December 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Elscot House |
Arcadia Avenue |
London |
N3 2JU |
WORLDFOLIO LIMITED (REGISTERED NUMBER: 04822228) |
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BALANCE SHEET |
31st December 2016 |
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2016 | 2015 |
Notes | $ | $ |
CURRENT ASSETS |
Debtors | 3 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 4 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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WORLDFOLIO LIMITED (REGISTERED NUMBER: 04822228) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31st December 2016 |
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1. | STATUTORY INFORMATION |
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Worldfolio Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Going concern |
The company provides its services to organisations outside the UK, many of which are based in the Third World. |
One of the risks of doing business with these countries is that the company has the increased possibility of late |
payment by customers of amounts due to the company. The company adopts a conservative approach in its |
financial statements when assessing the recovery of outstanding balances due from customers. |
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The ultimate holding company, Missions World Limited, a company registered in the British Virgin Islands, has |
been removed from the Companies Register. It is expected that steps will be taken shortly to have Missions World |
Limited restored to the Companies Register in the British Virgin Islands. |
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Late payment by customers has an adverse effect on the company's cashflow and from time to time the company |
is dependent upon the support of suppliers (including related parties), the parent company and the ultimate |
controlling party to continue to meet its liabilities. Although no formal confirmation has been received from the |
ultimate controlling party that funds will be provided to enable the company to meet its liabilities, the director has |
no reason to believe that funds will not been made available as they have in the past. On the basis of this and |
after making appropriate enquiries, the director has formed a judgement, at the time of approving the financial |
statements, that there is reasonable expectation that the company has adequate resources to continue in |
operating existence for the foreseeable future. |
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Because of the lack of formal documentation to evidence the ongoing support of the ultimate holding company |
and the ultimate controlling party, the director has concluded that a material uncertainty exits that casts |
significant doubt upon the company's ability to continue as a going concern. However, given the expected efforts |
to restore the ultimate holding company to the Register and the above mentioned matters, the director continues |
to adopt the going concern basis of accounting. |
WORLDFOLIO LIMITED (REGISTERED NUMBER: 04822228) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31st December 2016 |
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3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
$ | $ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
$ | $ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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5. | ULTIMATE CONTROLLING PARTY |
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The immediate parent undertaking is AFA Press UK Limited, a company registered in England and Wales. |
The ultimate holding company is Missions World Limited, a company registered in the British Virgin Islands. |
The ultimate controlling party is Capitales Rambraud S.A., which is registered in the Republic of Panama, acting in |
its capacity as the trustee of Crescent Trust. Crescent Trust is the majority shareholder of Missions World Limited. |