Company Registration No. 05476867 (England and Wales)
UK INVESTMENTS MANAGEMENT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
UK INVESTMENTS MANAGEMENT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
UK INVESTMENTS MANAGEMENT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
€
€
€
€
Current assets
Debtors
3
234,258
234,480
Cash at bank and in hand
42,966
52,509
277,224
286,989
Creditors: amounts falling due within one year
(1,136,575)
(1,113,532)
Total assets less current liabilities
(859,351)
(826,543)
Capital and reserves
Called up share capital
4
145
145
Profit and loss account
(859,496)
(826,688)
Shareholders' funds
(859,351)
(826,543)
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 28 September 2015
D J Sims
Director
Company Registration No. 05476867
UK INVESTMENTS MANAGEMENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The reporting currency used in the financial statements for the previous period was Euro's.
In June 2012 the concession from the ministry of the economy and finance ("AAMS") in connection with the Sports Licence expired and in September 2012 the betting shop operated by the company closed. Although the betting shop trade has ceased, the company intends to commence a new trade in 2015. In the meantime, the company is reliant on the continued support of other connected companies, including Atlantis World Group of Companies NV and Global Starnet Limited. The directors do not anticipate the withdrawal of this support in the foreseeable future and on this basis the financial statements have been prepared on the going concern basis.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant
15% straight line basis
Commercial equipment
20% straight line basis
1.4
Deferred taxation
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are discounted.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in currencies other than the euro are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in these currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.6
Functional currency
The functional currency of the company is Euro's (€).
Share capital and accumulated losses are translated at historic rates with all other reserves translated at closing rates.
UK INVESTMENTS MANAGEMENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Tangible assets
€
Cost
At 1 January 2014 & at 31 December 2014
33,093
Depreciation
At 1 January 2014 & at 31 December 2014
33,093
Net book value
At 1 January 2014 & at 31 December 2014
-
3
Debtors
Debtors include an amount of €15,000 (2013 - €15,000) which is due after more than one year.
4
Share capital
2014
2013
€
€
Allotted, called up and fully paid
145 Ordinary shares of €1 each
145
145