SATURN VENTURES LIMITED
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Notes to the Accounts |
for the year ended 31 December 2016
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Going concern |
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The accounts have been prepared on a going concern basis even though this basis may not be appropriate as the company had no income and made a loss in the year and had a net liabilities position at the balance sheet date. However the director believes that the company will continue its operating existence in the foreseeable future and it will be able to meet its financial obligations as the beneficial owners have pledged to continue to provide working capital to the company. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at cost less any accumulated impairment losses as the fair value cannot be be measured reliably.
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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2 |
Employees |
2016 |
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2015 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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2 |
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3 |
Investments |
Investments in |
subsidiary |
undertakings |
€ |
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Cost |
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At 1 January 2016 |
1,840,000 |
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At 31 December 2016 |
1,840,000 |
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4 |
Debtors |
2016 |
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2015 |
€ |
€ |
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Other debtors |
1,900,000 |
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1,900,000 |
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Other debtors include €1,900,000 loan to a third party which is secured on property and other assets of the borrower and is interest free and repayable on demand. |
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5 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
€ |
€ |
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Other creditors |
3,765,317 |
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3,763,337 |
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Other creditors include an interest free amount of €3,763,207, which is repayable on demand, to a connected company. |
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6 |
Other information |
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SATURN VENTURES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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5 Market Yard Mews |
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194-204 Bermondsey Street |
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London |
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SE1 3TQ |