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Financial Statements for the Year Ended 31 December 2019 |
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Skyrianta Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Skyrianta Limited |
Skyrianta Limited (Registered number: 08547720) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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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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Skyrianta Limited |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
Skyrianta Limited (Registered number: 08547720) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Fair value reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
signed by: |
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Skyrianta Limited (Registered number: 08547720) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Skyrianta 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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Preparation of consolidated financial statements |
The financial statements contain information about Skyrianta Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its |
subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, |
Gebr Heinemann SE&CO KG, Koreastraße 3 D-20457 Hamburg / Germany. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost and subsequently measured at fair value with |
changes in fair value recognised in other comprehensive income. Fair value is determined with reference to the |
net asset value of the subsidiary undertaking. The gain from the investments' valuation is represented by the |
difference between the fair value at the beginning of the reporting period and its fair value at the end of the |
reporting period. However, the gain shall be recognised in profit and loss to the extend that it reverses a fair |
value decrease of the same investment previously recognised in profit and loss. |
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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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Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange |
ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
Skyrianta Limited (Registered number: 08547720) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The financial statements have been prepared on a going concern basis even though at the balance sheet date |
the company had net current liabilities amounting to $148,562 (2018: $55,849) and incurred a loss of $37,904 |
(2018: profit of $125,586) for the year. |
The company's ability to continue as a going concern is contingent on the willingness of the shareholders to |
provide financing to the company. As a holding company it has no liabilities other than annual fixed overheads |
which are covered by the shareholders. The shareholders have expressed willingness to provide financial |
support for the next 12 months as from the date of approval of the financial statements in order for the |
company to meet its current liabilities. The director therefore continues to adopt the going concern basis of |
accounting. |
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3. | FIXED ASSET INVESTMENTS |
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Shares in group undertakings | $ |
At 1 January 2019 | 552,720 |
Total gain recognised as revaluation reserve | 288,465 |
---------------------------------------- | -------------------- |
At 31 December 2019 | 841,185 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Kievrianta LLC |
Country of incorporation: Ukraine |
Nature of business: Operation of "Duty Free Shop" in Ukraine |
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Class of shares: holding |
Ordinary 100.00 |
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31.12.2019 | 31.12.2018 |
$ | $ |
Aggregate capital and reserves | 841,185 | 552,721 |
Profit or loss for the year | 199,046 | 143,369 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
$ | $ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.12.2019 | 31.12.2018 |
$ | $ |
Amounts due to related parties | 49,221 | 42,576 |
Accruals | 8,613 | 6,645 |
Director Account | 33,088 | 3,833 |
Deferred tax | 57,771 | 2,963 |
Total | 148,693 | 56,016 |
Skyrianta Limited (Registered number: 08547720) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | RELATED PARTY DISCLOSURES |
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Included in creditors are the following balances due to related parties for expenses covered by Mr Artur Grants, |
the person with significant influence, and Mr Barry Mills, the director. |
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31.12.2019 | 31.12.2018 |
$ | $ |
Artur Grants | 49,221 | 42,576 |
Barry Mills | 33,088 | 3,833 |
82,309 | 46,409 |
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8. | POST BALANCE SHEET EVENTS |
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Kievrianta LLC (100% subsidiary of Skyrianta Limited) is affected by COVID-19 pandemic. As per decisions |
of Government of Ukraine, the traffic of passengers through all border points of Ukraine was stopped from |
16/03/2020 (including Boryspil airport where Kievrianta's business is located). As a result the trading |
temporarily ceased, stock was returned to warehouse and blocked under the custom`s control. |
30% of shop operating staff working at Boryspil airport were dismissed under an agreement with the employer |
with the repayment for the entire period of quarantine. |
There is a risk that the investment in Kievrianta LLC (measured at fair value) might be significantly impaired |
after the reporting date. |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is ultimately controlled by a consortium of individuals with no one individual having overall |
control. |
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The company's immediate parent entity is
Germany. |