Sinefo Group Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 December 2019
Company Registration No. 09709350 (England and Wales)
Sinefo Group Ltd
Company Information
Director
D Peretz
(Appointed 1 May 2020)
Company number
09709350
Registered office
4th Floor Silverstream House
45 Fitzroy Street
Fitzrovia
London
United Kingdom
W1T 6EB
Accountants
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Sinefo Group Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Sinefo Group Ltd
Balance Sheet
As at 31 December 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
2
-
7,941
Current assets
Debtors
3
124
1,947
Creditors: amounts falling due within one year
4
(283,209)
(6,277,584)
Net current liabilities
(283,085)
(6,275,637)
Total assets less current liabilities
(283,085)
(6,267,696)
Capital and reserves
Called up share capital
5
6,585,447
1
Profit and loss reserves
(6,868,532)
(6,267,697)
Total equity
(283,085)
(6,267,696)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 29 March 2021 and are signed on its behalf by:
D Peretz
Director
Company Registration No. 09709350
Sinefo Group Ltd
Notes to the Financial Statements
For the year ended 31 December 2019
Page 2
1
Accounting policies
Company information
Sinefo Group Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4th Floor Silverstream House, 45 Fitzroy Street, Fitzrovia, London, United Kingdom, W1T 6EB.
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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has elected to prepare the financial statements on the going concern basis as it is the director’s expectation that the Company will continue to trade for a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
true
At 31 December 2019 the company reported net current liabilities of £
283,085 (2018 : £6,275,637)
and net liabilities of £
283,085 (2018 : £6,267,696)
. The ability of the company to continue as a going concern is dependent upon the continued support of its ultimate controlling party. The ultimate controlling party has agreed to provide the necessary financial assistance in order for the company to meet its financial commitments as and when they fall due over the next 12 months from the date of signing the financial statements.
Post year end, in March 2020 the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a global health pandemic, which has spread throughout the world Global markets and economies have experienced a significant amount of volatility as a result of the pandemic. While the disruption is currently expected to be temporary, there is uncertainty around the duration or the long term impact. However, notwithstanding these challenges, the director does not believe it will have a material impact on the business’s ability to continue as a going concern.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
Sinefo Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
1
Accounting policies
(Continued)
Page 3
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial
instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Fixed asset investments
2019
2018
£
£
Investments
-
7,941
Sinefo Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
2
Fixed asset investments
(Continued)
Page 4
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019
7,941
Additions
5,495,674
Disposals
(655)
At 31 December 2019
5,502,960
Impairment
At 1 January 2019
-
Impairment losses
5,502,960
At 31 December 2019
5,502,960
Carrying amount
At 31 December 2019
-
At 31 December 2018
7,941
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
124
1,947
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts due to group undertakings
283,209
6,277,584
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
6,585,447 of £1 each
6,585,447
1
6,585,447
1
Sinefo Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
Page 5
6
Related party transactions
Where possible the Company has taken advantage of the exemption, conferred by Section 33.1A of
Financial Reporting Standard 102: Related Party Disclosures, from the requirement to disclose
transaction with wholly-owned group undertakings.