Armac Securities Limited |
|
Report to the directors on the preparation of the unaudited abbreviated accounts of Armac Securities Limited for the period ended 31 December 2016 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Armac Securities Limited for the period ended 31 December 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ |
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
|
Keith Knowles Accountants Limited |
Chartered Certified Accountants |
The History Room at Farnham Pottery |
Pottery Lane |
Wrecclesham, Farnham |
Surrey |
GU10 4QJ |
|
15 July 2017 |
|
Armac Securities Limited
|
Registered number: |
09826180
|
Abbreviated Balance Sheet |
as at 31 December 2016
|
|
Notes |
|
|
2016 |
|
USD |
|
Fixed assets |
Investments |
2 |
|
|
200,000 |
|
Current assets |
Debtors |
3 |
|
977,307 |
Cash at bank and in hand |
|
|
12,284 |
|
|
|
989,591 |
|
|
|
Creditors: amounts falling due within one year |
|
|
(540,500) |
|
Net current assets |
|
|
|
449,091 |
|
|
Net assets |
|
|
|
649,091 |
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
4 |
|
|
601,546 |
Profit and loss account |
|
|
|
47,545 |
|
Shareholders' funds |
|
|
|
649,091 |
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
|
|
|
|
W J Armitage |
Director |
Approved by the board on 15 July 2017
|
|
Armac Securities Limited
|
Notes to the Abbreviated Accounts |
for the period ended 31 December 2016
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
|
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
The company predominantly operates in US dollars and the directors consider the USD to be the company's functional currency. Consequently the accounts have been prepared using USD. Transactions in other foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Group accounts exemption |
|
The company and its subsidiaries comprise a small group. The company has therefore taken advantage of the exemption provided by S399(2A) Companies Act 2006 not to prepare group accounts. |
|
|
|
2 |
Investments |
USD |
|
|
Cost |
|
Additions |
200,000 |
|
|
At 31 December 2016 |
200,000 |
|
|
|
|
|
|
|
|
The company holds 20% or more of the share capital of the following companies: |
|
Capital and |
Profit (loss) |
|
Company |
Shares held |
reserves |
for the year |
|
|
Class |
% |
USD |
USD |
|
Armac Securities Chile SpA (incorporated in Chile) |
Ordinary |
100 |
|
212,964 |
|
(1,567) |
|
Mercados G SpA (incorporated in Chile) |
Ordinary |
67 |
|
270,151 |
|
(422,653) |
|
3 |
Debtors |
2016 |
|
USD |
|
|
Debtors include: |
|
|
Amounts due after more than one year |
850,933 |
|
|
|
|
|
|
|
|
|
4 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
value |
Number |
USD |
|
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
418,452 |
|
601,546 |
|
|
|
|
|
|
|
|
Nominal |
Number |
Amount |
value |
USD |
|
Shares issued during the period: |
|
Ordinary shares
|
£1 each |
|
418,452 |
|
601,546 |
|
|
|
|
|
|
|
|
The sterling value of the allotted shares is £418,452 |