REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Aurelius Upsilon UK Investment Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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Aurelius Upsilon UK Investment Limited |
Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 4 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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Aurelius Upsilon UK Investment 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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Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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The director presents his strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The company was set up to provide loans to group companies in the Transform Hospital Group. These loans were to be funded by a loan from Aurelius Equity Opportunities SE & Co KGaA the ultimate parent company. During the year no further loans were made or received. |
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In April 2019 Transform Hospital Group Limited a wholly owned subsidiary of Aurelius Equity Opportunities SE & Co KGaA was set up. In July 2019 the Transform Hospital Group was put into administration. The business of the Transform Hospital Group has been restructured via acquisition, from the administrator, of the assets and liabilities of the Transform Hospital Group by Transform Hospital Group Limited. |
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At the year end the company was owed £697,399 by Combine Opco Ltd. The amount due from Combine Opco Ltd is subject to settlement of a claim with the administrator of that company. The Company was owed £11,348,016 by Combine Asset Ltd. |
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Whilst the Director is confident that the restructuring will occur and all of the assets and liabilities will be transferred until such a restructuring can be finalised with the administrators there remains a doubt over the recoverability of inter company debt as set out in Principal Risks and Uncertainties. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainty remains the ability of the borrowers to repay and service loans and the continued credit offered by the parent company. The intention of the directors is to liquidate the company after the year end once the loan receivables have been collected. |
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The Directors carry out periodic reviews of investments to ensure that impairment has not occurred. In both cases the Director believes that an impairment of the loan is not appropriate and therefore no provision for non repayment has been made in these accounts. However there is no guarantee that the loans will be repaid. Should the loans prove unrecoverable they will need to be written off to the Profit and Loss Account. |
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According to experts, the continuing and worsening coronavirus crisis at the time of this report will have considerable effects on the development of the global economy. In an economic forecast published in early March 2020, the Organization for Economic Cooperation and Development (OECD) concludes that the continuing coronavirus crisis represents the greatest risk to the global economy since the global financial crisis and that economic activity will decline sharply throughout the world in the first half of the year. The coronavirus crisis poses currently not yet quantifiable risks for general economic conditions and therefore also for AURELIUS. It is not possible to estimate the actual medium-term and long-term effects of the coronavirus crisis on the AURELIUS Group at the present time. Therefore, there is a risk that it may not be possible to meet the targets set in the companies' business plans. There is a risk that impairments may need to be recognized in intangible assets, property, plant and equipment or trade receivables and a risk that the portfolio companies may require additional funding. There is also a risk that potential sales of companies cannot be realized or only realized at a later time than planned. In view of the fluid state of developments, the Executive Board will continually re-assess the strategy and orientation of AURELIUS and its portfolio companies. |
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SECTION 172(1) STATEMENT |
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ENGAGEMENT WITH EMPLOYEES |
People create success. Our success is the result of the individual performance of every employee. |
Respectful treatment of all employees. |
Unconditional respect of human rights. |
Conscious diversity and internationality of our workforce. |
More jobs thanks to successful growth strategies. |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
Corporate codex |
Principles such as responsible, sustainable management are firmly embedded in the Aurelius ESG (Environmental Social Governance) policy, including: |
No investment in the arms industry. |
No investment in emissions-intensive companies. |
No trading in weapons or armaments, tobacco or tobacco products. |
Code of Conduct for suppliers and service providers. |
Anti-corruption and anti-bribery policy. |
Protection and support for whistleblowers. |
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STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS |
Environment: |
Goal for the year 2025: Reduce Group wide CO2 emissions by 30 percent. |
Measures have been introduced to permanently reduced CO2 emissions. |
Reduction of flights through the increased use of video conferences and online meetings and using train travel as an alternative. |
Precautions to prevent environmental damage. |
CO2 offsetting of the flights of all holding company employees since the 2019 financial year. |
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Social commitment: |
Aurelius refugee initiative e.v. Aurelius has been helping refugees since 2015. |
Extensive support of the START Foundation to promote outstanding young people with migration backgrounds since 2018. |
Long established tradition: Christmas-season collection drive for important social projects; AURELIUS matches the donations raised by employees. |
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ON BEHALF OF THE BOARD: |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Report of the Director |
for the Year Ended 31 December 2019 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTOR |
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DISCLOSURE IN THE STRATEGIC REPORT |
The Company has opted to disclose some items in the Strategic Report rather than the Director's Report. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
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- | select suitable accounting policies and then apply them consistently; |
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state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Aurelius Upsilon UK Investment Limited |
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Opinion |
We have audited the financial statements of Aurelius Upsilon UK Investment Limited (the 'company') for the year ended 31 December 2019 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Emphasis of Matter- basis of preparation |
We draw attention to Note 15 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Our opinion is not modified in this respect of this matter. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Aurelius Upsilon UK Investment Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Income Statement |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
as | restated |
Notes | £ | £ |
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REVENUE | 3 |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Other Comprehensive Income |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
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Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Statement of Financial Position |
31 December 2019 |
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31.12.19 | 31.12.18 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Share premium | 13 |
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Retained earnings | 13 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director and authorised for issue on
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2019 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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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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Aurelius Upsilon UK Investment Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
These financial statements have not been prepared on a going concern basis as the directors intend to liquidate the company. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
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Significant judgements and estimates |
In April 2019 the Transform Hospital Group Limited was established. In July 2019 the Transform Hospital Group was put into administration. There has been a restructure of the business of the Transform Hospital Group via acquisition, from the administrator, of the assets and liabilities of the Transform Hospital Group by Transform Hospital Group Limited. |
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The Directors carry out periodic reviews of investments to ensure that impairment has not occurred. At the year end the company was owed £697,399 by Combine Opco Ltd. The amount due from Combine Opco Ltd is subject to settlement of a claim with the administrator of that company. The company was owed £11,348,016 by Combine Asset Ltd. |
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In both cases the Director believes that an impairment of the loan is not appropriate and therefore no provision for non repayment has been made in these accounts. There are no guarantees that the loan will be repaid and should they be non- recoverable then they will need to be written off to the Profit and Loss Account. |
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It is the intention of the directors to liquidate the company after the year end once the receivables have been collected. |
Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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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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Financial instruments |
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
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Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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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 statement of financial position 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 statement of financial position 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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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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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Fixed asset investments |
Classification of long term loans as a fixed asset investment is made to represent the intention of the Company to use these assets on a continuing basis in the company's activities. Those repayable within one year per their repayment terms have been classified as loan receivables within current debtors. |
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Loan receivables that are contractually repayable on demand are shown as fixed asset investments if the intent of the Company is not to demand repayment in the near future. |
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Interest receivable or payable which is unpaid at the year end will be classified as current debtors or liabilities except where the contract terms allow later repayment. Where the interest receivable is contractually added to the principal balance with the same repayment terms, and itself accrues interest, the interest will have the same classification as the loan. |
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3. | REVENUE |
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The revenue and profit before taxation are attributable to the one principal activity of the company. |
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The principal activity of the Company was the provision of loans and therefore revenue stated is the interest receivable for the period. |
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4. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2019 nor for the year ended 31 December 2018. |
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The average number of employees during the year was as follows: |
31.12.19 | 31.12.18 |
as | restated |
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31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Director's remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Other operating leases |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Loan |
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7. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Current tax: |
UK corporation tax |
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Tax overstated previous years | (323,582 | ) | - |
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Tax on profit | ( |
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Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Amount written off investments | (482,055 | ) | - |
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Total tax (credit)/charge | (323,582 | ) | 150,338 |
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8. | PRIOR YEAR ADJUSTMENT |
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Interest receivable has been reclassified in 2018 from a current debtor, amounts owed by group undertakings to a fixed asset investment. The amount of the correction at the 1 January 2018 was £871,886 with an addition of £758,619 during the year. In total £1,630,505 has been reallocated at the 31 December 2018. There is no impact on the profit and loss. |
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9. | FIXED ASSET INVESTMENTS |
Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
Loans to |
group |
undertakings |
£ |
At 1 January 2019 |
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Other movement |
( |
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At 31 December 2019 |
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Loans repayable on demand are included in fixed asset investments when there is no intention for repayment to occur within 12 months, as stated in the fixed asset investment accounting policy. |
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Loans of £574,999 consist of a reclassification of a loan receivable by a group company now subject to the settlement of a claim to the administrator and reallocated to current debtors. |
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Loans of £11,048,005 have been reallocated to current debtors as repayment is expected within 12 months. |
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Interest receivable on loans is calculated at 7.5% and recognised in accordance with the financial asset investment accounting policy. Additions to fixed asset investments relates to the interest accruing on loans where the contract allows for later repayment terms. |
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The comparative figures have been restated to recognise interest receivable of £1,630,505 as a fixed asset investment rather than an amount due from group undertakings within current debtors. |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Amounts owed by other debtors consist of a loan of £574,999 and associated interest receivable which is subject to a distribution by the administrator. |
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The comparative figures have been restated to recognise interest receivable of £1,630,505 as a fixed asset investment rather than an amount due from group undertakings within current debtors. |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
as | restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Accrued expenses |
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Within group creditors is a loan for £210,000 accruing interest at 3% per annum. |
Aurelius Upsilon UK Investment Limited (Registered number: 10270498) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: |
as
restated |
£ | £ |
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Ordinary | £2 | 2 | 2 |
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13. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 January 2019 |
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10,659,757 |
Profit for the year |
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At 31 December 2019 |
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11,817,410 |
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14. | ULTIMATE PARENT COMPANY |
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Aurelius Equity Opportunities SE & Co KGaA (incorporated in Germany ) is regarded by the director as being the company's ultimate parent company. |
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The Company is included in the group accounts prepared by the ultimate parent company, copies of which can be obtained from Ludwig-Ganghofer Stasse 6, 82031 Grunwald. |
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The parent company is Aurelius Equity Opportunities SE & Co KGaA by virtue of its 100% shareholding. |
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15. | GOING CONCERN AND POST BALANCE SHEET EVENTS |
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It is the intention of the directors to wind up the company once the loan receivables have been collected. |
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The directors are of the opinion that the loan receivables are recoverable. However there is no certainty that they will be recovered. Should the debt become non-recoverable they will need to be written off to the Profit and Loss Account. |
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According to experts, the continuing and worsening coronavirus crisis at the time of this report will have considerable effects on the development of the global economy. In an economic forecast published in early March 2020, the Organization for Economic Cooperation and Development (OECD) concludes that the continuing coronavirus crisis represents the greatest risk to the global economy since the global financial crisis and that economic activity will decline sharply throughout the world in the first half of the year. The coronavirus crisis poses currently not yet quantifiable risks for general economic conditions and therefore also for AURELIUS. It is not possible to estimate the actual medium-term and long-term effects of the coronavirus crisis on the AURELIUS Group at the present time. Therefore, there is a risk that it may not be possible to meet the targets set in the companies' business plans. There is a risk that impairments may need to be recognized in intangible assets, property, plant and equipment or trade receivables and a risk that the portfolio companies may require additional funding. There is also a risk that potential sales of companies cannot be realized or only realized at a later time than planned. In view of the fluid state of developments, the Executive Board will continually re-assess the strategy and orientation of AURELIUS and its portfolio companies. |