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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Arrinera Automotive Holding Limited have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 08783213
Arrinera Automotive Holding Limited
Unaudited Abridged Financial Statements
31 December 2016
EBS LIMITED
Chartered accountant
Innovation Centre
Gallows Park
Warwick
CV34 6UW
Arrinera Automotive Holding Limited
Abridged Financial Statements
Year ended 31 December 2016
Contents
Page
Director's report
1
Abridged statement of financial position
2
Notes to the abridged financial statements
3
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
7
Arrinera Automotive Holding Limited
Director's Report
Year ended 31 December 2016
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 December 2016 .
Directors
The directors who served the company during the year were as follows:
Mr LP Tomkiewicz
Mr SA Kuich
(Retired 14 July 2016)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 January 2017 and signed on behalf of the board by:
Mr LP Tomkiewicz
Director
Registered office:
Innovation Centre
Gallows Hill
Warwick
Warwickshire
England
CV34 6UW
Arrinera Automotive Holding Limited
Abridged Statement of Financial Position
31 December 2016
2016
2015
Note
£
£
£
Fixed assets
Investments
5
433,277
433,277
Current assets
Debtors
70,400
70,400
Cash at bank and in hand
141
141
--------
--------
70,541
70,541
Creditors: amounts falling due within one year
17,112
17,112
--------
--------
Net current assets
53,429
53,429
---------
---------
Total assets less current liabilities
486,706
486,706
---------
---------
Capital and reserves
Called up share capital
490,580
490,580
Share premium account
2,945,980
2,945,980
Profit and loss account
( 2,949,854)
( 2,949,854)
------------
------------
Members funds
486,706
486,706
------------
------------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 31 January 2017 , and are signed on behalf of the board by:
Mr LP Tomkiewicz
Director
Company registration number: 08783213
Arrinera Automotive Holding Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Innovation Centre, Gallows Hill, Warwick, Warwickshire, CV34 6UW, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. a)Critical judgments in applying the entity's accounting policies None b)Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However,there are no estimates and assumptions that have significant risk causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Subsidiary undertakings The following were subsidiary undertakings of the company: Arrinera Automotive S.A. Poland Ordinary Shares 95.15% Holding
Aggregate of share capital and reserves Profit/(loss)
£ £
Arrinera Automotive S.A. 312,383 (99,081)
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to 2 (2015: 2).
5. Investments
£
Cost
At 1 January 2016 and 31 December 2016
433,277
---------
Impairment
At 1 January 2016 and 31 December 2016
---------
Carrying amount
At 31 December 2016
433,277
---------
6. Share capital
2016
2015
£
£
Authorised Ordinary shares of £1 each
1,000,000
1,000,000
Allotted, called up and fully paid Ordinary shares of £1 each
490,580
490,580
7. Dormant status
The company was dormant (within the meaning of section 480 of the Companies Act 2006) throughout the year ended 31 December 2016. The company has not traded during the year and the company received no income and incurred no expenditure and therefore made neither profit nor loss.
8. Immediate and ultimate parent undertaking and controlling
party
The immediate parent undertaking is Arrinera S.A., a company registered in Poland. The ultimate parent undertaking is Erne Ventures S.A., a company registered in Poland. The largest group in which these accounts are consolidated is the group headed by Erne Ventures S.A., copies of whose financial statements may be requested from Alfreda Nobla 9/1, 03-930 Warsaw, Poland. The smallest group in which these accounts are consolidated is the group headed by Arrinera S.A., copies of whose financial statements may be requested from Alfreda Nobla 9/1, 03-930 Warsaw, Poland. The directors do not consider the company to have an ultimate controlling party.
9. Related party transactions
Within other creditors is £13,188 (2015 - £13,188) owed to Arrinera S.A., the majority shareholder of the company at the year end. The amount owed relates to invoices paid by Arrinera S.A., on behalf of the company. At the year end £70,400 was due from Arrinera S.A., as 95.15% subsidiary of the company. The amount due relates to advances made to Arrinera Automotive S.A. by the company.
10. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.
Arrinera Automotive Holding Limited
Management Information
Year ended 31 December 2016
The following pages do not form part of the abridged financial statements.
Arrinera Automotive Holding Limited
Detailed Abridged Income Statement
Year ended 31 December 2016
2016
2015
£
£