Registered number: 07689390
EUROCAP INVESTMENTS PLC
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
COMPANY INFORMATION
Directors C J Comu
C Comu
B Sumner (appointed 22 March 2013 & resigned 23 May
2013)
Company secretary B Sumner
Registered number 07689390
Registered office 5th Floor St Georges House
Hanover Square
London
W1S 1HS
Independent auditors Nyman Libson Paul
Chartered Accountants & Registered Auditors
Regina House
124 Finchley Road
London
NW3 5JS
CONTENTS
Page
Strategic report 1
Directors' report 2 - 3
Independent auditors' report 4 - 5
Profit and loss account 6
Balance sheet 7
Cash flow statement 8
Notes to the financial statements 9 - 11
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2013
Introduction
The directors present their strategic report for the year ended 31 December
2013.
Business review
The company is quoted on London's GXG First Quote Exchange.
The results for the year show a pre-tax loss of £14,092 (2012: £64,866). The
company has made sales of £10,000 in this financial period (2012: £Nil).
Principal risks and uncertainties
The principal business risks and uncertainties relate to the company being
unable to identify suitable targets for investment. The company continues to
seek to make investments in operating companies with proven business models and
management teams capable of sustaining growth.
Financial key performance indicators
Given the straightforward nature of the business, the company's directors are
of the opinion that analysis using KPI's is not necessary for an understanding
of the development, performance or position of the business.
This report was approved by the board on 19 June 2014 and signed on its behalf.
C Comu
Director
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2013
The directors present their report and the financial statements for the year
ended 31 December 2013.
Principal activities
The principal activity of the company is to identify, acquire and operate
businesses on an international basis.
Results
The loss for the year, after taxation, amounted to £14,092 (2012 - loss £
64,866).
Directors
The directors who served during the year were:
C J Comu
C Comu
B Sumner (appointed 22 March 2013 & resigned 23 May 2013)
Financial instruments
The company's financial instruments comprise a bank balance, trade creditors
and other creditors all arising in the normal course of business. The purpose
of these instruments are to finance the company's operations. Due to the nature
of the financial instruments used there is no exposure to price risk or credit
risk. The company manages its exposure to cash flow risk and liquidity risk by
ensuring that funds are available to meet liabilities as they fall due.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, the
directors' report and the financial statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare financial statements for each
financial year. Under that law the directors have 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 directors must not approve the financial statements
unless they are 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 directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgments and accounting estimates that are reasonable and prudent;
* state whether applicable UK 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.
The directors are 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 them to ensure that the financial statements comply with the Companies
Act 2006. They are 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.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2013
Company's policy for payment of creditors
The company's policy is to agree terms of payment with suppliers in advance of
each transaction, to ensure that suppliers are made aware of the terms of
payment and to abide by the terms of payment.
Trade creditors at the year end represented 111 days' purchases.
Auditors
The auditors, Nyman Libson Paul, will be proposed for reappointment in
accordance with section 489 of the Companies Act 2006.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report
is approved has confirmed that:
* so far as that director is aware, there is no relevant audit information of
which the company's auditors are unaware, and
* that director has taken all the steps that ought to have been taken as a
director in order to be aware of any relevant audit information and to
establish that the company's auditors are aware of that information.
This report was approved by the board on 19 June 2014 and signed on its behalf.
C Comu
Director
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EUROCAP INVESTMENTS PLC
We have audited the financial statements of Eurocap Investments PLC for the
year ended 31 December 2013, set out on pages 6 to 11. The financial reporting
framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice).
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 an auditors' report 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.
Respective responsibilities of directors and auditors
As explained more fully in the directors' responsibilities statement, the
directors are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view. Our responsibility is
to audit and express an opinion on the financial statements in accordance with
applicable law and International Standards on Auditing (UK and Ireland). Those
standards require us to comply with the Auditing Practices Board's Ethical
Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or
error. This includes an assessment of: whether the accounting policies are
appropriate to the company's circumstances and have been consistently applied
and adequately disclosed; the reasonableness of significant accounting
estimates made by the directors; and the overall presentation of the financial
statements. In addition, we read all the financial and non-financial
information in the strategic report and the directors' report to identify
material inconsistencies with the audited financial statements and to identify
any information that is apparently materially incorrect based on, or materially
inconsistent with, the knowledge acquired by us in the course of performing the
audit. If we become aware of any apparent material misstatements or
inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
* give a true and fair view of the state of the company's affairs as at 31
December 2013 and of its loss 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.
Emphasis of matter
Without qualifying our opinion, we draw your attention to note 1 in the
financial statements which indicates that the company has net liabilities at
the balance sheet date of £27,551. These circumstances which are detailed fully
in note 1 indicate the existence of a material uncertainty in connection with
the company's ability to continue as a going concern.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the strategic report and the directors'
report for the financial year for which the financial statements are prepared
is consistent with the financial statements.
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF EUROCAP INVESTMENTS PLC
Matters on which we are required to report by exception
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 directors' remuneration specified by law are not
made; or
* we have not received all the information and explanations we require for
our audit.
Richard Paul (senior statutory auditor)
for and on behalf of
Nyman Libson Paul
Chartered Accountants
Registered Auditors
Regina House
124 Finchley Road
London
NW3 5JS
19 June 2014
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012
Note £ £
TURNOVER 1,2 10,000 -
Administrative expenses (24,092) (64,866)
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (14,092) (64,866)
Tax on loss on ordinary activities - -
LOSS FOR THE FINANCIAL YEAR 7 (14,092) (64,866)
All amounts relate to continuing operations.
There were no recognised gains and losses for 2013 or 2012 other than those
included in the profit and loss account.
The notes on pages 9 to 11 form part of these financial statements.
BALANCE SHEET
AS AT 31 DECEMBER 2013
2013 2012
Note £ £ £ £
CURRENT ASSETS
Cash at bank 12,177 13,553
CREDITORS: amounts falling due 5 (39,728) (27,012)
within one year
NET CURRENT LIABILITIES (27,551) (13,459)
NET LIABILITIES (27,551) (13,459)
CAPITAL AND RESERVES
Called up share capital 6 51,407 51,407
Profit and loss account 7 (78,958) (64,866)
SHAREHOLDERS' DEFICIT 8 (27,551) (13,459)
The financial statements were approved and authorised for issue by the board
and were signed on its behalf on 19 June 2014.
C Comu
Director
The notes on pages 9 to 11 form part of these financial statements.
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012
Note £ £
Net cash flow from operating activities 9 (1,376) (37,854)
CASH OUTFLOW BEFORE FINANCING (1,376) (37,854)
Financing 10 - 51,407
(DECREASE)/INCREASE IN CASH IN THE YEAR (1,376) 13,553
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012
£ £
(Decrease)/Increase in cash in the year (1,376) 13,553
MOVEMENT IN NET DEBT IN THE YEAR (1,376) 13,553
Net funds at 1 January 2013 13,553 -
NET FUNDS AT 31 DECEMBER 2013 12,177 13,553
The notes on pages 9 to 11 form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost
convention and in accordance with applicable accounting standards.
1.2 Going concern
The company has net liabilities at the balance sheet date of £27,551.
The shareholders have agreed to provide funds to meet the liabilities
of the company as they fall due. The directors therefore consider it
appropriate to prepare the financial statements on a going concern
basis.
Should such support be withdrawn, the company may be unable to
continue trading and adjustments would have to be made to reduce the
value of assets to their recoverable amount and to provide for any
further liabilities which may arise.
1.3 Turnover
Turnover comprises revenue recognised by the company in respect of
fees and income receivable during the year.
1.4 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are
translated into sterling at rates of exchange ruling at the balance
sheet date.
Transactions in foreign currencies are translated into sterling at the
rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss
account.
2. TURNOVER
The whole of the turnover is attributable to the principal activity of the
company.
All turnover arose within the United Kingdom.
3. AUDITORS' REMUNERATION
2013 2012
£ £
Fees payable to the company's auditor and its 3,300 -
associates for the audit of the company's
annual accounts
4. STAFF COSTS
The company has no employees other than the directors, who did not receive any
remuneration (2012 - £NIL).
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
5. CREDITORS:
Amounts falling due within one year
2013 2012
£ £
Trade creditors 5,216 1,260
Other creditors 34,512 25,752
39,728 27,012
6. SHARE CAPITAL
2013 2012
£ £
Allotted, called up and fully paid
24,000,800- Ordinary shares of €0.0025 each 51,407 51,407
7. RESERVES
Profit
and loss
account
£
At 1 January 2013 (64,866)
Loss for the financial year (14,092)
At 31 December 2013 (78,958)
8. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' DEFICIT
2013 2012
£ £
Opening shareholders' deficit (13,459) -
Loss for the financial year/period (14,092) (64,866)
Shares issued during the year/period - 51,407
Closing shareholders' deficit (27,551) (13,459)
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2013
9. NET CASH FLOW FROM OPERATING ACTIVITIES
2013 2012
£ £
Operating loss (14,092) (64,866)
Increase in creditors 12,716 27,012
Net cash outflow from operating activities (1,376) (37,854)
10. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT
2013 2012
£ £
Financing
Issue of ordinary shares - 51,407
11. ANALYSIS OF CHANGES IN NET FUNDS
1 January Cash flow Other 31
non-cash December
changes
2013 2013
£ £ £ £
Cash at bank and in 13,553 (1,376) - 12,177
hand
Net funds 13,553 (1,376) - 12,177
12. RELATED PARTY TRANSACTIONS
The company was invoiced £Nil (2012: £21,723) for consulting services by The
Barclay Group Inc. The Barclay Group Inc made an unsecured loan of £7,028 to
the company during 2012 which remains outstanding as at 31 December 2013. This
loan is repayable on demand. The director C J Comu is also a director of The
Barclay Group Inc.
The company received an unsecured loan of £18,724 from Regus Advisors Inc.
During the financial period to 31 December 2013 the company has repaid this
loan. The director C J Comu is also a director of Regus Advisors Inc.
13. CONTROLLING PARTY
There is no controlling party as none of the shareholders have a large enough
individual share in the company.