Registered number: 07689390
EUROCAP INVESTMENTS
PLC
DIRECTORS' REPORT AND FINANCIAL
STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
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EUROCAP INVESTMENTS
PLC |
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COMPANY
INFORMATION |
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Directors |
C J Comu |
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C Comu (resigned 30
January 2015) |
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B Sumner (appointed 30
January 2015) |
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Company
secretary |
B Sumner |
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Registered
number |
07689390 |
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Registered
office |
106 Mount Street |
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London |
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W1K 2TW |
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Independent
auditors |
Nyman Libson Paul |
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Chartered Accountants
& Registered Auditors |
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Regina House |
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124 Finchley Road |
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London |
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NW3 5JS |
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EUROCAP INVESTMENTS
PLC |
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CONTENTS |
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Page |
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Strategic
report |
1 |
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Directors'
report |
2 - 3 |
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Independent
auditors' report |
4 - 5 |
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Profit and loss
account |
6 |
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Balance
sheet |
7 |
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Cash flow
statement |
8 |
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Notes to the
financial statements |
9 - 11 |
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EUROCAP INVESTMENTS PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
Introduction
The directors present their strategic report for the year ended
31 December 2014.
Business review
The company is quoted on London's GXG First Quote Exchange.
The results for the year show a pre-tax loss of £23,074 (2013:
£14,092). The company has made sales of £Nil in this financial
period (2013: £10,000).
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
and signed on its behalf.
B Sumner
Director
Page 1
EUROCAP INVESTMENTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
The directors present their report and the financial statements
for the year ended 31 December
2014.
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 £23,074 (2013
- loss £14,092).
Directors
The directors who served during the year were:
C J Comu
C Comu (resigned 30 January
2015)
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.
Page 2
EUROCAP INVESTMENTS PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
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 83 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
and signed on its behalf.
B Sumner
Director
Page 3
EUROCAP INVESTMENTS PLC
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
2014, 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 2014 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 £36,863. 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.
Page 4
EUROCAP INVESTMENTS PLC
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
Date:
Page 5
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EUROCAP INVESTMENTS
PLC |
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PROFIT AND LOSS ACCOUNT |
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FOR THE YEAR ENDED 31 DECEMBER 2014 |
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2014 |
2013 |
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Note |
£ |
£ |
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TURNOVER |
1,2 |
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- |
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10,000 |
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Administrative
expenses |
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(23,074) |
(24,092) |
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LOSS ON
ORDINARY ACTIVITIES BEFORE TAXATION |
(23,074) |
(14,092) |
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Tax on loss on
ordinary activities |
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- |
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- |
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LOSS FOR THE
FINANCIAL YEAR |
7 |
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(23,074) |
(14,092) |
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All amounts relate to continuing operations.
There were no recognised gains and losses for 2014 or 2013 other
than those included in the profit and loss account.
The notes on pages 9 to 11 form part of these financial
statements.
Page 6
EUROCAP INVESTMENTS PLC
REGISTERED NUMBER: 07689390
BALANCE SHEET
AS AT 31
DECEMBER 2014
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2014 |
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2013 |
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Note |
£ |
£ |
£ |
£ |
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CURRENT
ASSETS |
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Cash at bank |
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2,864 |
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12,177 |
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CREDITORS:
amounts falling due within |
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one year |
5 |
(39,727) |
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(39,728) |
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NET
CURRENT LIABILITIES |
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(36,863) |
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(27,551) |
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NET
LIABILITIES |
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(36,863) |
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(27,551) |
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CAPITAL
AND RESERVES |
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Called up share
capital |
6 |
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65,169 |
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51,407 |
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Profit and loss
account |
7 |
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(102,032) |
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(78,958) |
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SHAREHOLDERS' DEFICIT |
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8 |
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(36,863) |
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(27,551) |
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The financial statements were approved and authorised for issue
by the board and were signed on its behalf on
B Sumner
Director
The notes on pages 9 to 11 form part of these financial
statements.
Page 7
EUROCAP INVESTMENTS PLC
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2014
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2014 |
2013 |
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Note |
£ |
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Net cash flow from
operating activities |
9 |
(23,075) |
(1,376) |
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CASH
OUTFLOW BEFORE FINANCING |
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(23,075) |
(1,376) |
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Financing |
10 |
13,762 |
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DECREASE IN CASH IN
THE YEAR |
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(9,313) |
(1,376) |
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RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET FUNDS/DEBT
FOR THE YEAR ENDED 31 DECEMBER 2014
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2014 |
2013 |
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£ |
£ |
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Decrease in cash in
the year |
(9,313) |
(1,376) |
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MOVEMENT
IN NET DEBT IN THE YEAR |
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(9,313) |
(1,376) |
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Net funds at 1 January
2014 |
12,177 |
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13,553 |
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NET FUNDS AT 31
DECEMBER 2014 |
2,864 |
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12,177 |
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The notes
on pages 9 to 11 form part of these financial statements. |
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Page 8
EUROCAP INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- ACCOUNTING POLICIES
- Basis of preparation of financial statements
The financial statements have been prepared under the historical
cost convention and in accordance with applicable accounting
standards.
- Going concern
The company has net liabilities at the balance sheet date of
£36,863. 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.
- Turnover
Turnover comprises revenue recognised by the company in respect
of fees and income receivable during the year.
- 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.
- TURNOVER
The whole of the turnover is attributable to the principal
activity of the company. All turnover arose within the United Kingdom.
- AUDITORS' REMUNERATION
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2014 |
2013 |
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£ |
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Fees
payable to the company's auditor and its associates for the |
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audit of
the company's annual accounts |
2,400 |
3,300 |
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4. |
STAFF
COSTS |
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The company has no
employees other than
the directors, |
who did not |
receive any |
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remuneration (2013 - £NIL). |
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Page 9
EUROCAP INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
5. CREDITORS:
Amounts falling due within one
year
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2014 |
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£ |
Trade creditors |
5,216 |
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Other creditors |
34,511 |
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39,727 |
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6. |
SHARE
CAPITAL |
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2014 |
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£ |
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Allotted, called up
and fully paid |
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33,850,800 Ordinary
shares of €0.0025 each |
65,169 |
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During the period, 9,850,000 Ordinary shares of €0.0025 each
were issued at par value.
7. RESERVES
At 1 January 2014
Loss for the financial year At 31
December 2014
8. RECONCILIATION OF MOVEMENT IN
SHAREHOLDERS' DEFICIT
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2014 |
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£ |
Opening shareholders'
deficit |
(27,551) |
Loss for the financial
year |
(23,074) |
Shares issued during
the year |
13,762 |
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Closing shareholders'
deficit |
(36,863) |
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2013
£
5,216
34,512
39,728
2013
£
51,407
Profit and loss account
£
(78,958)
(23,074)
(102,032)
2013
£
(13,459)
(14,092)
-
(27,551)
Page 10
EUROCAP INVESTMENTS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
9. NET CASH FLOW FROM OPERATING
ACTIVITIES
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2014 |
2013 |
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£ |
£ |
Operating loss |
(23,074) |
(14,092) |
(Decrease)/increase in
creditors |
(1) |
12,716 |
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Net cash outflow
from operating activities |
(23,075) |
(1,376) |
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10. ANALYSIS OF CASH FLOWS FOR
HEADINGS NETTED IN CASH FLOW STATEMENT
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2014 |
2013 |
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£ |
£ |
Financing |
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Issue of ordinary
shares |
13,762 |
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- |
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11. ANALYSIS OF CHANGES IN NET
FUNDS
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Other |
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non-cash |
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1 January |
Cash flow |
changes |
31 December |
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2014 |
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2014 |
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£ |
£ |
£ |
£ |
Cash at bank and in
hand |
12,177 |
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(9,313) |
- |
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2,864 |
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Net funds |
12,177 |
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(9,313) |
- |
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2,864 |
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12. RELATED PARTY TRANSACTIONS
The Barclay Group Inc made an unsecured loan of £7,028 to the
company which remains outstanding as at 31
December 2014. This loan is repayable on demand. The
director C J Comu is also a director of The Barclay Group Inc.
13. CONTROLLING PARTY
There is no controlling party as none of the shareholders have a
large enough individual share in the company.
Page 11
Registered number: 07689390
EUROCAP INVESTMENTS PLC
DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
EUROCAP INVESTMENTS
PLC
DETAILED TRADING AND PROFIT AND LOSS
ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014
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2014 |
2013 |
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Page |
£ |
£ |
TURNOVER |
14 |
- |
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10,000 |
LESS:
OVERHEADS |
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Administration
expenses |
14 |
(23,074) |
(24,092) |
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LOSS FOR THE
YEAR |
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(23,074) |
(14,092) |
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Page 13
EUROCAP INVESTMENTS
PLC
SCHEDULE TO THE DETAILED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
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2014 |
2013 |
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£ |
£ |
TURNOVER |
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Sales |
- |
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10,000 |
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2014 |
2013 |
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£ |
£ |
ADMINISTRATION
EXPENSES |
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Travel and
subsistence |
701 |
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100 |
Consultancy |
2,000 |
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9,000 |
Telephone and fax |
781 |
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481 |
Advertising and
promotion |
474 |
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- |
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Legal and
professional |
16,529 |
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2,250 |
Auditors'
remuneration |
2,400 |
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3,300 |
Bank charges |
189 |
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308 |
Bad debts |
- |
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6,690 |
Difference on foreign
exchange |
- |
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274 |
Sundry expenses |
- |
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1,689 |
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23,074 |
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24,092 |
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Page 14