1 false false false false false false false false false true false false false false false false No description of principal activity 2021-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 40,162 20,103 xbrli:pure xbrli:shares iso4217:GBP 04363873 2021-02-01 2022-01-31 04363873 2022-01-31 04363873 2021-01-31 04363873 2020-02-01 2021-01-31 04363873 2021-01-31 04363873 core:FurnitureFittings 2021-02-01 2022-01-31 04363873 bus:RegisteredOffice 2021-02-01 2022-01-31 04363873 bus:LeadAgentIfApplicable 2021-02-01 2022-01-31 04363873 bus:Director1 2021-02-01 2022-01-31 04363873 bus:Director3 2021-02-01 2022-01-31 04363873 bus:CompanySecretary1 2021-02-01 2022-01-31 04363873 core:FurnitureFittings 2021-01-31 04363873 core:FurnitureFittings 2022-01-31 04363873 core:WithinOneYear 2022-01-31 04363873 core:WithinOneYear 2021-01-31 04363873 core:UKTax 2020-02-01 2021-01-31 04363873 core:RetainedEarningsAccumulatedLosses 2021-01-31 04363873 core:RetainedEarningsAccumulatedLosses 2020-01-31 04363873 core:RetainedEarningsAccumulatedLosses 2022-01-31 04363873 core:RetainedEarningsAccumulatedLosses 2021-01-31 04363873 core:ShareCapital 2022-01-31 04363873 core:ShareCapital 2021-01-31 04363873 core:CostValuation core:Non-currentFinancialInstruments 2021-01-31 04363873 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-01-31 04363873 core:CostValuation core:Non-currentFinancialInstruments 2022-01-31 04363873 core:Non-currentFinancialInstruments 2022-01-31 04363873 core:Non-currentFinancialInstruments 2021-01-31 04363873 core:FurnitureFittings 2021-01-31 04363873 bus:Director1 2021-01-31 04363873 bus:Director1 2022-01-31 04363873 bus:Director1 2020-01-31 04363873 bus:Director1 2021-01-31 04363873 bus:Director1 2020-02-01 2021-01-31 04363873 bus:SmallEntities 2021-02-01 2022-01-31 04363873 bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 04363873 bus:FullAccounts 2021-02-01 2022-01-31 04363873 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 04363873 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31
COMPANY REGISTRATION NUMBER: 04363873
Economists Consulting (Overseas) Limited
Unaudited Financial Statements
31 January 2022
Economists Consulting (Overseas) Limited
Financial Statements
Year ended 31 January 2022
Contents
Page
Officers and professional advisers
1
Directors' report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
12
Economists Consulting (Overseas) Limited
Officers and Professional Advisers
The board of directors
Car Park Limited (Corporate Director)
Dr. D. H. Cherro
Company secretary
Miguel Angel Gallardo Fernandez
Registered office
1st Floor Sutherland House
5-6 Argyll Street
London
United Kingdom
W1F 7TE
Accountants
Higgins Fairbairn & Co
Chartered accountants
1st Floor
Sutherland House
5-6 Argyll Street
London
W1F 7TE
Economists Consulting (Overseas) Limited
Directors' Report
Year ended 31 January 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2022 .
Directors
The directors who served the company during the year were as follows:
Car Park Limited (Corporate Director)
Dr. D. H. Cherro
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 18 August 2022 and signed on behalf of the board by:
Dr. D. H. Cherro
Director
Registered office:
1st Floor Sutherland House
5-6 Argyll Street
London
United Kingdom
W1F 7TE
Economists Consulting (Overseas) Limited
Statement of Income and Retained Earnings
Year ended 31 January 2022
2022
2021
Note
£
£
Administrative expenses
42,788
28,420
--------
--------
Operating loss
( 42,788)
( 28,420)
Other interest receivable and similar income
2,825
2,968
Interest payable and similar expenses
199
--------
--------
Loss before taxation
5
( 40,162)
( 25,452)
Tax on loss
6
( 5,349)
--------
--------
Loss for the financial year and total comprehensive income
( 40,162)
( 20,103)
--------
--------
Retained earnings at the start of the year
157,940
178,043
---------
---------
Retained earnings at the end of the year
117,778
157,940
---------
---------
All the activities of the company are from continuing operations.
Economists Consulting (Overseas) Limited
Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
7
9,251
9,305
Investments
8
3,786
3,145
--------
--------
13,037
12,450
Current assets
Debtors
9
136,991
159,225
Cash at bank and in hand
12,434
7,369
---------
---------
149,425
166,594
Creditors: amounts falling due within one year
10
44,682
21,102
---------
---------
Net current assets
104,743
145,492
---------
---------
Total assets less current liabilities
117,780
157,942
---------
---------
Net assets
117,780
157,942
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
117,778
157,940
---------
---------
Shareholders funds
117,780
157,942
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Economists Consulting (Overseas) Limited
Statement of Financial Position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 18 August 2022 , and are signed on behalf of the board by:
Dr. D. H. Cherro
Director
Company registration number: 04363873
Economists Consulting (Overseas) Limited
Notes to the Financial Statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor Sutherland House, 5-6 Argyll Street, London, W1F 7TE, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25 % reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
3,083
198
-------
----
6. Tax on loss
Major components of tax income
2022
2021
£
£
Current tax:
UK current tax income
( 5,349)
----
-------
Tax on loss
( 5,349)
----
-------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Loss on ordinary activities before taxation
( 40,162)
( 25,452)
--------
--------
Loss on ordinary activities by rate of tax
( 7,645)
( 4,836)
Effect of expenses not deductible for tax purposes
2,433
1,292
Effect of capital allowances and depreciation
( 575)
( 1,805)
Unused tax losses
5,787
--------
--------
Tax on loss
( 5,349)
--------
--------
7. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2021
9,503
9,503
Additions
3,029
3,029
-------
-------
--------
At 31 January 2022
9,503
3,029
12,532
-------
-------
--------
Depreciation
At 1 February 2021
198
198
Charge for the year
2,326
757
3,083
-------
-------
--------
At 31 January 2022
2,524
757
3,281
-------
-------
--------
Carrying amount
At 31 January 2022
6,979
2,272
9,251
-------
-------
--------
At 31 January 2021
9,305
9,305
-------
-------
--------
8. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 February 2021
3,145
3,145
Additions
641
641
-------
----
-------
At 31 January 2022
3,145
641
3,786
-------
----
-------
Impairment
At 1 February 2021 and 31 January 2022
-------
----
-------
Carrying amount
At 31 January 2022
3,145
641
3,786
-------
----
-------
At 31 January 2021
3,145
3,145
-------
----
-------
This consists of a 52% shareholding in Inuit Mobile, a company registered in Spain. During the year, there is a purchase of 309 Finalbion S.a.r.l Class B shares for £641 (2021: Nil)
9. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
132,268
142,224
Other debtors
4,723
17,001
---------
---------
136,991
159,225
---------
---------
Amount owed by Inuit Mobile, the subsidiary company in which the company has participating interest was £132,268 (2021: £142,224)
10. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,451
Other creditors - Padovani & Manriqe G Loan Agreement
24,000
Other creditors
20,682
19,651
--------
--------
44,682
21,102
--------
--------
Other creditors include a director's loan of £17,132 (2021: £17,132).
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Car Park Limited (Corporate Director)
( 17,132)
( 17,132)
--------
----
--------
2021
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Car Park Limited (Corporate Director)
( 7,629)
( 9,503)
( 17,132)
-------
-------
--------
12. Related party transactions
The company was under the control of Car Park Limited, a company registered in British Virgin Islands throughout the current and previous year. The beneficial owner is Mrs Nelida Mane. During the year, loan interest of £2,825 (2021: £2,967) was received from Inuit Mobile the subsidiary
13. Controlling party
The immediate holding company is Car Park Limited, a company registered in British Virgin Islands.
Economists Consulting (Overseas) Limited
Management Information
Year ended 31 January 2022
The following pages do not form part of the financial statements.
Economists Consulting (Overseas) Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Economists Consulting (Overseas) Limited
Year ended 31 January 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 January 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Higgins Fairbairn & Co Chartered accountants
1st Floor Sutherland House 5-6 Argyll Street London W1F 7TE
18 August 2022