MICOVA LTD |
Registered number: |
12213708 |
Abridged Balance Sheet |
as at 31 December 2021 |
|
Notes |
|
|
2021 |
|
|
2020 |
$ |
$ |
Fixed assets |
Intangible assets |
5 |
|
|
142,093 |
|
|
142,093 |
Investments |
6 |
|
|
121,053 |
|
|
100,000 |
|
|
|
|
263,146 |
|
|
242,093 |
|
Current assets |
Debtors |
7 |
|
103,906 |
|
|
- |
|
Creditors: amounts falling due within one year |
8 |
|
- |
|
|
(15,609) |
|
Net current assets/(liabilities) |
|
|
|
103,906 |
|
|
(15,609) |
|
Total assets less current liabilities |
|
|
|
367,052 |
|
|
226,484 |
|
Creditors: amounts falling due after more than one year |
9 |
|
|
(222,849) |
|
|
(82,120) |
|
|
|
Net assets |
|
|
|
144,203 |
|
|
144,364 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
10 |
|
|
175,000 |
|
|
175,000 |
Profit and loss account |
|
|
|
(30,797) |
|
|
(30,636) |
|
Shareholders' funds |
|
|
|
144,203 |
|
|
144,364 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006. |
These accounts 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”. |
The directors have chosen not to file a copy of the company’s profit and loss account. |
|
|
|
|
Ufoma Immanuel |
Director |
Approved by the board on 23 August 2022 |
|
MICOVA LTD |
Notes to the Abridged Accounts |
for the year ended 31 December 2021 |
|
|
1 |
Other information |
|
|
MICOVA LTD is a private company limited by shares and incorporated in England and Wales. The address of its registered office is: |
|
International House |
|
24 Holborn Viaduct |
|
London |
|
EC1A 2BN |
|
|
2 |
Statement of Compliance |
|
|
These abridged financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102, “The Financial Reporting Standard applicable to the UK and Republic of Ireland”. |
|
|
3 |
Accounting policies |
|
|
The principal accounting policies applied in the preparation of these financial statements are set out below. The company has adopted FRS 102, Section 1A (Small Entities) in these financial statements. These policies have been consistently applied to all the periods presented, unless otherwise stated. |
|
|
Basis of preparation |
|
These financial statements are prepared for the period from 1 January 2021 to 31 December 2021. Comparative information is for the period from 1 January 2020 to 31 December 2020. |
|
The abridged financial statements are prepared on a going concern basis, under the historical cost convention. |
|
|
Group accounts not prepared |
|
The Company was exempt from the requirement to prepare group accounts under section 399 of the Act as it qualifies as small in accordance with section 383 of the Act. |
|
|
Foreign currency |
|
The Company’s functional and accounts presentation currency is the United States dollar (“USD”). All figures filed are in USD. |
|
Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of the transaction. At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
|
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
|
|
Fixed assets |
|
Intangible assets are investments in manufacturing process design studies and market studies. They are initially recognised at cost and are stated at the amount initially recognized, less accumulated amortisation and accumulated impairment losses. Amortisation will commence when the intangible asset is available for use and the depreciable amount will be allocated on a systematic basis over its useful life. |
|
The investment in equity shares is held at cost less accumulated impairment loss. |
|
Fixed assets are tested for impairment if there is any indication that an asset may be impaired at the balance sheet date. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount if the impairment test indicates that the recoverable amount is less than its carrying amount. |
|
|
Share capital and distributions to equity holders |
|
Ordinary shares are classified as equity. Dividends and other distributions to the company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company’s shareholders. |
|
|
4 |
Employees |
2021 |
|
2020 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
5 |
Intangible fixed assets |
$ |
|
|
|
Cost |
|
At 1 January 2021 |
142,093 |
|
At 31 December 2021 |
142,093 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 31 December 2021 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2021 |
142,093 |
|
At 31 December 2020 |
142,093 |
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Investments |
Investments in |
subsidiary |
undertakings |
$ |
|
Cost |
|
At 1 January 2021 |
100,000 |
|
Additions |
21,053 |
|
|
At 31 December 2021 |
121,053 |
|
|
Details of undertakings |
|
Details of the investments in which the Company holds 20 % or more of the nominal value of any class of share capital are as follows: |
|
|
Undertaking |
Registered office |
|
Holding |
|
Proportion of voting rights and shared held |
|
|
|
|
|
|
2020 |
|
2019 |
|
Imolede Chemicals FZE |
Nigeria |
Ordinary |
100% |
|
100% |
|
Fertilizer Rocks Limited |
Nigeria |
Ordinary |
99.99% |
|
- |
|
|
|
|
|
|
|
|
|
|
The principal activity of Imolede Chemicals FZE is to engage in the business of manufacturing and marketing Fertilisers in West Africa |
|
The principal activity of Fertilizer Rocks Limited is the in-country distribution of domestically produced urea for agricultural uses. |
|
7 |
Debtors - amounts falling due after one year |
2021 |
|
2020 |
$ |
$ |
|
|
Amounts owed by undertakings in which the company has a participating interest |
|
103,906 |
|
- |
|
|
|
|
|
|
|
|
|
|
8 |
Other creditors – amounts falling due within one year |
2021 |
|
2020 |
$ |
$ |
|
|
Amounts owed to undertakings in which the company has a participating interest |
|
- |
|
15,471 |
|
Other creditors |
- |
|
138 |
|
|
|
|
|
|
|
- |
|
15,609 |
|
|
|
|
|
|
|
|
|
|
9 |
Other creditors – amounts falling due after one year |
2021 |
|
2020 |
$ |
$ |
|
|
Shareholder loans |
126,036 |
|
82,120 |
|
Other loans and borrowings |
96,814 |
|
- |
|
|
|
|
|
|
|
222,850 |
|
82,120 |
|
|
|
|
|
|
|
|
|
|
For loans from the Company’s shareholders, there are no interest or repayment terms currently in place. |
|
10 |
Share capital |
|
|
Allotted, called up and fully paid shares |
|
|
2021 |
|
|
|
2020 |
Number |
$ |
Number |
$ |
|
Ordinary fully paid shares of $1 |
175,000 |
|
1 |
|
175,000 |
|
1 |
|
|
|
11 |
Related party transactions |
|
|
During the year the Company’s shareholders have advanced $126,036 to the Company (2020: $82,120.15). There are no interest or repayment terms currently in place. |
|
|
12 |
Events after the reporting date |
|
|
The Company has no significant post balance-sheet event to report. |