Transformer Acquisition Company Limited 05882514 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is management and investment. Digita Accounts Production Advanced 6.30.9574.0 true true true 05882514 2022-01-01 2022-12-31 05882514 2022-12-31 05882514 bus:OrdinaryShareClass1 2022-12-31 05882514 bus:OrdinaryShareClass2 2022-12-31 05882514 core:RetainedEarningsAccumulatedLosses 2022-12-31 05882514 core:ShareCapital 2022-12-31 05882514 core:FinancialAssetsCostLessImpairment 2022-12-31 05882514 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:CurrentFinancialInstruments 2022-12-31 05882514 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05882514 bus:SmallEntities 2022-01-01 2022-12-31 05882514 bus:Audited 2022-01-01 2022-12-31 05882514 bus:FullAccounts 2022-01-01 2022-12-31 05882514 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 05882514 bus:RegisteredOffice 2022-01-01 2022-12-31 05882514 bus:Director1 2022-01-01 2022-12-31 05882514 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05882514 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 05882514 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05882514 1 2022-01-01 2022-12-31 05882514 countries:EnglandWales 2022-01-01 2022-12-31 05882514 2021-01-01 2021-12-31 05882514 2021-12-31 05882514 bus:OrdinaryShareClass1 2021-12-31 05882514 bus:OrdinaryShareClass2 2021-12-31 05882514 core:RetainedEarningsAccumulatedLosses 2021-12-31 05882514 core:ShareCapital 2021-12-31 05882514 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05882514

Transformer Acquisition Company Limited

Filleted Financial Statements

for the Year Ended 31 December 2022

 

Transformer Acquisition Company Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Transformer Acquisition Company Limited

Company Information

Director

Mr L Levie

Registered office

9A Burroughs Gardens
London
NW4 4AU

Auditors

Ripe LLP
Chartered Accountants and Registered Auditors
9A Burroughs Gardens
London
NW4 4AU

 

Transformer Acquisition Company Limited

(Registration number: 05882514)
Balance Sheet as at 31 December 2022

Note

2022

2021

Fixed assets

 

Investments

5

1,981,513

2,770,735

Current assets

 

Debtors

7

15,456,453

15,628,952

Other financial assets

5

3,276,372

-

Cash at bank and in hand

 

603,240

4,086,791

 

19,336,065

19,715,743

Creditors: Amounts falling due within one year

8

(272,864)

(14,233)

Net current assets

 

19,063,201

19,701,510

Net assets

 

21,044,714

22,472,245

Capital and reserves

 

Called up share capital

9

116

116

Profit and loss account

21,044,598

22,472,129

Total equity

 

21,044,714

22,472,245

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2024
 


Mr L Levie
Director

 

Transformer Acquisition Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9A Burroughs Gardens
London
NW4 4AU
England

The principal place of business is:
1511 Avenida Juan Ponce de Leon
#1031
San Juan, Puerto Rico
00909

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

The financial statements are presented in Euros and are rounded to the nearest Euro.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable on provided services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Transformer Acquisition Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.


Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Fixed asset investment
The fixed asset investments as at balance sheet date are held at cost less impairment.

Current assets investments
The current asset investments (corporate bonds/notes) are valued at the fair value through profit and loss.

 

Transformer Acquisition Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

 

3

Audit report

The auditors’ report on the accounts for the year ended 31 December 2022 was unqualified.

The audit report was signed on 21 February 2024 by Robert Glazer FCA on behalf of Ripe LLP.

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

5

Investments

Other investments

Total

Non-current financial assets

Cost or valuation

At 1 January 2022

2,770,735

2,770,735

At 31 December 2022

2,770,735

2,770,735

Losses made in the period

789,222

789,222

At 31 December 2022

789,222

789,222

Carrying amount

At 31 December 2022

1,981,513

1,981,513

 

Transformer Acquisition Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Current asset investments

Financial assets at fair value through profit and loss

Total

Current financial assets

Cost or valuation

Additions

3,541,110

3,541,110

Fair value adjustments

(47,396)

(47,396)

Foreign exchange rate movement

(217,342)

(217,342)

At 31 December 2022

3,276,372

3,276,372

Carrying amount

At 31 December 2022

3,276,372

3,276,372

7

Debtors

Note

2022

2021

Amounts owed by group undertakings

10

14,912,490

15,281,395

Amounts owed by related parties

10

342,858

346,604

Other debtors

 

201,105

953

   

15,456,453

15,628,952

8

Creditors

Creditors: amounts falling due within one year

Note

2022

2021

Due within one year

 

Bank loans and overdrafts

134,128

-

Other creditors

 

138,736

14,233

 

272,864

14,233

 

Transformer Acquisition Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

No.

Ordinary A shares of £1 each

85

99

85

99

Ordinary B shares of £1 each

15

17

15

17

 

100

116

100

116

10

Related party transactions


Related Companies

Alliance Manufacturing and Trading Company Limited

A company in which Mr L M Levie is a director.
At the balance sheet date, Alliance Manufacturing and Trading Company Limited owed €340,573 (2021: €340,573) to the company.

Casting Holding Company Limited

A company in which Mr L M Levie is a director.
At the balance sheet date, Casting Holding Company Limited owed €359 (2021: €359) to the company.

IP3 Plastic Holding Company Limited, formerly known as Lyon Plastic Acquisition Company Limited

A company in which Mr L M Levie is a director.
At the balance sheet date, IP3 Plastic Holding Company Limited owed €1,927 (2021: €1,927) to the company.

 

Transformer Acquisition Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Group undertakings

Aluminium Investment Company Limited
Under common control

At the balance sheet date, Aluminium Investment Company Limited owed €13,541,779 (2021: €13,040,753) to the company. The loan to Aluminium Investment Company Limited was made at an interest rate of Euribor plus 1%.

Light Acquisition Company Limited
Under common control

At the balance sheet date, Light Acquisition Company Limited owed Nil (2021: €869,930) to the company. The loan to Light Acquisition Company Limited was made at an interest rate of Euribor plus 1%. This loan will be repaid once the debts to the financial institutions owed by Light Acquisition Company Limited's subsidiary Financiere Verlys are settled. The company has made a full provision against the balance due from Light Acquisition Company Limited, since a subsidiary of it is facing financial difficulties.

Monet Acquisition Company Limited
Under common control

At the balance sheet date, Monet Acquisition Company Limited owed €767,914 (2021: €767,914) to the company.

Sirius Acquisition Company Limited
Under common control

At the balance sheet date, Sirius Acquisition Company Limited owed €11,614 (2021: €11,614) to the company.

United Manufacturing Trading Company Limited
Minority shareholder

At the balance sheet date, United Manufacturing Trading Company Limited owed €591,183 (2021: €591,183) to the company.

11

Parent and ultimate parent undertaking

The company's immediate parent is American Industrial Acquisition Corporation, which is incorporated in the USA.

 The ultimate controlling party is Mr L M Levie.