REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASHARQ AL - AWSAT LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASHARQ AL - AWSAT LIMITED |
ASHARQ AL - AWSAT LIMITED (REGISTERED NUMBER: 01355149) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ASHARQ AL - AWSAT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
ASHARQ AL - AWSAT LIMITED (REGISTERED NUMBER: 01355149) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
ASHARQ AL - AWSAT LIMITED (REGISTERED NUMBER: 01355149) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Asharq Al - Awsat Limited is a |
The financial statements are prepared in pound Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest '£'. |
2. | ACCOUNTING POLICIES |
Accounting convention |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
The financial statements have been prepared on a going concern basis under the historical cost convention. |
The Company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the Company as an individual entity and not about its group. |
The Company's immediate parent undertaking is Saudi Research and Publishing Company LLC., a company registered in the Kingdom of Saudi Arabia and the principal place of business is PO Box 478, Mecca Road, Riyadh 11411, Saudi Arabia. This is the smallest group of which Asharq Al-Awsat Limited is a member for which group financial statements are drawn up. |
In the directors opinion the Company's ultimate parent undertaking and controlling party is Saudi Research and Media Group, which is incorporated and registered in the Kingdom of Saudi Arabia. This is the largest group of which Asharq Al-Awsat Limited is a member for which group financial statements are drawn up. Copies of its group financial statements, which include the Company, are available from PO Box 53108, Riyadh 11583, Saudi Arabia. |
The principal accounting policies adopted are set out below. |
The company was dormant throughout the current year and previous year. |
Going concern |
The Company has not traded during the period and has positive net current assets and shareholder's funds. The director has at the time of approving the financial statements, a reasonable expectation that the Company to continue in operational existence for the foreseeable future. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. |
Management apply judgement in evaluating investments for overstatement. The judgement is based on the projected net present value of future cash flows. At each balance sheet date, investments are assessed for impairment and written down where appropriate. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
ASHARQ AL - AWSAT LIMITED (REGISTERED NUMBER: 01355149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 400,000 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Details of the Company's subsidiaries at 31 December 2023 are as follows: |
Name of undertaking and country of incorporation or residency |
Nature of Business | Class of shareholding | % held |
H.H. Saudi Research & Marketing Limited |
Publishing and selling newspaper |
Ordinary | 100 |
Euromena Research Center Limited | Printing of newspaper and magazines |
Ordinary | 100 |
Sayidaty Limited | Dormant | Ordinary* | 100 |
Al-Majalla Magazine Limited | Dormant | Ordinary* | 100 |
* indirectly held subsidiary undertakings |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
ASHARQ AL - AWSAT LIMITED (REGISTERED NUMBER: 01355149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Class A | £1 | 900,100 | 900,100 |
Class B | £1 | 1 | 1 |
900,101 | 900,101 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY TRANSACTIONS |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
9. | CONTROLLING PARTY |
The Company's immediate parent undertaking is Saudi Research and Publishing Company LLC., a company registered in the Kingdom of Saudi Arabia and the principal place of business is PO Box 478, Mecca Road, Riyadh 11411, Saudi Arabia. This is the smallest group of which Asharq Al-Aqsat Limited is a member for which group financial statements are drawn up. |
In the director's opinion the Company's ultimate parent undertaking and controlling party is Saudi Research and Media Group, which is incorporated and registered in the Kingdom of Saudi Arabia. This is the largest group of which Asharq Al-Awsat Limited is a member for which group financial statements are drawn up. Copies of its group financial statements, which include the Company, are available from PO Box 53108, Riyadh 11583, Saudi Arabia. |