Contents of the Financial Statements
for the Period Ended 31 December 2023
Balance sheet
As at
31 December 2023
|
Notes
|
2023
|
2022
|
|
|
£
|
£
|
Called up share capital not paid: |
|
0
|
0
|
Fixed assets |
Investments: |
3 |
4,719,967
|
4,719,967
|
Total fixed assets: |
|
4,719,967
|
4,719,967
|
Current assets |
Creditors: amounts falling due within one year: |
4 |
(24,194)
|
(10,542)
|
Net current assets (liabilities): |
|
(24,194)
|
(10,542)
|
Total assets less current liabilities: |
|
4,695,773
|
4,709,425
|
Total net assets (liabilities): |
|
4,695,773
|
4,709,425
|
Capital and reserves |
Called up share capital: |
|
4,722,682
|
4,722,682
|
Profit and loss account: |
|
(26,909)
|
(13,257)
|
Shareholders funds: |
|
4,695,773
|
4,709,425
|
The notes form part of these financial statements
Balance sheet statements
For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act 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).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
11 September 2024
and signed on behalf of the board by:
Name:
D T KASAVANA
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 31 December 2023
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102Other accounting policies
Basis of preparation
The financial statements are prepared under the historical cost convention and in accordance with
applicable UK accounting standards.
The financial statements are presented in Pounds Sterling which is the presentational currency of the
Company and rounded to the nearest Pound , unless otherwise stated.
Exemptions under small companies regime
The directors have taken the exemption available under section 401 of the Companies Act 2006 not to
prepare consolidated financial statements on the grounds that it a wholly owned subsidiary and its ultimate
parent has published consolidated financial statements which include the results of the Company. The
consolidated financial statements of Phoenix Tower US Holdings LP are publicly available and can be
obtained from the address given in note 13.
Under FRS 102 section 1.12, item (b), the Company is exempt from the requirement to present a cash
flow statement on the grounds that its ultimate parent has published a consolidated cash flow statement
which includes the cash flows of the Company. The consolidated financial statements of Phoenix Tower US
Holdings LP are publicly available and can be obtained from the address given in note 13.The Company is a qualifying entity and has taken advantage of the financial instruments disclosure
exemption and the key management personnel compensation disclosure exemption (other than directors'
emoluments) under FRS 102 section 1.12, item (c).
Under FRS 102, section 33, the Company is exempt from the requirement to disclose related party
transactions with entities which are wholly owned within the Phoenix Tower US Holdings LP group. The
consolidated financial statements of Phoenix Tower US Holdings LP are publicly available and can be
obtained from the address given in note 13.
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.
Going concern
The Directors have assessed the position of the Company for the next 12 months. The Company is an
investment holding company. The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future. The Company therefore continues
to adopt the going concern basis in preparing its financial statements.
Foreign currency transactions
The functional currency is United States Dollars (USD).
Foreign currency transactions are translated into the functional currency using the spot exchange rates at
the dates of the transactions. 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.
Investments in subsidiary undertakings
The Company's investment in subsidiaries are carried at historical cost less accumulated impairment losses.
Impairment reviews are conducted annually by the Directors.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on
notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more
than three months from the date of acquisition and that are readily convertible to known amounts of cash
with insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or
other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment
is deferred and the time value of money is material, the initial measurement is on a present value basis.
Notes to the Financial Statements
for the Period Ended 31 December 2023
2. Employees
|
2023 |
2022 |
Average number of employees during the period |
0
|
0
|
Notes to the Financial Statements
for the Period Ended 31 December 2023
3. Fixed investments
Cost or valuation
At 1 January 2023 GBP 4,719,967
At 31 December 2023 GBP 4,719,967
Details of undertakings
The Company's investments at the Balance Sheet date include the following:
Proportion of
voting rights
and shares held
Undertaking Registered office Holding 2023 2022
GME Pico S.R.L. Av. Leandro N. Alem 690, Piso 14 Ciudad
Autonoma de Buenos Aires, Argentina Ordinary 99.9% 99.9%
The principal activity of GME Pico S.R.L., is the leasing of antenna space on multi-tenant communications
towers (“sites”) to wireless services providers.
Notes to the Financial Statements
for the Period Ended 31 December 2023
4. Creditors: amounts falling due within one year note
Trade and other payables
Trade payables
At 31 December 2022 GBP -5,148
At 31 December 2023 GBP 0
Accrued expenses
At 31 December 2022 GBP 5,394
At 31 December 2023 GBP 13,805
Accounts payable are payable at various dates in the next three months in accordance with the suppliers'
usual and customary credit terms. Accrued expenses are repayable at various dates over the coming
months in accordance with the applicable statutory provisions.
Notes to the Financial Statements
for the Period Ended 31 December 2023
5. Related party transactions
12. Related party transactions
The Company has taken advantage of the exemption under FRS 102 Section 33 "Related Party
Transactions" from disclosing transactions with its fellow group companies where 100% of the voting rights
are contained within the group.
Notes to the Financial Statements
for the Period Ended 31 December 2023
6. Post balance sheet events
Post balance sheet events
After 31 December 2023, until the date of the completion of the financial statements, no significant event
other than those indicated above has occurred, which must be included in the attached financial statements
to adequately show the true image of the equity, financial situation, and results of the Company.