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Registered number: 12261753









IBIZA INVESTMENTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IBIZA INVESTMENTS LIMITED
REGISTERED NUMBER: 12261753

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Investments
 4 
-
15,606,000

  
-
15,606,000

Current assets
  

Debtors: amounts falling due after more than one year
 5 
4,000,000
-

Debtors: amounts falling due within one year
 5 
48,355,070
3

  
52,355,070
3

Creditors: amounts falling due within one year
 6 
(22,096,411)
(14,354)

Net current assets/(liabilities)
  
 
 
30,258,659
 
 
(14,351)

Total assets less current liabilities
  
30,258,659
15,591,649

  

Net assets
  
30,258,659
15,591,649


Capital and reserves
  

Called up share capital 
  
4
4

Share premium account
  
15,599,999
15,599,999

Profit and loss account
  
14,658,656
(8,354)

  
30,258,659
15,591,649


Page 1

 
IBIZA INVESTMENTS LIMITED
REGISTERED NUMBER: 12261753
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2024.




E M Sawyer
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
IBIZA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ibiza Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Millbank Tower, 21-24 Millbank, London, SW1P 4QP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

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.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
IBIZA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - €NIL).

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 4

 
IBIZA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Fixed asset investments





Investments in subsidiary companies






At 1 January 2023
15,606,000


Additions
18,511,827


Disposals
(34,117,827)



At 31 December 2023
-





5.


Debtors

2023
2022

Due after more than one year

Other debtors
4,000,000
-

4,000,000
-


2023
2022

Due within one year

Amounts owed by group undertakings
100,082
3

Other debtors
48,254,988
-

48,355,070
3


Page 5

 
IBIZA INVESTMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022

Amounts owed to group undertakings
18,025,194
12,729

Corporation tax
3,541,631
-

Other creditors
310,970
-

Accruals and deferred income
218,616
1,625

22,096,411
14,354



7.


Controlling party

The immediate parent company is Sunburg Continental Ltd and the ultimate parent company is Hightower Investment Corp, both incorporated in British Vigin Islands.
The registered address for both companies is 2nd Floor, O'Nell Marketing Associates Building, P.O Box 3174, Wickham's Cay II, Road Town, Tortola, British Virgin Islands.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Christopher Taylor (Senior Statutory Auditor) on behalf of Adler Shine LLP.

 
Page 6