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Registered number: 12413627









SNOWSTORM (HOLDINGS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SNOWSTORM (HOLDINGS) LIMITED
REGISTERED NUMBER: 12413627

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Investments
 4 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 5 
14,136,888
4,732,472

  
14,136,888
4,732,472

Total assets less current liabilities
  
 
 
14,136,889
 
 
4,732,473

Creditors: amounts falling due after more than one year
 6 
(15,122,818)
(5,718,402)

  

Net liabilities
  
(985,929)
(985,929)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(985,930)
(985,930)

  
(985,929)
(985,929)


Page 1

 
SNOWSTORM (HOLDINGS) LIMITED
REGISTERED NUMBER: 12413627
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 by: 




................................................
R Pisani
Director

Date: 1 October 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
SNOWSTORM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Snowstorm (Holdings) Limited is a private company limited by shares. The company is incorporated in England and Wales. The address of its registered office is Seebeck House, Seebeck Place, Knowlhill, Milton Keynes, Buckinghamshire, MK5 8FR.

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 financial statements are prepared in $ dollars, the functional currency, rounded to the nearest $1.
Snowstorm (Holdings) Limited is a parent company of a small group. It is not required to prepare and has not prepared group accounts. These are the financial statements of the company, not the group. 

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

Page 3

 
SNOWSTORM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





5.


Debtors

2023
2022
$
$


Amounts owed by group undertakings
14,136,888
4,732,472



6.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Loans
11,550,000
4,750,000

Accruals and deferred income
3,572,818
968,402

15,122,818
5,718,402


Loans due after more than one year of $11,550,000 are secured by a fixed and floating charge by Amin Holdings Limited and Eglobalfares, LLC, on the assets of the company.

Page 4

 
SNOWSTORM (HOLDINGS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
$
$


Amounts falling due 1-2 years

Loans
11,550,000
4,750,000



8.


Related party transactions

At the year end the company was owed $14,136,889 (2022: $4,732,473) from its subsidiary. Interest of $2,604,416 (2022: $Nil) was charged to the subsidiary.


9.


Controlling party

The company's immediate and controlling party is Amin Holdings Limited, a company incorporated in Canada.

 
Page 5