Company registration number 08510240 (England and Wales)
INVERCLUB LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
INVERCLUB LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
INVERCLUB LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
Fixed assets
Investments
5
24,992,019
25,057,058
Current assets
Debtors
7
939,156
8,363,018
Cash at bank and in hand
81,774
65,738
1,020,930
8,428,756
Creditors: amounts falling due within one year
8
(3,232,863)
(1,091,506)
Net current (liabilities)/assets
(2,211,933)
7,337,250
Net assets
22,780,086
32,394,308
Capital and reserves
Called up share capital
9
1
1
Other reserves
68,397,722
77,723,462
Profit and loss reserves
(45,617,637)
(45,329,155)
Total equity
22,780,086
32,394,308

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 11 January 2025 and are signed on its behalf by:
R O Benedicto
Director
Company registration number 08510240 (England and Wales)
INVERCLUB LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Other reserves
Profit and loss reserves
Total
Balance at 1 January 2022
1
83,251,631
(46,081,332)
37,170,300
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
752,177
752,177
Capital contributions repaid
-
(5,528,169)
-
(5,528,169)
Balance at 31 December 2022
1
77,723,462
(45,329,155)
32,394,308
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(288,482)
(288,482)
Capital contributions repaid
-
(9,325,740)
-
(9,325,740)
Balance at 31 December 2023
1
68,397,722
(45,617,637)
22,780,086
INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Inverclub Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.

1.1
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 as applicable to companies subject to the small companies regime. 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 euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis notwithstanding the minimal cash balances in the company, as the company's parent company, Inverclub S.A., has confirmed that it will continue to support the company for the foreseeable future to enable the company to meet its liabilities as they fall due.true

 

Therefore, 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 foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of investments in associated undertaking

Determining whether investments are impaired requires an estimation of the recoverable amounts of estimated future cash flows expected to arise from the investments. Estimates and assumptions mainly relate to the fair valuation of the investments, particularly the equity investments in the associate company. The directors have estimated the impairment of the investment based on the net assets of that company and have not used any other fair value or discounted cash flow estimation techniques to value the investment. The directors believe the estimates used are based on their experiences and other assumptions that they consider to be reasonable. The directors will keep the estimates and assumptions under continuous review with attention paid to the carrying value of the investments.

 

Although the directors believe that the assumptions and estimates of the fair values of the investments are appropriate, changes in estimates and assumptions could result in changes in the stated values in these financial statements in the future, including downwards valuation adjustments. The financial statements do not include any adjustments that would result (such as further impairment of the investments or a reversal of the impairments made to date) if the company tried to, and were unable to, sell the investment.

 

3
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
Audit fee
11,914
6,544
Exchange losses/(gains)
227,025
(1,090,992)
Impairment of fixed asset investment
62,530
176,398
INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
5
Fixed asset investments
2023
2022
Shares in group undertakings and participating interests
24,992,019
25,057,058

 

Movements in fixed asset investments
Shares in associates
Cost or valuation
At 1 January 2023
25,057,058
Impairment
(65,039)
At 31 December 2023
24,992,019
Carrying amount
At 31 December 2023
24,992,019
At 31 December 2022
25,057,058
6
Significant undertakings

The company also has significant holdings in undertakings which are not consolidated:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mixdar Invest, S.L
CL Edif.EL Triangle, Plaza Catalu, 1 Planta 4 08000, Barcelona, Spain, N.I.F: B65921736
Ordinary
50.00
Mixdar Invest Ltd
Quadrant House, Floor 6, 4 Thomas More Square, London, United Kingdom, E1W 1YW
Ordinary
50.00
INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
Amounts owed by related parties
939,156
8,363,018
939,156
8,363,018
8
Creditors: amounts falling due within one year
2023
2022
Amounts owed to related parties
3,218,892
1,067,076
Other creditors
13,970
24,430
3,232,862
1,091,506
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
10
Other reserves
2023
2022
At the beginning of the year
77,723,462
83,251,631
Capital contributions repaid
(9,325,740)
(5,528,169)
At the end of the year
68,397,722
77,723,462

Other reserves constitute investment funds provided in advance by the ultimate shareholder. To date no shares have been formally issued, however, the amounts are capital in nature and are not repayable.

INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Matthew Granger
Statutory Auditor:
UHY Hacker Young
INVERCLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Related party transactions

The company holds the following balances with related parties and other group undertakings:

 

Balance owed (to)/from

Balance owed (to)/from

 

2023

2022

Related party

Valfinsa Ltd

(780,308)

(780,308)

Mixdar Invest SL

(251,673)

(266,203)

Southern Cross Investments Ltd

164,707

164,707

Ragnar Association Corp

Ondiss Corp

Mixdar Invest Ltd

774,450

-

(2,186,912)

1,123,774

7,054,537

(564)

 

 

13
Parent company

The immediate and ultimate parent company is Inverclub S.A., a company registered in Argentina. The address of its registered office is 25 de Mayo 859, Comodoro Rivadavia, Chubut, Argentina.

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