Company registration number 07425887 (England and Wales)
STANARI INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
STANARI INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
J G D Nye
Milos Klajn
Savo Mirkovic
Secretary
J G D Nye
Company number
07425887
Registered office
5th Floor
37 High Holborn
London
WC1V 6AA
Auditor
Elliotts Shah
5th Floor
37 High Holborn
London
WC1V 6AA
STANARI INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
STANARI INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The company provides consultancy services to group companies.
During the period by way of group reorganisation, the Company was transferred to a new group structure retaining ownership of one subsidiary, which operates a coal power station in Central and Eastern Europe.
The Directors changed the name of the Company to Stanari Investments Limited.
In the period, through demerger the Company became a wholly-owned subsidiary of EFT Holdings AG, a company established in Liechtenstein and subsequently, the Company's ownership was transferred to Stanari Holdings AG, a company established in Liechtenstein.
Principal risks and uncertainties
The principal risks and uncertainties the company faces are the performance of principal trading subsidiaries and operational risk in the power plant and construction delay in the power plant projects. The performance of subsidiaries is monitored through regular reporting and management meetings.
Key performance indicators
Given the nature of the business of the company, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the company.
The company funds itself with a mixture of equity and inter-company debt raised within the Stanari Group.
Other information and explanations
Going Concern
The company has sufficient resources and the directors are confident that the company will continue to meet its liabilities as they fall due for the foreseeable future and therefore prepare the financial statements on the going concern basis.
J G D Nye
Director
30 June 2025
STANARI INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of company and provision of consulting services to group companies.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J G D Nye
Milos Klajn
Savo Mirkovic
Auditor
The auditors, Elliotts Shah, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Energy and carbon report
The Company does not have significant energy consumption as it has not consumed more than 40,000 kWh of energy in this reporting period. Therefore, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STANARI INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
J G D Nye
Director
30 June 2025
STANARI INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF STANARI INVESTMENTS LIMITED
- 4 -
Opinion
We have audited the financial statements of Stanari Investments Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
STANARI INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF STANARI INVESTMENTS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. Based on our understanding, we identified that the principal risks of non-compliance with laws and regulations that have a direct impact on the financial statements is the Companies Act 2006 and UK accounting standards.
We considered compliance with laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:
- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management;
- testing of journal postings made during the year to identify potential management override of controls ; and
- review of meeting minutes throughout the period.
We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and discussed how and where these might occur and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting on resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
STANARI INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF STANARI INVESTMENTS LIMITED (CONTINUED)
- 6 -
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Arvind Shah (Senior Statutory Auditor)
For and on behalf of Elliotts Shah, Statutory Auditor
Chartered Accountants
5th Floor
37 High Holborn
London
WC1V 6AA
1 July 2025
STANARI INVESTMENTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Year
9 month period
ended
ended
31 December
31 December
2024
2023
Notes
€
€
Turnover
2
-
-
Administrative expenses
(1,548,571)
(263,617)
Operating loss
3
(1,548,571)
(263,617)
Interest receivable from group undertakings
6
-
5,406
Other interest receivable and similar income
6
15,041
18,786
Other interest payable and similar expenses
7
(9,052)
Loss before taxation
(1,533,530)
(248,477)
Tax on loss
8
Loss for the financial year
(1,533,530)
(248,477)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STANARI INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
9 month period
ended
ended
2024
2023
€
€
Loss for the year
(1,533,530)
(248,477)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,533,530)
(248,477)
STANARI INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
€
€
€
€
Fixed assets
Intangible assets
10
4,525,186
4,791,373
Investments
12
189,216,372
189,216,372
193,741,558
194,007,745
Current assets
Debtors
14
98,762
103,445
Cash at bank and in hand
67,483
79,273
166,245
182,718
Creditors: amounts falling due within one year
15
(1,266,637)
(15,767)
Net current (liabilities)/assets
(1,100,392)
166,951
Net assets
192,641,166
194,174,696
Capital and reserves
Called up share capital
16
65,060
65,060
Profit and loss reserves
17
192,576,106
194,109,636
Total equity
192,641,166
194,174,696
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
J G D Nye
Director
Company registration number 07425887 (England and Wales)
STANARI INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
€
€
€
Balance at 1 April 2023
347,300
194,725,873
195,073,173
Period ended 31 December 2023:
Loss and total comprehensive income
-
(248,477)
(248,477)
Dividends
9
-
(650,000)
(650,000)
Reduction of shares
16
(282,240)
282,240
Balance at 31 December 2023
65,060
194,109,636
194,174,696
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,533,530)
(1,533,530)
Balance at 31 December 2024
65,060
192,576,106
192,641,166
STANARI INVESTMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
€
€
€
€
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(26,831)
590,347
Interest paid
(9,052)
Net cash (outflow)/inflow from operating activities
(26,831)
581,295
Investing activities
Interest received
15,041
24,192
Net cash generated from investing activities
15,041
24,192
Financing activities
Dividends paid
(650,000)
Net cash used in financing activities
-
(650,000)
Net decrease in cash and cash equivalents
(11,790)
(44,513)
Cash and cash equivalents at beginning of year
79,273
123,786
Cash and cash equivalents at end of year
67,483
79,273
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Stanari Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 37 High Holborn, London, WC1V 6AA.
1.1
Reporting period
The company shortened its accounting period in the prior period to realign its statutory reporting with its management reporting to a December period end. Therefore, the periods are not comparable with a 12 month reporting period following a 9 month reporting period.
1.2
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 are prepared in sterling, 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.
1.3
Going concern
Atruet 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.
Turnover represents net invoiced value of consultancy services provided excluding value added tax.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Project Finance and legal costs of investment
4% per annum
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.
Amortisation at an annual rate of €266k (4%) is provided on part of the investment costs at each reporting period, which relate to project finance and legal fees incurred when the investment was initially made.
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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.
1.8
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Revenue
2024
2023
€
€
Interest income
15,041
24,192
3
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
€
€
Exchange (gains)/losses
(17)
30
Amortisation of intangible assets
266,187
199,640
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
€
€
For audit services
Audit of the financial statements of the company
8,993
13,621
For other services
Other taxation services
539
3,468
All other non-audit services
11,411
5,922
11,950
9,390
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
Their aggregate remuneration comprised:
2024
2023
€
€
Wages and salaries
1,258,000
Social security costs
-
1,950
1,258,000
1,950
6
Interest receivable and similar income
2024
2023
€
€
Interest income
Interest receivable from group companies
5,406
Other interest income
15,041
18,786
Total income
15,041
24,192
Disclosed on the profit and loss account as follows:
Interest receivable from group undertakings
-
5,406
Other interest receivable and similar income
15,041
18,786
2024
2023
Investment income includes the following:
€
€
Interest on financial assets not measured at fair value through profit or loss
5,406
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
7
Interest payable and similar expenses
2024
2023
€
€
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
8,728
Other finance costs:
Other interest
324
9,052
Disclosed on the profit and loss account as follows:
Other interest payable and similar expenses
-
9,052
8
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
€
€
Loss before taxation
(1,533,530)
(248,477)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(383,383)
(62,119)
Tax effect of expenses that are not deductible in determining taxable profit
381,047
58,585
Tax effect of utilisation of tax losses not previously recognised
62
Unutilised tax losses carried forward
2,336
3,472
Taxation charge for the year
-
-
9
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
€
€
€
€
Ordinary
Interim paid
95.71
650,000
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Intangible fixed assets
Project Finance and legal costs of investment
€
Cost
At 1 January 2024 and 31 December 2024
6,721,230
Amortisation and impairment
At 1 January 2024
1,929,857
Amortisation charged for the year
266,187
At 31 December 2024
2,196,044
Carrying amount
At 31 December 2024
4,525,186
At 31 December 2023
4,791,373
11
Tangible fixed assets
Computers
€
Cost
At 1 January 2024 and 31 December 2024
38,000
Depreciation and impairment
At 1 January 2024 and 31 December 2024
38,000
Carrying amount
At 31 December 2024
At 31 December 2023
12
Fixed asset investments
2024
2023
Notes
€
€
Investments in subsidiaries
13
189,216,372
189,216,372
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Elektrane Stanari d.o.o. (formerly EFT Rudnik i Termoelekrana Stanari d.o.o.)
Stanari bb, 74208 Stanari , Republika Srpska, Bosnia and Herzegovina
Ordinary
100.00
The principal activities of the subsidiary are coal extraction which is used to generate power at the facility owned by the company to a group company for onward sale to third parties.
14
Debtors
2024
2023
Amounts falling due within one year:
€
€
Other debtors
96,321
101,004
Prepayments and accrued income
2,441
2,441
98,762
103,445
15
Creditors: amounts falling due within one year
2024
2023
€
€
Other creditors
771
771
Accruals and deferred income
1,265,866
14,996
1,266,637
15,767
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
€
€
Issued and fully paid
Ordinary of €5 each
12,442
12,442
65,060
62,210
Participation of €5 each
570
570
2,850
13,012
13,012
65,060
65,060
i) the Ordinary shares and participation shares rank pari passu in all respects save for ii) below and will constitute as separate classes of shares;
ii) the ordinary shares entitle holders to receive notice of, attend and vote at general meetings where as holders of participation shares carry no such rights;
iii) Ordinary shareholders carry one vote on a show of hands and on a poll have one vote for each ordinary share held.
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
17
Profit and loss reserves
2024
2023
€
€
At the beginning of the year
194,109,636
194,725,873
Loss for the year
(1,533,530)
(248,477)
Dividends declared and paid in the year
-
(650,000)
Share reduction and share premium reclassification
282,240
At the end of the year
192,576,106
194,109,636
18
Ultimate controlling party
At the balance sheet date, the company was a wholly-owned subsidiary of the ultimate parent company, Stanari Holdings AG, (incorporated in Liechtenstein).
At the balance sheet date, the ultimate controlling party was Vuk Hamovic, through the controlling shareholding in the parent company Stanari Holdings AG, held via his holding establishment (a Foundation incorporated in Liechtenstein) in which he has a 100% interest.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Stanari Holdings AG
Smallest group
Stanari Holdings AG
19
Group accounts
Stanari Investments Limited forms part of a larger Group. In line with sections 400 and 401 of the Companies Act 2006, no group accounts have been prepared as those relating to the larger group under Stanari Holdings AG will be prepared and filed with the Registrar of Companies in due course in line with the exemption conditions.
20
Cash (absorbed by)/generated from operations
2024
2023
€
€
Loss after taxation
(1,533,530)
(248,477)
Adjustments for:
Finance costs
9,052
Investment income
(15,041)
(24,192)
Amortisation and impairment of intangible assets
266,187
199,640
Movements in working capital:
Decrease in debtors
4,683
679,999
Increase/(decrease) in creditors
1,250,870
(25,675)
Cash (absorbed by)/generated from operations
(26,831)
590,347
STANARI INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
21
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
€
€
€
Cash at bank and in hand
79,273
(11,790)
67,483
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