1.
General Information
Transformer Acquisition Company Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05882514
. The registered office is 9a Burroughs Gardens, London, NW4 4AU .
The principal place of business is 1511 Avenida Juan Ponce de Leon, #1031, San Juan, Puerto Rico, 00909
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in Euros and are rounded to the nearest Euro.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Significant judgements and estimations
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.
2.4.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.5.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Fixed asset investment
The fixed asset investments as at balance sheet date are held at cost less impairment.
Current assets investments
The current asset investments (corporate bonds/notes) are valued at the fair value through profit and loss.
2.6.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Transformer Acquisition Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
2.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.9.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
4.
Investments
| Subsidiaries | |
|---|---|
| € | |
| Cost or Valuation | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| Impairment losses |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
Transformer Acquisition Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
5.
Debtors
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Due within one year | |||
| Amounts owed by group undertakings |
|
|
|
| Amounts owed by related parties | 342,858 | 342,858 | |
|
|
|
||
6.
Current Asset Investments
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Other investments, held for sale |
|
|
|
|
Current financial assets
|
Financial assets at fair value through profit and loss
€
|
|
Cost or valuation
|
|
|
At 1 January 2024
|
-
|
|
Addition
|
2,200,033
|
|
Disposal
|
|
|
Valuation gain/(loss) of bonds
|
19,872
|
|
Foreign exchange gain/(losses) of bonds
|
72,845
|
|
At 31 December 2024
|
-
|
|
Carrying amount
|
|
|
At 31 December 2024
|
2,292,750
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|
|
At 31 December 2023
|
-
|
7.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| VAT |
|
|
|
| Accruals and deferred income |
|
|
|
| Amounts owed to related parties |
|
|
|
|
|
|
||
Transformer Acquisition Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
9.
Related Party Disclosures
9.
Related Party Disclosures - continued
Group undertakings
Aluminium Investment Company Limited
Under common control
At the balance sheet date, Aluminium Investment Company Limited owed €14,692,991 (2023 : €14,205,597) to the company. The loan to Aluminium Investment Company Limited was made at an interest rate of Euribor plus 1%.
Monet Acquisition Company Limited
Under common control
At the balance sheet date, Monet Acquisition Company Limited owed €767,914 (2023 : €767,914) to the company.
Sirius Acquisition Company Limited
Under common control
At the balance sheet date, Sirius Acquisition Company Limited owed €11,614 (2023 : €11,614) to the company.
LC Advanced Holding Company LLC
Under common control
At the balance sheet date, LC Advanced Holding Company LLC owed €432,334 (2023 : €432,334) to the company.
United Manufacturing Trading Company Limited
Minority shareholder
At the balance sheet date, United Manufacturing Trading Company Limited owed €591,183 (2023 : €591,183) to the company.
Related Companies
Alliance Manufacturing and Trading Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Alliance Manufacturing and Trading Company Limited owed €340,573 (2023 : €340,573) to the company.
Casting Holding Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Casting Holding Company Limited owed €359 (2023 : €359) to the company.
IP3 Plastic Holding Company Limited, formerly known as Lyon Plastic Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, IP3 Plastic Holding Company Limited owed €1,927 (2023 : €1,927) to the company.
...CONTINUED
Transformer Acquisition Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
AIAC Puerto Rico Holdings LLC
At the balance sheet date, the company owed €550,000 (2023 : NIL) to AIAC Puerto Rico Holdings LLC.
10.
Controlling Parties
The company's immediate parent undertaking is
American Industrial Acquisition Corporation
(incorporated in United States).
11.
Audit Information
The auditor's report on the accounts of
Transformer Acquisition Company Limited
for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by
Robert Glazer FCA
(Senior Statutory Auditor)
for and on behalf of
Ripe LLP
, Statutory Auditor.
|
Chartered Accountants and Registered Auditors
9a Burroughs Gardens
London
NW4 4AU
|