Registered number: 10203592
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1NKEMIA ADVANCED BF LTD
Company Information
1NKEMIA ADVANCED BF LTD
Contents
1NKEMIA ADVANCED BF LTD
Directors' report
For the year ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
During the year and the preceding period, the Company did not trade.
In September 2017, an agreement was signed by the Company to distribute microalgae oil for the production of biofuel. The contract was contingent on a number of conditions that were not fulfilled by the year end, and therefore the contract was not effective at the year end.
In September 2017, an agreement was signed by the Company to distribute microalgae oil for the production of biofuel. The contract was contingent on a number of conditions that were not fulfilled by the year end, and therefore the contract was not effective at the year end.
The directors who served during the year were:
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1NKEMIA ADVANCED BF LTD
Directors' report (continued)
For the year ended 31 December 2017
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
In January 2018, the Company's subsidiary, Inediteneptune Lda secured funding of €9.4m (increasing to €11.75m in May 2018) from the Instituto de Apoio às Pequenas e Médias Empresas e à Inovação (The Institute of Support for Small and Medium Enterprises and Innovation in Portugal - IAPMEI), to support a project for the construction of the first advanced biofuel plant to be developed by the 1nkemia group. The funding will be in the form of an interest free loan, which will be repayable within 8 years, including an initial 2 year repayment holiday. The loan is convertible to a non-refundable grant of up to 60% of the loan amount, based on the achievement of certain key performance indicators.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 20 September 2018 and signed on its behalf.
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1NKEMIA ADVANCED BF LTD
Independent auditor's report to the shareholders of 1nkemia Advanced BF Ltd
We have audited the financial statements of 1nkemia Advanced BF Ltd (the 'Company') for the year ended 31 December 2017, which comprise the Profit and loss account, the Balance sheet and the related notes, including a summary of 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:
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 United Kingdom, including the Financial Reporting Council'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.
Use of our report
This report is made solely to the Company's members, as a body, 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 members those matters we are required to state to them 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
This report is made solely to the Company's members, as a body, 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 members those matters we are required to state to them 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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1NKEMIA ADVANCED BF LTD
Independent auditor's report to the shareholders of 1nkemia Advanced BF Ltd (continued)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
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 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:
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1NKEMIA ADVANCED BF LTD
Independent auditor's report to the shareholders of 1nkemia Advanced BF Ltd (continued)
As explained more fully in the Directors' responsibilities statement on page 1, 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.
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
As the Company was exempt from audit under section 477 of the Companies Act 2006 in the previous period we have not audited the corresponding amounts for that year.
for and on behalf of
Chartered Accountants & Statutory Auditor
3rd Floor
12 Gough Square
EC4A 3DW
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1NKEMIA ADVANCED BF LTD
Profit and loss account
For the year ended 31 December 2017
Balance sheet
As at 31 December 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2018 .
The notes on pages 7 to 10 form part of these financial statements.
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1NKEMIA ADVANCED BF LTD
Notes to the financial statements
For the year ended 31 December 2017
1nkemia Advanced BF Ltd is a private company limited by shares and is incorporated in the United Kingdom and registered in England and Wales. The Company's registered office is Unit 12, 10 Acklam Road, London, W10 5QZ. The Company is a holding company.
In September 2017, an agreement was signed by the Company to distribute microalgae oil for the production of biofuel. The contract was contingent on a number of conditions that were not fulfilled by the year end, and therefore the contract was not effective at the year end.
In September 2017, an agreement was signed by the Company to distribute microalgae oil for the production of biofuel. The contract was contingent on a number of conditions that were not fulfilled by the year end, and therefore the contract was not effective at the year end.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements have been prepared on a going concern basis despite net current liabilities of £4,329. The directors consider this to be appropriate as the ultimate parent undertaking, 1nKemia IUCT Group, S.A., has committed to provide financial support for at least twelve months from the date of approval of these financial statements.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
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 the Profit and loss account.
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1NKEMIA ADVANCED BF LTD
Notes to the financial statements
For the year ended 31 December 2017
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in subsidiaries are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and loss account.
Short term creditors are measured at the transaction price.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Impairment of fixed asset investments
Determine whether there are indicators of impairment of the Company's investments in subsidiary undertakings. Factors taken into consideration include the stage of the subsidiary undertaking's operating life cycle, current period operating profits or losses, the net asset/liability position at the year end and future expected performance of the subsidiary undertaking.
There are no critical judgments in applying the Company's accounting policies.
Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Impairment of fixed asset investments
Determine whether there are indicators of impairment of the Company's investments in subsidiary undertakings. Factors taken into consideration include the stage of the subsidiary undertaking's operating life cycle, current period operating profits or losses, the net asset/liability position at the year end and future expected performance of the subsidiary undertaking.
There are no critical judgments in applying the Company's accounting policies.
The financial statements contain an adjustment in the prior period to reclassify £1 from cash at bank to amounts due from parent undertaking. There was no impact on profit.
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1NKEMIA ADVANCED BF LTD
Notes to the financial statements
For the year ended 31 December 2017
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1NKEMIA ADVANCED BF LTD
Notes to the financial statements
For the year ended 31 December 2017
The parent undertaking of the smallest group of which the Company is a member and consolidated financial statements are prepared is 1nKemia IUCT Group, S.A, a company incorporated in Spain. The registered office address of the Company is C/ Àlvarez de Castro, 63 Mollet del Vallès, 08100 Barcelona.
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