mercantile registry in malaga...articles 63.1.g, 63.2.c, and 63.2.g of law 47/2007, and will also be...

Interactive Mercantile Information of the Mercantile Registries of Spain

MERCANTILE REGISTRY IN MALAGA

Issued on: 03/09/2019 at 12:44 pm.

ACCOUNT DEPOSITS

GENERAL DATA

Company name: IBANCAR WORLD SL

Start of Operations: 19/08/2011

Registered Address: AVDA DE LOS CONDES DE SAN ISIDRO 13

3ºC - EDIFICIO OFISOL

FUENGIROLA29640-MÁLAGA

Duration: Indefinite

N.I.F.: B93145001

Registration data: Sheet MA-111067

Volume 4936

Folio 110

Business purpose: Main activity: 6619. Other activities auxiliary to financial services,

which are specified in loans dedicated to consumption, except

insurance and pension fund, and excluding the activities listed in

Articles 63.1.g, 63.2.c, and 63.2.g of Law 47/2007, and will also be

carried out with express submission to the rules of the Law 2/2009 of

31 March, regulating the contracting with consumers of mortgage loans

or credits and financial intermediation services. Other activities:

Marketing of financial services by means of long-distance and face-to-

face communication. Purchase, sale, and rental of first and second-

hand heavy and light motor vehicles. Purchase, sale, and lease of real

estate. Trade in jewellery and costume jewellery; purchase and sale of

gold; pawn of valuables and recoverable pledge contracts; retail trade

of watches and jewellery in specialised stores.

Structure of the body: Board of directors

2018

Accounts last filed:

VALID TITLE REGISTRATION REQUESTS

There are no valid title registration requests.

SPECIAL CIRCUMSTANCES

There are no special circumstances.

SA: 01011 SL: 01012

____________ (3)

IDP1

X

____________ (3)

04010

04121

04123

04120

04122

COMPANY IDENTIFICATIONLegal form:

NIF: 01010 B93145001 Other: 01013

LEI: 01009 Only for companies that have LEI Code (Legal Entity Identifier)

Municipality: 01023 FUENGIROLA Province: 01025 MALAGA

Which: Employed persons with a disability greater than or equal to 33% (or local equivalent qualification):

b) Salaried staff at the end of the financial year, by type of contract and by sex

YEAR MONTH DAY YEAR MONTH DAY

ACCOUNTS SUBMISSION YEAR

Start date to which the accounts refer: 01102

End date to which the accounts refer: 01101

MICRO-ENTERPRISES

Tick if the enterprise has opted for the joint adoption of the specific criteria, applicable to micro-enterprises, provided for in the General Chart of Accounts for SMEs (6).

(4) To calculate the average number of permanent staff, please note the following criteria: a) If there have been no significant staff movements during the year, indicate here the sum of the fixed staff at the beginning and end of the year. b) If there have been movements, calculate the sum of the staff in each of the months of the year and divide it by twelve. c)

GENERAL IDENTIFICATION DATA AND COMPLEMENTARY INFORMATION REQUIRED BY SPANISH LEGISLATION

(Application of results and average payment period to suppliers)

Corporate Name: 01020 IBANCAR WORLD S.L.

Registered Address: 01022 AVDA. CONDES DE SAN ISIDRO 13 3 C

ZIP Code: 01024 29640 Phone: 01031 952.864.645

Company's contact e-mail address 01037 [email protected]

ACTIVITY

Main activity: 02009 Other activities auxiliary to financial services

CNAE Code: 02001 6619 (1)

YEAR 2017

SALARIED STAFF

a) Average number of persons employed in the course of the year, by type of contract and employment with

disability: YEAR 2018 (2)

PERMANENT (4): 04001 5,92 3,02

TEMPORARY (5): 04002 3,17 4,62

2

1 2

MEN WOMEN MEN WOMEN

4

YEAR 2017 YEAR 2018 (2)

2017 (3)2018 (2) YEAR

(1) According to the classes (four digits) of the National Classification of Economic Activities 2009 (CNAE 2009), approved by Royal Decree 475/2007, of 13 April (BOE of 28.4.2007). (2) Year to which the annual accounts refer.(3) Previous year

2018 1 1

2018 12 31

2017 1 1

2017 12 31

21Number of pages submitted to the filing system: 0190

If no figures are given for any of the financial years, please indicate why: 01903

01902 NO

No. of persons hired × 52

In case of temporary regulation of employment or working hours, the personnel affected by such regulation should be included as permanent personnel, but only in the proportion corresponding to the fraction of the year or working day actually worked.

(5) You can calculate the average temporary staff by adding the total number of weeks worked by your temporary employees and dividing by 52 weeks. You can also do this operation (equivalent to the previous one): average number of weeks worked

GENERAL IDENTIFICATION DATA AND COMPLEMENTARY INFORMATION REQUIRED BY SPANISH LEGISLATION

(Application of results and average payment period to suppliers)

(1) Articles 253.1 and 273.1 of the Spanish Capital Companies Act (RD 1/2010 of 2 July). (2) Year to which the annual accounts refer.(3) Previous year(4) Calculated in accordance with article five of the Resolution of 29 January 2016 of the Institute of Accounting and Auditing.

YEAR

RESULTS APPLICATION (1)

Basis of distribution YEAR

Statutory reserve 91005

INFORMATION ON THE AVERAGE PAYMENT PERIOD TO SUPPLIERS DURING THE FISCAL YEAR (4)

Average payment period to suppliers (days) 94705

IDP2

Special reserves 91007

Voluntary reserves 91008

Dividends 91009

Remaining surplus and others 91010

Offsetting losses from previous years 91011

APPLICATION = TOTAL BASIS OF DISTRIBUTION 91012

-12.939,67 19.159,61

0 19.159,61

0 0

0 0

0 0

0 0

4.938,59

14.221,02

0 0

0 0

0 19.159,61

0 0

Balance of the profit and loss account 91000

Remaining surplus 91001

Voluntary reserves 91002

Other unrestricted reserves 91003

TOTAL BASIS OF DISTRIBUTION = TOTAL APPLICATION 91004

Application to YEAR 2018 (2) YEAR 2017 (3)

2018 (2) YEAR 2017 (3)

2018 (2) YEAR 2017 (3)

30 30

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001

1. ACTIVITY OF THE SOCIETY

2. BASIS OF PRESENTATION OF THE ANNUAL ACCOUNTS

3. RECOGNITION AND MEASUREMENT

4. TANGIBLE, INTANGIBLE FIXED ASSETS AND REAL STATE

INVESTMENTS

5. FINANCIAL ASSETS

6. FINANCIAL LIABILITIES

7. EQUITY

8. FISCAL SITUATION

9. RELATED PARTY TRANSACTIONS

10. OTHER INFORMATIONS

Page 1

MEMORY 2018 (SME)


1.- ACTIVITY OF THE SOCIETY

IBANCAR WORLD S.L., to which this report refers, was incorporated in 0000 and has its

registered office and tax domicile at AV CONDES DE SAN ISIDRO, 13, 3, C, 29640,

FUENGIROLA, MALAGA. The legal framework at the time of its incorporation was a limited

company.

ACTIVITY:

The main activity of the Company is as follows:

OTHER ACTIVITIES AUXILIARY TO FINANCIAL SERVICES

REGISTRATION DATA:

The Company is registered in the Register of MALAGA 5, volume: 4936, folio: 110, sheet: MA-

111067, dated 25/10/2011.

2.- BASIS OF PRESENTATION OF THE ANNUAL ACCOUNTS

1. True and Fair View:

The annual accounts have been prepared on the basis of the accounting records and the legal

provisions in force on accounting matters, which have been applied in order to give a true and

fair view of the Company's net worth, financial position, and results.

2. Accounting Principles:

It has not been necessary, nor has it been deemed appropriate by the administration of the

Company, for the application of optional accounting principles, other than the mandatory ones

referred to in Article 38 of the Commercial Code, and the first part of the general accounting plan

for SMEs.

3. Critical Aspects of the Valuation and Estimation of Uncertainty:

In the preparation of the 2018 annual accounts, estimates and assumptions were made based

on the best information available as of 31/12/2018 regarding the events analysed. It is possible

that events that may take place in the future will make it necessary to modify them (upwards or

downwards) in coming years, which would be done prospectively, recognising the effects of the

change in estimate for the corresponding future annual accounts.

4. Comparison of Information:

There is no reason why the financial statements for the current period should not be compared

with those for the preceding period.

5. Items Collected Under Several Headings:

There are no assets or liabilities that appear in more than one item of the Balance Sheet.

6. Changes in Accounting Criteria:

Page 2

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 In the current year, no other changes have been made to the accounting criteria of the new

General Accounting Plan SMEs.

7. Correction of Errors:

There were no errors detected at year-end that would require the accounts to be restated.

Anticipated events after year-end that could make it advisable to adjust the estimates are

discussed in the corresponding sections.

3.- RECOGNITION AND MEASUREMENT

The following accounting standards have been applied:

1. Intangible Assets:

a. Cost:

Intangible assets are recognised at acquisition and/or production cost and are subsequently

measured at cost, less any accumulated amortisation and/or impairment losses. These assets

are depreciated over their useful lives.

b. Amortisations:

Intangible assets are depreciated on a straight-line basis over the years of estimated useful

life, considered in accordance with the depreciation tables.

c. Impairment:

The Company recognises any impairment loss on the carrying amount of these assets. The

criteria for recognising impairment losses on these assets and, where applicable, for

recovering impairment losses recognised in prior years are similar to those applied to

property, plant, and equipment.

2. Tangible Fixed Assets:

a. Cost:

Tangible fixed assets are measured at acquisition or production cost and reduced by the

related accumulated depreciation, including any known impairment losses. The acquisition

price or production cost includes the additional expenses necessarily incurred until the asset

is ready for use.

Expansion, replacement, or renewal costs that increase the useful life of the asset, or its

economic capacity, are recorded as an increase in the amount of tangible fixed assets, with

the resulting accounting for retirement of the replaced or renewed items. Periodic

maintenance, upkeep, and repair expenses are expensed on an accrual basis, as a cost in

the year in which they are incurred.

There were no items during the year that could be considered, in the opinion of the

Company's management, extensions, modernisation, or improvements to tangible fixed

assets.

Page 3

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 No work has been carried out on the Company's fixed assets.

Leases are classified as finance leases, provided that their terms substantially transfer the

risks and rewards of ownership to the lessee. Other leases are classified as operating

leases.

With respect to finance leases at the initial stage, an asset is recognised in accordance with

its nature, and a financial liability is recognised at the fair value of the leased asset. The

initial direct expenses inherent in the transaction are considered as the highest value of the

asset. The total finance charge is distributed over the lease term and allocated to the income

statement using the effective interest method.

b. Amortisations:

Depreciation has been established systematically and rationally on the basis of the useful life

of the assets and their residual value, taking into account the depreciation they normally

suffer as a result of their operation, use, and enjoyment, without prejudice to also considering

the technical or commercial obsolescence that could affect them. Each tangible fixed asset

has been depreciated separately on a straight-line basis, in accordance with the depreciation

tables.

The depreciation policy for leased assets is similar to that for the Company’s tangible fixed

assets. If there is no reasonable assurance that the lessee will obtain the title at the end of

the lease, the asset is depreciated over the shortest period between the estimated useful life

and the term of the lease.

c. Impairment:

At each year-end closing date, the Company reviews the carrying amounts of its tangible

fixed assets to determine whether there is any indication that these assets have suffered an

impairment loss. If there is any indication, an estimate is made of the recoverable amount of

the related asset to determine the amount of the necessary impairment. The impairment of

these tangible fixed assets is calculated on an individual basis.

Impairment adjustments are recognised as an expense in the income statement.

Impairment losses recognised on a tangible asset in prior years are reversed when there is a

change in the estimates of its recoverable amount, increasing the value of the asset with a

credit to profit or decreasing with a loss, up to the limit of the carrying amount that the asset

would have had if the impairment had not been reversed.

3. Land and Buildings Classified as Investment Property:

There is no land or buildings qualified as real estate investments in the Company's balance

sheet.

4. Barters:

There were no commercial or non-commercial barters during the year.

5. Financial Assets and Financial Liabilities:

Page 4

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 a) Criteria used for the rating and valuation of the different categories of financial assets and

liabilities:

For valuation purposes, financial assets are classified in one of the following categories:

Financial Assets at Amortised Cost

The financial assets included in this category are initially measured at cost, which is the fair value

of the consideration given, plus the transaction costs directly attributable to it; however, the latter

may be recognised in the profit and loss account on initial recognition.

Nonetheless, commercial loans maturing in no more than one year, and not bearing a contractual

interest rate, advances and loans to employees, guaranteeing dividends receivable and required

disbursements on equity instruments, the amount of which is expected to be received in the short

term, have been measured at their nominal value because the effect of not discounting cash

flows is not significant.

These financial assets are subsequently measured at amortised cost. Accrued interest is

recognised in the Income Statement using the effective interest method.

The contributions made as a result of equity, and similar accounts contracts, have been valued at

the cost, increased or decreased by the profit or loss, respectively, corresponding to the

Company as a non-managing participant, and less, where appropriate, the accumulated amount

of the valuation corrections due to impairment.

Notwithstanding the foregoing, assets maturing in no more than one year which, in accordance

with the provisions of the preceding section, were initially valued at their nominal value and

continue to be valued at that amount, unless they have become impaired.

For financial assets at variable interest rates, the effective interest rate corresponding to the

closing date of these annual accounts is used in accordance with the contractual conditions.

Where appropriate, as a substitute for the present value of future cash flows, the quoted value of

the asset has been used, provided that it is sufficiently reliable to be considered representative of

the value that the Company could recover.

Financial Assets Held for Trading

Financial assets held for trading are initially measured at cost, which is the fair value of the

consideration given. Transaction costs directly attributable to it were recognised in the profit and

loss account for the year. The amount of pre-emptive subscription and similar rights acquired, if

any, forms part of the initial valuation.

Subsequently, they were measured at fair value, without deducting any transaction costs incurred

in disposing of them. Changes in fair value have been recognised in the Income Statement for the

year.

Financial Assets Valued at Cost

Financial assets are initially valued at cost, which is the fair value of the consideration given, plus

the transaction costs directly attributable to it. The initial valuation includes the amount of the pre-

emptive subscription rights and similar rights that may have been acquired.

Page 5

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 They are subsequently measured at cost, less any accumulated impairment losses.

Interest and Dividends Received from Financial Assets

Interest and dividends on financial assets accrued subsequent to acquisition are recognised as

income in the Income Statement. Interest has been recognised using the effective interest

method and dividends when the right of the partner to receive it has been declared.

For measurement purposes, financial liabilities are classified in one of the following categories:

Financial Liabilities at Amortised Cost

The financial liabilities included in this category are initially measured at cost, which is the fair

value of the consideration received, adjusted for the transaction costs directly attributable to

them; however, the latter, as well as the financial commissions charged to the Company when

debts to third-parties arise, have been recognised in the Income Statement on initial recognition.

Notwithstanding the foregoing paragraph, debits for commercial transactions maturing in no more

than one year, and not bearing a contractual interest rate, guarantees disbursements required by

third-parties on investments, the amount of which is expected to be paid in the short term and

have been measured at their nominal value, because the effect of not discounting cash flows is

not significant.

Subsequently, the financial liabilities included in this category are measured at amortised cost.

Accrued interest is recognised in the Income Statement using the effective interest method.

Contributions received as a result of equity, and similar accounts contracts, are measured at cost,

increased or decreased by the profit or loss, respectively, that must be attributed to the non-

managerial participants.

Notwithstanding the foregoing, debits maturing in no more than one year that are initially valued

at their nominal value will continue to be valued at that amount.

Financial Liabilities Held for Trading

The criteria used to measure these financial liabilities were the same as those described in

"Financial Assets Held for Trading”.

b) Valuation Adjustments for Impairment:

At year-end, the necessary valuation adjustments were made, since there was objective evidence

that the value of a financial asset, or group of financial assets with similar risk characteristics

valued collectively, has deteriorated as a result of one or more events that have occurred after its

initial recognition, which caused a reduction or delay in the estimated future cash flows.

The amount of the valuation adjustment is the difference between its carrying amount and the

recoverable amount, understood as the greater of its fair value, less costs to sell, and the present

value of the calculated future cash flows arising from the investment, either by estimating those

expected to be received as a result of the distribution of dividends made by the investee and the

disposal or derecognition of the investment by the investee, or by estimating its share of the cash

flows expected to be generated by the investee, both from its ordinary activities and from its

disposal or derecognition.

Page 6

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 In the case of investments in the equity of non-group companies admitted to trading, the quoted

market value of the asset has been used as a substitute for the present value of future cash

flows, provided that it is sufficiently reliable to be considered representative of the value that the

Company could recover.

Investments not admitted to listing are taken into consideration using the equity of the investee,

adjusted for the unrealised gains existing at the valuation date.

Impairment adjustments and, where applicable, their reversal have been recorded as an expense

or income, respectively, in the Income Statement. The reversal of impairment was limited to the

carrying amount of the investment, which is recognised at the date of reversal, if no impairment

has been recognised.

The impairment loss on these financial assets is the difference between their carrying amount

and the present value of the future cash flows estimated to be generated, discounted at the

effective interest rate calculated on initial recognition.

c) Criteria Used to Record the Derecognition of Financial Assets and Financial Liabilities:

The criteria used to derecognise a financial asset are when the contractual rights over the cash

flows of the financial asset have expired, or have been transferred, and that the risks and rewards

of ownership of the financial asset must have been substantially transferred.

Once the asset has been derecognised, the gain or loss arising from this transaction forms part of

profit or loss for the period in which it arose.

In the case of financial liabilities, the Company derecognises them when the obligation is

extinguished. A financial liability is also derecognised when it arises under substantially different

conditions.

The difference between the carrying amount of the financial liability and the consideration paid,

including attributable transaction costs, is recognised in the Income Statement.

No financial assets or liabilities were derecognised during the year.

d) Investments in Group, Multi-Group, and Associated Companies:

No investments have been made in group companies, multi-group entities, or associated

companies.

e) Criteria Used in the Determination of Income or Expenses from the Different Categories of

Financial Instruments:

Interest and dividends on financial assets reported after acquisition have been recognised as

income in the Income Statement. The effective interest method was used for the recognition of

interest. Dividends are recognised when the partner's right to receive them is declared.

6. Own-Equity Instruments Held by the Company:

No own-equity instruments were recognised during the year.

7. Inventory:

Page 7

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 Inventories are valued at acquisition or production cost. If they need a period of time longer than

one year to be able to be sold, the appropriate financial expenses are included in this value.

When the net realisable value is lower than its acquisition price or production cost, the

corresponding valuation adjustments are made.

Net realisable value represents the estimated selling price, less all estimated completion costs

and estimated costs that will be required in the marketing, sale, and distribution processes.

The Company assesses the net realisable value of inventories at year-end and recognises the

appropriate loss when inventories are overvalued.

When the circumstances that previously caused the decrease no longer exist, or when there is

clear evidence of an increase in the net realisable value due to a change in economic

circumstances, the amount of this decrease is reversed.

8. Foreign Currency Transactions:

There were no foreign currency transactions.

9. Corporate Income tax:

The income tax expense represents the sum of the income tax expense for the year and the

effect of changes in deferred tax assets and liabilities and tax credits.

The income tax expense for the year is calculated as the sum of the current tax, resulting from

the application of the tax rate to the taxable profit for the year, after applying the tax deductions

that are admissible for tax purposes, plus the change in prepaid/deferred tax assets and liabilities

and tax credits, both for tax losses and for tax credits.

Deferred tax assets and liabilities include timing differences, identified as those amounts

expected to be paid or recoverable as a result of differences between the carrying amounts of

assets and liabilities and their tax bases, tax loss carryforwards, and tax credit carryforwards.

These amounts are recognised by applying the temporary difference or credit corresponding to

the tax rate at which they are expected to be recovered or settled.

Deferred tax liabilities are recognised for all taxable, temporary differences. Deferred tax assets

are identified as temporary differences; tax loss carryforwards and tax credits are only recognised

if it is considered probable that the Company will have sufficient taxable profit in the future against

which they can be utilised.

The deferred taxes recognised (both assets and liabilities) are reviewed at each balance sheet

date to ensure that they remain current, and the appropriate corrections are made on the basis of

the results of the analyses performed.

10. Revenues and Expenses - Services Provided by the Company:

Revenues and expenses are recognised on an accrual basis, i.e. when the actual flow of the

goods and services they represent occurs, regardless of when the resulting monetary or financial

flow arises. Specifically, income is calculated at the fair value of the consideration receivable and

represents the amounts receivable for goods and services provided in the ordinary course of

business, net of discounts and taxes.

Page 8

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 Interest income is accrued on a time-proportion basis, based on the principal outstanding and the

effective interest rate applicable. Services provided to third-parties are recognised on acceptance

by the customer. Services provided to third-parties are recognised in the form of acceptance by

the customer. Services provided to third-parties are recognised in the form of acceptance by the

customer, which, at the time the financial statements are issued, are realised but not accepted,

and are valued at the lower of the costs incurred and the estimated acceptance.

Revenues are measured at the amount actually received, and expenses at acquisition cost, and

are recognised on an accrual basis.

11. Provisions and Continences:

The Company's annual accounts include all significant provisions in which it is more likely than

not that the obligation will have to be met. Provisions are recognised only on the basis of present

or past events, giving rise to future obligations. They are quantified on the basis of the best

information available as to the consequences of the event which gives rise to them and are re-

estimated at each accounting close. They are used to meet the specific obligations for which they

were originally recognised. They are fully or partially reversed when these obligations cease to

exist or diminish.

12. Subsidies, Donations, and Legacies:

Non-refundable subsidies, donations, and legacies are recognised as income directly in equity

and are recognised in the Income Statement as income on a systematic and rational basis,

correlated with the expenses arising from the subsidised expense or investment.

Subsidies, donations, and legacies that are repayable are recorded as liabilities of the Company

until they acquire the condition of non-refundable.

Subsidies, donations, and legacies that are non-refundable will be charged to income according

to their purpose.

13. Joint Ventures:

There is no jointly controlled economic activity with another natural or legal person.

14. Related Party Transactions:

There are no transactions between related parties.

04 – TANGIBLE, INTANGIBLE FIXED ASSETS AND REAL ESTATE INVESTMENTS

1. Analysis of the current and previous year's comparative movement of tangible, intangible fixed

assets and real estate investments, and their corresponding, accumulated depreciation and value

corrections due to accumulated impairment:

Movement of Intangible Assets Amount 2018 Amount 2017

GROSS INITIAL BALANCE 1.492,50 1.492,50

(+) Inputs

(+) Value Adjustments for Updating

(-) Outputs

GROSS FINAL BALANCE 1.492,50 1.492,50

Page 9

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 The Company does not have any intangible assets with indefinite useful lives.

The Company has no real estate investments.

2. Financial Leases and Other Operations of a Similar Nature on Non-Current Assets:

05 - FINANCIAL ASSETS

1. The movement in long-term financial assets is shown below:

Long-Term Loans, Derivatives, and Other Amount 2018 Amount 2017

INITIAL BALANCE 391.542,20 226.116,84

(+) Additions 295.165,01 165.425,36

(+) Transfers and Other Changes

(-) Outflows and Reductions 4.979,38

(-) Transfers and Other Variations

FINAL BALANCE 682.027,83 391.542,20

2. Corrections for Value Impairment Due to Credit Risk:

There are no corrections for value impairment caused by credit risk.

3. Fair Value and Changes in the Value of Financial Assets Measured at Fair Value:

a) Fair value is determined in full by reference to quoted prices in active markets.

b) Fair value by category of financial asset and changes in value recognised in the Income

Statement are disclosed below, as well as those recognised directly in equity.

c) There are no derivative financial instruments, other than those classified as hedging

instruments.

4. Group Companies, Jointly Controlled Entities, and Associates:

IBANCAR WORLD S.L. is not related to entities that could be considered a group, multi-group, or

associated companies.

06 - FINANCIAL LIABILITIES

Information about:

a) Maturity of debts at the close of fiscal year 2018:

Maturity in Years

1 2 3 4 5 More

Than 5

TOTAL

Amounts Owed to Credit Institutions 141.555,71 141.555,71

Financial Lease Creditors 3.919,95 3.919,95

Other Debts -11.774,02 -11.774,02

Payable to Group and Associated

Companies

Non-Current Trade Payables

Trade and Other Payables

Suppliers 1.279,55 1.279,55

Other Creditors 19.148,55 19.148,55

Debt with Special Characteristics

TOTAL 154.129,74 154.129,74

Page 10

MEMORY 2018 (SME)


b) There are no secured debts.

c) There are no defaults on outstanding loans in either the current or the previous year.

07 - EQUITY

At the beginning of the financial year, the Company did not have, nor did it acquire during the

financial year, any shares or holdings of its own.

The loan that the Company maintains with related parties has the option of conversion to capital.

Consequently, the Administration contemplates the possibility of a capital increase through the

capitalisation of the aforementioned debt.

08 – FISCAL SITUATION

1. Current Income Tax Expense: In the current year, the amount recorded for current income

tax expense is 0.00 euros.

2. The age and expected period for tax recovery of tax base credits is as follows:

Credit Accounting Year Aging Amount

3. Deduction for Investment of Profits: The profit qualifying for the deduction for investment of

profits, and the details of the investments made, are as follows:

- No profit investment

Pursuant to Article 25 of Law No 14/2013 of 27 September 2013, the details of the profit

investment reserve are set out in the notes to the accounts:

- No restricted reserve endowed

09 - RELATED PARTY TRANSACTIONS

1. There are no transactions with related parties.

2. The remuneration of senior management staff is as follows:

Concepts Amount 2018 Amount 2017

3. The remuneration of the members of the Board of Directors is detailed below:

Concepts Amount 2018 Amount 2017

10 - OTHER INFORMATIONS

1. The average total workforce is detailed below:

Page 11

MEMORY 2018 (SME)

IBANCAR WORLD S.L. B93145001 AVERAGE TOTAL

EMPLOYMENT

Year 2018 Year 2017

9,09 7,64

2. The Company has not signed any agreement that is not included in the balance sheet.

3. There were no subsidies, donations, or legacies received during the previous year.

Page 12

B93145001

ESTER RUIZ NUÑEZ

[BARCODE]

[BARCODE]

[FINGERPRINT]

THE ABOVE PERSONS CERTIFY THAT THE DIGITAL DEPOSIT GENERATES THE FOLLOWING FINGERPRINT:

DIGITAL FINTERPRINT H

COMPANY:

REGISTERED ADDRESS:

YEAR:

NAME OF THOSE PROVIDING THE CERTIFICATION

IBANCAR WORLD, S.L. NIF:

AV. CONDES DE SAN ISIDRO NUM 13 3C

DISTRICT: FUENGIROLA PROVINCE: MALAGA 2018

Fingerprint Generation Date: 25/7/2019 17:38

IBANCAR WORLD S.L.

Mrs. ESTER RUIZ NUNEZ in her capacity as Non-Board Member Secretary of IBANCAR WORLD S.L. with

CIF B93145001.

I CERTIFY THAT:

The Minutes Book of the entity states the following:

1. On June 30, 2019 in FUENGIROLA its General Meeting was held with ALL SHAREHOLDERS PRESENT.

2. The minutes should include the names and signatures of the attendees, who at the end of the meeting approved

the minutes, which were signed by the Chairman and Secretary of the meeting.

3. That the following resolutions were unanimously adopted:

• APPROVAL OF THE ANNUAL ACCOUNTS for the financial year 2018, closed on 31 December

2018.

• APPLY THE RESULT in the following terms:

PROFIT/LOSS ACCOUNTS 2018

Gain and Losses -12.939,67

Total 0,00

DISTRIBUTION 2018

Total Distributed 0,00

I ALSO CERTIFY:

1. That the Company fulfills the conditions for formulating the annual accounts according to the SME accounting

plan due to the following circumstances during the last two financial years:

PYMES

Limit 2018 2017

Annual Turnover 8.000.000,00 557.921,74 653.620,32

Total Assets in the Balance Sheet 4.000.000,00 928.865,52 740.338,51

Average Number of Workers 50,00 9,09 7,64

2. That the Annual Accounts for fiscal year 2018 have been prepared in FUENGIROLA, on 31 March 2019 and

approved on 30 June 2019.

3. The approved annual accounts are those attached to the Zip file, which has been submitted with this

certification, and which has generated the following alphanumeric code:

6j8UV4dLdBmaYsFOIQ+FXaSgpfnPBz/sAKd/r1CJw6M=.

4. The documents sent telematically have not been subject to auditor verification.

5. That they have been signed by all the members of the administrative body, in force.

And in the witness whereof, I hereby issue this certificate in FUENGIROLA, 25 July 2019. Page 1

IBANCAR WORLD S.L.

With the approval of the President,

ALEXANDER HERMANUS CORNELIS MELIS, with NIF: X9563465I

[Signed]

ESTER RUIZ NUNEZ, with N.I.F. 45101333N

Non-Board Member Secretary

[Signed]

Page 2

BP1 SME Balance sheet

NIF: B93145001 Space for administrators' signatures

Unit1 Euros 09001

CORPORATE NAME: IBANCAR WORLD, S.L.

ASSETS NOTES TO

THE REPORT YEAR 20182 YEAR 20173

A) NON-CURRENT ASSETS 11000 740.026,72 475.649,58

I. Intangible assets 11100 259,20

II. Tangible fixed assets 11200 55.926,40 84.848,18

III. Property, Plant & Equipment Investments 11300

III. L/T investments in group and associated companies 11400 135.880,76

IV. L/T Financial investments 11500 546.147,07 391.542,20

V. Deferred tax assets 11600 2072,49

VI. Non-current commercial debtors 11700

B) CURRENT ASSETS 12000 188.838,80 263.688,93

I. Inventories 12200 35.219,87 21.296,00

II. Commercial debtors and other accounts receivable 12300 30.860,20 11.879,87

1. Clients from sales and provision of services 12380 3.092,23 3.019,28

a) Clients from sales and provision of services – L/T. 12381

b) Clients from sales and provision of services – S/T. 12382 3.092,23 3.019,28

2. Shareholders (partners) for required disbursements 12370

3. Other debtors 12390 27.787,97 8.860,59

III. C/T investments in group and associated companies 12400 1.283,04

IV. Short-term financial investments 12500 -224,46 97.789,12

V. Short-term accruals 12600

VI. Cash and cash equivalents 12700 122.963,19 131.431,90

TOTAL ASSETS (A+B) 10000 928.865,52 740.338,51

1 All the documents included in the annual accounts shall have their value in euros. 2 The financial year to which the annual accounts refer. 3 Previous year.

BP2.1

SME BALANCE SHEET

NIF: B93145001 Space for administrators’ signatures


LIABILITIES AND NET WORTH NOTES TO


A) NET ASSETS 20000 490.431,17 508.370,84

A-1) Equity 21000 490.431,17 508.370,84

I. Capital 21100 8.400,00 8.400,00

1. Authorised capital 21110 8.400,00 8.400,00

2. (Uncalled funds) 21120

II. Issue premium 21200 144.000,00 144.000,00

III. Reserves 21300 350.970,84 331.811,23

1. Capitalisation reserves 21350 9.419,62 7.057,77

2. Other reserves 21360 341.551,22 324.735,46

IV. (Treasury stock or shares) 21400

V. Results of previous years 21500

VI. Other shareholder contributions 21600 5.000,00

VII. Result of the year 21700 -12.939,67 19.159,61

VIII. (Interim dividend) 21800

A-2) Equity adjustments allocable 22000

A-3) Subsidies, donations and legacies received 23000

B) LONG-TERM LIABILITIES 31000 284.176,04 164.634,23

I. Long-term provisions 31200

II. Long-term debts 31220 155.676,04 162.393,49

1. Debts with financial institutions 31230 88.736,43 116.746,75

2. Financial lease liabilities 31290 29.462,63 45.646,74

3. Other long-term debts 31300 37.476,98

III. L/T debts in group and associated companies 31400 128.500,00

IV. Deferred tax liabilities 31500 2.240,74

V. Long-term accruals 31600

VI. Non-current trade creditors 31700

VII. Long-term debt with special characteristics 20000

4 The financial year to which the annual accounts refer. 5 Previous year.

BP2.1

SME BALANCE SHEET



LIABILITIES AND NET WORTH NOTES TO


C) CURRENT LIABILITIES 32000 154.258,31 67.333,44

I. Short-term provisions 32200

II. Short-term debts 32300 133.701,64 51.88,92

1. Debts with financial institutions 32320 141.555,71 48.396,92

2. Financial lease creditors 32330 3.919,95

3. Other short-term debts 32390 -11.774,02 2.792,00

III. S/T debts in group and associated companies 32400

IV. Trade and other payables 32500 20.556,67 16.144,52

1. Suppliers 32580 1.279,55 -145,75

a) Long-term suppliers 32581

b) Short-term suppliers 32582 1.279,55 -145,75

2. Other creditors 32590 19.277,12 16.290,27

V. Short-term accruals 32600

VI. Short-term debt with special characteristics 32700

TOTAL LIABILITIES AND NET WORTH (A+B+C) 30000 928.865,52 740.338,51


A1

SAMPLE INFORMATION DOCUMENTS

ON OWN SHARES OR INTERESTS

COMPANY

IBANCAR WORLD, S.L. NIF B93145001

REGISTERED ADDRESS

AVDA. CONDES DE SAN ISIDRO 13 3 C

MUNICIPALITY

FUENGIROLA

PROVINCE

MALAGA

YEAR

2018

The company has not carried out any operation during this year on its own shares / interests. (Note: In this case the single presentation of this sheet A1 is satisfactory)

(X)

Balance at end of previous year: Balance at the end of the year:

0 0

Shares/interests Shares/interests

0% of share capital 0% of share capital

Date Concept*

Date agreem. of the General Shareholders' Meeting

N° of shares or interests

Nominal Share capital Percentage

Price or consideration

Balance after operation

Note: If necessary, please use as many copies of sheet A1.1 as required.

* AO: Original acquisition of own shares or interests or those of the parent company (Articles 135 et seq. of the Spanish Capital Companies Act). AD: Direct derivative acquisition; AI: Indirect derivative acquisition; AL: Free Acquisitions (Articles 140, 144 and 146 of the Spanish Capital Companies Act). ED: Transfer of shares acquired in contravention of the first three requirements of Article 146 of the Spanish Capital Companies Act. EL. Transfer of freely acquired shares or interests (Article 145.1 of the Spanish Capital Companies Act). RD: Redemption of shares ex article 146 of the Spanish Capital Companies Act. RL: Redemption of freely acquired shares or interests (Article 145 of the Spanish Capital Companies Act). AG: Acceptance of own shares in guarantee (article 149 of the Spanish Capital Companies Act).

PP AF: Shares acquired through financial assistance from the entity itself (article 150 of the Spanish Capital Companies Act). PR: Reciprocal shares or interests (Articles 151 et seq. of the Spanish Capital Companies Act).

SME PROFIT AND LOSS ACCOUNT



DEBIT AND CREDIT NOTES TO


1. Net business turnover 40100 557.921,74 653.620,21

2. Variation of Inventories of end products and products currently in production

40200

3. Work carried out by the company for its assets 40300

4. Supplies 40400 -159.665,50 -239.644,26

5. Other operating income 40500

6. Staff expenses 40600 -179.351,85 -171.366,38

7. Other operating expenses 40700 -198.438,70 -197.641,83

8. Depreciation of fixed assets 40800 -20.949,03 -5.507,30

9. Allocation of subsidies for non-trade and other fixed-asset investments

40900

10 Provision surpluses 41000 11. Impairment and profits/losses on disposal of fixed assets

41100

12. Other results 41300 A) OPERATING INCOME (1+2+3+4+5+6+7+8+9+10+11+12)

49100 -438,34 39.460,55

13. Financial income 41400 a) Allocation of subsidies, donations and legacies of a financial nature

41430

b) Other financial income 41490

14. Financial expenses 41500 -13.769,56 -12.307,86

15. Change in Fair Value of Financial Instruments 41600

16. Exchange gains/losses 41700 17. Impairment losses and income from disposal of financial instruments

41800 -3.000,00 -4.269,93

18. Other financial incomes/expenses 42100

a) Capitalisation of financial costs 42110

b) Financial income derived from creditors' agreements 42120

c) Other revenues and expenses 42130

B) FINANCIAL RESULTS (13 + 14 + 15 + 16 + 17 +18) 49200 -16.769,56 -16.577,79

C) PROFIT BEFORE TAXES (A+B) 49300 -17.252,90 22.882,76

19. Tax on profits 41900 4.313,23 -3.723,15

D) YEAR-END RESULT (C+19) 49500 -12.939,67 19.159,61


IMP

SME DOCUMENT SAMPLE REGARDING

ENVIRONMENTAL INFORMATIONS COMPANY

IBANCAR WORLD, S.L. NIF B93145001

REGISTERED ADDRESS

AVDA. CONDES DE SAN ISIDRO 13 3 C

MUNICIPALITY

FUENGIROLA

PROVINCE

MALAGA

YEAR

2018

The undersigned, as Administrators of the aforementioned Company, declare that NO environmental item of any kind is included in these annual accounts so that they, as a whole, may give a true and fair view of the company's results and financial position.

(X)

The undersigned, as Administrators of the aforementioned Company, declare that environmental items are included in these annual accounts so that they, as a whole, may give a true and fair view of the company's results and financial position.

()

SIGNATURES AND NAMES OF ADMINISTRATORS

mercantile registry in malaga...articles 63.1.g, 63.2.c, and 63.2.g of law 47/2007, and will also be...

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