Contemi UK Limited - Period Ending 2018-12-31

Registration number: 06606865

Contemi UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2018

Contemi UK Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Contemi UK Limited

Company Information

Directors

Mr A J Barker Mr W Pitt Mr A Pedersen Mr R P Browne Jnr

Company secretary

Mr A J Barker

Registered office

Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Auditors

Wenn Townsend Chartered accountant & statutory auditor 30 St Giles' Oxford OX1 3LE

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Contemi UK Limited

(Registration number: 06606865)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	3,311	7,019
Investments	5	13,179	13,179
		16,490	20,198
Current assets
Debtors	6	639,562	600,633
Cash at bank and in hand		1,972	-
		641,534	600,633
Creditors: Amounts falling due within one year	7	(105,079)	(159,437)
Net current assets		536,455	441,196
Total assets less current liabilities		552,945	461,394
Creditors: Amounts falling due after more than one year	7	-	(4,054)
Net assets		552,945	457,340
Capital and reserves
Called up share capital	8	280,000	280,000
Profit and loss account		272,945	177,340
Total equity		552,945	457,340

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

Mr A J Barker

Company secretary and director

The notes on pages 3 to 8 form an integral part of these financial statements.

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Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

The principal place of business is:
Fountain House
2 Queens Walk
Reading
RG1 7QF
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The group has considerable financial resources. As a consequence, the directors believe that the group is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to operate the going concern basis in preparing the annual report and accounts.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2019 was Lee Baker ACA, who signed for and on behalf of Wenn Townsend.

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Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2017 - 14).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2018	127,191	127,191
Additions	1,028	1,028
At 31 December 2018	128,219	128,219
Depreciation
At 1 January 2018	120,172	120,172
Charge for the year	4,736	4,736
At 31 December 2018	124,908	124,908
Carrying amount
At 31 December 2018	3,311	3,311
At 31 December 2017	7,019	7,019

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Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

5	Investments

	2018 £	2017 £
Investments in subsidiaries	13,179	13,179

Subsidiaries	£
Cost or valuation
At 1 January 2018	13,179
Provision
Carrying amount
At 31 December 2018	13,179
At 31 December 2017	13,179

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017

Subsidiary undertakings
Contemi Vietnam Company Limited	2nd floor, PJICO Tower 186 Dien Bien Phu Street Ward 6, District 3 Ho Chi Minh City	Ordinary	100%	100%
	Socialist Republic of Vietnam

The principal activity of Contemi Vietnam Company Limited is IT consultancy.

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Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

6

Debtors

	Note	2018 £	2017 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	10	487,241	490,574
Prepayments		20,279	28,529
Other debtors		132,042	81,530
		639,562	600,633

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	9	-	40,463
Trade creditors		22,248	47,980
Taxation and social security		27,412	26,362
Accruals and deferred income		50,490	39,775
Other creditors		4,929	4,857
		105,079	159,437

Creditors: amounts falling due after more than one year

	2018 £	2017 £
Due after one year
Other non-current financial liabilities	-	4,054

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Contemi UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £0.10 each	2,800,001	280,000.10	2,800,001	280,000.10

9	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	-	40,463

10	Related party transactions

Summary of transactions with associates

Contemi Solutions Limited and Contemi Solutions AS are fellow subsidiaries of Contemi Holdings AS. Contemi Consulting Limited and White Label System and Concept Limited are related to Contemi UK Limited by way of their shareholdings in Contemi Holdings AS.
 
Sales to Contemi Solutions AS £1,194,000 (2017 - £1,147,715)

At the year end the following amounts were due from related parties :-

Contemi Solutions Limited £11,202 (2017 - £9,402)
Contemi Solutions AS £474,824 (2017 - £450,701)
White Label Systems and Concept Limited £1,185 (2017 - £1,185)
Urzus Group AS £nil (2017 - £29,256)
Contemi Consulting Limited £30 (2017 - £30)
 

11	Parent and ultimate parent undertaking

The company's immediate parent is Contemi Holding AS, incorporated in Norway.

  These financial statements are available upon request from the Bronoysund Register Centre.

 

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