LCR CAPACITORS (EU) LIMITED 31/01/2019 iXBRL

LCR CAPACITORS (EU) LIMITED 31/01/2019 iXBRL

LCR CAPACITORS (EU) LTD. - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of LCR CAPACITORS (EU) LIMITED have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 January 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 02766008
LCR CAPACITORS (EU) LIMITED
Unaudited filleted abridged financial statements
31 January 2019
LCR CAPACITORS (EU) LIMITED
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
LCR CAPACITORS (EU) LIMITED
Directors and other information
Director MR P BALZ
Company number 02766008
Registered office UNIT 18
RASSAU INDUSTRIAL ESTATE
EBBW VALE
NP23 5SD
Business address UNIT 18
RASSAU INDUSTRIAL ESTATE
EBBW VALE
NP23 5SD
Accountants LOVELL & CO
18 COBB CRESCENT
CALDICOT
NP26 5BY
LCR CAPACITORS (EU) LIMITED
Abridged statement of financial position
31 January 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 423,707 432,829
_______ _______
423,707 432,829
Current assets
Stocks 327,941 271,929
Debtors 6 255,352 277,670
Cash at bank and in hand 581,860 475,984
_______ _______
1,165,153 1,025,583
Creditors: amounts falling due
within one year 7 ( 157,601) ( 172,242)
_______ _______
Net current assets 1,007,552 853,341
_______ _______
Total assets less current liabilities 1,431,259 1,286,170
Creditors: amounts falling due
after more than one year 8 ( 517,673) ( 534,748)
_______ _______
Net assets 913,586 751,422
_______ _______
Capital and reserves
Called up share capital 50,002 50,002
Revaluation reserve 607,606 607,606
Profit and loss account 255,978 93,814
_______ _______
Shareholders funds 913,586 751,422
_______ _______
For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2019 , and are signed on behalf of the board by:
MR P BALZ
Director
Company registration number: 02766008
LCR CAPACITORS (EU) LIMITED
Notes to the financial statements
Year ended 31 January 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is UNIT 18, RASSAU INDUSTRIAL ESTATE, EBBW VALE, NP23 5SD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 45 (2018: 45 ).
The aggregate payroll costs incurred during the year were:
2019 2018
£ £
Wages and salaries 1,098,026 986,637
Other pension costs 31,241 17,927
_______ _______
1,129,267 1,004,564
_______ _______
5. Tangible assets
£
Cost
At 1 February 2018 1,458,053
Additions 44,845
_______
At 31 January 2019 1,502,898
_______
Depreciation
At 1 February 2018 1,025,224
Charge for the year 53,967
_______
At 31 January 2019 1,079,191
_______
Carrying amount
At 31 January 2019 423,707
_______
At 31 January 2018 432,829
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 January 2019
Aggregate cost 1,301,777
Aggregate depreciation (1,108,724)
_______
Carrying amount 193,053
_______
At 31 January 2018
Aggregate cost 1,256,932
Aggregate depreciation (1,072,563)
_______
Carrying amount 184,369
_______
The revaluations relate to plant, machinery and equipment undertaken by the director in 2006 (NBV-£440,500), in 2008 (NBV-£155,059) and in 2017 (NBV-£354,900). In each case, no liability to corporation tax would have arisen should, if hypothetically, the revalued items had been sold at the balance sheet dates. Revaluation credits and debits are ignored for tax purposes.
6. Debtors
2019 2018
£ £
Trade debtors 248,420 271,073
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,149 2,814
Other debtors 3,783 3,783
_______ _______
255,352 277,670
_______ _______
Other debtors includes an amount due to the company by its director of £3,033 (2017: £3,033). The loan is on an interest free basis and the highest outstanding amount to the company during the year was £3,033 (2017: £3.033).
7. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 23,130 23,448
Trade creditors 32,443 31,305
Corporation tax ( 48,952) 7
Social security and other taxes 39,310 48,122
Other creditors 111,670 69,360
_______ _______
157,601 172,242
_______ _______
Bank loans secured £23,100. Other creditors secured £15,431
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts - 23,130
Amounts owed to group undertakings and undertakings in which the company has a participating interest 424,777 425,459
Other creditors 92,896 86,159
_______ _______
517,673 534,748
_______ _______
A debenture dated 31 December 2013 over the assets of the company has been taken by LCR Capacitors Limited, a sister company, securing all monies now due and becoming due to it. Other creditors secured £33,928.
9. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2019 2018
£ £
MR P BALZ 3,033 3,033
_______ _______
10. Controlling party
The company is a wholly owned subsidiary of LCR Capacitors Holdings Limited, a company registered in England and Wales, company number 05864914.