Dilax Systems UK Limited 31/12/2019 iXBRL

DILAX SYSTEMS UK LIMITED - Company Information

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Company registration number: 06448606

Dilax Systems UK Limited

Filleted financial statements

31 December 2019

Dilax Systems UK Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

Dilax Systems UK Limited

Directors and other information


	Directors
		Mr Robert Selle
		Mr Thorsten Holger Kies


	Secretary	Squire Patton Boggs Secretarial Services Limited


	Company number	06448606


	Registered office	7 Devonshire Square
		Cutlers Gardens
		London
		EC2M 4YH


	Business address	Dalton House
		Windsor Avenue
		London
		SW19 2RR


	Auditor	Reza Samii ACA
		5 Calico Row
		Plantation Wharf
		Battersea
		London
		SW11 3YH




	Bankers	HSBC Bank Plc
		Harry Weston Road
		Binley
		Coventry
		CV3 2SH

Dilax Systems UK Limited

Directors responsibilities statement

Year ended 31 December 2019

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- 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 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.

Dilax Systems UK Limited

Statement of financial position

31 December 2019

		2019		2018
	Note	£	£	£	£

Current assets
Debtors	6	134,640		56,645
Cash at bank and in hand		36,341		39,257
		_______		_______
		170,981		95,902
Creditors: amounts falling due
within one year	7	( 80,804)		( 7,502)
		_______		_______
Net current assets			90,177		88,400
			_______		_______
Total assets less current liabilities			90,177		88,400

Creditors: amounts falling due
after more than one year	8		( 1,664,010)		( 1,485,723)
			_______		_______
Net liabilities			( 1,573,833)		( 1,397,323)
			_______		_______

Capital and reserves
Called up share capital			50,000		50,000
Capital reserves			149,109		149,109
Profit and loss account			( 1,772,942)		( 1,596,432)
			_______		_______
Shareholders deficit			( 1,573,833)		( 1,397,323)
			_______		_______

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 Section 1A of 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 statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 March 2020 , and are signed on behalf of the board by:

Mr Robert Selle Mr Thorsten Holger Kies

Director Director

Dilax Systems UK Limited

Notes to the financial statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Dilax Systems UK Limited, 7 Devonshire Square, Cutlers Gardens, London, EC2M 4YH.

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'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Going concern

Financial Statements have been prepared on going concern basis as the group undertaking (holding company) who is the major creditor falling due within one year, has confirmed its willingness, until sufficient income is generated by the company, to continue with its existing level of financial support to enable the company to operate as a going concern.

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.

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.

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. Auditors remuneration

	2019	2018
	£	£
Fees payable to Reza Samii ACA
Fees payable for the audit of the financial statements	1,900	1,900
	_______	_______
Fees payable to the company's auditor and its associates for other services:
Taxation compliance services	800	800
Other non-audit services	800	800
	_______	_______
	1,600	1,600
	_______	_______

5. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 3 ).

6. Debtors

	2019	2018
	£	£
Trade debtors	27,675	55,562
Amounts owed by group undertakings and undertakings in which the company has a participating interest	106,859	-
Other debtors	106	1,083
	_______	_______
	134,640	56,645
	_______	_______

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	658	2,812
Amounts owed to group undertakings and undertakings in which the company has a participating interest	14,159	-
Social security and other taxes	3,098	1,104
Other creditors	62,889	3,586
	_______	_______
	80,804	7,502
	_______	_______

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,664,010	1,485,723
	_______	_______

The above unsecured loan owed to group undertaking as at 31st December 2019 carries simple interest of 12% per annum and it is repayable depending on company's minimum profitability of £20,000 per annum.

9. Summary audit opinion

The auditor's report for the year dated 16 March 2020 was unqualified.

The statutory auditor was Reza Samii ACA

10. Related party transactions

During the year Dilax Intelcom GmbH, the holding company, provided general management, administration and bookkeeping services to this company for which it charged a sum of Euro 5,000 (£4,444). The balance due to the holding company as at 31st December 2019 amounted to £1,571,310.

11. Ethical standards

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12. Controlling party

The company was controlled throughout the current and previous period by Dilax Intelcom Gmbh, a company incorporated in Germany, by virtue of its 100% holding of the voting shares.Balances with Holding Company as at 31st December 2019 were as follows : - Trade Debtors - £8,586 (2018: £53,311)- Liquid Funds - £98,273 (2018: £NIL)- Trade Creditors - (£14,159) (2018: £NIL)- Creditors - falling due after more than 1 year - (£1,664,010) (2018: (£1,485,723))Total: 2019 - Net creditor balance : (£1,571,310) (2018: (£1,432,412)).The company utilises the exemption contained in Financial Reporting Standard 102 - 33.1A not to disclose any transactions with wholly owned entities which are part of Dilax Intelcom Gmbh.

13. Material Uncertainty related to Going Concern

Company's operating loss for the year was £176,510 (2018: £71,823) and the accummuled losses as at 31st December 2019 amounted to £1,772,942. The company is a member of a large group and its financial resources are managed on a group basis. The directors have reviewed company's operations and they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being 12 months from the date of signing these financial statements. Without the continued support of the Holding company, there is a material uncertainty casting significant doubt on the company's ability to continue as a going concern. The directors have also considered various mitigating factors including much reduced administrative and marketing expenditure. The directors therefore continue to adopt the going concern basis in preparing these financial statements.