Protektor UK Limited - Accounts to registrar (filleted) - small 18.2
Protektor UK Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| PROTEKTOR UK LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| PROTEKTOR UK LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 15-17 Church Street |
| Stourbridge |
| West Midlands |
| DY8 1LU |
| BANKERS: |
| 134 High Street |
| Stourbridge |
| West Midlands |
| DY8 1DS |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks | 4 |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium | 11 |
| Fair value reserve | 11 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on signed on its behalf by: |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Protektor UK Limited is a |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company |
| has adequate resources to continue in operational existence for the foreseeable future. Consequently, the |
| directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
| provided in the normal course of business, and is shown net of value added tax and other sales related taxes. The |
| fair value of consideration takes into account trade discounts. |
| Revenue from the sale of goods is recognised when: |
| - the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the |
| goods; |
| - the amount of the revenue can be measured reliably; |
| - it is probable that the economic benefits associated with the transaction will flow to the entity; and |
| - the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been fully |
| amortised. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Stocks and work in progress are valued at the lower of cost and net realisable value, being the estimated selling |
| price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first in, first out method and includes all purchase, transport and handling costs in |
| bringing stocks to their present location and condition. |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are recognised in the company's statement of financial position when the company |
| becomes party to the contractual provisions of the instrument. |
| Financial assets and liabilities are offset, with the net amounts being presented in the financial statements, when |
| there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net |
| basis or to realise the asset and settle the liability simultaneously. |
| Financial instruments that are payable or receivable within one year, typically trade payables or receivables, are |
| initially measured at the transaction price expected to be paid or received and are not discounted. Financial |
| instruments that are payable or receivable after more than one year and do not carry a right to interest are |
| recognised at the net present value of future cash flows discounted using a notional interest rate approximating to |
| the company's cost of capital. The notional interest element is charged or credited to the Income Statement. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
| objective evidence of impairment and any impairment loss is recognised in the Income Statement. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
| operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Compliance with accounting standards |
| The financial statements are prepared in accordance with applicable accounting standards. |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 3. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| AMORTISATION |
| At 1 January 2019 |
| and 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 4. | STOCKS |
| 2019 | 2018 |
| £ | £ |
| Raw materials |
| Finished goods |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts (see note 8) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Amounts owed to group undertakings |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| Included in amounts owed to group undertakings is a loan denominated in Euros owed to Protektorwerk Florenz |
| Maisch GmbH & Co. KG repayable in quarterly instalments over ten years ending 31 December 2024. The |
| balance on the loan at the statement of financial position date was €787,367 (2018 - €933,405) converted to |
| Sterling as £669,519 (2018 - £837,341). The company is exposed to exchange rate variances which are charged |
| or credited to the Income Statement. |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2019 | 2018 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank overdraft |
| Bank borrowing is secured by fixed and floating charges over the undertaking and all property and assets present |
| and future. |
| 11. | RESERVES |
| Fair |
| Retained | Share | value |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2019 | ( |
) | (12,261 | ) |
| Profit for the year |
| Fair value movements | 18,716 | - | (18,716 | ) | - |
| At 31 December 2019 | ( |
) | 137,554 |
| PROTEKTOR UK LIMITED (REGISTERED NUMBER: SC086301) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 13. | CONTINGENT LIABILITIES |
| The company is party to a guarantee in respect of the bank borrowing of Hoo and How Limited, a company |
| incorporated in England and Wales, which is wholly owned by Dr C. Maisch, a director of the company. At the |
| statement of financial position date, the balance on this borrowing was £1,502,028. |
| 14. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
| transactions with wholly owned subsidiaries within the group. |
| 15. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Protektorwerk GmbH, a company registered in Germany. |
| The ultimate controlling party is Dr. C. Maisch. |