Irpen (UK) Limited - Accounts to registrar (filleted) - small 18.2
Irpen (UK) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| IRPEN (UK) LIMITED |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
| IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430) |
| BALANCE SHEET |
| 31 DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on were signed on its behalf by: |
| IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Irpen (UK) Limited is a |
| company's registered number and registered office address are as below: |
| Registered number: | 02118430 |
| Registered office: | 26 Birmingham Road |
| Walsall |
| West Midlands |
| WS1 2LZ |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the company. |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| Irpen (UK) Limited is a wholly owned subsidiary of Irpen SA, a company which is registered in Spain. The |
| ultimate parent undertaking is Proirpen SL, a company which is registered in Spain. |
| Going concern |
| At the year end the company has negative shareholders' funds of £259,495 (2018: £372,061). The |
| activities of the company are being supported by the parent company Irpen SA, which has confirmed its |
| intention to continue this support for a period of at least twelve months from the date of approval of these |
| financial statements. |
| During the year the parent company has capitalised part of the debt between the two companies and also |
| implemented a new management structure to support the company's business. On this basis, the |
| directors consider it appropriate to prepare the financial statements on the going concern basis. |
| At the time of finalising the annual accounts, the economic environment is suffering from the Corona |
| crisis. The extent and duration of the crisis is currently difficult to foresee, but it can be assumed that it |
| will have a severe impact on the economy and Irpen (UK) Limited. The Irpen Group currently has |
| adequate resources to cover liquidity needs in the coming months and will support Irpen (UK) Limited as |
| necessary. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete |
| and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss |
| Account, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet 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. |
| 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. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense, unless those |
| costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee’s services |
| are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably |
| committed to terminate the employment of an employee or to provide termination benefits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts |
| 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 |
| £ | £ |
| Hire purchase contracts |
| IRPEN (UK) LIMITED (REGISTERED NUMBER: 02118430) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2019 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts | 74,887 | 93,888 |
| This amount is secured by charges on the assets concerned. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | £1 | 344,749 | 80,000 |
| 264,749 Ordinary shares of £1 each were allotted and fully paid for |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | OPERATING LEASE COMMITMENTS |
| Lessee |
| At the reporting end date the company had outstanding commitments for future minimum lease |
| payments under non-cancellable operating leases of £698,377 (2018 - £819,786). |