ACCOUNTS - Final Accounts

DEL IPS UK LIMITED - Company Information

Registered number: 11815522 (England and Wales)

DEL IPS UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019


DEL IPS UK LIMITED

COMPANY INFORMATION

Directors	S L Boane (appointed 8 February 2019)
	F B De Jong (appointed 8 February 2019)
	G D Lundholm (appointed 8 February 2019)
	B Rasmussen (appointed 8 February 2019)


Registered number	11815522


Registered office	New Penderel House
	4th Floor
	283-288 High Holborn
	London
	England
	WC1V 7HP


Independent auditors	F&L Corporate Reporting Services Limited


DEL IPS UK LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 5


DEL IPS UK LIMITED REGISTERED NUMBER:11815522

BALANCE SHEET

AS AT 31 AUGUST 2019

		2019
Note		£

Fixed assets
Tangible assets	4		67,149
			67,149
Current assets
Debtors: amounts falling due within one year	5	597,479
Bank and cash balances	6	423,953
		1,021,432
Creditors: amounts falling due within one year	7	(1,266,929)
Net current (liabilities)			(245,497)
Total assets less current liabilities			(178,348)

Net (liabilities)			(178,348)

Capital and reserves
Called up share capital			1
Profit and loss account			(178,349)
			(178,348)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S L Boane

Director

Date: 26 June 2020

The notes on pages 2 to 5 form part of these financial statements.

Page 1


DEL IPS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Going concern

The financial statements have been prepared on the going concern basis as the Company’s parent, Del IPS Company, Inc. has indicated its continued financial support to the Company. The parent company maintains its financial support by means of growth through operations, but is heavily reliant on the presence of a key customer worldwide. Should the relationship with this key customer cease, then the Company would need to source a new customer base to sustain operations or cease trading.
On 11th March 2020, the World Health Organisation (‘WHO’) declared a pandemic in relation to COVID-19. The outbreak and unprecedented spread of the Coronavirus across the globe has had a profound impact on the local and global markets in a short space of time, and is expected to continue to shape the economic landscape for the immediate future. The Directors are monitoring the ongoing developments and are continually updating the Company’s response to the pandemic. In the short term, installation revenues have been impacted negatively, however, the online planning tools have seen a significant increase in revenue generation and activity.

1.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover represents fees earned in relation to services rendered for measurement and consultation for kitchen fixtures. Turnover is recognised once a site visit has been completed and the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 2


DEL IPS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

1.Accounting policies (continued)

1.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.5

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

1.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The company has a capitalisation threshold whereby any items with an individual value under £2,000 are not capitalised.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements

years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

1.7

Debtors

Short term debtors are measured at transaction price.

Page 3


DEL IPS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

1.Accounting policies (continued)

1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

1.9

Creditors

Short term creditors are measured at the transaction price. Loans payable are intercompany loans measured at cost. No interest is charged on the loan which is repayable on demand.

2.	Auditors' information

The auditors' report on the financial statements for the period ended 31 August 2019 was unqualified.

The audit report was signed on 2 July 2020 by Louise Morriss BFP ACA FCCA (Senior Statutory Auditor) on behalf of F&L Corporate Reporting Services Limited.

Employees

The average monthly number of employees, including directors, during the period was 8.

4.	Tangible fixed assets

		Leasehold improvements
		£
	Cost or valuation
	Additions	67,149
	At 31 August 2019	67,149

	Net book value
	At 31 August 2019	67,149

Page 4


DEL IPS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2019

Debtors

					2019
					£


	Other debtors	99,566
	Prepayments and accrued income	497,913
		597,479

6.	Cash and cash equivalents
		2019
		£

	Cash in hand	405,588
	Deposits with financial institutions	18,365
		423,953

7.	Creditors: Amounts falling due within one year
		2019
		£

	Trade creditors	397,075
	Amounts owed to group undertakings	757,608
	Other taxation and social security	52,042
	Accruals and deferred income	60,204
		1,266,929

8.	Controlling party

Del IPS Company, Inc. is the parent company of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 750 W Hampden Ave, Suite 295, Englewood, CO 80110, USA.

9.	Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

Page 5