Soex UK Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02846179 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

SOEX UK LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

A Haws

SECRETARY:

C Lynch

REGISTERED OFFICE:

Soex House

16 Perrywood Business Park

Honeycrock Lane

Redhill

Surrey

RH1 5JQ

REGISTERED NUMBER:

02846179 (England and Wales)

AUDITORS:

Kings Mill Partnership

Chartered Accountants and Statutory Auditors

75 Park Lane

Croydon

Surrey

CR9 1XS

FIXED ASSETS

Tangible assets

4

558,901

700,193

CURRENT ASSETS

Stocks

134,718

143,410

Debtors

5

1,413,069

1,205,307

Cash at bank

55,151

23,890

1,602,938

1,372,607

CREDITORS

Amounts falling due within one year

6

1,239,871

1,156,520

NET CURRENT ASSETS

363,067

216,087

TOTAL ASSETS LESS CURRENT LIABILITIES

921,968

916,280

CREDITORS

Amounts falling due after more than one year

7

(154,407

)

(167,284

)

PROVISIONS FOR LIABILITIES

(47,797

)

(45,182

)

NET ASSETS

719,764

703,814

CAPITAL AND RESERVES

Called up share capital

455,702

455,702

Retained earnings

264,062

248,112

SHAREHOLDERS' FUNDS

719,764

703,814

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 July 2020 and were signed by:

A Haws - Director

1.	STATUTORY INFORMATION

Soex UK Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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.

Going concern

Since 31 December 2019, the spread of COVID-19 has severely impacted many local economies around the

globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods

of time. In the UK this began on 23rd March 2020. Measures taken to contain the spread of the virus, including

travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant

disruptions to businesses worldwide, resulting in an economic slowdown. Governments and central banks have

responded with monetary and fiscal interventions to stabilise economic condition. The company is likely to be

affected in the form of loss of income, however it will benefit from savings in costs and therefore this will not

significantly impact the entity's financial position.

The company has determined that these events are non-adjusting subsequent events. Accordingly, the financial

position and results of operations as of and for the year ended 31 December 2019 have not been adjusted to

reflect their impact. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of

government and central bank responses, remains unclear at this time. It is not possible to reliably estimate the

duration and severity of these consequences, as well as their impact on the financial position and results of the

company for future periods.

As part of the directors' assessment of going concern, they have prepared detailed cash flow and profit and loss

forecasts for the next 12 months. The forecasts have been prepared on an appropriate basis, taking into account

the current economic conditions that exist.

The directors believe the going concern basis is appropriate as the parent company will continue to support the

company if necessary. After making appropriate enquires, the directors have a reasonable expectation that the

company has adequate resources to enable it to continue in operational existence for the foreseeable future.

Turnover

Turnover represents sales at invoiced amounts less value added tax or local tax on sales. Turnover is recognised

on the accrual basis.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual

value, over their expected useful lives at the following rates

Leasehold improvements: 25% straight line basis

Collection equipment: 33.3% and 50% straight line basis

Fixtures, fittings & office equipment: 25% straight line basis

Motor vehicles: 25% straight line basis

Assets held under finance leases are depreciated in the same way as owned assets.

At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets

to determine whether there is any indication that any items have suffered an impairment loss. If any such

indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the

impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company

estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable

value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of

inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling

price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of

stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any

reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an

expense in the period in which the reversal occurs.

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

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of

exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the

date of transaction. All differences are taken to the profit and loss account.

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.

Leased assets

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases),

the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the

minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown

as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account

over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment

is charged to the profit and loss account over the period of the lease and is calculated so that it represents a

constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts

payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on

a straight line basis over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 63 (2018 - 61 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

39,541

2,496,621

2,536,162

Additions

-

231,945

231,945

Disposals

-

(226,084

)

(226,084

)

At 31 December 2019

39,541

2,502,482

2,542,023

DEPRECIATION

At 1 January 2019

16,845

1,819,124

1,835,969

Charge for year

9,885

319,726

329,611

Eliminated on disposal

-

(182,458

)

(182,458

)

At 31 December 2019

26,730

1,956,392

1,983,122

NET BOOK VALUE

At 31 December 2019

12,811

546,090

558,901

At 31 December 2018

22,696

677,497

700,193

The net carrying amount of assets held under finance leases included in motor vehicles is £446,323 (2018:

£498,592).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

650,956

364,951

Other debtors

762,113

840,356

1,413,069

1,205,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

835,492

666,090

Taxation and social security

49,837

58,409

Other creditors

354,542

432,021

1,239,871

1,156,520

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

154,407

167,284

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Between one and five years

154,407

167,284

Non-cancellable operating

leases

2019

2018

£

£

Within one year

92,884

115,946

Between one and five years

359,856

362,776

In more than five years

119,952

209,917

572,692

688,639

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of

the disclosures made in note 2 to the financial statements concerning the company's ability to continue as a going

concern.

The company is entitled to and has applied for all of the reliefs provided by the Government as a response to the

unprecedented COVID-19 lockdown in the United Kingdom. These conditions, along with other matters

explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast

significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect

of this matter.

In auditing the financial statements, we have concluded that the director's use of the going concern basis of

accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's

assessment of the entity's ability to continue to adopt the going concern basis of accounting included reviewing

cash flows and considering the general state of the economy and the company's business.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the

relevant sections of this report.

Romit Basu FCA (Senior Statutory Auditor)

for and on behalf of Kings Mill Partnership

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is voSop AG, a company incorporated in Switzerland. Company address;

Kernserstrasse 17, Sarnen, Obwalden, 6060, Switzerland.

The consolidated financial statements of the group is prepared by the parent SOEX

Textil-Vermarktungsgesellschaft m.b.H. Company address: An der Strusbek 19, 22926 Ahrensburg, Germany.