Bredent U.K. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05103545 (England and Wales)

Financial Statements

for the Year Ended 31 December 2019

for

Bredent U.K. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S C Denman

P Stubbings

REGISTERED OFFICE:

Unit 17

Tapton Innovation Centre

Brimington Road

Chesterfield

S41 0TZ

REGISTERED NUMBER:

05103545 (England and Wales)

SENIOR STATUTORY AUDITOR:

Caroline Peverett BCA FCA

AUDITORS:

Tuerner Audit Limited

Bridge House

Old Grantham Road

Whatton

Nottingham

NG13 9FG

FIXED ASSETS

Intangible assets

6

76,102

106,735

Tangible assets

7

41,538

77,660

117,640

184,395

CURRENT ASSETS

Stocks

858,127

519,968

Debtors

8

442,156

490,596

Cash at bank and in hand

128,187

211,971

1,428,470

1,222,535

CREDITORS

Amounts falling due within one year

9

839,184

545,570

NET CURRENT ASSETS

589,286

676,965

TOTAL ASSETS LESS CURRENT LIABILITIES

706,926

861,360

CREDITORS

Amounts falling due after more than one year

10

(1,101,539

)

(1,080,916

)

PROVISIONS FOR LIABILITIES

-

(301

)

NET LIABILITIES

(394,613

)

(219,857

)

CAPITAL AND RESERVES

Called up share capital

13

10,000

10,000

Retained earnings

(404,613

)

(229,857

)

SHAREHOLDERS' FUNDS

(394,613

)

(219,857

)

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 Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

S C Denman - Director

1.	STATUTORY INFORMATION

Bredent U.K. Limited 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern concept due to the fact that the company has the continued support of the group. The directors have been given assurances that this support will continue for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for goods sold.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 20% on reducing balance and 15% on reducing balance

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 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 12 ) .

5.	AUDITORS' REMUNERATION

31.12.19

31.12.18

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,250

3,250

6.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

165,000

50,471

215,471

AMORTISATION

At 1 January 2019

82,500

26,236

108,736

Charge for year

16,500

14,133

30,633

At 31 December 2019

99,000

40,369

139,369

NET BOOK VALUE

At 31 December 2019

66,000

10,102

76,102

At 31 December 2018

82,500

24,235

106,735

7.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2019

142,284

Additions

612

Disposals

(70,654

)

At 31 December 2019

72,242

DEPRECIATION

At 1 January 2019

64,624

Charge for year

14,300

Eliminated on disposal

(48,220

)

At 31 December 2019

30,704

NET BOOK VALUE

At 31 December 2019

41,538

At 31 December 2018

77,660

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2019

135,595

Disposals

(70,654

)

At 31 December 2019

64,941

DEPRECIATION

At 1 January 2019

63,308

Charge for year

12,145

Eliminated on disposal

(48,220

)

At 31 December 2019

27,233

NET BOOK VALUE

At 31 December 2019

37,708

At 31 December 2018

72,287

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

256,232

315,733

Other debtors

185,924

174,863

442,156

490,596

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Hire purchase contracts (see note 11)

5,377

23,693

Trade creditors

29,215

39,109

Amounts owed to group undertakings

736,176

391,020

Taxation and social security

41,291

55,344

Other creditors

27,125

36,404

839,184

545,570

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

1,076,000

1,050,000

Hire purchase contracts (see note 11)

25,539

30,916

1,101,539

1,080,916

11.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.19

31.12.18

£

£

Net obligations repayable:

Within one year

5,377

23,693

Between one and five years

25,539

30,916

30,916

54,609

Non-cancellable operating

leases

31.12.19

31.12.18

£

£

Within one year

9,948

58,474

Between one and five years

4,530

5,007

14,478

63,481

12.	SECURED DEBTS

Hire purchase liabilities are secured on the assets to which they relate.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

10,000

Ordinary

1

10,000

10,000

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

The Report of the Auditors was qualified on the following basis:

Basis for opinion

We have concerns that certain debtors valued at £116,850 at 31 December 2019 may not be recoverable. Consequently we were unable to determine whether any adjustment to this value was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Caroline Peverett BCA FCA (Senior Statutory Auditor)

for and on behalf of Tuerner Audit Limited

15.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Advances were made to a director as follows:

£

Opening balance

116,850

Amounts advanced

-

Amounts repaid

-

Closing balance

116,850

16.	PARENT COMPANY

The company's parent is Bredent GmbH & Co. KG, registered in Germany. The registered office address is:

Bredent GmbH & Co. KG

Weissenhorner, Strasse 2

89250 Senden

Germany

The parent company's ownership of Bredent UK Limited increased from 50% to 75% during the year ended 31 December 2018.