Del Ips Uk Limited - Accounts to registrar (filleted) - small 18.2
Del Ips Uk Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 August 2020 |
| for |
| DEL IPS UK LIMITED |
| DEL IPS UK LIMITED (REGISTERED NUMBER: 11815522) |
| Contents of the Financial Statements |
| for the year ended 31 August 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| DEL IPS UK LIMITED |
| Company Information |
| for the year ended 31 August 2020 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Auditors: |
| 5-6 Greenfield Crescent |
| Edgbaston |
| Birmingham |
| B15 3BE |
| DEL IPS UK LIMITED (REGISTERED NUMBER: 11815522) |
| Balance Sheet |
| 31 August 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| DEL IPS UK LIMITED (REGISTERED NUMBER: 11815522) |
| Notes to the Financial Statements |
| for the year ended 31 August 2020 |
| 1. | Statutory information |
| Del Ips Uk Limited is a |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
| 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 |
| 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 locaton 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 livs, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Leasehold improvements - 15 years straight line |
| 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. |
| 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. |
| DEL IPS UK LIMITED (REGISTERED NUMBER: 11815522) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2020 |
| 2. | Accounting policies - continued |
| 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. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Improvements |
| to property |
| £ |
| Cost |
| At 1 September 2019 |
| Additions |
| At 31 August 2020 |
| Depreciation |
| Charge for year |
| At 31 August 2020 |
| Net book value |
| At 31 August 2020 |
| At 31 August 2019 |
| 5. | Debtors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| DEL IPS UK LIMITED (REGISTERED NUMBER: 11815522) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2020 |
| 6. | Creditors: amounts falling due within one year |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 341,404 | - |
| Other creditors |
| Accruals and deferred income |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | 1 | 1 | 1 |
| 8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 9. | Related party disclosures |
| The company's ultimate parent undertaking, Del IPS INC Company is controlled by B Rasmussen and S Boarne. |
| Included in creditors is a balance of £1,346,895 (2019: £757,607) due to Del IPS INC Company. |
| 10. | Post balance sheet events |
| The COVID-19 viral pandemic was official announced as present in the UK during January 2020. Under UK GAAP, the consequences of the condition present at the balance sheet date are considered to be an adjusting post balance sheet event and therefor potentially have implications for the period end balance sheet. |
| Having reviewed the trading conditions in the post balance sheet period, and in particular having considered the Balance sheet carrying values of fixed assets and the recoverability of trade and other receivables, the directors are satisfied there are currently no indications of any material impairment. |
| The director's assessment of the impact of COVID-19 on the future development and performance of the business, and on the going concern assumption for the preparation of the financial statements, is detailed in the strategic report and in the accounting policies. |
| 11. | Ultimate 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 Hampen Ave, Suite 295, Englewood, CO 80110, USA. |