United Manufacturing And Trading Company Limited - Period Ending 2019-12-31
United Manufacturing And Trading Company Limited - Period Ending 2019-12-31
Registration number:
United Manufacturing And Trading Company Limited
for the Year Ended 31 December 2019
United Manufacturing And Trading Company Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
United Manufacturing And Trading Company Limited
Company Information
|
Director |
Mr L Levie |
|
Registered office |
|
|
Registered number |
05127235 |
|
Auditors |
|
United Manufacturing And Trading Company Limited
(Registration number: 05127235)
Balance Sheet as at 31 December 2019
|
Note |
2019 |
2018 |
|
|
Fixed assets |
|||
|
Investment in shares |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Investments |
620,881 |
648,740 |
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
|
Audit report |
The auditors’ report on the accounts for the year ended 31 December 2019
The audit report was signed on
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates
taxable income.
Fixed asset investments
The fixed asset investment in subsidiary are valued at the fair value through profit and loss.
Current asset investment
The current asset investments (corporate bonds/notes) are valued at the fair value through profit and loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Exemption from preparing a cash flow statement
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Classification
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
|
Investment in Shares (Non Current) |
|
2019 |
|
|
At 1 January |
|
|
Fair value adjustments |
|
|
At 31 December |
|
|
Investments (current and non-current) |
|
2019 |
2018 |
|
|
Current financial assets |
||
|
Corporate bonds/notes |
|
|
|
Corporate bonds |
Total |
|
|
Current financial assets |
||
|
Cost or valuation |
||
|
At 1 January 2019 |
648,740 |
648,740 |
|
Revaluations |
(27,859) |
(27,859) |
|
At 31 December 2019 |
620,881 |
620,881 |
|
At 31 December 2018 |
|
648,740 |
|
Debtors |
|
Note |
2019 |
2018 |
|
|
Amounts owed by group undertakings |
- |
|
|
|
Other debtors |
|
|
|
|
Loans to related parties |
4,362,638 |
9,356,486 |
|
|
|
|
Details of non-current trade and other debtors
£3,874,119 (2018 -£8,859,191) of loans to related party is classified as non current.
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Loans to related parties
Hans Brockstedt GmbH, Schoeller Electronics Systems GmbH and GGP Electronics GmbH are owned by European Electronics Systems Limited for whom Mr. L M Levie acts as a director.
During the year, bad debt provisions have been made: £940,136 against the amount due from Hans Brockstedt GmbH and £6,418,275 against the amount due from Schoeller Electronic Systems GmbH.
Amount owed by group undertakings
As at year end, International Hose Holding Company LLC owed £- (2018: £400,000) to the company.
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2019 |
2018 |
|
|
Due within one year |
|||
|
Amount due to group undertakings |
|
|
|
|
Amount due to related parties |
|
|
|
|
Other creditors |
|
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2019 |
2018 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
17,175.00 |
|
17,175.00 |
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
|
Amount due to group undertakings |
|
2019 |
2018 |
|
|
Amount falling due within one year or on demand |
||
|
Unsecured loan notes |
|
|
The unsecured loan notes of £53,840 (2018: £421,440), due to International Hose Holding Company LLC are repayable on demand and attract interest at a rate of 12% per annum.
Transformer Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, the company owed £429,902 (2018: £354,186) to Transformer Acquisition Company Limited.
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
|
Related party transactions |
Related Companies
Director's balance
Included in other creditors is a balance due to director, Mr L Levie of £1,017,348 (2018: £Nil).
Aluminium Investment Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Aluminium Investment Company Limited owed £434 (2018: £217) to the company.
Casting Holding Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Casting Holding Company Limited owed £217 (2018: £217) to the company.
Lyon Plastic Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Lyon Plastic Acquisition Company Limited owed £217 (2018: £217) to the company.
European Electronics Systems Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, European Electronics Systems Limited owed £300 (2018: £300) to the company.
Light Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Light Acquisition Company Limited owed £13,034 (2018: £12,817) to the company.
Sirius Acquisition company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Sirius Acquisition company Limited owed £1,500 (2018: £1,500) to the company.
United Manufacturing And Trading Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Urbankey Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Urbankey Limited owed £217 (2018: £217) to the company.
Monet Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Monet Acquisition Company Limited owed £12,937 (2018: £12,937) to the company.
Bradford Engineering Holding Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, Bradford Engineering Holding Company Limited owed £217 (2018: £-) to the company.
GTSI Acquisition Company Limited
A company in which Mr L M Levie is a director.
At the balance sheet date, GTSI Acquisition Company Limited owed £217 (2018: £-) to the company.
Union Metal Industries Corporation
A company in which Mr L M Levie is an owner.
At the balance sheet date, Union Metal Industries Corporation owed £2,985,293 (2018:- £1,989,661 ) to the company, balance being included in other Debtors.
Greenwich Investments LLC
A company in which Mr L M Levie is an owner.
At the balance sheet date, Greenwich Investments owed £Nil (2018:- £36,250 ) to the company, balance being included in other Debtors.
Champlain Cable Corporation
A company in which Mr L M Levie is an owner.
At the balance sheet date, Shawnee Tubing Industries owed £888,826 (2018:- £888,826 ) to the company, balance being included in other Debtors.
Avara Pharmaceutical Services Inc.
A company in which Mr L M Levie is a director.
At the balance sheet date, Avara Pharmaceutical Services Inc.owed £220,561 (2018:- £220,345 ) to the company, balance being included in other Debtors.
Alliance Manufacturing and Trading Company Ltd
A company in which Mr L M Levie is a director.
At the balance sheet date, Alliance Manufacturing and Trading Company Ltd owed £237,148 (2018: £237,248) to the company.
|
Ultimate controlling party |
The controlling party is International Hose Holding Company LLC, incorporated in USA.
Mr L M Levie is the ultimate controlling party by virtue of his majority shareholding in the ultimate parent undertaking.