Emmegi (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07283344 (England and Wales)

EMMEGI (UK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I Latimer

M Bellucci

P Bianchi

REGISTERED OFFICE:

14 Spitfire Centre

Coventry Business Park

Coventry

West Midlands

CV5 6UR

REGISTERED NUMBER:

07283344 (England and Wales)

AUDITORS:

Burrows Scarborough Limited

(Statutory Auditor)

Sovereign House

12 Warwick Street

Coventry

CV5 6ET

BANKERS:

Barclays

Leicester

LE87 2BB

FIXED ASSETS

Tangible assets

5

28,586

10,290

Investments

6

2

2

28,588

10,292

CURRENT ASSETS

Stocks

501,747

635,731

Debtors

1,767,712

1,309,155

Prepayments and accrued income

25,178

79,262

Cash at bank and in hand

196,932

247,946

2,491,569

2,272,094

CREDITORS

Amounts falling due within one year

1,380,478

1,042,820

NET CURRENT ASSETS

1,111,091

1,229,274

TOTAL ASSETS LESS CURRENT LIABILITIES

1,139,679

1,239,566

PROVISIONS FOR LIABILITIES

(2,481

)

(447

)

ACCRUALS AND DEFERRED INCOME

(9,750

)

(9,750

)

NET ASSETS

1,127,448

1,229,369

CAPITAL AND RESERVES

Called up share capital

8

100,000

100,000

Retained earnings

1,027,448

1,129,369

SHAREHOLDERS' FUNDS

1,127,448

1,229,369

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 March 2021 and were signed on its behalf by:

I Latimer - Director

1.	STATUTORY INFORMATION

Emmegi (UK) 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.	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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements

The financial statements contain information about Emmegi (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Emmegi S.A, .

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.

Turnover

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

Machine sales

Machine sales are recognised in the accounts at the point of delivery to the customer.

Parts, Servicing and other income

Are recognised at the point of supply of the parts and upon completion of servicing work carried out by the company engineers.

Machine rental income

Machine rental income is recognised on rentals due under a leasing agreement between the company and the lessee.

Interest receivable

Interest income is recognised as the company's right to receive payment is established.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost and 20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit & loss account, 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

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.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 16 ) .

4.	AUDITORS' REMUNERATION

31.12.20

31.12.19

£

£

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

7,500

7,500

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2020

141,219

Additions

24,632

At 31 December 2020

165,851

DEPRECIATION

At 1 January 2020

130,929

Charge for year

6,336

At 31 December 2020

137,265

NET BOOK VALUE

At 31 December 2020

28,586

At 31 December 2019

10,290

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2020

and 31 December 2020

2

NET BOOK VALUE

At 31 December 2020

2

At 31 December 2019

2

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.20

31.12.19

£

£

Within one year

81,019

94,814

Between one and five years

176,557

44,404

257,576

139,218

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

100,000

Ordinary

£1

100,000

100,000

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

The Report of the Auditors was unqualified.

Adam Bexon MChem FCA (Senior Statutory Auditor)

for and on behalf of Burrows Scarborough Limited

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE PARENT COMPANY

The ultimate parent company, Voilap Holdings S.P.A is privately owned by various individuals of which none hold individual control of the company. The company's registered address is as follows - Via Archimede, 10-41010 Limidi di Soliera (MO) Italy.

12.	CONTROLLING PARTY

The company is controlled by Emmegi S.A who at the balance sheet date own 100% of the issued share capital. This company is registered to the following address - 38, Boulevard Napoleon 1er, 2210, Luxembourg.