Exalto Bearings UK Limited Filleted accounts for Companies House (small and micro)

EXALTO BEARINGS UK LIMITED - Company Information

17 false false false false false false false false false true false false true false true true true No description of principal activity 2020-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 168,669 33,733 8,434 42,167 126,502 134,936 xbrli:pure xbrli:shares iso4217:GBP 09783576 2020-01-01 2020-12-31 09783576 2020-12-31 09783576 2019-12-31 09783576 2019-01-01 2019-12-31 09783576 2019-12-31 09783576 core:NetGoodwill 2020-01-01 2020-12-31 09783576 core:PlantMachinery 2020-01-01 2020-12-31 09783576 core:FurnitureFittings 2020-01-01 2020-12-31 09783576 bus:Director1 2020-01-01 2020-12-31 09783576 core:NetGoodwill 2019-12-31 09783576 core:NetGoodwill 2020-12-31 09783576 core:PlantMachinery 2019-12-31 09783576 core:FurnitureFittings 2019-12-31 09783576 core:PlantMachinery 2020-12-31 09783576 core:FurnitureFittings 2020-12-31 09783576 core:WithinOneYear 2020-12-31 09783576 core:WithinOneYear 2019-12-31 09783576 core:AfterOneYear 2020-12-31 09783576 core:AfterOneYear 2019-12-31 09783576 core:ShareCapital 2020-12-31 09783576 core:ShareCapital 2019-12-31 09783576 core:SharePremium 2020-12-31 09783576 core:SharePremium 2019-12-31 09783576 core:RetainedEarningsAccumulatedLosses 2020-12-31 09783576 core:RetainedEarningsAccumulatedLosses 2019-12-31 09783576 core:NetGoodwill 2019-12-31 09783576 core:PlantMachinery 2019-12-31 09783576 core:FurnitureFittings 2019-12-31 09783576 bus:SmallEntities 2020-01-01 2020-12-31 09783576 bus:Audited 2020-01-01 2020-12-31 09783576 bus:FullAccounts 2020-01-01 2020-12-31 09783576 bus:SmallCompaniesRegimeForAccounts 2020-01-01 2020-12-31 09783576 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 09783576 core:ComputerEquipment 2020-01-01 2020-12-31 09783576 core:ComputerEquipment 2019-12-31 09783576 core:ComputerEquipment 2020-12-31

COMPANY REGISTRATION NUMBER: 09783576

Exalto Bearings UK Limited

Filleted Financial Statements

31 December 2020

Exalto Bearings UK Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	126,502	134,936
Tangible assets	6	154,672	182,117
		-----------	-----------
		281,174	317,053

Current assets

Stocks		269,312	220,074
Debtors	7	283,966	302,593
Cash at bank and in hand		376,156	188,452
		-----------	-----------
		929,434	711,119

Creditors: amounts falling due within one year	8	349,117		344,507
		-----------		-----------
Net current assets			580,317	366,612
			-----------	-----------
Total assets less current liabilities			861,491	683,665

Creditors: amounts falling due after more than one year	9		300,000	300,000

Provisions

Taxation including deferred tax	29,388	30,960
	-----------	-----------
Net assets	532,103	352,705
	-----------	-----------

Capital and reserves

Called up share capital	100	100
Share premium account	217,127	217,127
Profit and loss account	314,876	135,478
	-----------	-----------
Shareholders funds	532,103	352,705
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Exalto Bearings UK Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 28 February 2021 , and are signed on behalf of the board by:

Mr M Grammer

Director

Company registration number: 09783576

Exalto Bearings UK Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8c, Sir Francis Ley Industrial Park, Derby, DE23 8XA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

3.I Basis of preparation

The financial statements have been prepared on the historical cost basis, and are prepared in sterling, which is the functional currency of the entity.

3.II Going concern

The directors have considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion have taken all reasonable steps to mitigate these factors. This includes giving further consideration to their projections under the 5-year business plan to take into account the potential scenarios that may arise as a result of COVID-19. As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3.III Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Graphite Metallizing Holdings Inc, which can be obtained from 1050 Nepperhan Avenue, Yonkers, NY 10703 USA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.

3.IV Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3.V Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

3.VI Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

3.VII Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

3.VIII Amortisation

The company has taken the view that the name of "Exalto" is well known and respected throughout the industry and because of that they have decided to amortise the goodwill over 20 years.

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

3.IX Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

3.X Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% straight line
Fixtures and fittings	-	20% straight line
Computer equipment	-	33% straight line

3.XI Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.XII Stocks

Stocks are measured 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 the stock to its present location and condition.

3.XIII Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3.XIV Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2019: 19 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2020 and 31 December 2020	168,669
	-----------
Amortisation
At 1 January 2020	33,733
Charge for the year	8,434
	-----------
At 31 December 2020	42,167
	-----------
Carrying amount
At 31 December 2020	126,502
	-----------
At 31 December 2019	134,936
	-----------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 January 2020	310,338	16,998	7,571	334,907
Additions	25,050	–	4,242	29,292
Disposals	( 4,944)	–	( 1,081)	( 6,025)
	-----------	---------	---------	-----------
At 31 December 2020	330,444	16,998	10,732	358,174
	-----------	---------	---------	-----------
Depreciation
At 1 January 2020	137,623	9,583	5,584	152,790
Charge for the year	49,543	3,400	1,668	54,611
Disposals	( 2,819)	–	( 1,080)	( 3,899)
	-----------	---------	---------	-----------
At 31 December 2020	184,347	12,983	6,172	203,502
	-----------	---------	---------	-----------
Carrying amount
At 31 December 2020	146,097	4,015	4,560	154,672
	-----------	---------	---------	-----------
At 31 December 2019	172,715	7,415	1,987	182,117
	-----------	---------	---------	-----------

7. Debtors

	2020	2019
	£	£
Trade debtors	255,838	290,612
Other debtors	28,128	11,981
	-----------	-----------
	283,966	302,593
	-----------	-----------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	85,139	86,925
Amounts owed to group undertakings and undertakings in which the company has a participating interest	171,241	216,626
Corporation tax	48,150	472
Social security and other taxes	19,291	20,020
Other creditors	25,296	20,464
	-----------	-----------
	349,117	344,507
	-----------	-----------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	300,000	300,000
	-----------	-----------

10. Summary audit opinion

The auditor's report for the year dated 28 February 2021 was unqualified.

The senior statutory auditor was I J Grant BSC FCA CF , for and on behalf of Grants .

11. Related party transactions

The company has an outstanding loan due to its parent company Graphite Metallizing Holdings Inc. of £300,000 (£2019 £300,000), repayable in 5 years from the start date at an interest of 2% above the Libor rate as at the first date of business each year. During the period the parent company has advanced monies to the company, and been recharged costs against this advance. The money is repayable on demand and carries no interest. At the year end this balance was £171,241 (2019 £216,626). The company recharges its parent company payroll costs and staff expenses. During the year the figures were £40,321 (2019 £37,172) and £2,260 (2019 £7,764) respectively. During the year the parent company charged the company loan interest of £9,073 (2019 £9,075). No further transactions with related parties were undertaken such as are required to be disclosed.

12. Controlling party

The ultimate parent company is Graphite Metallizing Holdings Inc., a company who is registered in the USA.