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

ADDMASTER (U.K.) LIMITED

Unaudited Financial Statements

for the Period 1 April 2021 to 31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr SMT Garnier

Ms N Forsvall

Ms U Bjork

D Rome

REGISTERED OFFICE:

Darfin House

Priestly Court

Staffordshire Technology Park

Beaconside

Stafford

ST18 0AR

REGISTERED NUMBER:

03947927 (England and Wales)

ACCOUNTANTS:

Haslehursts Limited

88 Hill Village Road

Sutton Coldfield

West Midlands

B75 5BE

FIXED ASSETS

Intangible assets

5

324,303

359,019

Tangible assets

6

11,715

14,154

Investments

7

-

-

336,018

373,173

CURRENT ASSETS

Stocks

1,994,261

1,121,415

Debtors

8

6,381,313

6,445,727

Cash at bank

2,315,265

1,941,416

10,690,839

9,508,558

CREDITORS

Amounts falling due within one year

9

(1,171,907

)

(1,890,525

)

NET CURRENT ASSETS

9,518,932

7,618,033

TOTAL ASSETS LESS CURRENT LIABILITIES

9,854,950

7,991,206

PROVISIONS FOR LIABILITIES

(2,230

)

(5,330

)

NET ASSETS

9,852,720

7,985,876

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

9,851,720

7,984,876

SHAREHOLDERS' FUNDS

9,852,720

7,985,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 18 February 2022 and were signed on its behalf by:

Dr SMT Garnier - Director

1.	STATUTORY INFORMATION

Addmaster (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.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, 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.

Domain names cost is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 15% on reducing balance

The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

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 period 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 period 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

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.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Leasing

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2021 - 16 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2021

and 31 December 2021

446,759

8,057

454,816

AMORTISATION

At 1 April 2021

89,352

6,445

95,797

Charge for period

33,507

1,209

34,716

At 31 December 2021

122,859

7,654

130,513

NET BOOK VALUE

At 31 December 2021

323,900

403

324,303

At 31 March 2021

357,407

1,612

359,019

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

117,648

Additions

695

At 31 December 2021

118,343

DEPRECIATION

At 1 April 2021

103,494

Charge for period

3,134

At 31 December 2021

106,628

NET BOOK VALUE

At 31 December 2021

11,715

At 31 March 2021

14,154

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2021

and 31 December 2021

77,181

PROVISIONS

At 1 April 2021

and 31 December 2021

77,181

NET BOOK VALUE

At 31 December 2021

-

At 31 March 2021

-

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade debtors

763,929

1,300,666

Amounts owed by group undertakings

5,512,107

4,796,829

Other debtors

105,277

348,232

6,381,313

6,445,727

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2021

£

£

Trade creditors

533,981

992,873

Amounts owed to group undertakings

9,481

218,209

Taxation and social security

314,176

498,760

Other creditors

314,269

180,683

1,171,907

1,890,525

10.	LEASING AGREEMENTS

Total amount of commitments is £103,544 (31/3/21:£118,504).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2021 and the year ended 31 March 2021:

2021

2021

£

£

P Morris

Balance outstanding at start of period

-

618,250

Amounts repaid

-

(618,250

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

-

12.	RELATED PARTY DISCLOSURES

Related party transactions:

Dividends to parent company £nil (31/3/21:£70,000).

13.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Polygiene AB, Styrmansgatan 2, SE-211 18 Malmo, Sweden, a company incorporated in Sweden.