Afriso Eurogauge Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00738226 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

FOR

AFRISO EUROGAUGE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E Fritz

W B Lawther

REGISTERED OFFICE:

Unit 4

Satellite Business Village

Crawley

West Sussex

RH10 9NE

REGISTERED NUMBER:

00738226 (England and Wales)

AUDITORS:

Currie Accountancy Limited

Chartered Accountants

Statutory Auditors

First Floor

13a High Street

Edenbridge

Kent

TN8 5AB

FIXED ASSETS

Property, plant and equipment

4

29,385

17,543

CURRENT ASSETS

Inventories

220,901

191,378

Debtors

5

212,191

212,400

Cash at bank and in hand

554,360

348,366

987,452

752,144

CREDITORS

Amounts falling due within one year

6

747,271

706,512

NET CURRENT ASSETS

240,181

45,632

TOTAL ASSETS LESS CURRENT LIABILITIES

269,566

63,175

CAPITAL AND RESERVES

Called up share capital

121,700

121,700

Retained earnings

147,866

(58,525

)

SHAREHOLDERS' FUNDS

269,566

63,175

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 16th September 2022 and were signed on its behalf by:

W B Lawther - Director

1.	STATUTORY INFORMATION

Afriso Eurogauge 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.	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 accounts are prepared on the going concern basis on the basis that the holding company, AFRISO-WERK Georg Fritz GmbH & Co KG has confirmed that it will of itself and through this company's fellow subsidiary, Afriso Euro-Index GmbH, continue to support this company.

As stated in the post balance sheet events note to the accounts, the lease for the company premises expires on 28th September 2022. Negotiations are continuing and the directors are confident that these will be successfully concluded so that the going concern basis on which the accounts are prepared is not compromised.

Significant judgements and estimates

Exchange rate

In order to translate the assets and liabilities held in euros at the balance sheet date, the directors not only review the different exchange rates obtainable online but also consider the variance in the exchange rate after the year end to confirm that the rate used is not speculative. The company uses a default rate of 1.15 in the records.

Stock obsolescence

Stock by its nature does not deteriorate but individual items may not sell for some years. In addition to items that have been superceded, items where no sale has been made in the last eighteen months are written off.

Stock valuation

Stock is recorded at purchase price. An additional 4% is added to include the overheads required to bring the stock to its current condition and location.

Provision for dilapidations

The current lease for the company premises expires on 28th September 2022. Under the terms of the lease the company must make good any works required to return the premises to their pre-let state (dilapidations). A dilapidation report has been prepared but this does not include costs. An estimate has been made of these costs based on a RICS dilapidation forum survey of £9.54 per square foot. The total provision amounts to £35,651.

Revenue recognition

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

Turnover is recognised when goods are despatched.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected lives on a straight line basis at rates of 20% to 33% per annum.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Costs, which comprise production costs including an estimate of applicable overheads, are based on the method most appropriate to the type of inventory class, but usually on a first in first out basis Net realisable value is calculated for individual stock items as the likely selling price with a deduction for the costs of bringing the item to a condition in which it can be sold.

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.

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.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Foreign currencies

Monetary assets and liabilities denominated 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. All differences are taken into account in arriving at the operating result Non-monetary items that are measured at historic cost in a foreign currency are not retranslated at the balance sheet date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 10 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1st January 2021

190,003

Additions

22,537

Disposals

(8,500

)

At 31st December 2021

204,040

DEPRECIATION

At 1st January 2021

172,460

Charge for year

7,295

Eliminated on disposal

(5,100

)

At 31st December 2021

174,655

NET BOOK VALUE

At 31st December 2021

29,385

At 31st December 2020

17,543

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

187,728

191,477

Other debtors

24,463

20,923

212,191

212,400

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

637,500

631,579

Taxation and social security

50,875

58,060

Other creditors

58,896

16,873

747,271

706,512

Trade creditors includes £559,793 (2020 £563,470) which is due to fellow subsidiaries.

7.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

30,845

44,713

Between one and five years

-

33,375

30,845

78,088

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

The Report of the Auditors was unqualified.

Isobel Currie (Senior Statutory Auditor)

for and on behalf of Currie Accountancy Limited

9.	RELATED PARTY DISCLOSURES

10.	POST BALANCE SHEET EVENTS

The lease for the company premises expires on 28th September 2022. Negotiations are continuing concerning the company's future occupation of the premises.

11.	ULTIMATE CONTROLLING PARTY