LCR CAPACITORS (EU) LIMITED 31/01/2022 iXBRL

LCR CAPACITORS (EU) LIMITED 31/01/2022 iXBRL

LCR CAPACITORS (EU) LTD. - Company Information

Print Friendly Version

45 31/01/2022 2022-01-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-02-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 02766008 2021-02-01 2022-01-31 02766008 2022-01-31 02766008 2021-01-31 02766008 2020-02-01 2021-01-31 02766008 2021-01-31 02766008 core:PlantMachinery 2021-02-01 2022-01-31 02766008 core:MotorVehicles 2021-02-01 2022-01-31 02766008 bus:RegisteredOffice 2021-02-01 2022-01-31 02766008 bus:LeadAgentIfApplicable 2021-02-01 2022-01-31 02766008 bus:Director1 2021-02-01 2022-01-31 02766008 core:AfterOneYear 2022-01-31 02766008 core:AfterOneYear 2021-01-31 02766008 core:WithinOneYear 2022-01-31 02766008 core:WithinOneYear 2021-01-31 02766008 core:ShareCapital 2022-01-31 02766008 core:ShareCapital 2021-01-31 02766008 core:RevaluationReserve 2022-01-31 02766008 core:RevaluationReserve 2021-01-31 02766008 core:RetainedEarningsAccumulatedLosses 2022-01-31 02766008 core:RetainedEarningsAccumulatedLosses 2021-01-31 02766008 bus:SmallEntities 2021-02-01 2022-01-31 02766008 bus:AuditExempt-NoAccountantsReport 2021-02-01 2022-01-31 02766008 bus:AbridgedAccounts 2021-02-01 2022-01-31 02766008 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 02766008 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31
Company registration number: 02766008
LCR CAPACITORS (EU) LIMITED
Unaudited filleted abridged financial statements
31 January 2022
LCR CAPACITORS (EU) LIMITED
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
LCR CAPACITORS (EU) LIMITED
Directors and other information
Director MR P BALZ
Company number 02766008
Registered office UNIT 18
RASSAU INDUSTRIAL ESTATE
EBBW VALE
NP23 5SD
Business address UNIT 18
RASSAU INDUSTRIAL ESTATE
EBBW VALE
NP23 5SD
Accountants LOVELL & CO
18 COBB CRESCENT
CALDICOT
NP26 5BY
LCR CAPACITORS (EU) LIMITED
Abridged statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 363,248 375,505
_______ _______
363,248 375,505
Current assets
Stocks 291,496 270,346
Debtors 6 246,649 150,666
Cash at bank and in hand 604,681 524,821
_______ _______
1,142,826 945,833
Creditors: amounts falling due
within one year 7 ( 162,465) ( 99,228)
_______ _______
Net current assets 980,361 846,605
_______ _______
Total assets less current liabilities 1,343,609 1,222,110
Creditors: amounts falling due
after more than one year 8 ( 562,871) ( 521,263)
_______ _______
Net assets 780,738 700,847
_______ _______
Capital and reserves
Called up share capital 50,002 50,002
Revaluation reserve 607,606 607,606
Profit and loss account 123,130 43,239
_______ _______
Shareholders funds 780,738 700,847
_______ _______
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 September 2022 , and are signed on behalf of the board by:
MR P BALZ
Director
Company registration number: 02766008
LCR CAPACITORS (EU) LIMITED
Notes to the financial statements
Year ended 31 January 2022
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 18, RASSAU INDUSTRIAL ESTATE, EBBW VALE, NP23 5SD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 45 (2021: 45 ).
The aggregate payroll costs incurred during the year were:
2022 2021
£ £
Wages and salaries 1,437,654 1,765,397
Other pension costs 126,654 42,636
_______ _______
1,564,308 1,808,033
_______ _______
5. Tangible assets
£
Cost
At 1 February 2021 1,548,186
Additions 48,135
Disposals ( 23,918)
_______
At 31 January 2022 1,572,403
_______
Depreciation
At 1 February 2021 1,172,683
Charge for the year 54,714
Disposals ( 18,242)
_______
At 31 January 2022 1,209,155
_______
Carrying amount
At 31 January 2022 363,248
_______
At 31 January 2021 375,503
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£
At 31 January 2022
Aggregate cost 1,302,513
Aggregate depreciation (1,175,597)
_______
Carrying amount 126,916
_______
At 31 January 2021
Aggregate cost 1,302,513
Aggregate depreciation (1,161,495)
_______
Carrying amount 141,018
_______
The revaluations relate to plant, machinery and equipment undertaken by the director in 2006 (NBV-£440,500), in 2008 (NBV-£155,059) and in 2017 (NBV-£354,900). In each case, no liability to corporation tax would have arisen should, if hypothetically, the revalued items had been sold at the balance sheet dates. Revaluation credits and debits are ignored for tax purposes.
6. Debtors
2022 2021
£ £
Trade debtors 241,765 146,882
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,134 3,784
Other debtors 750 -
_______ _______
246,649 150,666
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 34,193 45,095
Corporation tax 2,533 ( 72,419)
Social security and other taxes 45,790 54,933
Other creditors 79,949 71,619
_______ _______
162,465 99,228
_______ _______
Other creditors secured £31,275 (2021: £22,944).
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 481,390 431,870
Other creditors 81,481 89,393
_______ _______
562,871 521,263
_______ _______
A debenture dated 31 December 2013 over the assets of the company has been taken by LCR Capacitors Limited, a sister company, securing all monies now due and becoming due to it. Other creditors secured £47,785 (2021:£47,273).
9. Controlling party
The company is a wholly owned subsidiary of LCR Capacitors Holdings Limited, a company registered in England and Wales, company number 05864914.