Crest Ultrasonics UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02810515 (England and Wales)

Audited Financial Statements for the Year Ended 30th June 2021

for

Crest Ultrasonics UK Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

L Casey

M J P Downing

J M Goodson

S A Hassan

SECRETARY:

D Casey

REGISTERED OFFICE:

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

REGISTERED NUMBER:

02810515 (England and Wales)

AUDITORS:

Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

FIXED ASSETS

Tangible assets

5

111

147

CURRENT ASSETS

Stocks

38,212

42,607

Debtors

6

45,950

122,112

Cash at bank

170,254

78,865

254,416

243,584

CREDITORS

Amounts falling due within one year

7

29,446

19,029

NET CURRENT ASSETS

224,970

224,555

TOTAL ASSETS LESS CURRENT LIABILITIES

225,081

224,702

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Share premium

232,000

232,000

Retained earnings

(7,919

)

(8,298

)

SHAREHOLDERS' FUNDS

225,081

224,702

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th February 2022 and were signed on its behalf by:

L Casey - Director

1.	STATUTORY INFORMATION

Crest Ultrasonics 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.

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.

Turnover

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

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

-

at variable rates on reducing balance

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 year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	AUDITORS' REMUNERATION

2021

2020

£

£

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

3,150

3,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1st July 2020

and 30th June 2021

20,973

DEPRECIATION

At 1st July 2020

20,826

Charge for year

36

At 30th June 2021

20,862

NET BOOK VALUE

At 30th June 2021

111

At 30th June 2020

147

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

924

588

Amounts owed by group undertakings

32,076

108,574

Other debtors

12,950

12,950

45,950

122,112

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

540

Amounts owed to group undertakings

20,389

13,175

Taxation and social security

5,006

1,264

Other creditors

4,051

4,050

29,446

19,029

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

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

The Auditors' Report was unqualified.

Joseph Illes FCA (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

10.	RELATED PARTY DISCLOSURES

All of the following companies are related by the fact that they are ultimately controlled by Crestek Inc, USA. Transactions with group companies are undertaken under normal commercial terms.

Financial information on transactions and balances between related parties are as follows:

CC Hydrosonics Limited

CC Hydrosonics Limited owes Crest Ultrasonics UK Limited £10,846.18 (2020: £100,000) in respect of a working capital loan. This loan is interest free and repayable on demand.

CC Hydrosonics Limited purchased £125,935 (2020: £33,745) of goods and services from Crest Ultrasonics UK Limited during the year. Amount due from CC Hydrosonics Limited at the year end amounted to £21,230 (2020: £8,574).

CC Hydrosonics Limited supplied £11,353 (2020: £19,426) of goods and services to Crest Ultrasonics UK Limited during the year. Amounts due to CC Hydrosonics Limited at the end of the year amounted to £1,220 (2020: £6,816).

Martin Walter Ultraschaltechnik AG

Martin Walter Ultraschaltechnik AG supplied £130,857 (2020: £37,311) of goods and services to Crest Ultrasonics UK Limited during the year. Amounts due to Martin Walter Ultraschaltechnik AG at the end of the year amounted to £19,169 (2020: £6,359).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is the ultimate parent company Crestek Inc, incorporated in USA.

The ultimate controlling party is Mr James Michael Goodson.