ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

OLEON UK LIMITED - Company Information

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Registered number: 04163467










OLEON UK LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020


 
OLEON UK LIMITED
 

COMPANY INFORMATION


Directors
C De Muynck 
M Naciri 




Company secretary
Cargil Management Services Limited



Registered number
04163467



Registered office
27 Eastcastle Street

London

W1W 8DH




Independent auditor
James Cowper Kreston
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




Bankers
Fortis Bank SA-NV UK Branch
5 Aldermanbury Square

London

EC2V 7HR




 
OLEON UK LIMITED
 

CONTENTS



Page
Balance sheet
1
Notes to the financial statements
2 - 7

 
OLEON UK LIMITED
REGISTERED NUMBER: 04163467

BALANCE SHEET
AS AT 31 DECEMBER 2020

2020
2019
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
151,862
43,396

Cash at bank and in hand
 6 
18,023
110,817

  
169,885
154,213

Creditors: amounts falling due within one year
 7 
(30,039)
(25,090)

Net current assets
  
 
 
139,846
 
 
129,123

Total assets less current liabilities
  
139,846
129,123

  

Net assets
  
139,846
129,123


Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Profit and loss account
  
129,846
119,123

  
139,846
129,123


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


C De Muynck
Director

Date: 24 June 2021

The notes on pages 2 to 7 form part of these financial statements.

Page 1
 
OLEON UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.


General information

Oleon UK Limited is a private company limited by shares, incorporated in England and Wales. The registered office of the company is 27 Eastcastle Street, London, W1W 8DH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The parent company has pledged its intention to continue supporting the UK entitiy and provide financial support should it need to. The parent company has significant cash reserves and has not suffered too greatly due to Covid-19. Therefore the directors are satisfied that the preparation of the financial statements on a going concern basis remains appropriate. 

 
2.3

Turnover

Turnover represents commissions receivable from Oleon NV.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery etc.
-
10% straight line and 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2
 
OLEON UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3
 
OLEON UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2019 - 3).

Page 4
 
OLEON UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

4.


Tangible fixed assets





Plant and machinery etc.

£



Cost


At 1 January 2020
7,960



At 31 December 2020

7,960



Depreciation


At 1 January 2020
7,960



At 31 December 2020

7,960



Net book value



At 31 December 2020
-



At 31 December 2019
-

Page 5
 
OLEON UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

5.


Debtors

2020
2019
£
£


Amounts owed by group undertakings
143,706
35,631

Other debtors
2,306
3,577

Prepayments and accrued income
4,710
3,678

Deferred taxation
1,140
510

151,862
43,396





6.


Cash and cash equivalents

2020
2019
£
£

Cash at bank and in hand
18,023
110,817



7.


Creditors: Amounts falling due within one year

2020
2019
£
£

Trade creditors
86
86

Corporation tax
3,441
3,796

Other taxation and social security
3,132
4,201

Other creditors
-
207

Accruals and deferred income
23,380
16,800

30,039
25,090



8.


Deferred taxation




2020


£






At beginning of year
510


Charged to profit or loss
630



At end of year
1,140

Page 6
 
OLEON UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
 
8.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2020
2019
£
£


Accelerated capital allowances
1,140
510

1,140
510


9.


Share capital

2020
2019
£
£
Allotted, called up and fully paid



10,000 (2019 - 10,000) Ordinary shares of £1.00 each
10,000
10,000


10.


Related party transactions

At the end of the year the company was owed £143,708 (2019: £35,631) by Oleon NV, its parent undertaking. During the year the company received commission income of £155,253 (2019: £175,683) from Oleon NV.


11.


Controlling party

The directors consider the ultimate parent undertaking of this company to be Avril SCA, incorporated in France. The immediate parent undertaking is Oleon NV, incorporated in Belgium.
The largest group of undertakings for which group accounts have been drawn up is that headed by Avril SCA and the smallest such group of undertakings, including the company, is that headed by Oleon NV.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2020 was unqualified.

The audit report was signed on 5 July 2021                 by Alexander Peal BSc (Hons) FCA DChA (Senior statutory auditor) on behalf of James Cowper Kreston.


Page 7