Oglaend System (UK) Limited Filleted accounts for Companies House (small and micro)

OGLAEND SYSTEM (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04130118

Oglaend System (UK) Limited

Filleted Financial Statements

31 December 2020

Oglaend System (UK) Limited

Financial Statements

Year ended 31 December 2020

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 7

Oglaend System (UK) Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		29,301	54,375

Current assets

Stocks	6	1,422,166	1,582,349
Debtors	7	623,772	1,107,954
Cash at bank and in hand		589,350	435,290
		------------	------------
		2,635,288	3,125,593

Creditors: amounts falling due within one year	8	778,513		1,062,903
		------------		------------
Net current assets			1,856,775	2,062,690
			------------	------------
Total assets less current liabilities			1,886,076	2,117,065

Creditors: amounts falling due after more than one year	9	8,696	13,972
		------------	------------
Net assets		1,877,380	2,103,093
		------------	------------

Capital and reserves

Called up share capital	61,262	61,262
Share premium account	82,701	82,701
Profit and loss account	1,733,417	1,959,130
	------------	------------
Shareholders funds	1,877,380	2,103,093
	------------	------------

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 statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 24 September 2021 , and are signed on behalf of the board by:

Mr R Schindler
Director

Company registration number: 04130118

Oglaend System (UK) Limited

Notes to the Financial Statements

Year ended 31 December 2020

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 6, The Woodsbank Estate, Woden Road West, Wednesbury, WS10 7SU. The company registration number is 04130118 .

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Revenue is recognised on the transfer of economic benefits as paid at the self billing process. Goods are held by third parties and revenue is recognised based on usage of said goods in reference to a monthly usage report.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 material 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.

Foreign currencies

Transactions in foreign currencies are recorded at a standard company rate. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are taken to profit and loss account.

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 subsequently stated at cost less any accumulated depreciation and impairment losses.

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 & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% straight line
Motor Vehicles	-	33% straight line

Depreciation is charged from the month of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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 stock to its present location and condition. Stock held by third parties during the year is included in the stock valuation included within the statement of financial position up until the point of sale. This being the receipt of the monthly usage report, as part of the self billing process as described in in the turnover policy.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2019: 14 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2020	710	90,208	52,958	143,876
Additions	–	2,522	–	2,522
Disposals	–	–	( 31,996)	( 31,996)
	----	--------	--------	---------
At 31 December 2020	710	92,730	20,962	114,402
	----	--------	--------	---------
Depreciation
At 1 January 2020	710	57,437	31,354	89,501
Charge for the year	–	17,056	8,765	25,821
Disposals	–	–	( 30,221)	( 30,221)
	----	--------	--------	---------
At 31 December 2020	710	74,493	9,898	85,101
	----	--------	--------	---------
Carrying amount
At 31 December 2020	–	18,237	11,064	29,301
	----	--------	--------	---------
At 31 December 2019	–	32,771	21,604	54,375
	----	--------	--------	---------

6. Stocks

	2020	2019
	£	£
Finished goods and goods for resale	1,422,166	1,582,349
	------------	------------

7. Debtors

	2020	2019
	£	£
Trade debtors	450,214	688,122
Amounts owed by group undertakings and undertakings in which the company has a participating interest	45,000	192,513
Other debtors	128,558	227,319
	---------	------------
	623,772	1,107,954
	---------	------------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	44,136	61,625
Amounts owed to group undertakings and undertakings in which the company has a participating interest	643,732	934,751
Social security and other taxes	51,803	21,591
Other creditors	38,842	44,936
	---------	------------
	778,513	1,062,903
	---------	------------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	8,696	13,972
	-------	--------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	166,152	159,034
Later than 1 year and not later than 5 years	316,529	459,362
	---------	---------
	482,681	618,396
	---------	---------

11. Summary audit opinion

The auditor's report for the year dated 28 September 2021 was unqualified.

The senior statutory auditor was Andrew Pountney , for and on behalf of Dean Statham .

12. Related party transactions

A guarantee has been provided by Oglaend Industrier AS in respect of an overdraft facility and a VAT guarantee facility with the company's bank. A guarantee has also been provided by Oglaend Industrier AS in respect of the lease for the company's premises. The company has taken advantage of the exemption under FRS1012 Section 1A Related Parties not to report group related party transactions.

13. Controlling party

The company is a wholly owned subsidiary of Oglaend Industrier AS, a company incorporated in Norway. The parent company's registered office address is Engelsbollveien 264, Klepp Stasjon, Norway. The ultimate parent company of the group is Hilti AG, a company incorporated in Liechtenstein. The company's registered office address is Feldkircherstrasse 100, PO Box 333 Schaan, 9494 Liechtenstein.