Generac Global UK Limited Company accounts

Generac Global UK Limited Company accounts

GENERAC GLOBAL UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00440706
GENERAC GLOBAL UK LIMITED
FINANCIAL STATEMENTS
31 December 2020
GENERAC GLOBAL UK LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2020
CONTENTS
PAGES
Strategic report
1
Directors' report
2 to 3
Independent auditor's report to the members
4 to 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 to 17
GENERAC GLOBAL UK LIMITED
STRATEGIC REPORT
Year ended 31 December 2020
The directors present their Strategic Report for the year ended 31 December 2020.
Business review
The company's activity is that of property rental and investments. The profit for the year after taxation amounted to £213k (2019: £156k).
Principal risks and uncertainties
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through inter-company accounts and bank overdraft facilities.
This report was approved by the board of directors on 20 December 2021 and signed on behalf of the board by:
Mr Y A Ragen
Director
GENERAC GLOBAL UK LIMITED
DIRECTORS' REPORT
Year ended 31 December 2020
The directors present their report and the financial statements of the company for the year ended 31 December 2020 .
Directors
The directors who served the company during the year were as follows:
Mr A P Jagdfeld
Mr Y A Ragen
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The company's activity will continue to be that of property rental and investments.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 20 December 2021 and signed on behalf of the board by:
Mr Y A Ragen
Director
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GENERAC GLOBAL UK LIMITED
Year ended 31 December 2020
Opinion
We have audited the financial statements of Generac Global UK Limited (the 'company') for the year ended 31 December 2020 which comprise the profit and loss account, balance sheet, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Tee
(Senior Statutory Auditor)
For and on behalf of
Kilsby & Williams LLP
Chartered accountants & statutory auditor
Cedar House
Hazell Drive
Newport
NP10 8FY
23 December 2021
GENERAC GLOBAL UK LIMITED
PROFIT AND LOSS ACCOUNT
Year ended 31 December 2020
2020
2019
Note
£000
£000
TURNOVER
5
233
230
----
----
GROSS PROFIT
233
230
Administrative expenses
( 10)
( 40)
----
----
OPERATING PROFIT
6
223
190
Other interest receivable and similar income
3
5
----
----
PROFIT BEFORE TAXATION
226
195
Tax on profit
8
( 13)
( 39)
----
----
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
213
156
----
----
All the activities of the company are from continuing operations.
GENERAC GLOBAL UK LIMITED
BALANCE SHEET
31 December 2020
2020
2019
Note
£000
£000
FIXED ASSETS
Tangible assets
9
2,554
2,521
Investments
10
95,947
89,745
--------
--------
98,501
92,266
CURRENT ASSETS
Debtors
11
637
454
CREDITORS: amounts falling due within one year
12
( 3)
–
----
----
NET CURRENT ASSETS
634
454
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
99,135
92,720
PROVISIONS
13
( 130)
( 130)
--------
--------
NET ASSETS
99,005
92,590
--------
--------
CAPITAL AND RESERVES
Called up share capital
15
3,889
3,889
Share premium account
16
62
62
Capital redemption reserve
16
3
3
Capital contribution
16
92,859
86,657
Profit and loss account
16
2,192
1,979
--------
--------
SHAREHOLDERS FUNDS
99,005
92,590
--------
--------
These financial statements were approved by the board of directors and authorised for issue on 20 December 2021 , and are signed on behalf of the board by:
Mr Y A Ragen
Director
Company registration number: 00440706
GENERAC GLOBAL UK LIMITED
STATEMENT OF CHANGES IN EQUITY
Year ended 31 December 2020
Called up share capital
Share premium account
Capital redemption reserve
Capital contribution
Profit and loss account
Total
£000
£000
£000
£000
£000
£000
AT 1 JANUARY 2019
3,889
62
3
72,916
1,823
78,693
Profit for the year
156
156
-------
----
----
--------
-------
--------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
–
–
–
156
156
Capital contribution
–
–
–
13,741
–
13,741
-------
----
----
--------
-------
--------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
–
–
–
13,741
–
13,741
AT 31 DECEMBER 2019
3,889
62
3
86,657
1,979
92,590
Profit for the year
213
213
-------
----
----
--------
-------
--------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
–
–
–
–
213
213
Capital contribution
–
–
–
6,202
–
6,202
----
----
----
-------
----
-------
TOTAL INVESTMENTS BY AND DISTRIBUTIONS TO OWNERS
–
–
–
6,202
–
6,202
-------
----
----
--------
-------
--------
AT 31 DECEMBER 2020
3,889
62
3
92,859
2,192
99,005
-------
----
----
--------
-------
--------
Included within profit and loss reserves is an amount of £554k which is un-distributable.
GENERAC GLOBAL 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 & Wales. The address of the registered office is Room 116 The Innovation Centre, Festival Drive, Victoria Business Park, Ebbw Vale, Blaenau Gwent, NP23 8XA.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with 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, 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Generac Holdings Inc. which can be obtained from the company's principal place of business at S45 W29290 Highway 59 Waukesha, WI 53189 USA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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: Impairment of non-financial assets Investments in subsidiaries are carried at cost less impairment. In assessing impairment the company uses a value in use model which is based on a discounted cash flow model, which is sensitive to assumptions made and discount rates used. The company assesses at each reporting date whether an asset may be impaired.
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 are 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.
4. DIRECTORS AND EMPLOYEES
The directors received no remuneration in respect of their services in the current and the prior period. The company had no employees in either period.
5. TURNOVER
Turnover arises from:
2020
2019
£000
£000
Rental income
234
231
----
----
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in Germany.
6. OPERATING PROFIT
Operating profit or loss is stated after charging/crediting:
2020
2019
£000
£000
Foreign exchange differences
( 24)
18
----
----
7. AUDITOR'S REMUNERATION
2020
2019
£000
£000
Fees payable for the audit of the financial statements
4
4
----
----
8. TAX ON PROFIT
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2019: higher than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).
2020
2019
£000
£000
Profit on ordinary activities before taxation
226
195
----
----
Profit on ordinary activities by rate of tax
43
37
Adjustment to tax charge in respect of prior periods
( 10)
16
Group relief
(20)
(14)
----
----
Tax on profit
13
39
----
----
9. TANGIBLE ASSETS
Investment property
£000
Cost
At 1 January 2020
2,521
Additions
33
-------
At 31 December 2020
2,554
-------
Depreciation
At 1 January 2020 and 31 December 2020
–
-------
Carrying amount
At 31 December 2020
2,554
-------
At 31 December 2019
2,521
-------
The investment property has previously been valued independently by the Valuation Research Group based in Germany. The valuation was completed on 1 January 2017 and updated to the 20 September 2017. The method for the valuation was the cost approach. The directors have considered the market valuation at 31 December 2020 to not be materially different to the carrying value.
10. INVESTMENTS
Shares in group undertakings
£000
Cost
At 1 January 2020
91,968
Additions
6,202
--------
At 31 December 2020
98,170
--------
Impairment
At 1 January 2020 and 31 December 2020
2,223
--------
Carrying amount
At 31 December 2020
95,947
--------
At 31 December 2019
89,745
--------
]
Subsidiary undertakings, associates and other investments
Country of incorporation
Holding
Ottomotores SA de CV
Mexico
100% Ordinary shares
Generac Mexico, S.A. de C.V.
Mexico
100% Ordinary shares
Generac do Brazil Ltda
Brazil
100% Ordinary shares
Motortech GmBH
Germany
100% Ordinary shares
Motortech Polska Sp. Z.o.o.
Poland
100% Ordinary shares
Motortech Shanghai Co. Ltd
China
100% Ordinary shares
Suzhou Generac Power Systems Co. Ltd
China
100% Ordinary shares
Generac Colombia S.A.S.
Colombia
100% Ordinary shares
Generac Hidalgo, S.A. de C.V.
Mexico
100% Ordinary shares
Subsidiaries of Generac Mexico, S.A. de C.V.:
Selmec Equipos Industriales, S.A. de C.V.
Mexico
100% Ordinary shares
Subsidiaries of Selmec Equipos Industriales, S.A. de C.V.:
Operadora Selmec, S.A. de S.V.
Mexico
100% Ordinary shares
Servicios Administrativos Selmec, S.A. de C.V.
Mexico
100% Ordinary shares
The group has conducted impairment reviews at 31 October 2020 on the reporting units of the Generac Group. The tests conclude that the investments are not impaired.
11. DEBTORS
2020
2019
£000
£000
Trade debtors
23
–
Amounts owed by group undertakings
571
392
Corporation tax repayable
43
62
----
----
637
454
----
----
12. CREDITORS: amounts falling due within one year
2020
2019
£000
£000
Social security and other taxes
3
–
----
----
13. PROVISIONS
Deferred tax (note 14)
£000
At 1 January 2020 and 31 December 2020
130
----
14. DEFERRED TAX
The deferred tax included in the balance sheet is as follows:
2020
2019
£000
£000
Included in provisions (note 13)
130
130
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£000
£000
Fair value adjustment of investment property
130
130
----
----
15. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
3,888,951
3,888,951
3,888,951
3,888,951
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16. RESERVES
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses. Capital contribution - This reserve records the value received in relation to capital contributions received from the parent entity.
17. RELATED PARTY TRANSACTIONS
The company did not participate in any related party transactions during the period of accounts.
18. CONTROLLING PARTY
Generac Holdings UK Limited of the company's controlling party by virtue of its 100 percent interest in the company. The largest and the smallest group in which the results of the company are consolidated is that headed by Generac Holdings Inc., which is registered in United States. Copies of Generac Holdings Inc. financial statements can be obtained from the company's principal place of business at S45 W29290 Highway 59 Waukesha, WI 53189 USA.