EWM Hightec Welding UK Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06740723 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

EWM HIGHTEC WELDING UK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A Cauchi

REGISTERED OFFICE:

Unit 2B Coopies Way

Coopies Lane Industrial Estate

Morpeth

Northumberland

NE61 6JN

REGISTERED NUMBER:

06740723 (England and Wales)

ACCOUNTANTS:

McCready Page Accountants

511 Durham Road

Low Fell

Gateshead

Tyne and Wear

NE9 5EY

FIXED ASSETS

Tangible assets

4

55,120

71,921

CURRENT ASSETS

Stocks

616,458

571,282

Debtors

5

464,306

276,327

Cash at bank and in hand

180,576

335,107

1,261,340

1,182,716

CREDITORS

Amounts falling due within one year

6

410,755

482,644

NET CURRENT ASSETS

850,585

700,072

TOTAL ASSETS LESS CURRENT LIABILITIES

905,705

771,993

CREDITORS

Amounts falling due after more than one year

7

-

62,648

NET ASSETS

905,705

709,345

CAPITAL AND RESERVES

Called up share capital

8

28,000

28,000

Retained earnings

877,705

681,345

SHAREHOLDERS' FUNDS

905,705

709,345

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 February 2022 and were signed by:

A Cauchi - Director

1.	STATUTORY INFORMATION

EWM Hightec Welding UK Ltd 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 etc

-

20% on cost and 15% on cost

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 Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

32,052

148,088

180,140

Disposals

-

(16,925

)

(16,925

)

At 31 December 2021

32,052

131,163

163,215

DEPRECIATION

At 1 January 2021

15,396

92,823

108,219

Charge for year

2,498

12,347

14,845

Eliminated on disposal

-

(14,969

)

(14,969

)

At 31 December 2021

17,894

90,201

108,095

NET BOOK VALUE

At 31 December 2021

14,158

40,962

55,120

At 31 December 2020

16,656

55,265

71,921

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade debtors

453,457

265,115

Other debtors

10,849

11,212

464,306

276,327

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade creditors

36,818

58,900

Taxation and social security

120,592

173,951

Other creditors

253,345

249,793

410,755

482,644

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

£

£

Other creditors

-

62,648

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

28,000

Ordinary

1

28,000

28,000

9.	RELATED PARTY DISCLOSURES

Goods are purchased from EWM AG (the ultimate parent company) for sale in UK and Ireland. During 2021, this has amounted to £598,545 (2020 - £646,332). At 31st December 2021 £92,328 (2020 - £211,335) remains outstanding and is shown in creditors falling due within one year.

Goods have also been acquired from the following companies which are also wholly owned subsidiaries of EWM AG:

EWM Hightec Welding s.r.o £638,174 (2020 - £326,801)

Balances due at 31st December 2021 amounted to:

EWM Hightec Welding s.r.o £156,828 (2020 -£35,437)

Goods have also been sold to EWM AG for £3,318 (2020 - £nil). At 31st December 2021 £3,318 (2020 - £nil) remains outstanding and is shown in other debtors falling due within one year.

In addition, a loan was been made by EWM AG to the company, to assist with the initial set up of the business. This was fully repaid during the year (2020 - £62.648).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is EWM AG..