Delgany UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09053396 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

DELGANY UK LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

1,624

Property, plant and equipment

5

245,414

324,197

Investments

6

606

6

246,020

325,827

CURRENT ASSETS

Debtors

7

1,671,562

924,296

Cash at bank

20,932

15,476

1,692,494

939,772

CREDITORS

Amounts falling due within one year

8

274,860

127,241

NET CURRENT ASSETS

1,417,634

812,531

TOTAL ASSETS LESS CURRENT LIABILITIES

1,663,654

1,138,358

CREDITORS

Amounts falling due after more than one year

9

3,607,475

3,131,890

NET LIABILITIES

(1,943,821

)

(1,993,532

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(1,944,821

)

(1,994,532

)

SHAREHOLDERS' FUNDS

(1,943,821

)

(1,993,532

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 15 March 2022 and were signed on its behalf by:

Mr N Agiomamitis - Director

1.	STATUTORY INFORMATION

Delgany UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09053396

Registered office:

1 Kings Avenue

London

N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Preparation of consolidated financial statements

The financial statements contain information about Delgany UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when services are rendered to customers.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Leasehold land and buildings - Over the period of the lease

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

Motor vehicles - 25% on reducing balance

The company has adopted the policy of not to depreciate the asset in the year of purchase, however full depreciation will be provided in the year of disposal.

Deferred tax

Deferred tax is recognised in respect of all material 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairment.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 December 2020

41,496

AMORTISATION

At 1 January 2020

39,872

Charge for year

1,624

At 31 December 2020

41,496

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

1,624

Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.

5.	PROPERTY, PLANT AND EQUIPMENT

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2020

and 31 December 2020

40,960

716,921

26,345

784,226

DEPRECIATION

At 1 January 2020

15,507

432,996

11,526

460,029

Charge for year

4,096

70,982

3,705

78,783

At 31 December 2020

19,603

503,978

15,231

538,812

NET BOOK VALUE

At 31 December 2020

21,357

212,943

11,114

245,414

At 31 December 2019

25,453

283,925

14,819

324,197

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2020

6

Additions

600

At 31 December 2020

606

NET BOOK VALUE

At 31 December 2020

606

At 31 December 2019

6

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,075,008

726,842

Amounts owed by group undertakings

490,871

90,535

Other debtors

105,683

106,919

1,671,562

924,296

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

22,279

18,578

Taxation and social security

168,312

100,649

Other creditors

84,269

8,014

274,860

127,241

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

3,607,475

3,131,890

10.	OTHER FINANCIAL COMMITMENTS

The annual commitment for operating lease expires in the next 5 years.

11.	RELATED PARTY DISCLOSURES

Included in other creditors due after one year, is an amount of £3,607,475 (2019 : £3,131,890) due to a connected company. The loan bears interest of 4% per annum.

Included in other debtors is an amount of £490,871 (2019 : £90,535) due from a connected company, out of which £339,431 is loan bearing an interest of 10% per annum.