Scanfiber Composites UK Limited - Limited company accounts 22.3

REGISTERED NUMBER: 07269457 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 30 September 2022

for

Scanfiber Composites UK Limited

Page

Company Information

1

Report of the Director

2

Chartered Accountants' Report

4

Income Statement

5

Other Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTOR:

E B Christensen

REGISTERED OFFICE:

Venture House

Arlington Square

Downshire Way

Bracknell

RG12 1WA

REGISTERED NUMBER:

07269457 (England and Wales)

ACCOUNTANTS:

Krogh & Partners Limited

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

The director presents his report with the financial statements of the company for the year ended 30 September 2022.

PRINCIPAL ACTIVITY

The principal activity of the Company has been that of sales of lightweight ballistic protection materials.

REVIEW OF BUSINESS

The results for the year and the financial position at the year end, were considered satisfactory by the director.

DIVIDENDS

The Director does not recommend the payment of a dividend.

DIRECTOR

E B Christensen held office during the whole of the period from 1 October 2021 to the date of this report.

AUDITORS

The director has with reference to the exemptions in the Companies Act elected not to appoint auditors.

RESULTS

The Company's loss for the year amounted to GBP (4,417).

POST BALANCE SHEET EVENTS

No post balance sheet events have occurred since 30 September 2022 which require reporting or disclosing in the accounts.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

E B Christensen - Director

15 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scanfiber Composites UK Limited for the year ended 30 September 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Scanfiber Composites UK Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Scanfiber Composites UK Limited and state those matters that we have agreed to state to the director of Scanfiber Composites UK Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scanfiber Composites UK Limited and its director for our work or for this report.

It is your duty to ensure that Scanfiber Composites UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Scanfiber Composites UK Limited. You consider that Scanfiber Composites UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Scanfiber Composites UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Krogh & Partners Limited

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

15 February 2023

TURNOVER

3

2,625

24,179

Cost of sales

2,415

22,244

GROSS PROFIT

210

1,935

Administrative expenses

4,185

3,626

OPERATING LOSS

5

(3,975

)

(1,691

)

Interest payable and similar expenses

442

47

LOSS BEFORE TAXATION

(4,417

)

(1,738

)

Tax on loss

6

-

LOSS FOR THE FINANCIAL YEAR

(4,417

)

(1,738

)

LOSS FOR THE YEAR

(4,417

)

(1,738

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(4,417

)

(1,738

)

CURRENT ASSETS

Debtors

7

9,767

9,390

Cash at bank

75

2,725

9,842

12,115

CREDITORS

Amounts falling due within one year

8

157,115

154,971

NET CURRENT LIABILITIES

(147,273

)

(142,856

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(147,273

)

(142,856

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

Retained earnings

10

(148,273

)

(143,856

)

SHAREHOLDERS' FUNDS

(147,273

)

(142,856

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 15 February 2023 and were signed by:

E B Christensen - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 October 2020

1,000

(142,118

)

(141,118

)

Changes in equity

Total comprehensive income

-

(1,738

)

(1,738

)

Balance at 30 September 2021

1,000

(143,856

)

(142,856

)

Changes in equity

Total comprehensive income

-

(4,417

)

(4,417

)

Balance at 30 September 2022

1,000

(148,273

)

(147,273

)

1.	STATUTORY INFORMATION

Scanfiber Composites UK Limited 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 derives from the principal activity of the Company and is represented by invoiced sales excluding Value Added Tax.

Interest and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the profit and loss account.

Taxation

Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

Debtors

Debtors are valued individually and there are made provision according to this valuation.

Creditors

Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows.

3.

TURNOVER

Turnover is attributable to the one principal activity of the company which arose wholly in the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5.	OPERATING LOSS

2022

2021

£

Director's remuneration and other benefits etc.

0

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 30 September 2022 nor for the year ended 30 September 2021.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

7,899

Deposits

1,251

VAT

472

95

Prepayments and accrued income

145

9,767

9,390

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade creditors

10,329

7,915

Amounts owed to group undertakings

145,536

145,806

Accruals and deferred income

1,250

157,115

154,971

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

1,000

Ordinary shares

1

1,000

10.

RESERVES

Retained

earnings

£

At 1 October 2021

(143,856

)

Deficit for the year

(4,417

)

At 30 September 2022

(148,273

)

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking of this company is Scanfiber Composites A/S incorporated in Denmark.