Adapa UK St Helens Limited - Period Ending 2022-12-31

Adapa UK St Helens Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 9

Adapa UK St Helens Limited

Company Information

Directors

Mr A P Parisi Mr S V Parisi

Company secretary

Mr S V Parisi

Registered office

Unit 8 Brindley Road Reginald Road Ind Estate Sutton St Helens Merseyside WA9 4HY

Auditors

Abrams Ashton Ltd Chartered Accountants and Statutory Auditor 7 Waterside Court St. Helens Merseyside WA9 1UA

Adapa UK St Helens Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 of 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 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 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.

Adapa UK St Helens Limited

(Registration number: 01732746)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	801,729	853,894
Current assets
Stocks		1,070,113	1,405,830
Debtors	5	53,056	104,566
Cash at bank and in hand		60,962	22,689
		1,184,131	1,533,085
Creditors: Amounts falling due within one year	6	(1,033,124)	(1,444,075)
Net current assets		151,007	89,010
Total assets less current liabilities		952,736	942,904
Creditors: Amounts falling due after more than one year	6	(250,000)	(250,000)
Provisions for liabilities
Deferred tax		(187,014)	(197,240)
Net assets		515,722	495,664
Capital and reserves
Called up share capital		72	72
Capital redemption reserve		50	50
Profit and loss account		515,600	495,542
Total equity		515,722	495,664

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 June 2023 and signed on its behalf by:
 

......................................... Mr S V Parisi Director

Adapa UK St Helens Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 Brindley Road
Reginald Road Ind Estate
Sutton
St Helens
Merseyside
WA9 4HY
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 June 2023 was Darren Leigh FCCA, who signed for and on behalf of Abrams Ashton Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and services and is shown net of value added tax, returns, rebates and discounts. Turnover is recognised when the company has delivered the goods and services to the customer and they are accepted.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Adapa UK St Helens Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Deferred Tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property improvements	10% straight line
Plant and machinery	15% reducing balance / straight line 5-15 years
Fixtures and fittings	15% reducing balance
Motor vehicles	33% reducing balance
Computer equipment	25% reducing balance

Stocks

Stocks comprise raw materials and finished goods. Raw materials are stated at the lower of cost and estimated selling price less costs to complete and sell. Finished goods are calculated at selling price and reduced by appropriate margins to the lower of cost and net realisable value.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Adapa UK St Helens Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis, except where another systematic basis is more representative of the time pattern in which the economic benefits from the leased asset are consumed.

Defined contribution pension obligation

The company operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the company to the fund in respect of the year.

Reasearch and development

Research expenditure is written off in the period in which it is incurred.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2021 - 31).

4	Tangible assets

	Property Improvements £	Fixtures and fittings £	Plant and machinery £	Computer equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2022	131,268	128,209	2,472,027	58,315	1,507	2,791,326
Additions	5,130	1,086	41,146	5,952	2,016	55,330
At 31 December 2022	136,398	129,295	2,513,173	64,267	3,523	2,846,656
Depreciation
At 1 January 2022	52,279	77,502	1,770,665	35,925	1,061	1,937,432
Charge for the year	13,338	7,663	80,190	6,068	236	107,495
At 31 December 2022	65,617	85,165	1,850,855	41,993	1,297	2,044,927
Carrying amount
At 31 December 2022	70,781	44,130	662,318	22,274	2,226	801,729
At 31 December 2021	78,989	50,707	701,362	22,390	446	853,894

Adapa UK St Helens Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Debtors

	Note	2022 £	2021 £
Trade debtors		13,659	15,105
Amounts owed by group undertakings	8	10,638	55,230
Prepayments and accrued income		21,493	16,377
Corporation tax		-	4,480
Other debtors		7,266	13,374
		53,056	104,566

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Trade creditors		303,177	626,579
Amounts owed to group undertakings	8	309,109	334,263
Accruals and deferred income		184,687	199,254
Corporation tax		2,421	-
Social security and other taxes		214,625	266,364
Other creditors		19,105	17,615
		1,033,124	1,444,075

Creditors: amounts falling due after more than one year

	2022 £	2021 £
Due after one year
Amounts owed to group undertakings	250,000	250,000

Adapa UK St Helens Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7	Commitments under operating leases

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £226,169 (2021 - £269,777). These commitments relate to the total minimum lease payments under non cancellable operating leases.

The total amount of financial commitments not included in the balance sheet concerning pensions is £6,129 (2021 - £7,678).

8	Related party transactions

Included within debtors are the following loans to directors:

2022	At 1 January 2022 £	At 31 December 2022 £
Loans	3,788	3,788

2021	At 1 January 2021 £	At 31 December 2021 £
Loans	3,788	3,788

Summary of transactions with parent

Included within creditors over one year at the balance sheet date is a long term loan owed to the parent company Schur Flexibles Uni SAS amounting to £250,000 (2021: £250,000). Interest is payable on this loan at 1.4% per annum.
 

Adapa UK St Helens Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Transactions with group companies were as follows:-

	Sales			Purchases
	2022			2022
	£			£
Schur Flexibles Uni SAS	-			65,168
Adapa Italy Florence SpA	-			53,337
Schur Flexibles Uni Coextrustion SA	22,836			502,181
Adapa UK Edinburgh Limited	6,904,035			108
Adapa France Fontenay Le Compte SAS	1,098			10,738
Adapa Finland Jackobstad Oy	-			2,774
Adapa Germany Kempten Gmbh	-			30,332
Adapa Germany Freital Gmbh	14,964			-
Adapa Holding GesmbH	35,355			-
Adapa France Averdoingt SAS	1,098			47,291
	6,979,386			711,929

The amounts owed (to)/from group companies are as follows:-

	2022		2021
	£		£
Schur Flexibles Uni SAS	(121,036)		(55,869)
Schur Flexibles Uni Coextrustion SA	-		(82,070)
Adapa UK Edinburgh Limited	(13,794)		54,611
Adapa France Forntenay Le Comte SAS	-		(28,533)
Adapa Germany Kempten Gmbh	6,078		(109,513)
Adapa Gmbh	(146,058)		-
Adapa Germany Freital Gmbh	655		619
Adapa Holding GesmbH	3,905		-
Adapa France Averdoingt SAS	(28,221)		(58,278)
	(298,471)		(279,033)

9	Parent and ultimate parent undertaking

The company's immediate parent is Schur Flexibles Uni SAS, registered in France.

 The ultimate parent is Atlas Flexibles GmbH, incorporated in Germany.