Efaflex UK Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04597069 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

Efaflex UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S J Holder

D Turrell

M Merthan

SECRETARY:

S J Holder

REGISTERED OFFICE:

5 And 6

Cedar Court Halesfield 17

Telford

Shropshire

TF7 4PF

REGISTERED NUMBER:

04597069 (England and Wales)

AUDITORS:

Locke Williams Associates LLP

Chartered Accountants

Registered Auditors

c/o Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

FIXED ASSETS

Tangible assets

4

62,923

132,487

CURRENT ASSETS

Stocks

155,953

180,255

Debtors

5

347,400

452,498

Cash at bank and in hand

2,405,070

1,949,998

2,908,423

2,582,751

CREDITORS

Amounts falling due within one year

6

641,194

564,448

NET CURRENT ASSETS

2,267,229

2,018,303

TOTAL ASSETS LESS CURRENT LIABILITIES

2,330,152

2,150,790

PROVISIONS FOR LIABILITIES

11,174

22,065

NET ASSETS

2,318,978

2,128,725

CAPITAL AND RESERVES

Called up share capital

7

1,100,000

1,100,000

Retained earnings

1,218,978

1,028,725

SHAREHOLDERS' FUNDS

2,318,978

2,128,725

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 27 April 2023 and were signed on its behalf by:

D Turrell - Director

1.	STATUTORY INFORMATION

Efaflex 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the supply of replacement parts and spares and for doors supplied without installation, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from testing, servicing and repair work is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to work performed.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Door sales and installations - Construction contracts

The supply of doors and supplied with installation are classified as construction contracts. When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to actual costs incurred compared to estimated total costs.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Progress payments and advances received from customers are recognised as a liability in the balance sheet.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

50% on cost and Over the period of the lease

Plant and machinery

-

50% on cost, 33% on cost and 25% on cost

Fixtures and fittings

-

33% on cost, 25% on cost and 15% on cost

Motor vehicles

-

50% on cost and 33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 3 months.

Creditors

Creditors and provisions are recognised where the Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments

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 13 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2022

28,600

60,127

54,773

213,174

356,674

Additions

-

4,377

4,200

192

8,769

At 31 December 2022

28,600

64,504

58,973

213,366

365,443

DEPRECIATION

At 1 January 2022

28,600

56,098

42,935

96,554

224,187

Charge for year

-

5,000

8,370

64,963

78,333

At 31 December 2022

28,600

61,098

51,305

161,517

302,520

NET BOOK VALUE

At 31 December 2022

-

3,406

7,668

51,849

62,923

At 31 December 2021

-

4,029

11,838

116,620

132,487

5.

DEBTORS

31.12.22

31.12.21

£

£

Amounts falling due within one year:

Trade debtors

266,535

349,412

Amounts owed by group undertakings

-

20,509

Other debtors

61,806

68,082

328,341

438,003

Amounts falling due after more than one year:

Trade debtors

19,059

14,495

Aggregate amounts

347,400

452,498

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Payments on account

10,192

229,170

Trade creditors

157,110

129,187

Amounts owed to group undertakings

123,915

-

Taxation and social security

149,161

81,803

Other creditors

200,816

124,288

641,194

564,448

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1,100,000

Ordinary

£1

1,100,000

1,100,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Williams (Senior Statutory Auditor)

for and on behalf of Locke Williams Associates LLP

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £59,867 (2021 £67,613). Commitments relate to operating lease agreements for premises and company vehicles.

10.	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.

There is no individual controlling party, the ultimate parent company EFAFLEX Tor- und Sicherheitssysteme GmbH & Co. KG, which is registered at 14 Fliederstrasse, Bruckberg, Germany, 84079, is owned jointly by family members with no one having overall control.