Suzuki Garphyttan Limited Filleted accounts for Companies House (small and micro)

Suzuki Garphyttan Limited Filleted accounts for Companies House (small and micro)

SUZUKI GARPHYTTAN LIMITED - Company Information

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38 17 March 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,500,000 1,500,000 1,500,000 1,500,000 xbrli:pure xbrli:shares iso4217:GBP 06921232 2022-01-01 2022-12-31 06921232 2022-12-31 06921232 2021-12-31 06921232 2021-01-01 2021-12-31 06921232 2021-12-31 06921232 core:NetGoodwill 2022-01-01 2022-12-31 06921232 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-01 2022-12-31 06921232 bus:Director2 2022-01-01 2022-12-31 06921232 bus:Director13 2022-01-01 2022-12-31 06921232 core:NetGoodwill 2022-12-31 06921232 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 06921232 core:PlantMachinery 2021-12-31 06921232 core:PlantMachinery 2022-12-31 06921232 core:FurnitureFittings 2022-12-31 06921232 core:PlantMachinery 2022-01-01 2022-12-31 06921232 core:FurnitureFittings 2022-01-01 2022-12-31 06921232 core:WithinOneYear 2022-12-31 06921232 core:WithinOneYear 2021-12-31 06921232 core:ShareCapital 2022-12-31 06921232 core:ShareCapital 2021-12-31 06921232 core:SharePremium 2022-12-31 06921232 core:SharePremium 2021-12-31 06921232 core:OtherReservesSubtotal 2022-12-31 06921232 core:OtherReservesSubtotal 2021-12-31 06921232 core:RetainedEarningsAccumulatedLosses 2022-12-31 06921232 core:RetainedEarningsAccumulatedLosses 2021-12-31 06921232 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 06921232 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2022-12-31 06921232 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-12-31 06921232 core:Non-currentFinancialInstruments 2021-12-31 06921232 core:PlantMachinery 2021-12-31 06921232 bus:SmallEntities 2022-01-01 2022-12-31 06921232 bus:Audited 2022-01-01 2022-12-31 06921232 bus:FullAccounts 2022-01-01 2022-12-31 06921232 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06921232 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06921232 core:OfficeEquipment 2021-12-31 06921232 core:OfficeEquipment 2022-01-01 2022-12-31 06921232 core:OfficeEquipment 2022-12-31 06921232 1 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 06921232
SUZUKI GARPHYTTAN LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2022
SUZUKI GARPHYTTAN LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
3,100,816
19,296
Investments
7
–
1,500,000
------------
------------
3,100,816
1,519,296
CURRENT ASSETS
Stocks
334,118
17,703
Debtors
8
2,156,617
159,318
Cash at bank and in hand
297,813
34,773
------------
---------
2,788,548
211,794
CREDITORS: amounts falling due within one year
9
( 13,994,487)
( 965,627)
-------------
---------
NET CURRENT LIABILITIES
( 11,205,939)
( 753,833)
-------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 8,105,123)
765,463
------------
---------
NET (LIABILITIES)/ASSETS
( 8,105,123)
765,463
------------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Share premium account
99,960
99,960
Other reserves
1,500,000
1,500,000
Profit and loss account
( 9,705,183)
( 834,597)
------------
------------
SHAREHOLDERS (DEFICIT)/FUNDS
( 8,105,123)
765,463
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
SUZUKI GARPHYTTAN LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 17 March 2023 , and are signed on behalf of the board by:
P A Hobson
M Singh
Director
Director
Company registration number: 06921232
SUZUKI GARPHYTTAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is KTS Wire Limited, Howley Park Road, Morley, Leeds, LS27 0BN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity . The financial statements have been prepared on the going concern basis. The directors consider the going concern basis to be appropriate as the group have confirmed their ongoing support.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Intellectual Property
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
Variable, depending on type of asset
Fixtures and fittings
-
Variable, depending on type of asset
Office Equipment
-
Variable, depending on type of asset
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 38 (2021: 4 ).
5. INTANGIBLE ASSETS
Goodwill
Intellectual Property
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
150,040
12
150,052
---------
----
---------
Amortisation
At 1 January 2022 and 31 December 2022
150,040
12
150,052
---------
----
---------
Carrying amount
At 31 December 2022
–
–
–
---------
----
---------
At 31 December 2021
–
–
–
---------
----
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Office Equipment
Total
£
£
£
£
Cost
At 1 January 2022
345,889
–
13,065
358,954
Additions
3,260,243
61,787
167,608
3,489,638
------------
--------
---------
------------
At 31 December 2022
3,606,132
61,787
180,673
3,848,592
------------
--------
---------
------------
Depreciation
At 1 January 2022
326,993
–
12,665
339,658
Charge for the year
303,396
7,357
97,365
408,118
------------
--------
---------
------------
At 31 December 2022
630,389
7,357
110,030
747,776
------------
--------
---------
------------
Carrying amount
At 31 December 2022
2,975,743
54,430
70,643
3,100,816
------------
--------
---------
------------
At 31 December 2021
18,896
–
400
19,296
------------
--------
---------
------------
7. INVESTMENTS
Unlisted
£
Cost
At 1 January 2022 and 31 December 2022
1,500,000
------------
Impairment
At 1 January 2022
–
Impairment losses
1,500,000
------------
At 31 December 2022
1,500,000
------------
Carrying amount
At 31 December 2022
–
------------
At 31 December 2021
1,500,000
------------
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
8. DEBTORS
2022
2021
£
£
Trade debtors
1,870,794
156,735
Other debtors
285,823
2,583
------------
---------
2,156,617
159,318
------------
---------
9. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
12,269,548
–
Trade creditors
1,266,180
231,721
Amounts owed to group undertakings and undertakings in which the company has a participating interest
–
632,150
Social security and other taxes
65,318
5,316
Other creditors
393,441
96,440
-------------
---------
13,994,487
965,627
-------------
---------
10. SUMMARY AUDIT OPINION
The auditor's report for the year dated 17 March 2023 was unqualified .
The senior statutory auditor was DAVID SCOTT , for and on behalf of Wine & Co .
11. CONTROLLING PARTY
At the balance sheet date the ultimate controlling party is Suzuki Garphyttan AB , a company incorporated in Sweden, which is a group member of Nippon Steel & Sumitomo Metal Corporation , a company incorporated in Japan. Group accounts can be requested from the parent company at the following address: Suzuki Garphyttan AB Bruksvagen 3 SE-719 80 Garphyttan Sweden