Deister Electronic (UK) Limited Company Accounts

DEISTER ELECTRONIC (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02120680

Deister Electronic (UK) Limited

Unaudited Financial Statements

for the year ended

31 December 2016

Deister Electronic (UK) Limited

Financial Statements

for the year ended 31st December 2016

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 9

Deister Electronic (UK) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Deister Electronic (UK) Limited

for the year ended 31st December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Deister Electronic (UK) Limited for the year ended 31st December 2016, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Deister Electronic (UK) Limited in accordance with the terms of our engagement letter dated 22nd April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Deister Electronic (UK) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Deister Electronic (UK) Limited and its director for our work or for this report.

It is your duty to ensure that Deister Electronic (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 profit of Deister Electronic (UK) Limited. You consider that Deister Electronic (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 Deister Electronic (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.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 23 March 2017

Deister Electronic (UK) Limited

Statement of Financial Position

as at 31 December 2016

	2016		2015
Note	£	£	£	£

Fixed assets

Tangible assets	5		62,515		44,528

Current assets

Stocks		423,199	303,722
Debtors	7	593,243	695,937
Cash at bank and in hand		1,532,999	1,217,595
		------------	------------
		2,549,441	2,217,254

Creditors: amounts falling due within one year	8	762,606		222,052
		------------		------------
Net current assets			1,786,835		1,995,202
			------------		------------
Total assets less current liabilities			1,849,350		2,039,730

Provisions

Taxation including deferred tax	3,543	1,478
	------------	------------
Net assets	1,845,807	2,038,252
	------------	------------

Capital and reserves

Called up share capital	61,000	61,000
Profit and loss account	1,784,807	1,977,252
	------------	------------
Members funds	1,845,807	2,038,252
	------------	------------

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 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.

For the year ending 31st December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Deister Electronic (UK) Limited

Statement of Financial Position (continued)

as at 31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 27 February 2017 , and are signed on behalf of the board by:

A Stobbe
Director

Company registration number: 02120680

Deister Electronic (UK) Limited

Notes to the Financial Statements

for the year ended 31st December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, Lincolnshire, PE11 1TB. The principal activity of the company during the year was the sale of electronic guarding equipment.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

The carrying values of tangible fixed assets are reviewed for impairment annually by the directors without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

The carrying values of tangible fixed assets are reviewed for impairment annually by the director without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Pension costs

The company operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £26,169 (2015: £25,697).

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 17 (2015: 17 ).

5. Tangible assets

Plant and machinery	Fixtures and fittings	Motor vehicles	Total
£	£	£	£

Cost
At 1st January 2016	210,177	21,924	27,469	259,570
Additions	16,290	345	32,000	48,635
Disposals	–	–	( 27,469)	( 27,469)
	-----------	-----------	-----------	-----------
At 31st December 2016	226,467	22,269	32,000	280,736
	-----------	-----------	-----------	-----------
Depreciation
At 1st January 2016	179,885	19,276	15,881	215,042
Charge for the year	11,646	747	7,150	19,543
Disposals	–	–	( 16,364)	( 16,364)
	-----------	-----------	-----------	-----------
At 31st December 2016	191,531	20,023	6,667	218,221
	-----------	-----------	-----------	-----------
Carrying amount
At 31st December 2016	34,936	2,246	25,333	62,515
	-----------	-----------	-----------	-----------
At 31st December 2015	30,292	2,648	11,588	44,528
	-----------	-----------	-----------	-----------

6. Investments

	Other investments other than loans
	£

Cost
At 1 Jan 2016 and 31 Dec 2016	70
	-----------
Impairment
At 1 Jan 2016 and 31 Dec 2016	70
	-----------

Carrying amount
At 31st December 2016	–
	-----------

7. Debtors

	2016	2015
	£	£

Trade debtors	271,300	398,307
Prepayments and accrued income	102,463	107,682
Other debtors	219,480	189,948
	-----------	-----------
	593,243	695,937
	-----------	-----------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£

Trade creditors	17,219	63,355
Amounts owed to group undertakings	49,834	7,381
Accruals and deferred income	523,641	51,768
Corporation tax	75,156	50,346
Social security and other taxes	96,756	49,202
	-----------	-----------
	762,606	222,052
	-----------	-----------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2016	2015
	£	£

Not later than 1 year	5,414	5,016
Later than 1 year and not later than 5 years	490,345	536,659
	-----------	-----------
	495,759	531,643
	-----------	-----------

10. Related party transactions

Other Debtors From 1st April 2005 the company started to lease its premises for an annual rent of £64,000 on a 15 year tenancy. This annual rent was increased to £104,000 per annum from 2015. The property is owned by Duke Properties Limited a company which is owned 100% by Fresh & Juicy GmbH . This company is 100% owned by Mrs A Stobbe , the wife of Mr A Stobbe director of Deister Electronic (UK) Limited . The balance on a rental deposit of £ 60,966 (2015: £42,839) is included in debtors and will be released towards the end of the 15 year tenancy agreement.

11. Controlling party

Deister Electronic (UK) Limited is a 100% subsidiary of M.S.T. Electronik B.V ., a company registered in The Netherlands. In turn M.S.T. Electronik B.V. is a 100% subsidiary of Deister Holding AG , a company based in Germany and wholly owned by A Stobbe .

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.

No transitional adjustments were required in equity or profit or loss for the year.