Efaflex UK Limited - Accounts to registrar - small 17.1.1
Efaflex UK Limited - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2016 |
| for |
| Efaflex UK Limited |
| Efaflex UK Limited (Registered number: 04597069) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Efaflex UK Limited |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Registered Auditors |
| Blackthorn House |
| St Pauls Square |
| Birmingham |
| West Midlands |
| B3 1RL |
| Efaflex UK Limited (Registered number: 04597069) |
| Balance Sheet |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 on behalf by: |
| Efaflex UK Limited (Registered number: 04597069) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Efaflex UK Limited is a |
| 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 for the year ended 31 December 2016 are the first financial statements that |
| comply with FRS 102 Section 1A small entities. The date of transition is 1 January 2015. |
| The transition to FRS 102 Section 1A small entities has not resulted in any changes in accounting |
| policies to those used previously. Further details on the transition to FRS 102 are given in the notes. |
| 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 form customers are recognised as a liability in the balance |
| sheet. |
| Efaflex UK Limited (Registered number: 04597069) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are |
| recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
| account in other administrative expenses. |
| 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. |
| 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 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. |
| Efaflex UK Limited (Registered number: 04597069) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Payments on account |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 69,732 | 62,011 |
| Other creditors |
| Accruals and deferred income |
| Efaflex UK Limited (Registered number: 04597069) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
| value: | £ | £ |
| 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. |
| for and on behalf of |
| 9. | OTHER FINANCIAL COMMITMENTS |
| Total financial commitments, guarantees and contingencies which are not included in the balance |
| sheet amount to £97,229 (2015 £196,737). |
| 10. | RELATED PARTY DISCLOSURES |
| Efaflex Tor- und Sicherheitssysteme GmbH & Co KG |
| Parent company (registered in Germany) |
| During the year the company traded with its parent company, purchases of £965,685 (2015 £957,678) |
| and sales of £58,678 (2015 £33,331) |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Amount due to related party at the balance sheet date | 24,859 | 55,864 |
| 11. | FIRST YEAR ADOPTION |
| There were no adjustments required by the company in restating its balance sheet as at 1 January |
| 2014 and its previously published financial statements as at and for the year ended 31 December |
| 2015. |
| Transitional relief |
| On transition to FRS 102, the company has taken advantage of the following transitional relief: |
| • | not to apply the requirements of paragraphs 20.15A to 20.25A in respect of lease incentives. |