Schneider Prototyping (UK) Limited - Period Ending 2016-12-31

Schneider Prototyping (UK) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2016

Registration number: 06873942

Schneider Prototyping (UK) Limited

Balance Sheet

31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	3	75,210	86,073
Current assets
Stocks	4	9,729	20,357
Debtors	5	465,588	694,436
Cash at bank and in hand		54,847	51,097
		530,164	765,890
Creditors: Amounts falling due within one year	6	(1,100,355)	(1,097,375)
Net current liabilities		(570,191)	(331,485)
Total assets less current liabilities		(494,981)	(245,412)
Provisions for liabilities		(12,917)	(14,625)
Net liabilities		(507,898)	(260,037)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(507,899)	(260,038)
Total equity		(507,898)	(260,037)

The notes on pages 3 to 8 form an integral part of these financial statements.

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Schneider Prototyping (UK) Limited

Balance Sheet

31 December 2016

For the financial year ending 31 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

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

Approved and authorised by the director on 28 September 2017
 

Dr Henri-Jacques Topf

Director

Company Registration Number: 06873942

The notes on pages 3 to 8 form an integral part of these financial statements.

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Schneider Prototyping (UK) Limited

Notes to the Financial Statements

Year Ended 31 December 2016

1	General information

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

The address of its registered office & principal place of business is:
5 Abbey Business Park
Blackhill Road
Holton Heath Trading Park
Poole
Dorset
BH16 6NN

These financial statements were authorised for issue by the director on 28 September 2017.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 January 2015. There are no material departures from FRS102.

Going concern

There were net liabilities at the balance date. The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the director and group companies.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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Schneider Prototyping (UK) Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance basis
Motor vehicles	25% reducing balance basis
Plant and machinery	25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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Schneider Prototyping (UK) Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2016	88,205	11,995	100,940	201,140
Additions	10,692	-	3,595	14,287
Disposals	(4,423)	-	(18,960)	(23,383)
At 31 December 2016	94,474	11,995	85,575	192,044
Depreciation
At 1 January 2016	51,200	7,360	56,507	115,067
Charge for the year	11,851	1,164	10,188	23,203
Eliminated on disposal	(3,119)	-	(18,317)	(21,436)
At 31 December 2016	59,932	8,524	48,378	116,834
Carrying amount
At 31 December 2016	34,542	3,471	37,197	75,210
At 31 December 2015	37,005	4,635	44,433	86,073

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Schneider Prototyping (UK) Limited

Notes to the Financial Statements

Year Ended 31 December 2016

4

Stocks

	2016 £	2015 £
Raw materials and consumables	7,141	10,646
Work in progress	1,783	4,472
Other inventories	805	5,239
	9,729	20,357

5

Debtors

	2016  £	2015  £
Trade debtors	378,453	210,186
Other debtors	11,030	13,570
Prepayments	76,105	470,680
	465,588	694,436

6

Creditors

	Note	2016  £	2015  £
Due within one year
Loans and borrowings	7	-	223
Trade creditors		697,780	404,919
Amounts due to group undertakings	8	96,973	479,940
Social security and other taxes		47,713	18,576
Accrued expenses		257,889	193,717
		1,100,355	1,097,375

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Schneider Prototyping (UK) Limited

Notes to the Financial Statements

Year Ended 31 December 2016

7	Loans and borrowings

	2016 £	2015 £
Current loans and borrowings
Bank overdrafts	-	223

8	Related party transactions

Summary of transactions with other related parties

Schneider Prototyping GmbH
(D Topf has a controlling interest)

Sales made during the year £3,244 (2015: £5,957).
Goods and services purchased during the year £36,380 (2015: £20,721).

Purchase Ledger balance owed at the balance sheet date £35,005 (2015: £22,505).
Sales ledger balance owing at the balance sheet date £9,201 (2015: £5,957).

Loan account due at the balance sheet date £43,913 (2015: £43,366). At the balance sheet date the
amount due to Schneider Prototyping GmbH was £69,717 (2015: £59,914).

Schneider Prototyping (Shanghai) Co Ltd
(Subsidiary of Schneider Prototyping GmbH)

Sales made during the year £9,898 (2015: £7,267)
Goods and services purchased during the year £349,762 (2015: £332,909)

Sales ledger balance owed at the balance sheet date £9,924 (2015: £30,792)
Purchase ledger balance owed at the balance sheet date £414,547 (2015: £250,872). At the balance
sheet date the amount due to Schneider Prototyping (Shanghai) Co Ltd was £404,623 (2015: £220,080)

Schneider Prototyping Hungary Kft
(Subsidiary of Schneider International Holding GmbH)

Sales made during the year £Nil (2015: £5,877)
Goods and services purchased during the year £139 (2015: £4,369)

Purchase ledger balance owed at the balance sheet date £381 (2015: £242)
Sales ledger owing at the balance sheet date £5,877 (2015: £6,119). At the balance sheet date the
amount due from Schneider Prototyping Hungary Kft was £5,496 (2015: £5,877).
 

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Schneider Prototyping (UK) Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Schneider International Holding GmbH
(Owns 100% of the share capital of Schneider Prototyping (UK) Ltd)

Sales made during the year £6,527 (2015: £12,494)
Goods and services purchased during the year £196,519 (2015: £116,050)

Purchase ledger balance owed at the balance sheet date £129,235 (2015: £194,892)
Sales ledger balance owing at the balance sheet date £19,021 (2015: £12,494)

Loan account due at the balance sheet date £53,061 (2015: £436,573). At the balance sheet date the
amount due to Schneider International Holding GmbH was £163,275 (2015: £618,971).

Schneider Prototyping India Private Limited

Sales made during the year £120 (2015: £2,846)
Goods and services purchased during the year £117,739 (2015: £35,029)

Purchase ledger balance owed at the balance sheet date £31,892 (2015: £Nil)
Sales ledger balance owing at the balance sheet date £120 (2015: £Nil).

Payments on account due after one year £25,460 (2015: £412,145). At the balance sheet date the
amount due to/(from) Schneider Prototyping India Private Limited was £6,312 (2015: (£412,145)).

9	Parent and ultimate parent undertaking

The ultimate controlling party is D Topf.

10	Transition to FRS 102

This is the first year the accounts have been prepared under FRS 102, however, this has not affected the financial position or performance of the comparative figures.

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