Weltec Biopower (UK) Limited Small abridged accounts

WELTEC BIOPOWER (UK) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Weltec Biopower (UK) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07470495

Weltec Biopower (UK) Limited

Unaudited Abridged Financial Statements

31 December 2017

Weltec Biopower (UK) Limited

Abridged Financial Statements

Year ended 31 December 2017

Contents	Page

Director's report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	11

Notes to the detailed abridged income statement	12

Weltec Biopower (UK) Limited

Director's Report

Year ended 31 December 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 December 2017 .

Director

The director who served the company during the year was as follows:

Mr J Albartus

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 17 May 2018 and signed on behalf of the board by:

Mr J Albartus
Director

Registered office:

Innovation Centre

Warwick Technology Park

Warwick

Warwickshire

CV34 6UW

Weltec Biopower (UK) Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 December 2017

	2017	2016
Note	£	£
Gross (loss)/profit	( 16,480)	148,574

Administrative expenses	193,204	271,683
	---------	---------
Operating loss	( 209,684)	( 123,109)

Interest payable and similar expenses		10,572	15,125
		---------	---------
Loss before taxation	5	( 220,256)	( 138,234)

Tax on loss	–	–
	---------	---------
Loss for the financial year and total comprehensive income	( 220,256)	( 138,234)
	---------	---------

Retained losses at the start of the year	( 818,796)	( 680,562)
	------------	---------
Retained losses at the end of the year	( 1,039,052)	( 818,796)
	------------	---------

All the activities of the company are from continuing operations.

Weltec Biopower (UK) Limited

Abridged Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		–	23

Current assets

Stocks	8,811	25,269
Debtors	23,969	32,167
Cash at bank and in hand	6,680	11,230
	--------	--------
	39,460	68,666

Creditors: amounts falling due within one year	1,078,411		883,882
	------------		---------
Net current liabilities		1,038,951	815,216
		------------	---------
Total assets less current liabilities		( 1,038,951)	( 815,193)

Provisions

Pensions and similar obligations	100	3,602
	------------	---------
Net liabilities	( 1,039,051)	( 818,795)
	------------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 1,039,052)	( 818,796)
	------------	---------
Shareholders deficit	( 1,039,051)	( 818,795)
	------------	---------

These abridged financial statements have been prepared 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'.

For the year ending 31 December 2017 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 abridged 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 abridged financial statements .

Weltec Biopower (UK) Limited

Abridged Statement of Financial Position (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 17 May 2018 , and are signed on behalf of the board by:

Mr J Albartus
Director

Company registration number: 07470495

Weltec Biopower (UK) Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Innovation Centre, Warwick Technology Park, Warwick, Warwickshire, CV34 6UW.

2. Statement of compliance

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

Going concern

The accounts have been prepared on a going concern basis, which assumes that the company will continue to trade for at least one year from the date of approval of these financial statements by the director and thereafter for the foreseeable future. The director considers it appropriate to prepare the financial statements on this basis as the company's parent undertaking, Weltec Biopower GmbH, will provide sufficient funds to enable the company to meet its day to day working capital requirements. The financial statements do not include any adjustments that would result from a withdrawal of the support provided by the parent undertaking.

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.

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 & Machinery	-	33% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

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

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 abridged 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

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 3 (2016: 3 ).

5. Profit before taxation

Loss before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	23	2,501
	----	-------

6. Tangible assets

	£
Cost
At 1 January 2017 and 31 December 2017	12,931
	--------
Depreciation
At 1 January 2017	12,908
Charge for the year	23
	--------
At 31 December 2017	12,931
	--------
Carrying amount
At 31 December 2017	–
	--------
At 31 December 2016	23
	--------

7. Taxation

No liability of UK corporation tax arose on ordinary activities for the year ended 31 December 2016.

The company has estimated losses of £1,012,094 (2016:£792,396) available for carry forward. No deferred tax asset is provided for on these losses as the director is unable to reasonably predict when there will be sufficient profits to obtain the relief.

8. Reserves

		Profit and loss account
		£
	At 1 January 2017	(818,796)
	Deficit for the year	(220,256)
		------------
	At 31 December 2017	(1,039,052)
		------------

9. Financial instruments at fair value

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

10. Related party transactions

The company was under the control of Weltec Holding GmbH (incorporated in Germany) throughout the current and previous year. The direct regard Weltec Holding GmbH as being the company's ultimate parent company. Weltec Holding GmbH - Holding company During the year Weltec Holding GmbH did charge the company interest of £10,572(2016:£15,125).

	31.12.17	31.12.16
	£	£
Amount due to related party at the balance sheet date	1,074,639	886,489

11. Controlling party

The company has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or a registrable relevant legal entity in relation to the company.

Weltec Biopower (UK) Limited

Management Information

Year ended 31 December 2017

The following pages do not form part of the abridged financial statements.

Weltec Biopower (UK) Limited

Detailed Abridged Income Statement

Year ended 31 December 2017

	2017	2016
	£	£
Turnover	–	150,000

Cost of sales

Opening stock - finished goods	25,269	25,269
Purchases	21	1,426
	--------	---------
	25,290	26,695

Closing stock - finished goods	8,810	25,269
	--------	--------
	16,480	1,426
	--------	--------

	--------	---------
Gross (loss)/profit	( 16,480)	148,574

Overheads

Administrative expenses	193,204	271,683

	---------	---------
Operating loss	( 209,684)	( 123,109)

Interest payable and similar expenses	(10,572)	(15,125)

	---------	---------
Loss before taxation	(220,256)	(138,234)
	---------	---------

Weltec Biopower (UK) Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 December 2017

	2017	2016
	£	£

Administrative expenses

Wages and salaries	93,851	141,020
Employers national insurance contributions	9,753	14,511
Staff pension contributions - defined contribution	6,378	6,676
Rent	14,892	14,666
Virtual office costs	–	1,800
Light and heat	906	527
Insurance	924	900
Cleaning costs	1,642	1,389
Motor expenses	14,863	10,699
Travel and subsistence	9,249	12,796
Hire costs (non-operating leases)	–	6,363
Telephone	3,003	3,355
Equipment repairs and renewals	548	1,024
Printing postage and stationery	438	610
Sundry expenses	2,552	1,661
Subscriptions	1,839	7,339
Advertising	22,145	28,509
Entertaining	535	506
Legal and professional fees (allowable)	–	5,403
Accountancy fees	9,190	8,898
Depreciation of tangible assets	23	2,501
Bank charges	473	530
	---------	---------
	193,204	271,683
	---------	---------

Interest payable and similar expenses

Other interest payable and similar charges	10,572	15,125
	--------	--------