Protektor UK Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC086301 (Scotland)

PROTEKTOR UK LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Dr C Maisch

Mr M U Barsch

REGISTERED OFFICE:

c/o Maclay Murray & Spens LLP

1 George Square

Glasgow

G2 1AL

REGISTERED NUMBER:

SC086301 (Scotland)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BANKERS:

Lloyds Bank plc

134 High Street

Stourbridge

West Midlands

DY8 1DS

CURRENT ASSETS

Stocks

4

596,384

517,909

Debtors

5

850,399

754,613

Cash at bank and in hand

241,472

241,906

1,688,255

1,514,428

CREDITORS

Amounts falling due within one year

6

1,072,192

904,538

NET CURRENT ASSETS

616,063

609,890

TOTAL ASSETS LESS CURRENT
LIABILITIES

616,063

609,890

CREDITORS

Amounts falling due after more than one
year

7

828,383

923,521

NET LIABILITIES

(212,320

)

(313,631

)

CAPITAL AND RESERVES

Called up share capital

18,000

Share premium

833,000

Retained earnings

(1,063,320

)

(1,164,631

)

SHAREHOLDERS' FUNDS

(212,320

)

(313,631

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 2 May 2018 and were signed on its behalf by:

Dr C Maisch - Director

1.	STATUTORY INFORMATION

Protektor UK Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis as, in the opinion of the directors, the

company has taken action to reorganise its manufacturing processes and to expand its customer base which has

returned the company to profitability. In addition, the company has the support of other group members for the

provision of funds required during the rebuilding process together with revised banking arrangements already in

place.

On 2 June 2016, the company completed a company voluntary arrangement under which all debts owed to

non-group companies were settled in full and arrangements were made for the settlement of debts owed to other

group members over a number of years.

Turnover

Turnover represents net sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been fully

amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Stocks

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

moving items.

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 have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

statement of financial position 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.

Compliance with accounting standards

The financial statements are prepared in accordance with applicable accounting standards.

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

50,000

AMORTISATION

At 1 January 2017

and 31 December 2017

50,000

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

4.

STOCKS

2017

2016

£

Raw materials

219,294

137,707

Finished goods

377,090

380,202

596,384

517,909

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade debtors

743,197

687,660

Amounts owed by group undertakings

75,565

39,909

Other debtors

31,637

27,044

850,399

754,613

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

Trade creditors

107,025

74,830

Amounts owed to group undertakings

818,350

698,932

Taxation and social security

81,195

73,716

Other creditors

65,622

57,060

1,072,192

904,538

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2017

2016

£

Amounts owed to group undertakings

828,383

923,521

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Meredith FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Protektorwerk GmbH, a company registered in Germany.

The ultimate controlling party is Dr. C. Maisch.

Protektor UK Limited - Accounts to registrar (filleted) - small 18.1

Protektor UK Limited - Accounts to registrar (filleted) - small 18.1