Haverland UK Limited 30/05/2018 iXBRL

HAVERLAND UK LIMITED - Company Information

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Company registration number: 07328561

Haverland UK Limited

Filleted financial statements

30 May 2018

Haverland UK Limited

Contents

Directors and other information

Director's responsibilities statement

Statement of financial position

Notes to the financial statements

Haverland UK Limited

Directors and other information


	Director	Mr David Marquez Borreguero


	Company number	07328561


	Registered office	Challenge House
		Sherwood Drive
		Bletchley
		Milton Keynes
		MK3 6DP


	Auditor	Grahame J Harbour Limited
		1 Windrush Road
		Keynsham
		Bristol
		BS31 1QL


	Accountants	Charlton Baker Limited
		7-7c Snuff Street
		Devizes
		Wiltshire
		SN10 1DU

Haverland UK Limited

Director's responsibilities statement

Year ended 30 May 2018

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Haverland UK Limited

Statement of financial position

30 May 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	1,121		748
		_______		_______
			1,121		748

Current assets
Stocks		-		4,720
Debtors	6	820,461		684,572
Cash at bank and in hand		493,098		361,979
		_______		_______
		1,313,559		1,051,271
Creditors: amounts falling due
within one year	7	( 1,512,514)		( 1,378,926)
		_______		_______
Net current liabilities			( 198,955)		( 327,655)
			_______		_______
Total assets less current liabilities			( 197,834)		( 326,907)


Provisions for liabilities	8		33,783		59,061

			_______		_______
Net liabilities			( 164,051)		( 267,846)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 164,052)		( 267,847)
			_______		_______
Shareholders deficit			( 164,051)		( 267,846)
			_______		_______

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.

These financial statements were approved by the board of directors and authorised for issue on 08 October 2018 , and are signed on behalf of the board by:

Mr David Marquez Borreguero

Director

Company registration number: 07328561

Haverland UK Limited

Notes to the financial statements

Year ended 30 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haverland UK Ltd, Challenge House, Sherwood Drive, Bletchley, Milton Keynes, MK3 6DP.

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 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.

Going concern

The company requires the continued support of its parent company, Marsan Industrial S.A., which it currently has and it is anticipated that the existing arrangements will be reviewed annually. It is as a result of this support that the accounts have been prepared on a going concern basis.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Fittings fixtures and equipment	-	15 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their 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 in finance costs 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.

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 in finance costs 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 6 (2017: 6 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 31 May 2017	1,930	1,930
Additions	571	571
	_______	_______
At 30 May 2018	2,501	2,501
	_______	_______
Depreciation
At 31 May 2017	1,182	1,182
Charge for the year	198	198
	_______	_______
At 30 May 2018	1,380	1,380
	_______	_______
Carrying amount
At 30 May 2018	1,121	1,121
	_______	_______
At 30 May 2017	748	748
	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	771,191	631,710
Other debtors	49,270	52,862
	_______	_______
	820,461	684,572
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	1,187,601	1,192,720
Social security and other taxes	165,365	99,948
Other creditors	159,548	86,258
	_______	_______
	1,512,514	1,378,926
	_______	_______

8. Provisions

	Deferred tax (note 9)	Total
	£	£
At 31 May 2017	( 59,061)	( 59,061)
Charges against provisions	25,278	25,278
	_______	_______
At 30 May 2018	( 33,783)	( 33,783)
	_______	_______

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions (note 8)	( 33,783)	( 59,061)
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	199	135
Unused tax losses	( 33,982)	( 47,158)
	_______	_______
	(33,783)	(47,023)
	_______	_______

10. Operating leases

The company as lessee

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


	£	£

Not later than 1 year	18,464	28,508
Later than 1 year and not later than 5 years	22,747	6,642
	_______	_______
	41,211	35,150
	_______	_______

11. Contingent assets and liabilities

The company provides guarantees on its products ranging from two to ten years. No provision has been made for the potential liability as it is matched by a contingent asset, as all items replaced under the guarantees are provided by Marsan Industrial S.A. at no cost to the company.

12. Summary audit opinion

The auditor's report for the year dated 10 October 2018 was unqualified.

The senior statutory auditor was Grahame J Harbour for and on behalf of Grahame J Harbour Limited

13. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2018	2017	2018	2017
	£	£	£	£
Marsan Industrial S A	3,440,912	2,851,512	( 1,163,072)	( 1,173,174)
	_______	_______	_______	_______

Haverland (UK) Limited is a wholly-owned subsidiary of Marsan Industrial S.A., a company incorporated in Spain. The company is a manufacturer and a main supplier of Haverland (UK) Limited. During the year the company made purchases of £3,342,341 (2017: £2,766,512) from Marsan Industrial S.A. Also, Marsan Industrial S.A charged £98,571 (2017: £85,000) management fees to the company. At the year end the outstanding amount is £1,163,072 (2017:£1,173,174), included in trade credtors.

14. Controlling party

Marsan Industrial S.A., a company incorporated in Spain, owns 100% of the share capital of Haverland UK Limited as such controls the company.