Hexatronic UK Ltd 31/12/2018 iXBRL

Hexatronic UK Ltd 31/12/2018 iXBRL

HEXATRONIC UK LTD - Company Information

Print Friendly Version

31/12/2018 2018-12-31 false false false false true false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06329180 2018-01-01 2018-12-31 06329180 2018-12-31 06329180 2017-12-31 06329180 2016-09-01 2017-12-31 06329180 2017-12-31 06329180 2016-08-31 06329180 core:LandBuildings core:ShortLeaseholdAssets 2018-01-01 2018-12-31 06329180 core:PlantMachinery 2018-01-01 2018-12-31 06329180 core:FurnitureFittingsToolsEquipment 2018-01-01 2018-12-31 06329180 bus:RegisteredOffice 2018-01-01 2018-12-31 06329180 bus:OrdinaryShareClass1 2018-01-01 2018-12-31 06329180 bus:LeadAgentIfApplicable 2018-01-01 2018-12-31 06329180 bus:Director1 2018-01-01 2018-12-31 06329180 bus:Director2 2018-01-01 2018-12-31 06329180 bus:Director3 2018-01-01 2018-12-31 06329180 core:PlantMachinery 2017-12-31 06329180 core:FurnitureFittingsToolsEquipment 2017-12-31 06329180 core:LandBuildings core:ShortLeaseholdAssets 2018-12-31 06329180 core:PlantMachinery 2018-12-31 06329180 core:FurnitureFittingsToolsEquipment 2018-12-31 06329180 core:WithinOneYear 2018-12-31 06329180 core:WithinOneYear 2017-12-31 06329180 core:RetainedEarningsAccumulatedLosses 2016-09-01 2017-12-31 06329180 core:RetainedEarningsAccumulatedLosses 2018-01-01 2018-12-31 06329180 core:ShareCapital 2018-12-31 06329180 core:ShareCapital 2017-12-31 06329180 core:RetainedEarningsAccumulatedLosses 2018-12-31 06329180 core:RetainedEarningsAccumulatedLosses 2017-12-31 06329180 core:ShareCapital 2016-08-31 06329180 core:RetainedEarningsAccumulatedLosses 2016-08-31 06329180 bus:OrdinaryShareClass1 core:ShareCapital 2018-12-31 06329180 bus:OrdinaryShareClass1 core:ShareCapital 2017-12-31 06329180 core:PlantMachinery 2017-12-31 06329180 core:FurnitureFittingsToolsEquipment 2017-12-31 06329180 bus:SmallEntities 2018-01-01 2018-12-31 06329180 bus:Audited 2018-01-01 2018-12-31 06329180 bus:FullAccounts 2018-01-01 2018-12-31 06329180 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 06329180 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31
Company registration number: 06329180
Hexatronic UK Ltd
Financial statements
31 December 2018
Hexatronic UK Ltd
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Hexatronic UK Ltd
Directors and other information
Directors Mr Carl Lennart Sparud
Mr Per Thorkildsen
Mr Henrik Olov Larsson Lyon
Company number 06329180
Registered office Unit B
Quay West Business Centre
Quay Lane
Gosport
PO12 4LJ
Business address Unit B
Quay West Business Centre
Quay Lane
Gosport
PO12 4LJ
Auditor Compass Accountants Limited
Venture House
The Tanneries
East Street
Titchfield
PO14 4AR
Accountants Arthur Daniels & Company
227A West Street
Fareham
PO16 0HZ
Hexatronic UK Ltd
Directors responsibilities statement
Year ended 31 December 2018
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 directors are 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 them 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.
Hexatronic UK Ltd
Statement of financial position
31 December 2018
31/12/18 31/12/17
Note £ £ £ £
Fixed assets
Tangible assets 5 180,558 138,741
_______ _______
180,558 138,741
Current assets
Stocks 3,361,416 751,692
Debtors 6 1,683,393 977,856
Cash at bank and in hand 438,190 1,252,220
_______ _______
5,482,999 2,981,768
Creditors: amounts falling due
within one year 7 ( 3,891,449) ( 1,546,776)
_______ _______
Net current assets 1,591,550 1,434,992
_______ _______
Total assets less current liabilities 1,772,108 1,573,733
Provisions for liabilities ( 31,893) -
_______ _______
Net assets 1,740,215 1,573,733
_______ _______
Capital and reserves
Called up share capital 8 2,000 2,000
Profit and loss account 1,738,215 1,571,733
_______ _______
Shareholders funds 1,740,215 1,573,733
_______ _______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 January 2019 , and are signed on behalf of the board by:
Mr Carl Lennart Sparud
Director
Company registration number: 06329180
Hexatronic UK Ltd
Statement of changes in equity
Year ended 31 December 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2017 2,000 450,373 452,373
Profit for the year 1,121,360 1,121,360
_______ _______ _______
Total comprehensive income for the year - 1,121,360 1,121,360
_______ _______ _______
At 31 December 2017 and 1 January 2018 2,000 1,571,733 1,573,733
Profit for the year 166,482 166,482
_______ _______ _______
Total comprehensive income for the year - 166,482 166,482
_______ _______ _______
At 31 December 2018 2,000 1,738,215 1,740,215
_______ _______ _______
Hexatronic UK Ltd
Notes to the financial statements
Year ended 31 December 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 Unit B, Quay West Business Centre, Quay Lane, Gosport, PO12 4LJ.
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.
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:
Short leasehold property - 10 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2017: 17 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2018 - 204,874 6,990 211,864
Additions 12,122 41,644 13,006 66,772
_______ _______ _______ _______
At 31 December 2018 12,122 246,518 19,996 278,636
_______ _______ _______ _______
Depreciation
At 1 January 2018 - 69,800 3,323 73,123
Charge for the year 303 23,591 1,061 24,955
_______ _______ _______ _______
At 31 December 2018 303 93,391 4,384 98,078
_______ _______ _______ _______
Carrying amount
At 31 December 2018 11,819 153,127 15,612 180,558
_______ _______ _______ _______
At 31 December 2017 - 135,074 3,667 138,741
_______ _______ _______ _______
6. Debtors
31/12/18 31/12/17
£ £
Trade debtors 1,554,236 977,856
Other debtors 129,157 -
_______ _______
1,683,393 977,856
_______ _______
7. Creditors: amounts falling due within one year
31/12/18 31/12/17
£ £
Bank loans and overdrafts 1,998 6,991
Trade creditors 2,011,213 829,920
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,500,000 206,592
Corporation tax 41,203 272,595
Social security and other taxes 1,757 100,808
Other creditors 335,278 129,870
_______ _______
3,891,449 1,546,776
_______ _______
8. Called up share capital
Issued, called up and fully paid
31/12/18 31/12/17
No £ No £
Ordinary shares shares of £ 1.00 each 2,000 2,000 2,000 2,000
_______ _______ _______ _______
9. Other financial commitments
The total financial commitments, guarantees and contingencies not included in the balance sheet are £1,339,300 .
10. Summary audit opinion
The auditor's report for the year dated 24 January 2019 was qualified on the following basis.
As the prior period financial statements were not subject to audit, we have been unable to obtain sufficient appropriate audit evidence about the opening balance and comparative of closing stock on the balance sheet.
The senior statutory auditor was Kerry Lawrance FCA for and on behalf of Compass Accountants Limited
11. Ultimate parent and controlling party
The immediate parent company of Hexatronic UK Ltd is Hexatronic Group AB (publ), a company incorporated in Sweden. The financial statements of Hexatronic Group AB (publ) are available from www.hexatronicgroup.com/en/investor-relations/financial-reports/.