Company Registration No. 02611234 (England and Wales)
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
COMPANY INFORMATION
Director
Mr L D Wheeler
Company number
02611234
Registered office
Unit 49
Washford Industrial Estate
Heming Road
Redditch
Worcestershire
B98 0EA
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
37,714
Current assets
Stocks
6
610,665
Debtors
7
946,011
513,449
Cash at bank and in hand
118,815
946,011
1,242,929
Creditors: amounts falling due within one year
8
(339,724)
Net current assets
946,011
903,205
Total assets less current liabilities
946,011
940,919
Provisions for liabilities
Deferred tax liability
9
7,166
-
(7,166)
Net assets
946,011
933,753
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
946,009
933,751
Total equity
946,011
933,753
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 September 2021
Mr L D Wheeler
Director
Company Registration No. 02611234
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2019
2
892,929
892,931
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
40,822
40,822
Balance at 31 December 2019
2
933,751
933,753
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
12,258
12,258
Balance at 31 December 2020
2
946,009
946,011
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Montrose Fasteners Limited (formerly Bufab (UK) Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 49, Washford Industrial Estate, Heming Road, Redditch, Worcestershire, B98 0EA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
1.2
Going concern
The company has ceased to trade at 1 March 2020 and the trade, assets and liabilities have been 'hived across' to Bufab (UK) Limited other than a debt recoverable. The company has no outstanding liabilities but as the company has ceased to trade, the directors do not consider a going concern basis to be appropriate and the financial statements have been prepared on a break up basis.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5-10 years straight line
Fixtures and fittings
5-10 years straight line
Computers
3 years straight line
Motor vehicles
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.
The cost of the Company's stocks are calculated as a weighted average purchase price and includes expenses
arising from the acquisition of stocks and bringing them to their existing location and condit
ion.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet 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.
1.9
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.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit
2020
2019
Operating profit for the year is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
2,117
33,478
Depreciation of owned tangible fixed assets
1,642
14,554
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Administration and Warehouse
2
13
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
14,285
152,468
20,869
16,210
203,832
Disposals
(35,068)
(1,004)
(36,072)
At 31 December 2020
14,285
117,400
19,865
16,210
167,760
Depreciation and impairment
At 1 January 2020
14,285
115,882
19,741
16,210
166,118
Depreciation charged in the year
1,518
124
1,642
At 31 December 2020
14,285
117,400
19,865
16,210
167,760
Carrying amount
At 31 December 2020
At 31 December 2019
36,586
1,128
37,714
6
Stocks
2020
2019
£
£
Raw materials and consumables
610,665
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
426,853
Corporation tax recoverable
5,674
Amounts owed by group undertakings
51,864
Other debtors
13,247
Prepayments and accrued income
15,811
513,449
2020
2019
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
946,011
Total debtors
946,011
513,449
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
8
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
131,263
Amounts owed to group undertakings
88,398
Taxation and social security
17,616
Other creditors
53,486
Accruals and deferred income
48,961
339,724
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
-
7,166
2020
Movements in the year:
£
Liability at 1 January 2020
7,166
Transfer on disposal
(7,166)
Liability at 31 December 2020
-
10
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
MONTROSE FASTENERS LIMITED (FORMERLY BUFAB (UK) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
11
Audit report information
(Continued)
- 9 -
We draw attention to note 1.2 to the financial statements which explains that the company has ceased to trade and that its trade, assets and liabilities have been 'hived across' to Bufab (UK) Limited and that the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Colm McGrory FCA and the auditor was Ormerod Rutter Limited.
12
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2020
2019
£
£
Within one year
59,272
Between two and five years
59,084
118,356
13
Ultimate controlling party
The company is a 100% owned subsidiary of Bult Finnveden AB , a company incorporated in Sweden.
The company's ultimate parent undertaking is Bufab Holding AB incorporated in Luxembourg which was listed
on the NASDAQ stock exchange on 21st February 2014.
Financial statements of Bufab Holding AB are available from:
Box 2266, SE-331 02, Värnamo, Sweden.
2020-12-31
2020-01-01
false
21 September 2021
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
This audit opinion is unqualified
Mr L D Wheeler
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