false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
1,500
1,500
xbrli:pure
xbrli:shares
iso4217:GBP
02722732
2019-01-01
2019-12-31
02722732
2019-12-31
02722732
2018-12-31
02722732
2018-01-01
2018-12-31
02722732
2018-12-31
02722732
core:PlantMachinery
2019-01-01
2019-12-31
02722732
core:MotorVehicles
2019-01-01
2019-12-31
02722732
bus:OrdinaryShareClass1
2019-01-01
2019-12-31
02722732
bus:Director2
2019-01-01
2019-12-31
02722732
bus:Director3
2019-01-01
2019-12-31
02722732
core:WithinOneYear
2019-12-31
02722732
core:WithinOneYear
2018-12-31
02722732
core:PlantMachinery
2018-12-31
02722732
core:MotorVehicles
2018-12-31
02722732
core:PlantMachinery
2019-12-31
02722732
core:MotorVehicles
2019-12-31
02722732
core:AfterOneYear
2019-12-31
02722732
core:AfterOneYear
2018-12-31
02722732
bus:OrdinaryShareClass1
2018-01-01
2018-12-31
02722732
core:ShareCapital
2019-12-31
02722732
core:ShareCapital
2018-12-31
02722732
core:RetainedEarningsAccumulatedLosses
2019-12-31
02722732
core:RetainedEarningsAccumulatedLosses
2018-12-31
02722732
core:BetweenOneFiveYears
2019-12-31
02722732
core:BetweenOneFiveYears
2018-12-31
02722732
core:MoreThanFiveYears
2019-12-31
02722732
core:MoreThanFiveYears
2018-12-31
02722732
core:DeferredTaxation
2019-01-01
2019-12-31
02722732
core:PlantMachinery
2018-12-31
02722732
core:MotorVehicles
2018-12-31
02722732
core:DeferredTaxation
2018-12-31
02722732
bus:SmallEntities
2019-01-01
2019-12-31
02722732
bus:AuditExemptWithAccountantsReport
2019-01-01
2019-12-31
02722732
bus:FullAccounts
2019-01-01
2019-12-31
02722732
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
02722732
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
02722732
bus:OrdinaryShareClass1
2019-12-31
02722732
bus:OrdinaryShareClass1
2018-12-31
02722732
core:ComputerEquipment
2019-01-01
2019-12-31
02722732
core:ComputerEquipment
2018-12-31
02722732
core:ComputerEquipment
2019-12-31
COMPANY REGISTRATION NUMBER:
02722732
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
Year ended 31 December 2019
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2019
Fixed assets
Tangible assets
|
6
|
36,964
|
49,479
|
|
|
|
|
Current assets
Stocks
|
1,394,501
|
934,735
|
Debtors
|
7
|
529,249
|
617,604
|
Cash at bank and in hand
|
4,429
|
9,755
|
|
------------
|
------------
|
|
1,928,179
|
1,562,094
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
1,206,908
|
965,268
|
|
------------
|
------------
|
Net current assets
|
721,271
|
596,826
|
|
------------
|
------------
|
Total assets less current liabilities
|
758,235
|
646,305
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
4,750
|
11,875
|
|
|
|
|
Provisions
Taxation including deferred tax
|
11
|
–
|
1,500
|
|
------------
|
------------
|
Net assets
|
753,485
|
632,930
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
14
|
14,400
|
14,400
|
Profit and loss account
|
739,085
|
618,530
|
|
------------
|
------------
|
Shareholders funds
|
753,485
|
632,930
|
|
------------
|
------------
|
|
|
|
|
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.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 December 2019
These financial statements were approved by the
board of directors
and authorised for issue on
14 September 2020
, and are signed on behalf of the board by:
Mrs F L C Da Silva
|
J T Barbosa
|
Director
|
Director
|
|
|
Company registration number:
02722732
NOTES TO THE FINANCIAL STATEMENTS
|
|
Year ended 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2.
Statement of compliance
These 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 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.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 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
|
-
|
25% straight line
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
Computer & office equipment
|
-
|
25% 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 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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
13
(2018:
12
).
5.
Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
|
2019
|
2018
|
|
£
|
£
|
Equity dividends on ordinary shares
|
70,000
|
100,000
|
|
------------
|
------------
|
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 January 2019
|
16,862
|
41,792
|
56,765
|
115,419
|
Additions
|
1,843
|
–
|
2,456
|
4,299
|
|
------------
|
------------
|
------------
|
------------
|
At 31 December 2019
|
18,705
|
41,792
|
59,221
|
119,718
|
|
------------
|
------------
|
------------
|
------------
|
Depreciation
|
|
|
|
|
At 1 January 2019
|
13,817
|
13,060
|
39,063
|
65,940
|
Charge for the year
|
1,633
|
7,183
|
7,998
|
16,814
|
|
------------
|
------------
|
------------
|
------------
|
At 31 December 2019
|
15,450
|
20,243
|
47,061
|
82,754
|
|
------------
|
------------
|
------------
|
------------
|
Carrying amount
|
|
|
|
|
At 31 December 2019
|
3,255
|
21,549
|
12,160
|
36,964
|
|
------------
|
------------
|
------------
|
------------
|
At 31 December 2018
|
3,045
|
28,732
|
17,702
|
49,479
|
|
------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
7.
Debtors
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
507,901
|
592,907
|
Prepayments and accrued income
|
10,098
|
13,447
|
Other debtors
|
11,250
|
11,250
|
|
------------
|
------------
|
|
529,249
|
617,604
|
|
------------
|
------------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Bank loans
|
400,076
|
441,811
|
Trade creditors
|
458,659
|
117,077
|
Accruals and deferred income
|
59,096
|
59,583
|
Corporation tax
|
46,531
|
40,119
|
Social security and other taxes
|
46,340
|
21,699
|
Obligations under finance leases and hire purchase contracts
|
7,125
|
7,125
|
Advances under invoice financing arrangements
|
189,081
|
277,018
|
Other creditors
|
–
|
836
|
|
------------
|
------------
|
|
1,206,908
|
965,268
|
|
------------
|
------------
|
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Obligations under finance leases and hire purchase contracts
|
4,750
|
11,875
|
|
------------
|
------------
|
|
|
|
10.
Secured indebtedness
The aggregate amount of secured liabilities at the year end totalled £601,032 (2018: £737,829).
11.
Provisions
|
Deferred tax (note 12)
|
|
£
|
At 1 January 2019
|
1,500
|
Charge against provision
|
(
1,500)
|
|
------------
|
At 31 December 2019
|
–
|
|
------------
|
|
|
12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2019
|
2018
|
|
£
|
£
|
Included in provisions (note 11)
|
–
|
1,500
|
|
------------
|
------------
|
|
|
|
13.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £
9,030
(2018: £
6,827
).
14.
Called up share capital
Issued, called up and fully paid
|
2019
|
2018
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
14,400
|
14,400.00
|
14,400
|
14,400.00
|
|
------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
15.
Ultimate parent company
The ultimate parent company is Growforward SA, a company incorporated in Portugal. This company is controlled by A Ricca.
16.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2019
|
2018
|
|
£
|
£
|
Not later than 1 year
|
784
|
632
|
Later than 1 year and not later than 5 years
|
21,667
|
11,332
|
Later than 5 years
|
270,000
|
306,000
|
|
------------
|
------------
|
|
292,451
|
317,964
|
|
------------
|
------------
|
|
|
|
17.
Related party transactions
Growforward SA is also the controlling shareholder of Pump Logic Limited. During the period under review Universal Motors UK Limited supplied parts and other services to Pump Logic Limited at commercial rates and terms amounting to £14,670 (2018: £4,916). At the Balance Sheet date there was an amount owed by Pump Logic Limited to the company of £8,359 (2018: £1,172).