Registration number:
Infatrade (UK) Ltd
for the Year Ended 31 December 2020
Infatrade (UK) Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Infatrade (UK) Ltd
Company Information
Director |
Alon Klein |
Registered office |
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Accountants |
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Infatrade (UK) Ltd
(Registration number: 2861107)
Abridged Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
220,000 |
220,000 |
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Share premium reserve |
80,000 |
80,000 |
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Profit and loss account |
(186,131) |
12,165 |
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Shareholders' funds |
113,869 |
312,165 |
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Infatrade (UK) Ltd
(Registration number: 2861107)
Abridged Balance Sheet as at 31 December 2020
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Alon Klein
Director
Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% straight line |
Office equipment |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Furniture and fittings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Disposals |
( |
- |
( |
At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Investments |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Provision |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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88 Kensington Park Road, London, W11 2PL United Kingdom |
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5&6, 88 Kensington Park Road, London, W11 2PL United Kingdom |
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Subsidiary undertakings |
Infatrade Property Ltd The principal activity of Infatrade Property Ltd is |
Infatrade Cheshire Ltd The principal activity of Infatrade Cheshire Ltd is |
Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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220,000 |
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220,000 |
Related party transactions |
Transactions with directors |
2020 |
At 1 January 2020 |
Advances to directors |
Repayments by director |
At 31 December 2020 |
Alon Klein |
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Director loan account movements |
( |
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( |
( |
2019 |
At 1 January 2019 |
Advances to directors |
Repayments by director |
At 31 December 2019 |
Alon Klein |
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Director loan account movements |
( |
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( |
( |
Directors' remuneration
The director's remuneration for the year was as follows:
2020 |
2019 |
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Remuneration |
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Summary of transactions with all subsidiaries
Infatrade (UK) Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2020
During the year, the company recalculated interest to date at 3% (2019: 4%) on the outstanding loan balance to Infatrade Property Ltd, its 100% owned subsidiary, resulting in a interest repayment of £66,696 (2019: charge totalling £20,948). The loan is repayable on demand. Management fees of £1,779 (2019: £1,779) were also charged in the year. £100,000 (2019: £86,000) was repaid during the year and the balance at the year end was £1,183,511 (2019: £1,348,428).
Summary of transactions with other related parties
During the year, the company incurred expenses totalling £225 (2019: £nil) on behalf of SLI Chemicals Ltd, a group company. £nil (2019: £1,221) was repaid during the year and the balance at the year end was £925 (2019: £700). The loan is interest free and repayable on demand.
Loans from related parties
2020 |
Key management |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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2019 |
Key management |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans from related parties