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Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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Leipold (UK) Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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Leipold (UK) Limited |
Leipold (UK) Limited (Registered number: 02948564) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Leipold (UK) Limited |
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Company Information |
for the Year Ended 30 September 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Registered Auditors |
Blackthorn House |
St Pauls Square |
Birmingham |
West Midlands |
B3 1RL |
Leipold (UK) Limited (Registered number: 02948564) |
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Balance Sheet |
30 September 2021 |
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30.9.21 | 30.9.20 |
Notes | £ | £ |
ASSETS |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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1,591 | 1,402 |
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CAPITAL, RESERVES AND LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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CREDITORS | 6 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Leipold (UK) Limited (Registered number: 02948564) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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Leipold (UK) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leipold (UK) Limited (Registered number: 02948564) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
Following the significant reduction in sales, with the loss of existing customers within the electronics industry in the proceeding years, the company again has no sales in the year. |
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The company still has the intention to, but has not yet had the opportunity to, establish a UK sales force with a view to concentrating the business on supplying its products to manufacturers and end users within the automotive industry. |
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The lack of sales has significantly affected the operating cash flow of the company. The largest supplier to the company is from its fellow group company and as a result the company has not been able to settle their credit in the normal terms. |
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As a result of this ongoing situation, the company is increasingly reliant on the support of its parent and fellow group companies. This support is required in the form of the continuation of supply of goods and the extension of favourable credit terms for their supply. |
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The company made a loss in the year of £14,089. Of the company's liabilities as at 30 September 2021, £608,447 are due to group companies. |
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The directors have obtained letters from the parent company and its fellow group companies, pledging to provide sufficient trading terms to the company, in order that it can meet its day to day working capital requirements for a period of at least twelve months from the date of these financial statements. |
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The directors have concluded that material uncertainties exist, that cast significant doubt upon the company's ability to continue as a going concern and therefore the company may be unable to realise its assets and discharge its liabilities in the normal course of business. However, given the planned efforts to secure future sales and with the support of its parent and fellow group companies, the directors continue to adopt the going concern basis of accounting. |
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Had the accounts not been prepared on a going concern basis, there would have been no restatement of the result for the year or the balance sheet as at 30 September 2021 required. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Other debtors |
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.21 | 30.9.20 |
value: | £ | £ |
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Ordinary Shares | 1 | 1,120,002 | 1,120,002 |
Leipold (UK) Limited (Registered number: 02948564) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.21 | 30.9.20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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9. | PARENT/SUBSIDIARY RELATIONSHIP |
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The company is included in the group financial statements of Carl Leipold GmbH, a company registered in Wolfach, Germany. |