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Krempel (UK) Holdings Limited |
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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For The Year Ended 31 December 2020 |
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REGISTERED NUMBER:
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Krempel (UK) Holdings Limited |
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Strategic Report, Report of the Directors and |
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Audited Financial Statements |
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For The Year Ended 31 December 2020 |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2020 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Statement of Comprehensive Income | 6 |
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Statement of Financial Position | 7 |
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Statement of Changes in Equity | 8 |
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Statement of Cash Flows | 9 |
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Notes to the Statement of Cash Flows | 10 |
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Notes to the Financial Statements | 11 |
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Krempel (UK) Holdings Limited |
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Company Information |
For The Year Ended 31 December 2020 |
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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 and Statutory Auditor |
St George's House |
56 Peter Street |
Manchester |
M2 3NQ |
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BANKERS: |
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Friedrichstrasse 24 |
70174 Stuggart |
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SOLICITORS: |
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110 Cannon Street |
London |
EC4N 6AR |
Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Strategic Report |
For The Year Ended 31 December 2020 |
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The directors present their strategic report for the year ended 31 December 2020. |
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REVIEW OF BUSINESS |
This company remained dormant for the full duration of the year. |
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ON BEHALF OF THE BOARD: |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Report of the Directors |
For The Year Ended 31 December 2020 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2020. |
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DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of
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The total distribution of dividends for the year ended 31 December 2020 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2020 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Lloyd Piggott Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Krempel (UK) Holdings Limited |
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Opinion |
We have audited the financial statements of Krempel (UK) Holdings Limited (the 'company') for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Krempel (UK) Holdings Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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As the company does not trade there were fewer audit procedures designed than if the company traded. The first course of action was to ascertain that only those transactions had gone through in the year which were expected and there were no missing transactions. Then, in preparation for our audit we identified areas of laws and regulations which we considered could have a material effect on the financial statements. This information was obtained via discussions with management and from our general commercial and sector experience. The directors also provide us with written representation of all the key and fundamental industry specific laws and regulations which they are required to adhere to. These were then communicated to the whole of the audit team at our audit planning meeting. |
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As a non trading company, non-compliance with company law and other financial regulations were assessed to be most relevant. Our audit procedures to identify non-compliance with laws and regulations in these areas consisted of: |
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- Enquiries with management; |
- Inspection of regulatory records, submissions, and other correspondence; |
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Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants and Statutory Auditor |
St George's House |
56 Peter Street |
Manchester |
M2 3NQ |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Statement of Comprehensive Income |
For The Year Ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
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REVENUE |
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OPERATING PROFIT |
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Income from shares in group undertakings |
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PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Statement of Financial Position |
31 December 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Statement of Changes in Equity |
For The Year Ended 31 December 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2020 |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Statement of Cash Flows |
For The Year Ended 31 December 2020 |
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2020 | 2019 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Cash flows from investing activities |
Dividends received |
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Net cash from investing activities |
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Cash flows from financing activities |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of year |
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Cash and cash equivalents at end of year | - | - |
Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Notes to the Statement of Cash Flows |
For The Year Ended 31 December 2020 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2020 | 2019 |
£ | £ |
Profit before taxation |
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Finance income | (1,300,000 | ) | (1,600,000 | ) |
Cash generated from operations |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Krempel (UK) Holdings 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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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
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The average number of employees during the year was NIL (2019 - NIL). |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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4. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2020 nor for the year ended 31 December 2019. |
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5. | DIVIDENDS |
2020 | 2019 |
£ | £ |
Ordinary shares of £1 each |
Final |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2020 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
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Registered office: Queens Mill, Queen Street, Longridge, Preston. PR3 3BS |
Nature of business:
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Class of shares: | holding |
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Registered office: Clovelly Road, Bideford, Devon. EX39 3EX |
Nature of business:
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Class of shares: | holding |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed to group undertakings |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Share capital 1 | £1 | 6,500,000 | 6,500,000 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2020 |
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Profit for the year |
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Dividends | ( |
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At 31 December 2020 |
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Krempel (UK) Holdings Limited (Registered number: 03980747) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2020 |
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11. | 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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August Krempel Soehne GmbH |
Ultimate parent company |
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Loan balance of £500,000 (2019: £500,000) was due from August Krempel Soehne GmbH at the year end. |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company during the year under review was August Krempel Soehne GmbH, (Papierfabrikstrasse 4, 71665 Vaihingen, Enz, Germany), a company registered in Germany. |
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There is no ultimate controlling party. |