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1
2018-01-01
2018-12-31
REGISTERED NUMBER:
04039716
(England and Wales)
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Financial Statements for the Year Ended 31 December 2018
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Accurate Technologies (UK) Limited
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Notes to the Financial Statements
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3
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REGISTERED OFFICE:
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Unit 7
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REGISTERED NUMBER:
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04039716 (England and Wales)
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AUDITORS:
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George Hay Partnership LLP
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Tangible assets
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5
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36,204
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16,791
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|
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Debtors
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6
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1,081,598
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1,258,980
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Cash at bank and in hand
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1,228,769
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1,043,960
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Amounts falling due within one year
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7
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926,874
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1,012,334
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NET CURRENT ASSETS
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1,439,438
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1,350,200
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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1,475,642
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1,366,991
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PROVISIONS FOR LIABILITIES
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6,880
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3,192
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NET ASSETS
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1,468,762
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1,363,799
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Called up share capital
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100
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100
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Retained earnings
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1,468,662
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1,363,699
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SHAREHOLDERS' FUNDS
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1,468,762
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1,363,799
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The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on
16 September 2019 and were signed by:
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Accurate Technologies (UK) Limited is a
private company, limited by shares , registered in England
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and Wales. The company's registered number and registered office address can be found on the
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Company Information page.
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2.
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STATEMENT OF COMPLIANCE
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These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
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Basis of preparing the financial statements
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The financial statements have been prepared under the historical cost convention. |
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Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade
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discounts. The policies adopted for the recognition of turnover are as follows:
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the
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goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable
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that the economic benefits associated with the transaction will flow to the company and the costs
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incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on
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When the outcome of a transaction can be estimated reliably, turnover from service contracts is
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recognised by reference to the stage of completion at the balance sheet date. Stage of completion is
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measured by reference to the number of days of the contract elapsed..
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures and fittings
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-
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25% on cost |
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Computer equipment
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-
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50% on cost |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation
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and accumulated impairment losses. Cost includes costs directly attributable to making the asset
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capable of operating as intended.
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Stocks are valued at the lower of cost and net realisable value, after making due allowance for
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obsolete and slow moving items.
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Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,
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except to the extent that it relates to items recognised in other comprehensive income or directly in
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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
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enacted or substantively enacted by the balance sheet date.
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods
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different from those in which they are recognised in financial statements. Deferred tax is measured
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using tax rates and laws that have been enacted or substantively enacted by the year end and that are
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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
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that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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Pension costs and other post-retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the
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company's pension scheme are charged to profit or loss in the period to which they relate.
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Debtors and creditors receivable / payable within one year
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Debtors and creditors with no stated interest rate and receivable or payable within one year are
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recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss
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account in other administrative expenses.
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4.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
8 (2017 -
7 ) .
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At 31 December 2018
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105,340
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|
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At 31 December 2018
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69,136
|
|
|
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At 31 December 2018
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36,204
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|
|
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At 31 December 2017
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16,791
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|
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6.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Trade debtors
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1,025,062
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1,207,430
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Sundry Debtors and Prepayments
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56,536
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51,550
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7.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Trade creditors
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179,452
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85,145
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|
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Amounts owed to group undertakings
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518,517
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545,407
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|
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Corporation Tax
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15,788
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95,320
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Social security and other taxes
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47,298
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150,438
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Accruals and deferred income
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165,819
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136,024
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8.
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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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Nicholas Willis FCA (Senior Statutory Auditor)
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for and on behalf of
George Hay Partnership LLP |
9.
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OTHER FINANCIAL COMMITMENTS
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At the year end the company had other financial commitments totalling £31,114.
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10.
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ULTIMATE CONTROLLING PARTY
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The company is under the ultimate control of Mr R Kasprzyk who is the director.
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