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Audited Financial Statements for the Year Ended 31 March 2021 |
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DK-Schweizer (UK) Limited |
REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 March 2021 |
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for |
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DK-Schweizer (UK) Limited |
DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Statement of Changes in Equity | 3 |
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Notes to the Financial Statements | 4 |
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DK-Schweizer (UK) Limited |
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Company Information |
for the Year Ended 31 March 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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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
1 Claydon Business Park |
Ipswich |
Suffolk |
IP6 0NL |
DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Balance Sheet |
31 March 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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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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DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Statement of Changes in Equity |
for the Year Ended 31 March 2021 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2020 |
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( |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2021 |
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( |
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DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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DK-Schweizer (UK) Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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The financial statements are presented in Sterling (£). |
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
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Going concern: |
The Directors have considered the company's position at the time of signing the financial statements, and in particular the current issues caused by Covid-19 and its potential impact on the company and the wider economy. The Directors have considered the company's forecasts, the current financial strength of the company and the range of measures the Directors can take to mitigate ongoing costs, should this be required. |
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Based on this, the Directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements. |
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The following principal accounting policies have been applied: |
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Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
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Sale of goods: |
Revenue from the sale of goods is recognised when the company has transferred the significant risks and |
rewards of ownership to the buyer, which is usually when the goods have been fitted or installed. |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, using the straight line method. |
DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Depreciation is provided on the following basis: |
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Plant and machinery etc - 20% on cost |
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
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Government grants |
Covid-19 related Government Grants to which the company has established eligibility are regarded as "revenue-based" grants and are recognised in income in the periods in which the company recognises the related costs or losses for which the grant is intended to compensate. Grants which become receivable for the purpose of giving immediate financial support to the company with no future related costs are recognised in income in the period in which the grant becomes receivable. |
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Grants from the Government's Coronavirus Job Retention Scheme, reimbursed Covid-19 Statutory Sick Pay and from the Small Business Grant Fund are recognised by the company as "revenue-based" grants.. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value, being the selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
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At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss. |
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Current and deferred taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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The current tax charge is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
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- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
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- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances |
have been met. |
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Deferred tax balances are not recognised in respect of permanent timing differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. |
DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Operating leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term. |
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Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the company's benefit from the use of the leased asset. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors |
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Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method. |
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Termination payments |
Termination payments to staff are recognised as an expense in profit and loss in the accounting period in which the termination event takes effect. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2020 |
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Additions |
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Disposals | ( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 April 2020 |
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Disposals | ( |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.3.21 | 31.3.20 |
£ | £ |
Gross obligations repayable: |
Within one year |
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Between one and five years |
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Finance charges repayable: |
Within one year |
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Between one and five years |
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Net obligations repayable: |
Within one year |
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Between one and five years |
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DK-Schweizer (UK) Limited (Registered number: 04996094) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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9. | LEASING AGREEMENTS - continued |
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Non-cancellable operating | leases |
31.3.21 | 31.3.20 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.21 | 31.3.20 |
£ | £ |
Hire purchase contracts | - | 12,907 |
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Amounts due under hire purchase contracts are secured against the items of tangible fixed assets to which such contracts relate. |
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11. | AUDITOR'S INFORMATION |
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The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Joanne Fox BA FCA who signed for and on behalf of Larking Gowen LLP, Chartered Accountants and Statutory Auditors. |
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12. | RELATED PARTY DISCLOSURES AND CONTROLLING PARTY |
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The company qualifies for the exemption, within FRS 102, not to disclose related party transactions with wholly owned members of the group. As the company is a wholly owned subsidiary of DK Leather Ltd, no transactions between this company or other wholly owned subsidiaries have been disclosed. |
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Amounts owed to Group Undertakings includes a loan in the amount of £1,069,700 (2020: £1,169,700) owed to the controlling party. The loan is interest-free and repayable on demand. |
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The controlling party is DK Leather Ltd a company incorporated in the British Virgin Islands. |
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The Registered Office of the controlling party is at Ritter House, 5th Floor, P.O.Box 3200, Road Town, VG1110, British Virgin Islands. |
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Each of the directors are beneficial owners of 50% of the issued share capital in DK Leather Ltd. Therefore, there is no single person or entity which is the Ultimate Controlling Party. |
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13. | POST BALANCE SHEET EVENTS |
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Since the balance sheet date the Company's principal supplier, DK Leather Seats Sdn Bhd (located in Malaysia), has experienced restrictions due to Covid-19 including those imposed by the Malaysian government. This has resulted in some delays in receiving stock which has impacted the trade of this company. As of August 2021, DK Leather Seats Sdn Bhd have since reopened and the Directors are pleased to report that operations are continuing at the time of approving these accounts. |