Company Registration No. 08207080 (England and Wales)
QUBICAAMF UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
QUBICAAMF UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
QUBICAAMF UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,029
1,381
Current assets
Stocks
768,505
381,537
Debtors
5
1,081,911
392,470
Cash at bank and in hand
1,109,572
58,750
2,959,988
832,757
Creditors: amounts falling due within one year
6
(4,248,581)
(2,476,152)
Net current liabilities
(1,288,593)
(1,643,395)
Total assets less current liabilities
(1,287,564)
(1,642,014)
Provisions for liabilities
7
(16,000)
(9,310)
Net liabilities
(1,303,564)
(1,651,324)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(1,303,565)
(1,651,325)
Total equity
(1,303,564)
(1,651,324)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 March 2022
C F Caesar
Director
Company Registration No. 08207080
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
QubicaAMF UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
100 New Bridge Street
,
London
, United Kingdom,
EC4V 6JA
.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At 31 December 2021, the company had net liabilities of £1,303,564 (2020 - £1,651,324).
true
The accounts have been prepared on a going concern basis. The director has received assurances from the parent company confirming that it will continue to support the company to enable it to meet its liabilities as they fall due for at least a 12 month period following approval of these financial statements. The director considers that the company will be able to operate within its current facility limits for the 12 month period from the date of approval of the financial statements, with additional funding from the parent undertaking if required.
Taking these factors into account the director has concluded that the company will have adequate working capital to enable it to continue trading and meet its liabilities as they become due during the 12 month period following approval of these financial statements. For these reasons the director has continued to adopt the going concern basis in preparing the annual report and accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3 years
Fixtures and fittings
3 years
Equipment
3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting date,
fixed
assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs
.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
The company offers warranties to customers in respect of the products it supplies. A provision is made for any costs which are expected to be incurred after the year end under the terms of those warranties.
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
The Company's functional and presentational currency is GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account within administrative expenses.
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and
judgements that have the most significant effect on the amounts included in these financial statements are as follows:
Doubtful debts
The company reviews the recoverability of trade debtors and makes allowances for doubtful debts where considered appropriate.
Stock impairment
At each reporting date, amounts in stock are assessed for recoverability. If there is any evidence of impairment, the carrying amount of stock is reduced to its recoverable amount. The impairment loss is recognised immediately in profit or loss for the year.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
10
9
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
12,380
6,906
27,101
46,387
Additions
1,122
1,122
At 31 December 2021
12,380
6,906
28,223
47,509
Depreciation and impairment
At 1 January 2021
12,380
6,906
25,720
45,006
Depreciation charged in the year
1,474
1,474
At 31 December 2021
12,380
6,906
27,194
46,480
Carrying amount
At 31 December 2021
1,029
1,029
At 31 December 2020
1,381
1,381
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
905,638
343,524
Other debtors
98,791
48,946
1,004,429
392,470
2021
2020
Amounts falling due after more than one year:
£
£
Trade debtors
77,482
Total debtors
1,081,911
392,470
QUBICAAMF UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
107,231
54,490
Amounts owed to group undertakings
435,017
2,230,068
Taxation and social security
574,277
54,187
Other creditors
3,132,056
137,407
4,248,581
2,476,152
7
Provisions for liabilities
2021
2020
£
£
16,000
9,310
The provision represents an estimate of the costs to be incurred by the company in respect of warranties on products sold. It is estimated that the year end provision will be utilised within two years.
8
Deferred taxation
The
deferred tax
asset
is not recognised in respect of the company’s corporation tax losses
at 31 December 2021.
Due to
the
uncertainty over future profitability, the directors do not consider it appropriate to recognise a deferred tax
net
asset
of £313k
as at 31 December 2021.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Michael Swan and the auditor was Azets Audit Services.
10
Related party transactions
As permitted by the Financial Reporting Standard 102 section 1A - small entities, the company has not disclosed transactions with other companies within the group entirely controlled by Qubica Holdings S.R.L.
true
11
Parent company
The company's parent undertaking is
QubicaAMF BV
, incorporated in The Netherlands. The ultimate parent undertaking is
Qubica Holdings S.R.L
. incorporated in Italy, whose registered office is Via della Croce Coperta 15, 40128 Bologna, Italy.
There is no one ultimate controlling party
.