Company Registration No. 09965414 (England and Wales)
ASIA INDUSTRIAL UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
ASIA INDUSTRIAL UK LIMITED
COMPANY INFORMATION
Directors
M Huxhold
A Franz
(Appointed 5 November 2020)
Company number
09965414
Registered office
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Auditor
HW Fisher LLP
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
ASIA INDUSTRIAL UK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Profit and loss account
6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
ASIA INDUSTRIAL UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The directors present the strategic report for the year ended 31 December 2019.
Fair review of the business
Both the level of business and the year end financial position were as expected by the director
s given the condition of the markets in which the group operates
.
The directors do not expect the level of activity to increase next year due to the difficulties present following the Covid 19 pandemic. During the year, the company acquired a new subsidiary based in Poland.
Principal risks and uncertainties
The principal risks to the company include its reliance on a small number of customers and suppliers. The director
s
consider
the relationship between the company and its customers and suppliers to be strong.
The Covid 19 pandemic also represents a risk to the business given the adverse effect it has had on the business' operations post year end. The pandemic created a lot of uncertainty for the company and group and the directors are uncertain what impact it will have on the group in the long term.
Development and performance
The
group
had turnover of €
10,490,847
(201
8
: €
25,324,055
) and
loss before taxation
of €
1,261,932
(201
8
:
€7,481,132
) for the year
.
At
31 Dece
mber 201
9
the
group
had net assets of €
6,054,840
(201
8
:
€10,276,772).
Key performance indicators
In the opinion of
the director
s
the
only
Key Performance Indicator
s
whose disclosure is necessary for an understanding
of the development, performance or position of the business
is gross profit and gross profit margin. For the year to 31 December 2019, the group had gross profit of €3,311,679 (2018: €13,100,482) with a gross profit margin of 32% (2018: 52%).
M Huxhold
Director
26 April 2021
ASIA INDUSTRIAL UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activity of the company and group continued to be that of sourcing and supplying sanitary equipment for high speed trains.
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to €3,000,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Huxhold
A Franz
(Appointed 5 November 2020)
Post reporting date events
The directors have considered the effect of the Covid-19 pandemic, that spread throughout the world during 2020 and 2021, on the group and company’s activities. This pandemic has caused significant disruption to the group and company’s business prior to the date of approval of these financial statements, due to the international nature of the group. The group contributes to infrastructure projects with the end customers being Governments. The group has found that these projects have been paused or delayed as a result of the Covid-19 pandemic which has resulted in significantly reduced turnover for the company and group since the year end. The extent and financial effect of the disruption in the long term remains uncertain.
Auditor
The auditor, HW Fisher LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor
of the
company is
unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor
of the
company
is
aware of that information.
On behalf of the board
M Huxhold
Director
26 April 2021
ASIA INDUSTRIAL UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the
;
-
prepare the
on the going concern basis unless it is inappropriate to presume that the
group and
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ASIA INDUSTRIAL UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ASIA INDUSTRIAL UK LIMITED
- 4 -
Opinion
We have audited the
financial statements of
Asia Industrial UK Limited
(the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2019 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2019 and of the group's loss 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.
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
Auditor's
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.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
directors'
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
the
directors have
not disclosed in the
financial statements
any identified material uncertainties that may cast significant doubt about the
group's or the parent
company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements
are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ASIA INDUSTRIAL UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ASIA INDUSTRIAL UK LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company 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.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, 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
is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the
financial statements
, the
directors are
responsible for assessing the
parent
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.
Auditor's 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 an
auditor's
report 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
.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Simon Mott-Cowan (Senior Statutory Auditor)
For and on behalf of HW Fisher LLP
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
26 April 2021
ASIA INDUSTRIAL UK LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
2019
2018
Notes
€
€
Turnover
3
10,490,847
25,324,055
Cost of sales
(7,179,168)
(12,223,573)
Gross profit
3,311,679
13,100,482
Administrative expenses
(4,593,573)
(6,013,390)
Other operating (expenses)/income
(19,187)
400,482
Operating (loss)/profit
4
(1,301,081)
7,487,574
Interest receivable and similar income
8
2,712
98
Interest payable and similar expenses
9
(16,209)
(5,067)
Unrealised profits/(losses) on listed investments
10
52,646
(1,473)
(Loss)/profit before taxation
(1,261,932)
7,481,132
Tax on (loss)/profit
11
41,049
(980,623)
(Loss)/profit for the financial year
(1,220,883)
6,500,509
(Loss)/profit for the financial year is all attributable to the owner of the parent company.
ASIA INDUSTRIAL UK LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
2019
2018
€
€
(Loss)/profit for the year
(1,220,883)
6,500,509
Other comprehensive income
Currency translation differences
(1,049)
(23,737)
Total comprehensive income for the year
(1,221,932)
6,476,772
Total comprehensive income for the year is all attributable to the owners of the parent company.
ASIA INDUSTRIAL UK LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 8 -
2019
2018
Notes
€
€
€
€
Fixed assets
Goodwill
14
1,389,165
-
Other intangible assets
14
-
5,835
Total intangible assets
1,389,165
5,835
Tangible assets
15
117,976
47,326
Investments
16
1,051,180
998,534
2,558,321
1,051,695
Current assets
Stocks
19
629,461
1,212,639
Debtors
20
2,881,123
8,063,570
Cash at bank and in hand
3,328,760
6,907,977
6,839,344
16,184,186
Creditors: amounts falling due within one year
21
(3,342,825)
(6,957,447)
Net current assets
3,496,519
9,226,739
Total assets less current liabilities
6,054,840
10,278,434
Provisions for liabilities
22
-
(1,662)
Net assets
6,054,840
10,276,772
Capital and reserves
Called up share capital
24
10,001
10,001
Group reconstruction reserve
1,067
1,067
Profit and loss reserves
6,043,772
10,265,704
Total equity
6,054,840
10,276,772
The financial statements were approved by the board of directors and authorised for issue on 26 April 2021 and are signed on its behalf by:
26 April 2021
M Huxhold
Director
ASIA INDUSTRIAL UK LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 9 -
2019
2018
Notes
€
€
€
€
Fixed assets
Tangible assets
15
11,297
13,497
Investments
16
3,336,768
1,363,333
3,348,065
1,376,830
Current assets
Stocks
19
253,048
496,095
Debtors
20
3,167,799
7,915,074
Cash at bank and in hand
1,069,076
4,816,909
4,489,923
13,228,078
Creditors: amounts falling due within one year
21
(3,328,718)
(6,846,530)
Net current assets
1,161,205
6,381,548
Total assets less current liabilities
4,509,270
7,758,378
Provisions for liabilities
Deferred tax liability
22
1,662
-
(1,662)
Net assets
4,509,270
7,756,716
Capital and reserves
Called up share capital
24
10,001
10,001
Profit and loss reserves
4,499,269
7,746,715
Total equity
4,509,270
7,756,716
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s loss for the year was €247,446 (2018 - €2,379,949 profit).
The financial statements were approved by the board of directors and authorised for issue on 26 April 2021 and are signed on its behalf by:
26 April 2021
M Huxhold
Director
Company Registration No. 09965414
ASIA INDUSTRIAL UK LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
Share capital
Group reconstruction reserve
Profit and loss reserves
Total
Notes
€
€
€
€
Balance at 1 January 2018
10,001
1,067
11,788,932
11,800,000
Year ended 31 December 2018:
Profit for the year
-
-
6,500,509
6,500,509
Other comprehensive income:
Currency translation differences
-
-
(23,737)
(23,737)
Total comprehensive income for the year
-
-
6,476,772
6,476,772
Dividends
12
-
-
(8,000,000)
(8,000,000)
Balance at 31 December 2018
10,001
1,067
10,265,704
10,276,772
Year ended 31 December 2019:
Loss for the year
-
-
(1,220,883)
(1,220,883)
Other comprehensive income:
Currency translation differences on overseas subsidiaries
-
-
(1,049)
(1,049)
Total comprehensive income for the year
-
-
(1,221,932)
(1,221,932)
Dividends
12
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2019
10,001
1,067
6,043,772
6,054,840
Group reconstruction reserve: This is created from the group adopting merger accounting principles and represents the share capital of LMAA International Limited. For further details see note 1.2.
ASIA INDUSTRIAL UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
Share capital
Profit and loss reserves
Total
Notes
€
€
€
Balance at 1 January 2018
10,001
13,366,766
13,376,767
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
2,379,949
2,379,949
Dividends
12
-
(8,000,000)
(8,000,000)
Balance at 31 December 2018
10,001
7,746,715
7,756,716
Year ended 31 December 2019:
Loss and total comprehensive income for the year
-
(247,446)
(247,446)
Dividends
12
-
(3,000,000)
(3,000,000)
Balance at 31 December 2019
10,001
4,499,269
4,509,270
ASIA INDUSTRIAL UK LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 12 -
2019
2018
Notes
€
€
€
€
Cash flows from operating activities
Cash generated from operations
30
1,869,010
6,766,449
Interest paid
(16,209)
(5,067)
Income taxes paid
(528,529)
(3,483,058)
Net cash inflow from operating activities
1,324,272
3,278,324
Investing activities
Purchase of business
(1,809,074)
-
Purchase of tangible fixed assets
(89,490)
(12,447)
Purchase of fixed asset investments
-
(1,000,007)
Interest received
2,712
98
Net cash used in investing activities
(1,895,852)
(1,012,356)
Financing activities
Dividends paid to equity shareholders
(3,000,000)
(8,000,000)
Net cash used in financing activities
(3,000,000)
(8,000,000)
Net decrease in cash and cash equivalents
(3,571,580)
(5,734,032)
Cash and cash equivalents at beginning of year
6,907,977
12,664,930
Effect of foreign exchange rates
(7,637)
(22,921)
Cash and cash equivalents at end of year
3,328,760
6,907,977
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 13 -
1
Accounting policies
Company information
Asia Industrial UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
The group consists of Asia Industrial UK Limited and all of its subsidiaries.
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.
The financial statements are prepared in
euros
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest
income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
1.2
Basis of consolidation
The consolidated
financial statements
incorporate those of Asia Industrial UK Limited and all of its subsidiaries (i.e. entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits).
The transfer on the 29 January 2018 of the group headed by new subsidiary LMAA International Limited from the holding company, Asia Management AG, has been accounted for as a group reconstruction using the principles of merger accounting. Under those principles the assets and liabilities of LMAA International Limited have been reflected at their previous book values. The income, expenditure and cash flows of the LMAA International Limited group since its incorporation on 13 July 2017 have been included in the group accounts as if the LMAA group had always been part of the Asia International group. A merger reserve has been recognised representing the difference between the consideration paid and the share capital of LMAA International Limited at the acquisition date.
On 12 July 2019, Asia Industrial UK Limited acquired control over 100% of the share capital of Q.D.G Spolka. See note 24 for further details regarding the acquisition of this entity. The income, expenditure and cash flows of Q.D.G Spolka are included within the group accounts from the date of acquisition until the year ended 31 December 2019.
All
financial statements
are made up to 31 December 2019
.
Where necessary, adjustments are made to the
financial statements
of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
The transactions of foreign entities being consolidated have been translated into the Group's functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the group statement of comprehensive income.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern
At the time of approving the financial statements, the directors have considered the effect of the
C
ovid-19
pandemic
as disclosed in note
2
6. The
pandemic
has caused
significant
disruption to the supply lines of the group; however following adjustments to comply with
C
ovid
-19
related protocols the group has been able to continue operations
albeit at a significantly reduced level
. The directors consider that further national lockdowns may cause disruption to the business. The directors are confident that through management of existing cash reserves
,
the company and group will be able to continue in operation for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods in the normal course of business, and is shown net of VAT and other sales related taxes.
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.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Negative g
oodwill represents the excess of the
fair value of the net assets acquired over the cost
of
the
acquisition. It is initially recognised as a
liability
at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life ending 31 December 2018. Amortisation is recognised in the profit and loss account as other operating income.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
33.33% straight line
1.7
Tangible fixed assets
Tangible fixed assets
are measured at cost
, n
et of depreciation and any impairment losses.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 15 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10 - 20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
33.33% Straight line
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 recognised in the
profit and loss account
.
1.8
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company
financial statements,
investments in subsidiaries are measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible
and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.10
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 costs that have been incurred in bringing the stocks to their present location and condition.
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.
1.11
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets and include cash in hand
and
deposits held at call with banks
.
1.12
Financial instruments
The group 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 group's
balance sheet
when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 16 -
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
m
ethod 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
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 group after deducting all of its liabilities.
Basic financial liabilities, including
creditors and
loans from fellow group companies 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.
1.13
Equity instruments
Equity instruments issued by the group 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 group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset
if, and only if, there is
a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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
d
asset are consumed.
1.18
Foreign exchange
Transactions in currencies other than
euros
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
profit and loss account
for the period.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are 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
Warranty provision
Warranties are provided for 12 months, 24 months and 36 months depending on the product. The directors previously estimated the warranty accrual at 1.75% of the parent company sales value during the year. Based on recent experiences, the directors have revised the estimate to 1% of the parent company sales during the year. At the year ended 31 December 2019 the warranty provision totalled €180,068 (2018: €554,920), representing a movement of €374,852.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 18 -
3
Turnover and other revenue
2019
2018
€
€
Turnover analysed by class of business
Sale of goods
10,490,847
25,324,055
2019
2018
€
€
Turnover analysed by geographical market
Asia
9,705,782
25,260,325
Europe
785,065
63,730
10,490,847
25,324,055
4
Operating (loss)/profit
2019
2018
€
€
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(11,046)
44,338
Depreciation of owned tangible fixed assets
70,734
35,825
Impairment of owned tangible fixed assets
-
43,264
Loss on disposal of tangible fixed assets
2,160
4,076
Amortisation of intangible assets
74,572
(341,808)
Operating lease charges
80,672
362,003
5
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
€
€
For audit services
Audit of the financial statements of the group and company
35,000
25,000
Audit of the financial statements of the company's subsidiaries
4,009
3,907
39,009
28,907
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2019
2018
2019
2018
Number
Number
Number
Number
Office staff
32
21
2
2
Warehouse staff
41
2
2
2
Total
73
23
4
4
Their aggregate remuneration comprised:
Group
Company
2019
2018
2019
2018
€
€
€
€
Wages and salaries
1,168,588
1,314,421
336,399
223,747
Social security costs
96,318
51,593
41,461
42,325
Pension costs
59,625
10,602
8,616
6,320
1,324,531
1,376,616
386,476
272,392
7
Directors' remuneration
2019
2018
€
€
Remuneration for qualifying services
155,726
131,051
Company pension contributions to defined contribution schemes
6,172
4,238
161,898
135,289
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2018 - 1).
8
Interest receivable and similar income
2019
2018
€
€
Interest income
Other interest income
2,712
98
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 20 -
9
Interest payable and similar expenses
2019
2018
€
€
Interest payable to group undertakings
-
921
Other interest on financial liabilities
-
(204)
Other interest
16,209
4,350
Total finance costs
16,209
5,067
10
Fair value gains/(losses)
2019
2018
€
€
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
52,646
(1,473)
11
Taxation
2019
2018
€
€
Current tax
UK corporation tax on profits for the current period
(42,504)
549,766
Foreign current tax on profits for the current period
3,117
392,633
Total current tax
(39,387)
942,399
Deferred tax
Origination and reversal of timing differences
(1,662)
38,224
Total tax (credit)/charge
(41,049)
980,623
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
11
Taxation
(Continued)
- 21 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
€
€
(Loss)/profit before taxation
(1,261,932)
7,481,132
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
(239,767)
1,421,415
Tax effect of expenses that are not deductible in determining taxable profit
26,352
48,986
Tax effect of income not taxable in determining taxable profit
-
(280)
Gains not taxable
(7,687)
-
Unutilised tax losses carried forward
183,719
-
Effect of change in corporation tax rate
-
(3,971)
Depreciation on assets not qualifying for tax allowances
4,799
312
Amortisation on assets not qualifying for tax allowances
(13,037)
(66,303)
Effect of overseas tax rates
-
93,596
Foreign exchange differences
-
(18,595)
Elimination of intra-group profits
4,572
(494,537)
Taxation (credit)/charge
(41,049)
980,623
12
Dividends
2019
2018
Recognised as distributions to equity holders:
€
€
Interim paid
3,000,000
8,000,000
13
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2019
2018
Notes
€
€
In respect of:
Property, plant and equipment
15
-
43,264
Recognised in:
Administrative expenses
-
43,264
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 22 -
14
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
€
€
€
€
Cost
At 1 January 2019
-
(697,930)
32,765
(665,165)
Additions
1,457,864
-
-
1,457,864
Disposals
-
697,930
-
697,930
Exchange adjustments
-
-
221
221
At 31 December 2019
1,457,864
-
32,986
1,490,850
Amortisation and impairment
At 1 January 2019
-
(697,930)
26,930
(671,000)
Amortisation charged for the year
68,699
-
5,873
74,572
Disposals
-
697,930
-
697,930
Exchange adjustments
-
-
183
183
At 31 December 2019
68,699
-
32,986
101,685
Carrying amount
At 31 December 2019
1,389,165
-
-
1,389,165
At 31 December 2018
-
-
5,835
5,835
The company had no intangible fixed assets at 31 December 2019 or 31 December 2018.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 23 -
15
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
€
€
€
€
Cost
At 1 January 2019
-
-
139,167
139,167
Additions
-
-
89,490
89,490
Business combinations
29,803
24,040
-
53,843
Disposals
-
-
(3,675)
(3,675)
Exchange adjustments
-
-
726
726
At 31 December 2019
29,803
24,040
225,708
279,551
Depreciation and impairment
At 1 January 2019
-
-
91,841
91,841
Depreciation charged in the year
-
-
70,734
70,734
Eliminated in respect of disposals
-
-
(1,515)
(1,515)
Exchange adjustments
-
-
515
515
At 31 December 2019
-
-
161,575
161,575
Carrying amount
At 31 December 2019
29,803
24,040
64,133
117,976
At 31 December 2018
-
-
47,326
47,326
Company
Fixtures and fittings
€
Cost
At 1 January 2019
28,224
Additions
4,454
At 31 December 2019
32,678
Depreciation and impairment
At 1 January 2019
14,727
Depreciation charged in the year
6,654
At 31 December 2019
21,381
Carrying amount
At 31 December 2019
11,297
At 31 December 2018
13,497
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 24 -
16
Fixed asset investments
Group
Company
2019
2018
2019
2018
Notes
€
€
€
€
Investments in subsidiaries
17
-
-
2,285,588
364,799
Listed investments
1,042,284
876,858
1,042,284
876,858
Cash at investment managers
8,896
121,676
8,896
121,676
1,051,180
998,534
3,336,768
1,363,333
Listed
investments
included above:
Listed investments carrying amount
1,042,284
876,858
1,042,284
876,858
Movements in fixed asset investments
Group
Listed investments
Cash at investment managers
Total
€
€
€
Cost or valuation
At 1 January 2019
876,858
121,676
998,534
Additions
1,189,702
-
1,189,702
Valuation changes
52,646
-
52,646
Disposals
(1,076,922)
(112,780)
(1,189,702)
At 31 December 2019
1,042,284
8,896
1,051,180
Carrying amount
At 31 December 2019
1,042,284
8,896
1,051,180
At 31 December 2018
876,858
121,676
998,534
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
16
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in group undertakings
Listed investments
Cash at investment managers
Total
€
€
€
€
Cost or valuation
At 1 January 2019
364,799
876,858
121,676
1,363,333
Additions
1,920,789
1,189,702
-
3,110,491
Valuation changes
-
52,646
-
52,646
Disposals
-
(1,076,922)
(112,780)
(1,189,702)
At 31 December 2019
2,285,588
1,042,284
8,896
3,336,768
Carrying amount
At 31 December 2019
2,285,588
1,042,284
8,896
3,336,768
At 31 December 2018
364,799
876,858
121,676
1,363,333
17
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
LMAA International Limited
1
Ordinary
100.00
-
Qingdao Asia Industrial Machinery Manufacturing Co Limited
2
Ordinary
100.00
-
Shanghai Asia Industrial Trading Limited
3
Ordinary
100.00
-
Shanghai Kai Ji Vacuum Technology Co Limited
4
Ordinary
0
100.00
Q.D.G. Spolka *
5
Ordinary
100.00
-
1. Ground Floor 5-13 New Street, Sai Ying Pun, Hong Kong
2. East of No.1 Road, Kiaochow Bay Industrial Park, Jiaozhou City, Qingdao, Shandong Province, China
3. Room 1631, Unit 1604-06, 16/F, Building B, Baodi Plaza, No.688, Dalian Road, Yangpu District, Shanghai, China
4. Room 04-108, WeWork Yunnan Road, Huangpu District, Shanghai 200021, China
5. 17-18, Wiejska, M.St Warsaw, Warsaw, 00-480, Poland
* The company has control of the subsidiary through options to acquire 100% of the share capital exercisable on demand.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 26 -
18
Financial instruments
Group
Company
2019
2018
2019
2018
€
€
€
€
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,042,284
876,858
1,042,284
876,858
19
Stocks
Group
Company
2019
2018
2019
2018
€
€
€
€
Raw materials and consumables
129,756
-
Finished goods and goods for resale
499,705
1,212,639
253,048
496,095
629,461
1,212,639
253,048
496,095
20
Debtors
Group
Company
2019
2018
2019
2018
Amounts falling due within one year:
€
€
€
€
Trade debtors
1,844,046
7,936,667
1,618,394
6,254,641
Corporation tax recoverable
165,178
-
165,178
Amounts owed by group undertakings
-
-
243,714
1,612,368
Other debtors
636,899
90,629
506,501
35,720
Prepayments and accrued income
92,603
36,274
67,023
12,345
2,738,726
8,063,570
2,600,810
7,915,074
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
566,989
-
Other debtors
142,397
-
142,397
-
566,989
-
Total debtors
2,881,123
8,063,570
3,167,799
7,915,074
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 27 -
21
Creditors: amounts falling due within one year
Group
Company
2019
2018
2019
2018
€
€
€
€
Trade creditors
2,749,800
2,160,591
2,628,361
2,121,578
Amounts owed to group undertakings
70,514
-
392,330
321,816
Corporation tax payable
5,842
408,580
319,655
Other taxation and social security
67,997
17,625
26,815
17,625
Other creditors
130,587
59,733
1,935
6,685
Accruals and deferred income
318,085
4,310,918
279,277
4,059,171
3,342,825
6,957,447
3,328,718
6,846,530
Within amounts owed to group undertakings are amounts totalling €70,514 owed to the ultimate parent entity.
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2019
2018
Group
€
€
Accelerated capital allowances
-
1,662
Liabilities
Liabilities
2019
2018
Company
€
€
Accelerated capital allowances
-
1,662
Group
Company
2019
2019
Movements in the year:
€
€
Liability at 1 January 2019
1,662
1,662
Credit to profit or loss
(1,662)
(1,662)
Liability at 31 December 2019
-
-
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 28 -
23
Retirement benefit schemes
2019
2018
Defined contribution schemes
€
€
Charge to profit or loss in respect of defined contribution schemes
59,625
10,602
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2019
2018
Ordinary share capital
€
€
Issued and fully paid
10,001 Ordinary shares of €1 each
10,001
10,001
25
Acquisition of a business
On 12 July 2019 the group acquired control over 100% of the issued capital of Q.D.G. Spolka. At the year end the company has control of the subsidiary through options to acquire 100% of the share capital exercisable on demand.
Book Value
Adjustments
Fair Value
Net assets acquired
€
€
€
Fixed assets
45,889
-
45,889
Inventory
285,731
-
285,731
Current debtors
244,406
-
244,406
Creditors due in one year
(224,816)
-
(224,816)
Cash and cash equivalents
111,715
-
111,715
Total identifiable net assets
462,925
-
462,925
Goodwill
1,457,864
Total consideration
1,920,789
The consideration was satisfied by:
€
Cash
1,920,789
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
€
Turnover
714,831
Profit after tax
896
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
25
Acquisition of a business
(Continued)
- 29 -
The goodwill arising on the acquisition of the business is attributable to the anticipated profitability of the distribution of the company's products in new markets and the future operating synergies from the combination.
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2019
2018
2019
2018
€
€
€
€
Within one year
59,009
125,390
46,060
24,995
Between two and five years
6,100
12,949
6,100
-
65,109
138,339
52,160
24,995
27
Events after the reporting date
The directors have considered the effect of the Covid-19 pandemic, that spread throughout the world during 2020 and 2021, on the group and company’s activities. This pandemic has caused significant disruption to the group and company’s business prior to the date of approval of these financial statements, due to the international nature of the group. The group contributes to infrastructure projects with the end customers being Governments. The group has found that these projects have been paused or delayed as a result of the Covid-19 pandemic which has resulted in significantly reduced turnover for the company and group since the year end. The extent and financial effect of the disruption in the long term remains uncertain.
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2019
2018
€
€
Aggregate compensation
331,812
287,539
29
Controlling party
The ultimate parent
company is Asia Management AG, a company registered in Liechtenstein.
The registered office of Asia Management AG is Landstrasse 40, FL-9495 Triesen, Liechtenstein.
The ultimate controlling party is Vallean Stiftung, a discretionary foundation registered in Liechtenstein.
ASIA INDUSTRIAL UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 30 -
30
Cash generated from group operations
2019
2018
€
€
(Loss)/profit for the year after tax
(1,220,883)
6,500,509
Adjustments for:
Taxation (credited)/charged
(41,049)
980,623
Finance costs
16,209
5,067
Investment income
(2,712)
(98)
Loss on disposal of tangible fixed assets
2,160
4,076
Amortisation and impairment of intangible assets
74,572
(341,808)
Depreciation and impairment of tangible fixed assets
70,734
79,089
Fair value (profits)/losses on investments
(52,646)
1,473
Movements in working capital:
Decrease in stocks
868,909
2,390,799
Decrease/(increase) in debtors
5,591,621
(354,479)
(Decrease) in creditors
(3,437,905)
(2,498,802)
Cash generated from operations
1,869,010
6,766,449
31
Analysis of changes in net funds - group
1 January 2019
Cash flows
Exchange rate movements
31 December 2019
€
€
€
€
Cash at bank and in hand
6,907,977
(3,571,580)
(7,637)
3,328,760
2019-12-31
2019-01-01
false
CCH Software
CCH Accounts Production 2021.300
M Huxhold
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2019-12-31
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