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Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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ACCURIDE UK HOLDINGS LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 May 2021 |
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for |
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ACCURIDE UK HOLDINGS LIMITED |
ACCURIDE UK HOLDINGS LIMITED (REGISTERED NUMBER: 12006410) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ACCURIDE UK HOLDINGS LIMITED |
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Company Information |
for the Year Ended 31 May 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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Auditors: |
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Chartered Accountants and Statutory Auditors |
12 Old Mills Industrial Estate |
Paulton |
BS39 7SU |
ACCURIDE UK HOLDINGS LIMITED (REGISTERED NUMBER: 12006410) |
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Balance Sheet |
31 May 2021 |
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31/5/21 | 31/5/20 |
Notes | $ | $ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium | 8 |
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Retained earnings | 8 | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ACCURIDE UK HOLDINGS LIMITED (REGISTERED NUMBER: 12006410) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2021 |
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1. | Statutory information |
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Accuride UK Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the US Dollar ($). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Accuride UK Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Accuride Corporation, 7140 Office Circle, Evansville, Indiana,USA. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 initially recognised at transaction price. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into US dollar($) at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollar($) at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
ACCURIDE UK HOLDINGS LIMITED (REGISTERED NUMBER: 12006410) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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2. | Accounting policies - continued |
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Going concern |
The directors consider the company to be a going concern, despite the losses incurred and the net current liabilities position. The directors have received assurances from the parent company, Accuride Corporation, that sufficient funding will be made available to assist the company in meeting its obligations for the foreseeable future. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | Fixed asset investments |
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Cost |
B/fwd | 931,340 |
Additions | 900,000 |
Disposals | - |
C/fwd | 1,831,340 |
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Impairment |
B/fwd | 708,317 |
Movement | 965,789 |
C/fwd | 1,674,105 |
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Net Book Value |
At 31/05/2021 | 157,235 |
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At 31/05/2020 | 223,024 |
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The above represents an investment in Accuride Trading (Shanghai) Co. Ltd - a wholly owned subsidiary of the company. |
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5. | Debtors: amounts falling due within one year |
31/5/21 | 31/5/20 |
$ | $ |
Other debtors |
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Prepayments |
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Other debtors represent amount due from Accuride Corporation, the parent company. |
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6. | Creditors: amounts falling due within one year |
31/5/21 | 31/5/20 |
$ | $ |
Trade creditors |
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Amounts owed to group undertakings |
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Accrued expenses |
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
ACCURIDE UK HOLDINGS LIMITED (REGISTERED NUMBER: 12006410) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
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7. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/5/21 | 31/5/20 |
value: | $ | $ |
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Ordinary | 1 | 1,051 | 1,051 |
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8. | Reserves |
Retained | Share |
earnings | premium | Totals |
$ | $ | $ |
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At 1 June 2020 | ( |
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328,384 |
Deficit for the year | ( |
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At 31 May 2021 | ( |
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(657,933 | ) |
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9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | Controlling party |
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The immediate parent company is Accuride Corporation, a company incorporated in the United States. The ultimate parent company is considered to be Accuride Group Holdings Inc, incorporated in the United States, and controlled by private equity funds affiliated to Crestview Advisors LLC. |