REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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For The Year Ended 31 December 2021 |
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Filtration Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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For The Year Ended 31 December 2021 |
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for |
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Filtration Limited |
Filtration Limited (Registered number: 02244893) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 6 |
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Other Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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Filtration Limited |
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Company Information |
For The Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
Harscombe House |
1 Darklake View |
Plymouth |
Devon |
PL6 7TL |
Filtration Limited (Registered number: 02244893) |
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Report of the Directors |
For The Year Ended 31 December 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Bromhead, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Filtration Limited |
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Opinion |
We have audited the financial statements of Filtration Limited (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit 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. |
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Basis for opinion |
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 Auditors' 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. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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; or |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Report of the Independent Auditors to the Members of |
Filtration Limited |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the 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. |
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Auditors' 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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
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We identified the laws and regulations applicable to the company through discussions with directors and other management and from our commercial knowledge. |
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We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including, Companies Act 2006, Health & Safety at Work Act, Employment Law and data protection. |
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We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. |
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We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by, making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. Also, considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify any unusual transaction and assessed whether judgement and estimates were indicative of potential bias. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documents, reading the minutes of meeting of those charged with governance and enquiring of management as to actual and potential litigation claims. |
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
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Material misstatements that arise due to fraud can be harder to detect that those that arise from error as they may involve deliberate concealment or collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Filtration Limited |
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Use of our 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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditors |
Harscombe House |
1 Darklake View |
Plymouth |
Devon |
PL6 7TL |
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Filtration Limited (Registered number: 02244893) |
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Income Statement |
For The Year Ended 31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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341,910 | 229,875 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income | 6 |
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365,602 | 301,090 |
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Interest payable and similar expenses | 7 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 |
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PROFIT FOR THE FINANCIAL YEAR |
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Filtration Limited (Registered number: 02244893) |
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Other Comprehensive Income |
For The Year Ended 31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Depreciation on revaluation of property | ( |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
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( |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Filtration Limited (Registered number: 02244893) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
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Tangible assets | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 16 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Undistributable reserve | 18 |
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Retained earnings | 18 |
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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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Filtration Limited (Registered number: 02244893) |
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Statement of Changes in Equity |
For The Year Ended 31 December 2021 |
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Called up |
share | Retained | Undistributable | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2021 |
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Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Filtration Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency is £ sterling. |
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The group is exempt from preparing a cash flow statement as 100% of the voting rights are held within the group. |
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COVID-19 |
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On 11 March 2020 the coronavirus disease called 'Covid-19' was assessed as a pandemic and on 23 March 2020 a lockdown was imposed across the United Kingdom to stop the spread of the virus. As a result economic uncertainties have arisen across the global economy which have had an effect on the business ability to trade. |
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Management are confident they have assessed the impact the pandemic has had on the business and have put in place reasonable measure to mitigate any further impact. Going forward the directors have made reasonable considerations and adjustments to budgets and the long term strategic plan to ensure the company can continue as a going concern. |
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These budgets and plans have been scrutinized to consider the impact of a number of different scenarios and, as can been seen from management accounts to date, the business has already started to improve on the 2020 results. |
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The company has sufficient reserves which will be utilised as necessary should further revenue losses be incurred. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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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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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Freehold land is not depreciated. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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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3. | EMPLOYEES AND DIRECTORS |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.21 | 31.12.20 |
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Management | 4 | 4 |
Administration | 7 | 6 |
Sales | 6 | 6 |
Warehouse | 3 | 3 |
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Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2021 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.12.21 | 31.12.20 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Profit on disposal of fixed assets |
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Computer softwares amortisation |
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Foreign exchange differences | ( |
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5. | AUDITORS' REMUNERATION |
31.12.21 | 31.12.20 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's
financial statements |
5,450 |
5,450 |
Taxation compliance services |
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Other non- audit services |
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6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.12.21 | 31.12.20 |
£ | £ |
Interest on corporation tax |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.21 | 31.12.20 |
£ | £ |
Group interest |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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UK corporation tax has been charged at 19% . |
Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2021 |
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8. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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31.12.21 | 31.12.20 |
£ | £ |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Depreciation in excess of capital allowances | - |
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(Profit)/loss on disposal of assets |
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( |
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Deferred tax |
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( |
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Total tax charge | 70,834 | 60,560 |
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Tax effects relating to effects of other comprehensive income |
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31.12.21 |
Gross | Tax | Net |
£ | £ | £ |
Depreciation on revaluation of property | ( |
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31.12.20 |
Gross | Tax | Net |
£ | £ | £ |
Depreciation on revaluation of property | ( |
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9. | DIVIDENDS |
31.12.21 | 31.12.20 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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10. | INTANGIBLE FIXED ASSETS |
Computer |
softwares |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2021 |
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11. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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12. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Stocks |
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13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 42,759 | 33,446 |
Deferred tax asset |
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Prepayments |
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14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts (see note 15) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other tax and social security | 38,921 | 72,296 |
Other creditors |
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Accrued expenses and deferred |
income |
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15. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2021 |
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16. | PROVISIONS FOR LIABILITIES |
31.12.21 |
£ |
Deferred tax | 911 |
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Deferred |
tax |
£ |
Balance at 1 January 2021 | ( |
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Depreciation in excess of |
capital allowances |
Accelerated capital allowances | 1,965 |
Balance at 31 December 2021 |
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17. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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18. | RESERVES |
Retained | Undistributable |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2021 |
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1,073,026 |
Profit for the year |
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Dividends | ( |
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Unwinding of revaluation | - | (3,013 | ) | (3,013 | ) |
At 31 December 2021 |
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1,059,781 |
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Undistributable reserves relate to the revaluation of Unit 303 Dean Road, Severnside Trading Estate, Avonmouth, Bristol, BS11 8AT. |
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19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020: |
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31.12.21 | 31.12.20 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Filtration Limited (Registered number: 02244893) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2021 |
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19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
) | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The loan is interest free and repayable on demand. |
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Mr N Reed became a director on 1 January 2020 at which point the balance of the loan previously advanced was £17,000. |
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20. | ULTIMATE CONTROLLING PARTY |
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The directors regard ESI Process UK Limited, a company registered in England and Wales as the immediate parent company owning 100% of the share capital of the company. The directors regard Indutrade AB, a company registered in Sweden, as the ultimate parent company. |
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Indutrade AB is the ultimate parent company and ultimate controlling party of the largest group of undertakings to consolidate these financial statements. The consolidated financial statements of Indutrade AB can be obtained from Indutrade AB, box 6044 SE-164 06 KISTA. |