REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements For The Year Ended 31 December 2019 |
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Alco Filters (Uk) Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements For The Year Ended 31 December 2019 |
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for |
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Alco Filters (Uk) Limited |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Contents of the Financial Statements |
For The Year Ended 31 December 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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Alco Filters (Uk) Limited |
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Company Information |
For The Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditors |
The Stables |
Church Walk |
Daventry |
Northamptonshire |
NN11 4BL |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Strategic Report |
For The Year Ended 31 December 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
Turnover has increased as a result of higher trade and the core activity remains strong. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company purchases goods from Europe therefore exchange rates are a risk. This has no impact on the group as a whole. |
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KEY PERFORMANCE INDICATORS |
The gross profit margin for the year is 29.4% compared with 30.6% last year. |
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The liquidity ratio for the year is 107.8% compared with 101.6% last year. |
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ON BEHALF OF THE BOARD: |
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Director |
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3 November 2020 |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Report of the Directors |
For The Year Ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the sale and distribution of automotive filters. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of this report. |
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Other changes in directors holding office are as follows: |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, 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; |
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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 ought to have taken as a |
director in order to make himself 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, Cottons Accountants LLP, are deemed to be reappointed under section 487 (2) of the Companies Act 2006. |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Report of the Directors |
For The Year Ended 31 December 2019 |
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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 |
Alco Filters (Uk) Limited |
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Opinion |
We have audited the financial statements of Alco Filters (Uk) Limited (the 'company') for the year ended 31 December 2019 |
which comprise the Income Statement, 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 |
101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2019 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 |
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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate;
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant
doubt about the 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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and 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 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. |
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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: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial
statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Alco Filters (Uk) Limited |
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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 Strategic Report or 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: |
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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 |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take
advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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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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 |
Alco Filters (Uk) 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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Statutory Auditors |
The Stables |
Church Walk |
Daventry |
Northamptonshire |
NN11 4BL |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Income Statement |
For The Year Ended 31 December 2019 |
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31/12/19 | 31/12/18 |
Notes | £ | £ | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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293,901 | 285,564 |
24,836 | 13,960 |
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Other operating income | ( |
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OPERATING PROFIT |
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Gain/loss on revaluation of tangible assets | - | 257,140 |
20,948 | 271,259 |
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Interest payable and similar expenses | 4 |
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PROFIT BEFORE TAXATION | 5 |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Other Comprehensive Income |
For The Year Ended 31 December 2019 |
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31/12/19 | 31/12/18 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME |
Item that will not be reclassified to profit or loss: |
Property valuation |
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Income tax relating to item that will not be reclassified to
profit or loss |
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OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Balance Sheet |
31 December 2019 |
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31/12/19 | 31/12/18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve | 11 |
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Retained earnings | 11 | ( |
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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
signed on its behalf by: |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Statement of Changes in Equity |
For The Year Ended 31 December 2019 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - | 13,565 |
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270,705 |
Balance at 31 December 2018 |
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(295,318 | ) |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Notes to the Financial Statements |
For The Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Alco Filters (Uk) Limited is a
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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 Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparation |
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The financial statements will be consolidated within the group headed by ALCO Filters Cyprus Ltd. |
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First year adoption of International Standards, the comparative period has been restated from FRS 102 to FRS 101 |
and no amendments noted. |
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as |
permitted by FRS 101 "Reduced Disclosure Framework": |
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• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
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the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii),
B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
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the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS
16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
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the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c),
120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
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the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative
information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
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the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1
Presentation of Financial Statements; |
• | the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements; |
• | the requirements of IAS 7 Statement of Cash Flows; |
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the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and
Errors; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
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the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between
two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided |
in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of |
consideration takes into account trade discounts, settlement discounts and volume rebates. |
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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), th 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. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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 |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax |
rules, using tax rates enacted or substantially enacted by the balance sheet date. |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Exchange differences are taken into account in arriving at the operating result. |
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Employee benefit costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the income statement in the period to which they relate. |
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Going concern |
The business is supported financially by its parent company. Based on assurances received, the directors consider |
this support will continue, and will not be withdrawn for the foreseeable future. On this basis, the directors consider |
it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include |
any adjustments that would result from a withdrawal of financial support. |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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3. | EMPLOYEES AND DIRECTORS |
31/12/19 | 31/12/18 |
£ | £ |
Wages and salaries | 123,988 | 115,468 |
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: |
31/12/19 | 31/12/18 |
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Administrative | 4 | 3 |
Warehouse | 5 | 4 |
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31/12/19 | 31/12/18 |
£ | £ |
Directors' remuneration |
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4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/19 | 31/12/18 |
£ | £ |
Non bank interest on loans | - | 548 |
Other interest | - | 6 |
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5. | PROFIT BEFORE TAXATION |
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The profit before taxation is stated after charging/(crediting): |
31/12/19 | 31/12/18 |
£ | £ |
Cost of inventories recognised as expense |
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Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences |
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6. | TAXATION |
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Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended |
31 December 2018. |
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Tax effects relating to effects of other comprehensive income |
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There were no tax effects for the year ended 31 December 2019. |
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Alco Filters (Uk) Limited (Registered number: 02928736) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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6. | TAXATION - continued |
31/12/18 |
Gross | Tax | Net |
£ | £ | £ |
Property valuation | ( |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Cost or valuation at 31 December 2019 is represented by: |
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Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | 228,190 | - | - | - | 228,190 |
Cost | 216,810 | 31,156 | 1,095 | 16,093 | 265,154 |
445,000 | 31,156 | 1,095 | 16,093 | 493,344 |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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7. | TANGIBLE FIXED ASSETS - continued |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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31/12/19 | 31/12/18 |
£ | £ |
Cost | 216,810 | 216,810 |
Aggregate depreciation | 28,950 | 28,950 |
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Value of land in freehold land and buildings | 41,810 | 41,810 |
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Freehold land and buildings were valued on an open market basis on 13 February 2019 by Howkins & Harrison (RICS standards) |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade debtors |
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Prepayments |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/19 | 31/12/18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 35,705 | 31,435 |
Other creditors |
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Accrued expenses |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/19 | 31/12/18 |
value: | £ | £ |
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Ordinary | £1 | 500,000 | 500,000 |
Alco Filters (Uk) Limited (Registered number: 02928736) |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2019 |
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11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2019 | ( |
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(38,178 | ) |
Profit for the year |
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At 31 December 2019 | ( |
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(17,230 | ) |
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12. | ULTIMATE PARENT COMPANY |
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ALCO Filters Cyprus Ltd (incorporated in Cyprus ) is regarded by the directors as being the company's ultimate |
parent company. |
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13. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Alco Filters (Cyprus) Ltd. |
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The ultimate controlling party is Mr L Louca. |
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Director L Louca has a controlling interest in the parent company ALCO Filters Cyprus Ltd. |