Registered number:
For the year ended
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Amphenol Commercial and Industrial UK Limited
Company Information
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Amphenol Commercial and Industrial UK Limited
Contents
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Amphenol Commercial and Industrial UK Limited
Strategic report
For the year ended 31 December 2019
The directors present their strategic report on the affairs of Amphenol Commercial and Industrial UK, Limited ("the company"), together with the audited financial statements.
The company is a wholly owned subsidiary of Amphenol Holdings Limited.
During the year, the company returned to being dormant as defined in section 1169 of the Companies Act 2006. In the prior year, the company paid and received a dividend totalling £10,000,000 and as a result the company was required to undertake an audit.
The directors have obtained confirmation from the parent company that it is their intention to continue to provide financial support to the company for a period of 12 months from the date of signing of the financial statements. Further information in respect of the performance of the company's investments are held in those investments' relevant financial statements.
The main risks and uncertainties affecting the company are consistent with those affecting its investments and hence the value of those investments.
The company's activities expose it to a number of financial risks including cash flow risk and credit risk. As part of Amphenol Corporation, Amphenol Commercial and Industrial UK, Limited is subject to corporate guidance and controls in the areas of treasury and risk management. The company does not use financial derivatives to manage any of these risks nor for speculative purposes. Cash flow risk The company is not exposed to financial risks of foreign currency exchange rates. Credit risk The company's principal financial assets are intra group receivables and investments. No significant credit risk exists on these items due to the strength of the group companies. Covid-19 At the time of signing the financial statements the directors are aware of the potential economic effects of the COVID-19 virus outbreak. The full impact of the pandemic on the UK economy is yet to be seen, but the company will continue to seek to mitigate this risk by following the UK Government’s guidelines and adapting and developing its own internal strategy.
As the company is only a holding company and not a trading company, the board do not rely on any financial key performance indicators.
The company is expected to continue being dormant for future years.
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Amphenol Commercial and Industrial UK Limited
Strategic report (continued)
For the year ended 31 December 2019
The directors of the Amphenol Corporation group have acted in accordance with their duties which include their duty to act in the way in which they consider to be in good faith and to promote the success of the group for the benefit of its members as a whole having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.
The group produces a strategic plan that contains financial projections for the next 3 years. The directors of the group review this and in doing so have regard to a variety of matters including the interests of stakeholders, reputation of the group and consequences of their decisions in the long term. Amphenol Commercial and Industrial UK Limited is a dormant company within the Amphenol Corporation group and as a non-trading company sections b-f of S172(1) are not relevant.
This report was approved by the board on 21 December 2020
and signed on its behalf.
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Amphenol Commercial and Industrial UK Limited
Directors' report
For the year ended 31 December 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgments 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 financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 to 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.
The profit for the year, after taxation, amounted to £
NIL
(2018 -
£
10,000
,000)
.
During the prior year, dividends totalling £10,000,000 were paid in respect of Ordinary shares. No dividend has been recommended in respect of the year.
The directors who served during the year were:
As the company is only a holding company and not a trading company, there are no employees to engage with.
As the company is only a holding company and not a trading company, there are no suppliers, customers and others to engage with. The balances held on the balance sheet are with group companies.
Disclosure in respect of future developments have been included as part of the strategic report.
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Amphenol Commercial and Industrial UK Limited
Directors' report (continued)
For the year ended 31 December 2019
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
At the time of signing the financial statements the directors are aware of the potential economic effects of the COVID-19 virus outbreak. The full impact of the pandemic on the UK economy is yet to be seen, but the company will continue to mitigate this risk by following the UK Government guidelines and adapting and developing its own internal strategy. Otherwise, there have been no significant events affecting the company since the year end.
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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Amphenol Commercial and Industrial UK Limited
Independent auditors' report to the members of Amphenol Commercial and Industrial UK Limited
We have audited the financial statements of Amphenol Commercial and Industrial UK Limited (the 'company') for the year ended 31 December 2019, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity
and the related notes, 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).
In our opinion the financial statements:
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 United Kingdom, including the Financial Reporting Council'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.
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 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 directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.
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Amphenol Commercial and Industrial UK Limited
Independent auditors' report to the members of Amphenol Commercial and Industrial UK Limited (continued)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report 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.
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 Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 3, 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 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.
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 Auditors' 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:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
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Amphenol Commercial and Industrial UK Limited
Independent auditors' report to the members of Amphenol Commercial and Industrial UK Limited (continued)
This report is made solely to the company's members
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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Canterbury
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Amphenol Commercial and Industrial UK Limited
Statement of comprehensive income
For the year ended 31 December 2019
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Amphenol Commercial and Industrial UK Limited
Registered number:
3345589
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 16 form part of these financial statements.
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Amphenol Commercial and Industrial UK Limited
Statement of changes in equity
For the year ended
31 December 2019
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Amphenol Commercial and Industrial UK Limited
Notes to the financial statements
For the year ended 31 December 2019
Amphenol Commercial and Industrial UK, Limited is a limited liability company incorporated in England Wales with registration number 3345589. The address of the registered office is Thanet Way, Whitstable, Kent, CT5 3JF.
The company's principal activity continues to be a holding company. A list of the company's subsidiary undertakings can be seen at note 7.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The company's functional and presentational currency is Pounds Sterling. The company's financial statements are presented to the nearest thousand pound. The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Amphenol Corporation as at 31 December 2019 and these financial statements may be obtained from Amphenol Corporation, 358 Hall Avenue, Wallingford, CT 06492, USA.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Amphenol Commercial and Industrial UK Limited
Notes to the financial statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Amphenol Commercial and Industrial UK Limited
Notes to the financial statements
For the year ended 31 December 2019
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Amphenol Commercial and Industrial UK Limited
Notes to the financial statements
For the year ended 31 December 2019
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Amphenol Commercial and Industrial UK Limited
Notes to the financial statements
For the year ended 31 December 2019
Subsidiary undertakings (continued)
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Amphenol Commercial and Industrial UK Limited
Notes to the financial statements
For the year ended 31 December 2019
Share premium account
Profit and loss account
The directors have carefully considered the impact of the pandemic and its effect on the economic climate and have concluded that as at the approval date of these financial statements, there has been no material impact on the company. The company continues to maintain a strong net asset position and the directors will continue to closely monitor the company's operational activity.
The immediate parent company is Amphenol Holding Limited.
The ultimate parent company and controlling entity is Amphenol Holding UK, Limited, a company incorporated in England and Wales. Copies of the consolidated financial statements can be obtained from Amphenol Corporation, 358 Hall Avenue, Wallingford, CT 06492, USA.
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