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REGISTERED NUMBER:
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RECARO CHILD SAFETY LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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RECARO CHILD SAFETY LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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RECARO CHILD SAFETY LIMITED (REGISTERED NUMBER: 03377489) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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RECARO CHILD SAFETY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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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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Chartered Accountants and Statutory Auditors |
15 Warwick Road |
Stratford upon Avon |
Warwickshire |
CV37 6YW |
RECARO CHILD SAFETY LIMITED (REGISTERED NUMBER: 03377489) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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RECARO CHILD SAFETY LIMITED (REGISTERED NUMBER: 03377489) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Recaro Child Safety Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of |
Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' |
and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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3. | ACCOUNTING POLICIES |
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Basis of preparation |
The financial statements have been prepared on a going concern basis, under the historical cost convention and are |
prepared in sterling which is the functional currency of the company. |
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Revenue recognition |
Revenue is recognised when goods have been delivered to customers. |
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Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation. |
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Depreciation is provided at the following annual rates in order to write off the cost of each asset, less residual value, |
over its estimated useful life. |
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Improvements to property | - in accordance with the term of the lease |
Office equipment | - 10% - 33.3% on cost |
Fixtures and fittings | - 10% - 50% on cost |
Motor vehicles | - 25% on reducing balance |
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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. Cost is calculated as purchase price on a first in, first out basis. Net realisable value is the estimated |
selling price. |
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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 statement of financial position 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 statement |
of financial position 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. |
RECARO CHILD SAFETY LIMITED (REGISTERED NUMBER: 03377489) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement |
of financial position 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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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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Judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements, estimates and assumptions that |
affect the amounts reported for assets and liabilities at the date of financial position and the amounts reported for |
revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ |
from those estimates. |
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Useful economic lives of property, plant and equipment |
The annual depreciation charge for property, plant and equipment is sensitive to changes in estimated useful |
economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed |
annually. They are amended where necessary to reflect current estimates, based on technological advancement, |
future investments, economic utilisation and physical condition of the assets. |
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Holiday pay |
Holiday pay is recognised as an expense in the period in which the service is received. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Office | and | Motor |
property | equipment | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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RECARO CHILD SAFETY LIMITED (REGISTERED NUMBER: 03377489) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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6. | INVENTORIES |
2017 | 2016 |
£ | £ |
Finished goods |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Deferred tax asset |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary shares | £1 | 100 | 100 |
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Preference shares | £1 | 450,000 | 450,000 |
450,100 | 450,100 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | FINANCIAL COMMITMENTS |
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The company had total commitments at the balance sheet date of £69,065 (2016: £96,417) |
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12. | RELATED PARTY DISCLOSURES |
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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. |
RECARO CHILD SAFETY LIMITED (REGISTERED NUMBER: 03377489) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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13. | ULTIMATE CONTROLLING PARTY |
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The immediate parent company is Recaro Child Safety International GmbH, a company incorporated in Germany. |
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The ultimate parent company and ultimate controlling party is MP Beteiligungs-GmbH, a company incorporated in |
Germany. Consolidated accounts are available from the registered office, MB Beteiligungs-GmbH, Kaiserslautern, |
Germany. |