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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3M UK TRADING LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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3M UK TRADING LIMITED |
3M UK TRADING LIMITED (REGISTERED NUMBER: 04176862) |
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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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3M UK TRADING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Eagle House |
28 Billing Road |
Northampton |
NN1 5AJ |
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BANKERS: |
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25 Gresham Street |
London |
EC2V 7HN |
3M UK TRADING LIMITED (REGISTERED NUMBER: 04176862) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
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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
its behalf by: |
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3M UK TRADING LIMITED (REGISTERED NUMBER: 04176862) |
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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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3M UK Trading 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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The company business address is: Heartlands Business Park, 3 Lamport Court, Daventry, NN11 8UF. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of financial statements requires the use of certain critical accounting estimates. It also |
requires management to exercise its judgement in the process of applying the company accounting |
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions |
and estimates are significant to the financial statements are disclosed within the individual accounting |
policies below. |
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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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Tangible fixed assets |
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Short leasehold improvements | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The |
selection of these residual values and estimated lives requires the exercise of judgement. The |
directors are required to assess whether there is an indication of impairment to the carrying value of |
assets. In making that assessment, judgements are made in estimating value in use. The directors |
consider that the individual carrying values of assets are supportable by their value in use. |
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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. |
3M UK TRADING LIMITED (REGISTERED NUMBER: 04176862) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term |
deposits with an original maturity date of three months or less. |
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Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the statement of |
comprehensive income under administrative expenses. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited direct to equity. |
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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. |
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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. |
3M UK TRADING LIMITED (REGISTERED NUMBER: 04176862) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs |
The company makes contributions to the personal pension schemes of eligible employees. |
Contributions payable are charged in the profit and loss account in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Short | Fixtures |
leasehold | Plant and | and |
improvements | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2017 |
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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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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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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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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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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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3M UK TRADING LIMITED (REGISTERED NUMBER: 04176862) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Provision for doubtful debts | ( |
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Amounts owed by group undertakings |
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VAT |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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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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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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8. | 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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9. | 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. |
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10. | ULTIMATE PARENT COMPANY |
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3M Company (incorporated in USA) is regarded by the directors as being the company's ultimate |
parent company and is the largest group into which the company's accounts are consolidated. The |
parent of the smallest group into which the company's accounts are consolidated is 3M Innovation |
Singapore Pte.L. Copies of consolidated financial statements are available from 3M Investor relations, |
3M Center, Building 225-SN04 St Paul, MN 55144-1000, USA. |