Company Registration No. 05736248 (England and Wales)
EXCEL ADHESIVES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
EXCEL ADHESIVES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EXCEL ADHESIVES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,436
2,968
Current assets
Stocks
141,285
119,860
Debtors
4
329,150
284,445
Cash at bank and in hand
3,426
15,515
473,861
419,820
Creditors: amounts falling due within one year
5
(1,269,328)
(1,064,721)
Net current liabilities
(795,467)
(644,901)
Total assets less current liabilities
(765,031)
(641,933)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(766,031)
(642,933)
Total equity
(765,031)
(641,933)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 25 September 2019
Mr D Scozzafava
Director
Company Registration No. 05736248
EXCEL ADHESIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Excel Adhesives Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit B6/B7 Setters Farm Mount Pleasant Lane, Sway, Lymington, Hampshire, S041 8LS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis as the parent company, Ajawak LLC, incorporated in the United States of America, has agreed to provide such financial support as is required to enable financial support as is required to enable the company to continue to trade.
1.3
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
.
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)
, the 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.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
EXCEL ADHESIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
The company considers all financial instruments to be basic.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
EXCEL ADHESIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
47,246
Additions
38,363
Disposals
(29,648)
At 31 December 2018
55,961
Depreciation and impairment
At 1 January 2018
40,283
Depreciation charged in the year
12,108
Eliminated in respect of disposals
(26,866)
At 31 December 2018
25,525
Carrying amount
At 31 December 2018
30,436
At 31 December 2017
2,968
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
157,347
173,030
Other debtors
171,803
111,415
329,150
284,445
EXCEL ADHESIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
161,844
188,511
Taxation and social security
43,659
29,443
Other creditors
1,063,825
846,767
1,269,328
1,064,721
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
1,000
1,000
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ian Talbot.
The auditor was Wilkins Kennedy Audit Services.
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2018
2017
2018
2017
£
£
£
£
Entities with control, joint control or significant influence over the company
49,040
27,841
74,954
29,012
EXCEL ADHESIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
8
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,039,297
833,365
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
170,318
109,805
9
Parent company
The company is a wholly owned subsidiary undertaking of ONA International Corporation, a company incorporated in the United States of America.
The intermediate parent company and also the smallest and largest company preparing consolidated accounts is ONA Corporation, a company incorporated in the United States of America.
The company's ultimate parent undertaking is Ajawak LLC, being a company incorporated in United States of America. The accounts are not available to the public.