Orlimex UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08241335 (England and Wales)

Orlimex UK Limited

Unaudited Financial Statements for the Year Ended 31st December 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D Mensik

REGISTERED OFFICE:

6 Snow Hill

London

EC1A 2AY

REGISTERED NUMBER:

08241335 (England and Wales)

FIXED ASSETS

Tangible assets

5

24,496

6,863

CURRENT ASSETS

Stocks

1,952,522

1,836,681

Debtors

6

543,275

511,204

Cash at bank

3,078

7,573

2,498,875

2,355,458

CREDITORS

Amounts falling due within one year

7

(2,096,721

)

(2,088,975

)

NET CURRENT ASSETS

402,154

266,483

TOTAL ASSETS LESS CURRENT LIABILITIES

426,650

273,346

PROVISIONS FOR LIABILITIES

9

(664

)

(1,304

)

NET ASSETS

425,986

272,042

CAPITAL AND RESERVES

Called up share capital

25,000

25,000

Retained earnings

400,986

247,042

425,986

272,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 2nd April 2019 and were signed on its behalf by:

D Mensik - Director

1.	STATUTORY INFORMATION

Orlimex UK Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be

found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of

the entity.

Significant judgements and estimates

The preparation of the financial statement requires directors to make judgements,

estimates and assumptions that affect the amounts reported. These estimates and

judgements are continually reviewed and are based on experience and other factors,

including expectations of future events that are believed to be reasonable under the

circumstances.

The areas of judgement and estimates applied by the directors are not considered

sufficiently significant to require disclosure in these financial statements.

Going concern

The director has prepared the financial statements on the basis the company is a

going concern. In making this assessment he has considered the working capital

requirements and projected profits and cash flows for a period extending at least

twelve months beyond the approval of the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable,

excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Motor vehicles

-

25% on cost

Equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Financial instruments

A financial asset or a financial lability is recognised only when the company becomes

a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the

arrangement constitutes a financing transaction, where it is recognised at the

present value of the future payments discounted at a market rate of interest for a

similar debt instrument.

Debt instruments are subsequently measured at amortised costs.

Financial assets that are measured at cost or amortised costs are reviewed for

objective evidence of impairment at the end of each reporting date. If there is

objective evidence of impairment, an impairment loss is recognised in profit or loss

immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the

extent that the reversal does not result in a carrying amount of the financial asset

that exceeds what the carrying amount would have been had the impairment not

previously been recognised.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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.

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.

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.

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as

a result of a past event, it is probable that the entity will be required to transfer

economic benefits in settlement and the amount of the obligation can be estimated

reliably. Provisions are recognised as a liability in the statement of financial position

and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle

the obligation at the reporting date and subsequently reviewed at each reporting date

and adjusted to reflect the current best estimate of the amount that would be

required to settle the obligation. Any adjustments to the amounts previously

recognised are recognised in profit or loss unless the provision was originally

recognised as part of the cost of an asset. When a provision is measured at the

present value of the amount expected to be required to settle the obligation, the

unwinding of the discount is recognised as a finance cost in profit or loss in the

period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1st January 2018

10,408

7,021

17,429

Additions

22,825

-

22,825

At 31st December 2018

33,233

7,021

40,254

DEPRECIATION

At 1st January 2018

8,240

2,326

10,566

Charge for year

3,595

1,597

5,192

At 31st December 2018

11,835

3,923

15,758

NET BOOK VALUE

At 31st December 2018

21,398

3,098

24,496

At 31st December 2017

2,168

4,695

6,863

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

395,825

167,227

Other debtors

147,450

343,977

543,275

511,204

The company entered into an invoice factoring agreement with Barclays Bank PLC

on 17 January 2014. Barclays Bank PLC has a fixed and floating charge over the

company's assets to secure the advances provided under the invoice factoring

agreement.

The company purchased credit insurance from the factoring company during the

year ended 31 December 2016. This has transferred the risk of irrecoverable debts

to the factor company.

The invoice factoring agreement covers trade debtors as required. The risks are

transferred to the factor company as soon as the debt is accepted. Monies received

are set against the trade debtor balances and discounts are charged to the profit and

loss account.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

2,012,578

2,058,213

Taxation and social security

83,964

30,762

Other creditors

179

-

2,096,721

2,088,975

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

10,680

12,120

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Deferred tax

1,304

1,432

Charged against provision

(640

)

(128

)

664

1,304

Deferred

tax

£

Balance at 1st January 2018

1,304

Credit to Income Statement during year

(640

)

Balance at 31st December 2018

664

10.	RELATED PARTY DISCLOSURES

The following companies are related to the entity as they are under the control of Mr

Siarhei Paulavets and therefore under common control:

Orlimex DE GmbH.

Orlimex CZ s.r.o.

Sklejka Orlimex Sp. z.o.o.

During the year the company entered into the following transactions:

The turnover includes £32,083 (2017: £11,028) in respect of goods sold to Orlimex

CZ s.r.o.

The expenditure includes £9,841,194 (2017: £8,158,261) in respect of goods bought

from Orlimex CZ s.r.o.

At the balance sheet date the company owed £1,959,553 (2017: £2,018,180) to

Orlimex CZ s.r.o. This is included within trade creditors.

The director, David Mensik, provided a personal guarantee to Barclays Bank PLC in

relation to liabilities of the company. The maximum amount liable is £50,000 plus

interest and expenses incurred in enforcing the guarantee.