Ajusa UK Limited - Period Ending 2018-12-31

Registration number: 09795570

Ajusa UK Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2018

Ajusa UK Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Ajusa UK Limited

Company Information

Director

M A Rodriguez

Company secretary

G Fletcher

Registered office

Premier House Hortonwood 7 Telford TF1 7GP

Auditors

CBSL Accountants Limited Chartered Accountants Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

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Ajusa UK Limited

(Registration number: 09795570)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	7,444	8,828
Current assets
Stocks	5	81,111	80,594
Debtors	6	63,111	64,195
Cash at bank and in hand		23,353	28,841
		167,575	173,630
Creditors: Amounts falling due within one year	7	(150,727)	(162,458)
Net current assets		16,848	11,172
Net assets		24,292	20,000
Capital and reserves
Called up share capital	8	370,000	280,000
Profit and loss account		(345,708)	(260,000)
Total equity		24,292	20,000

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 September 2019
 

M A Rodriguez

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

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Ajusa UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Premier House
Hortonwood 7
Telford
TF1 7GP

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

In the opinion of the directors, continued financial support from group companies will be available such that the company will continue to trade and satisfy its financial commitments.

On the basis of this opinion the financial statements have been prepared on the going concern basis, if, for whatever reason, the necessary financial support is not forthcoming then the basis may be inappropriate.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 30 September 2019 was Adrian Barker BA FCA, who signed for and on behalf of CBSL Accountants Limited.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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Ajusa UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Warehouse equipment	25% straight line
Office equipment	25% straight line
Computer equipment	33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2017 - 3).

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Ajusa UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Warehouse equipment £	Total £
Cost or valuation
At 1 January 2018	8,321	9,927	18,248
Additions	5,600	-	5,600
At 31 December 2018	13,921	9,927	23,848
Depreciation
At 1 January 2018	4,251	5,169	9,420
Charge for the year	4,502	2,482	6,984
At 31 December 2018	8,753	7,651	16,404
Carrying amount
At 31 December 2018	5,168	2,276	7,444
At 31 December 2017	4,070	4,758	8,828

5

Stocks

	2018 £	2017 £
Other inventories	81,111	80,594

6

Debtors

	2018 £	2017 £
Trade debtors	61,992	60,655
Prepayments	1,119	3,540
	63,111	64,195

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Ajusa UK Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	5,180	8,933
Amounts owed to group undertakings and undertakings	120,570	121,982
Taxation and social security	23,863	27,752
Other creditors	1,114	3,791
	150,727	162,458

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £50 each	7,400	370,000	5,600	280,000

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,193 (2017 - £85,249).

10	Related party transactions

During the period the company made purchases from Auto-Juntas S.A.U. totalling £368,223 (2017 - £72,837). At the period end monies due to Auto-Juntas S.A.U. totalled £120,570 (2017 - £121,982), which is included in creditors falling due within one year.

11	Parent and ultimate parent undertaking

The company's immediate parent is Auto-Juntas S.A.U, incorporated in Spain.

 The ultimate parent is Corporacion HMS Hermasan S.L, incorporated in Spain.

 

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