Uflex Europe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05086797 (England and Wales)

Financial Statements

for the Year Ended 31 March 2019

for

Uflex Europe Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

P Srivastava

Secretary:

M & M Registrars Limited

Registered office:

Level 5 Berkeley Square House

Berkeley Square

London

W1J 6BY

Registered number:

05086797 (England and Wales)

Auditors:

Parker Lloyd Audit LLP

110 Viglen House

Alperton Lane

Alperton

Wembley

Middlesex

HA0 1HD

Fixed assets

Property, plant and equipment

4

180,346

208,639

Current assets

Inventories

3,355,763

1,711,356

Debtors

5

6,529,798

4,335,889

Cash at bank and in hand

311,399

506,448

10,196,960

6,553,693

Creditors

Amounts falling due within one year

6

(11,040,233

)

(7,151,237

)

Net current liabilities

(843,273

)

(597,544

)

Total assets less current liabilities

(662,927

)

(388,905

)

Capital and reserves

Called up share capital

995,000

995,000

Retained earnings

(1,657,927

)

(1,383,905

)

(662,927

)

(388,905

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 15 May 2019 and were signed by:

....................................................................

P Srivastava - Director

1.	Statutory information

Uflex Europe 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

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

Turnover

Revenue 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 each asset over its estimated

useful life.

All assets are depreciated on a 20% reducing balance method..

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

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.

Deferred tax movements

A deferred tax movement has been recognised due to increased usable tax losses. Management is

confident sufficient profits will materialise in future periods to utilize these losses.

3.	Employees and directors

The average number of employees during the year was 5 (2018 - 6 ) .

4.	Property, plant and equipment

Fixtures

Office

and

Motor

Computer

Equipment

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2018

29,435

175,101

186,464

10,649

401,649

Additions

8,916

4,537

-

1,832

15,285

At 31 March 2019

38,351

179,638

186,464

12,481

416,934

Depreciation

At 1 April 2018

15,702

67,750

104,784

4,774

193,010

Charge for year

3,780

22,056

16,336

1,406

43,578

At 31 March 2019

19,482

89,806

121,120

6,180

236,588

Net book value

At 31 March 2019

18,869

89,832

65,344

6,301

180,346

At 31 March 2018

13,733

107,351

81,680

5,875

208,639

5.

Debtors: amounts falling due within one year

31.3.19

31.3.18

£

£

Trade debtors

5,243,843

3,299,834

Other debtors

359,879

356,876

Loan to employees

-

4,923

VAT

608,896

429,936

Deferred tax asset

314,247

240,987

Prepayments and accrued income

2,933

3,333

6,529,798

4,335,889

6.

Creditors: amounts falling due within one year

31.3.19

31.3.18

£

£

Trade creditors

11,004,566

7,128,334

Taxation and social security

6,445

6,059

Other creditors

29,222

16,844

11,040,233

7,151,237

7.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Atul Sharma (Senior Statutory Auditor)

for and on behalf of Parker Lloyd Audit LLP

8.	Related party disclosures

The company transacted with Uflex Limited(Holding Company) during the year.

Related Party

Purchases20 19(GBP)

Purchases2019 (Euro)

Purchases 2018(GBP)

Purchases2018(E uro)

UflexLimited

2,015,881

4,833,902

1,017,291

3,295,037

Related Party

BalanceO /S2019(G BP)

BalanceO/S2 019(EUR)

BalanceO/S 2018(GBP)

BalanceO/S2018(Eur o)

UflexLimite d

2,440,571

6,022,439

999,595

4,988,849

All amounts are repayable on demand with no guarantees given or received. No provisions are recognised

for the collectability of any outstanding amounts detailed above.

9.	Ultimate controlling party

The ultimate controlling party is Uflex Limited, a company registered in India.

10.	Going concern

The company suffered operating losses of £347,282, however, the directors believe the going concern

basis of preparation continues to be applicable as Uflex Europe enjoys continued support from its parent

company to support ongoing operations.