Egeplast UK Limited
Egeplast UK Limited
Registered number: 11430568
Unaudited Financial Statements
For the Period 25 June 2018 to 24 December 2019
Stack & Jones Limited
Egeplast UK Limited
Unaudited Financial Statements
For the Period 25 June 2018 to 24 December 2019
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Egeplast UK Limited
Balance Sheet
As at
24 December 2019
Balance Sheet
Registered number:
11430568
For the period ending 24 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
24 December 2019 | |||
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Notes | £ | £ | |
FIXED ASSETS | |||
Tangible Assets | 3 |
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CURRENT ASSETS | |||
Stocks | 4 |
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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 (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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NET ASSETS |
( |
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CAPITAL AND RESERVES | |||
Called up share capital | 7 |
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Profit and Loss Account |
( |
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SHAREHOLDERS' FUNDS | (749,278) | ||
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Egeplast UK Limited
Balance Sheet (continued)
As at
24 December 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Egeplast UK Limited
Notes to the Financial Statements
For the Period 25 June 2018 to 24 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The company's financial statements have been prepared on a going concern basis, even though the balance sheet shows net liabilities of £749,278. The company is dependent upon the continued supported of its shareholders and director who will continue to provide the necessary finance. Therefore the director considers the preparation of the financial statements on a going concern basis to be appropriate.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2019:7
Page 3
Egeplast UK Limited
Notes to the Financial Statements (continued)
For the Period 25 June 2018 to 24 December 2019
3.
Tangible Assets
Plant & Machinery | |
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£ | |
Cost | |
As at |
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Additions |
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As at |
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Depreciation | |
As at |
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Provided during the period |
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As at |
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Net Book Value | |
As at |
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As at |
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4.
Stocks
24 December 2019 | |
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£ | |
Stock - materials |
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Stock - finished goods |
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5.
Debtors
24 December 2019 | |
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£ | |
Due within one year | |
Trade debtors |
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Prepayments and accrued income |
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Directors' loan accounts | 50 |
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Egeplast UK Limited
Notes to the Financial Statements (continued)
For the Period 25 June 2018 to 24 December 2019
6.
Creditors: Amounts Falling Due Within One Year
24 December 2019 | |
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£ | |
Trade creditors |
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Other taxes and social security |
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VAT |
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Net wages | 13,650 |
Net Pensions Due |
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Intercompany creditor |
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Accruals and deferred income |
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8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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£ | £ | £ | £ | £ | |
Mr Steven Jones |
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The above loan is unsecured, interest free and repayable on demand.
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Egeplast UK Limited
Notes to the Financial Statements (continued)
For the Period 25 June 2018 to 24 December 2019
9.
Related Party Transactions
During 2019, Egeplast UK Limited received a loan from a Related Party, Egeplast International GmbH, for £300,000. The interest rate charged was 3%.
During 2019, Egeplast UK Limited received a loan from a Related Party, Egeplast International GmbH, for £150,000. The interest rate charged was 0%.
Contained within the trade debtors, Egeplast UK Limited had an outstanding debtor balance from a Related Party as at 24th December 2019:
Westwood Pipelines Ltd: £487,293.63
Contained within the trade creditors, Egeplast UK Limited had outstanding creditor balances to Related Parties at 24th December 2019:
Egeplast International GmbH: £1,816,930.89
Westwood Pipelines Ltd: £11,250.00
During 2019, Egeplast UK Limited made the following sales to a Related Party:
Westwood Pipelines Limited: £1,164,387
During 2019, Egeplast UK Limited made the following purchases from Related Parties:
Egeplast International GmbH: £2,751,476
Westwood Pipelines Limited: £257,514
The creditor intercompany balance of £2,264,470 entirely relates to the Related Party - Egeplast International GmbH
10.
General Information
Egeplast UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11430568 . The registered office is Westwood Business Park, Belton Road, Sandtoft, Doncaster, DN8 5BF.
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