UK2M Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10428464 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Uk2m Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

F T Dupuis

SECRETARY:

Oakwood Corporate Secretary Limited

REGISTERED OFFICE:

3rd Floor

1 Ashley Road

Altrincham

United Kingdom

Cheshire

WA14 2DT

REGISTERED NUMBER:

10428464 (England and Wales)

AUDITORS:

HB Accountants

Amwell House

19 Amwell Street

Hoddesdon

Hertfordshire

EN11 8TS

FIXED ASSETS

Investments

4

12,214,850

12,214,850

CURRENT ASSETS

Debtors

5

1,857,493

1,272,097

Cash in hand

565,390

247,326

2,422,883

1,519,423

CREDITORS

Amounts falling due within one year

6

4,713,321

4,136,371

NET CURRENT LIABILITIES

(2,290,438

)

(2,616,948

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,924,412

9,597,902

CREDITORS

Amounts falling due after more than one year

7

6,590,000

8,010,000

NET ASSETS

3,334,412

1,587,902

CAPITAL AND RESERVES

Called up share capital

8

2,234

2,234

Share premium

2,711,572

2,711,572

Retained earnings

620,606

(1,125,904

)

SHAREHOLDERS' FUNDS

3,334,412

1,587,902

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 and authorised for issue on 3 June 2020 and were signed by:

F T Dupuis - Director

1.	STATUTORY INFORMATION

Uk2m 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 Euro (€).

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.

All amounts are rounded to the nearest €.

Turnover

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

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’

and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial

instruments.

Financial instruments are recognised in the company's balance sheet when the company

becomes party to the contractual provisions of the instrument.

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, prepayments, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, accruals and loans from fellow group companies

are initially recognised at transaction price unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable

within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Amounts payable are classified as current

liabilities if payment is due within one year or less. If not, they are presented as non-current

liabilities. Trade creditors are recognised initially at transaction price and subsequently

measured at amortised cost using the effective interest method.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into euros at the rates of exchange

ruling at the balance sheet date. Transactions in foreign currencies are translated into euros

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.

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.

The cost of any unused holiday entitlement is recognised in the period in which the

employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is

demonstrably committed to terminate the employment of an employee or to provide

termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

€

COST

At 1 January 2019

and 31 December 2019

12,214,850

NET BOOK VALUE

At 31 December 2019

12,214,850

At 31 December 2018

12,214,850

The fixed assets investments are related to the investments made in the following

companies :

- 100% of VTECH (registered in Hong Kong),

- 100% of Dragon Blue (registered in France),

- 100% of DBV (Registered in USA )

- and 100% of CA2M (Registered in Canada).

The principal activity of all the subsidiaries is that of the sale of sports supplies, wholesale of

clothing and footwear.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

€

€

Trade debtors

203,319

152,168

Amounts owed by group undertakings

1,450,547

864,733

Other debtors

203,627

255,196

1,857,493

1,272,097

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

€

€

Bank loans and overdrafts

1,490,000

1,490,000

Trade creditors

9,294

6,162

Amounts owed to group undertakings

3,090,479

2,541,901

Taxation and social security

52,027

38,918

Other creditors

71,521

59,390

4,713,321

4,136,371

UK2M Limited contracted a loan of €9,500,000 on October 2018 with BNP PARIBAS bank.

The loan is divided in 3 parts :

- Part A is €5,700K and is refundable over 5 years (from 2019 to 2023). The interest rate

applying to the part is 1.8%

- Part B is €2,400K and is refundable in 2024. The interest rate applying to the part is 2.1%

- Part one is €1,400K and is refundable over 4 years (from 2019 to 2022). The interest rate

applying to the part is 1.8%

The interest is payable every 6 months.

Any anticipated refund is subject to a penalty.

The company has also subscribed a rate hedging contract with BNP PARIBAS. The amount

due is paid every 6 months.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

€

€

Bank loans

6,590,000

8,010,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

€

€

2,000

Ordinary

£1

2,234

2,234

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Grover (Senior Statutory Auditor)

for and on behalf of HB Accountants

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of

Ireland', not to disclose related party transactions with wholly owned subsidiaries within the

group.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is HK2M, a company registered in Hong Kong under number 2101218.

HK2M prepares group consolidated financial statements.

The ultimate controlling party is Franck Dupuis who owns 100% of the share capital of

HK2M.