Creanova Universal Closures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05247817 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

CREANOVA UNIVERSAL CLOSURES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

R M Druitt

R J Druitt

M Furlong

D A James

R H Jones

M Smith

G A Wilson

SECRETARY:

D A James

REGISTERED OFFICE:

11 Laura Place

Bath

BA2 4BL

REGISTERED NUMBER:

05247817 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Creanova Universal Closures Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Creanova Universal Closures Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Creanova Universal Closures Limited and state those matters that we have agreed to state to the Board of Directors of Creanova Universal Closures Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Creanova Universal Closures Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Creanova Universal Closures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Creanova Universal Closures Limited. You consider that Creanova Universal Closures Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Creanova Universal Closures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

21 December 2022

FIXED ASSETS

Intangible assets

4

-

-

Investments

5

806,203

806,203

806,203

806,203

CURRENT ASSETS

Debtors

6

1,301,813

1,023,355

Cash at bank

35

75

1,301,848

1,023,430

CREDITORS

Amounts falling due within one year

7

533,359

436,124

NET CURRENT ASSETS

768,489

587,306

TOTAL ASSETS LESS CURRENT LIABILITIES

1,574,692

1,393,509

CREDITORS

Amounts falling due after more than one year

8

2,501,831

2,187,968

NET LIABILITIES

(927,139

)

(794,459

)

CAPITAL AND RESERVES

Called up share capital

9

284,975

284,975

Share premium

3,505,369

3,505,369

Retained earnings

(4,717,483

)

(4,584,803

)

SHAREHOLDERS' FUNDS

(927,139

)

(794,459

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 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 Board of Directors and authorised for issue on 20 December 2022 and were signed on its behalf by:

D A James - Director

1.	STATUTORY INFORMATION

Creanova Universal Closures 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.	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.

Preparation of consolidated financial statements

The financial statements contain information about Creanova Universal Closures Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are

provided in accordance with the stage of completion of the contract when all of the following

conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of fifteen years.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less accumulated impairment.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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

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 sterling at the rates of exchange ruling at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2021

and 31 March 2022

141,717

AMORTISATION

At 1 April 2021

and 31 March 2022

141,717

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

806,203

NET BOOK VALUE

At 31 March 2022

806,203

At 31 March 2021

806,203

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Universal Closures Limited

Registered office: 11 Laura Place,Bath BA2 4BL

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Creanova AG

Registered office: Creanova AG in Liquidation, c/o Balmer-Etienne AG, Kauffmannweg 4, 6003 Luzern, Switzerland

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Universal Closures America Inc

Registered office: 7300 North Kendall Drive £521, Miami, FL 33156

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

Universal Closures Brazil LLC

Registered office: Avenida Brigadeiro Faria Lima, 1.355, 17 andar, sala B, San Paulo, State of San Paulo, CEP 01452-0919, Brazil

Nature of business:

%

Class of shares:

holding

Ordinary

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

288,399

782,681

Amounts owed by group undertakings

1,011,028

238,989

Other debtors

2,386

1,685

1,301,813

1,023,355

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

8,652

8,132

Trade creditors

213,726

233,999

Amounts owed to group undertakings

113,864

89,600

Other creditors

197,117

104,393

533,359

436,124

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

4,569

11,353

Other creditors

2,497,262

2,176,615

2,501,831

2,187,968

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

213,809

A Ordinary

1

213,809

213,809

71,166

B Ordinary

1

71,166

71,166

284,975

284,975

The B shares are equity shares and do not have attached to them full voting rights until they are full paid up or credited as fully paid. On winding up the B shares rank pari passy with the A shares.Whenever the capital is divided into other classes any special rights may be varied or abrogated only with the consent of 75% of the issued shares.

10.	POST BALANCE SHEET EVENTS

The wholly owned subsidiary of Creanova AG is being liquidated at 31 July 2022. This investment was written down in the previous year.

11.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.