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Registered number: 05247817
CREANOVA UNIVERSAL CLOSURES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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CREANOVA UNIVERSAL CLOSURES LIMITED
REGISTERED NUMBER: 05247817
BALANCE SHEET
AS AT 31 MARCH 2021
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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CREANOVA UNIVERSAL CLOSURES LIMITED
REGISTERED NUMBER: 05247817
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 12 form part of these financial statements.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Creanova Universal Closures Limited (the 'Company') is a private company limited by shares incorporated in England and Wales. Company number 05247817. The registered office is 5 Shannon Point, Oakfield Close, Tewkesbury Business Park, Tewkesbury, GL20 8PF.
The principal activity of the Company is a holding company as well as a development company which provides closure manufacturing and marketing licenses relating to plastic closures suitable for beverage, food and personal care products.
The functional currency of the Company is Pounds Sterling as this is the currency of the primary economic
environment in which the Company operates. Monetary amounts in these financial statements are
rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Directors consider that the Company has adequate resources to continue in operational existence for the foreseeable future with guaranteed financial support from the Shareholders. The key potential source of uncertainty noted by the Directors is the Coronavirus and COVID-19 pandemic. However at the date of this report it is not possible to reliably determine the effects that these events will have on the Company. Accordingly the Directors have continued to prepare the financial statements on the going concern basis.
During the year, the company has continued to investment in new patents despite the low revenue in the year. It is expected that will enable the revenue to grow in the next financial year.
As a result of COVID-19 there have been delays in a number of projects which has increased the level of creditors and delayed income. The Directors believe there is a strong forecast revenue stream that is linked to the development of products for which there is a good portfolio.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
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 are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 Statement of Income and Retained Earnings.
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. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current 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 best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
The average monthly number of employees, including directors, during the year was 7 (2020 - 7).
Directors' remuneration for the year totalled £20,000 (2020: £20,000).
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Charge for the year on owned assets
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Investments in subsidiary companies
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The Directors have confirmed that no impairment is required as the subsidiary companies are projected to grow significantly in future years and current figures are due to the impact of the COVID-19 pandemic.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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The following were subsidiary undertakings of the Company:
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Universal Closures Limited
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5 Shannon Point, Oakfield Close, Tewkesbury Business Park, Tewkesbury, GL20 8PF
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Creanova AG in Liquidation, C/o Balmer-Etienne AG, Kauffmannweg 4, 6003 Luzern, Switzerland
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Universal Closures Americas Inc
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7300 North Kendall Drive #521, Miami, FL 33156
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Universal Closures Brazil LLC
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UNIVERSAL CLOSURES BRASIL LICENCIADORA DE PRODUTOS LTDAm, Avenida Brigadeiro Faria Lima, 1.355, 17º andar, sala B, São Paulo, State of São Paulo, CEP 01452-0919, Brazil
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The aggregate of the share capital and reserves as at 31 March 2021 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
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Universal Closures Limited
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Universal Closures Americas Inc
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Universal Closures Brazil LLC
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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226,913 (2020 - 226,913) A ordinary shares shares of £1.00 each
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71,166 (2020 - 64,714) B ordinary shares shares of £1.00 each
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Allotted, called up and fully paid
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213,809 (2020 - 213,809) A ordinary shares shares of £1.00 each
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62,617 (2020 - 62,617) B ordinary shares shares of £1.00 each
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Allotted, called up and partly paid
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8,549 (2020 - ) B ordinary shares shares of £1.00 each
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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.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
11.Share capital (continued)
Share premium account
The share premium account arose due to the consideration paid on the acquisition of shares.
Profit & loss account
This reserve represents the cumulative profits and losses of the Company after the payment of dividends.
13.Other financial commitments
The assets of the Company are subject to a cross-guarantee with GSM.
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CREANOVA UNIVERSAL CLOSURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Related party transactions
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During the year the company made sales of £97,730 relating to their share in revenue earned (2020: £212,055) to Universal Closures Limited, a subsidiary undertaking. At the balance sheet date an amount of £733,271 (2020: £782,727) is owed from that company.
During the year the company made purchases of £3,909 relating to commission owed on sales (2020: £8,482) from Creanova AG, a subsidiary undertaking. Dividends of £nil were received in the year (2020: £nil). At the balance sheet date an amount of £89,600 (2020: £84,362) is owed to that company.
Dividends of £98,647 were received in the year from Universal Closures Brazil Ltda, a subsidiary undertaking (2020: £71,393). At the balance sheet date an amount of £nil (2020: £nil) is owed to the company.
Rodney Druitt, a director, has a loan of £1,715,549 (2020: £1,715,549) with the company. During the year interest of £68,622 (2020: £68,622) was charged on the loan. An amount of £54,466 (2020: £25,111) is outstanding at the balance sheet date.
Westhem Corporation Limited, whose President is G.Wilson, a director, has a loan of £327,119 (2020: £353,030) with the company. During the year interest of £nil (2020: £26,832) was charged on the loan. At the balance sheet date £18,208 (2020: £7,007) is outstanding.
Russell Jones, a director, has a loan of £11,377 (2020: £11,377) with the company. During the year interest of £910 (2020: £913) was charged on the loan. At the balance sheet date £683 (2020: £227) is outstanding.
Harold Lienaus, a director, has a loan of £5,000 (2020: £5,076) with the company. During the year interest of £406 (2020: £407) was charged on the loan. At the balance sheet date £305 (2020: £101) is outstanding.
GSM, whose president is Allen Mawby, a former director, has a loan of £95,000 (2020: £95,000) with the company. During the year interest of £3,810 (2020: £7,600) was charged on the loan. At the balance sheet date £5,705 (2019: £1,895) was outstanding.
Debbie James, a director, has unpaid share capital totalling £58,932 at the balance sheet date (2020: £58,932).
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The ultimate controlling party of the Company is Rodney Druitt who holds 35% of the share capital.
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